Bernie's Feed
Feb 10, 2013

Ford to offer $750,000 match for dealer investment

ORLANDO, Florida (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) will offer dollar-for-dollar matching funds to its 3,100 U.S. dealers to upgrade their shops, from new construction to improved digital programs, Ford executives said on Sunday.

Jim Farley, Ford’s global chief for sales, service and marketing, said he hopes all of Ford’s U.S. dealers will participate.

Feb 10, 2013

Chrysler says Alfa Romeo will eventually outsell Fiat in U.S.

ORLANDO, Florida (Reuters) – Fiat SpA’s (FIA.MI: Quote, Profile, Research, Stock Buzz) Alfa Romeo will outsell stablemate Fiat in the United States once the sporty brand gets a foothold in its new market and expands to sell larger models, an executive with Fiat-owned Chrysler Group said on Saturday.

The first Alfa Romeo to be sold in the United States in nearly two decades, the 4C sports car, is expected to arrive late this year. Alfa Romeo will be sold at Fiat dealerships in the United States.

Feb 8, 2013

AutoNation’s chief warns of reckoning for autos, U.S. economy

ORLANDO, Florida (Reuters) – The U.S. auto industry and the nation’s economy face a reckoning despite recent gains in economic growth and vehicle sales, both fueled by stimulus programs, the head of the largest U.S. auto dealer group said on Friday.

However, Mike Jackson, chief executive of AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), said auto sales will not suffer in the next few years as that reckoning is at least a decade away.

Jan 31, 2013

AutoNation earnings beat Wall Street estimates

Jan 31 (Reuters) – AutoNation Inc, the largest U.S.
auto dealer group, said strong new vehicle sales boosted its
fourth-quarter net income by 20 percent and revenue by 13

New-vehicle sales in the fourth quarter rose 19 percent to
$2.48 billion.

In early trading on the New York Stock Exchange on Thursday,
AutoNation shares were up 0.6 percent at $45.35.

Jan 30, 2013

Fiat debts grow as recovery spending mounts

DETROIT/MILAN, Jan 30 (Reuters) – Fiat said on
Wednesday its debt grew by about 1 billion euros in 2012 as
European car sales tumbled 14 percent, leaving the Italian
carmaker ever more dependent on strong growth at U.S. unit

As Fiat’s management moves to increase spending on new
models in Europe and the United States, investors are keeping a
close watch on its debts for signs that cash-burning European
operations are straining the group’s crucial ability to invest
in products that will win customers in the future.

Jan 30, 2013

Chrysler sees higher 2013 profit as comeback continues

By Bernie Woodall and Deepa Seetharaman

(Reuters) – Chrysler Group LLC, the U.S. automaker majority owned by Italy’s Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz), said its 2013 profit would come in toward the low end of its initial business plan, and it cut its 2014 free cash flow forecast by two-thirds.

The No. 3 U.S. automaker, which also reported higher fourth-quarter earnings on Wednesday, now expects free cash flow of $1 billion in 2014. In 2009, Chief Executive Officer Sergio Marchionne had forecast $3 billion as part of his five-year business plan designed to help Chrysler regain its footing after its government-funded bankruptcy nearly four years ago.

Jan 29, 2013

Michigan asks for state high court ruling on “right-to-work” law

DETROIT (Reuters) – Michigan Governor Rick Snyder asked the state Supreme Court to rule whether a law passed last month making payment of union dues voluntary is constitutional, a move critics said was designed to circumvent legal challenges by labor unions.

The new law is expected to make it harder for unions to organize in Michigan, the home of the U.S. auto industry and a major manufacturing center.

Jan 28, 2013

Analysis – Stuck in reverse, Detroit edges closer to bankruptcy

DETROIT (Reuters) – At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered – including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.

But in a city that is slowly dying, the glitz didn’t extend much beyond the Cobo Center exhibition hall.

Jan 23, 2013

Union membership falls to lowest percentage in 76 years

By James B. Kelleher and Lisa Lambert and Bernie Woodall

(Reuters) – The percentage of workers belonging to unions tumbled to 11.3 percent in 2012, the lowest percentage in 76 years, led by dramatic declines in states where lawmakers have put organized labor in the political crosshairs, government figures showed on Wednesday.

The total number of union members fell by nearly 400,000, from 11.8 percent of the workforce in 2011, the Labor Department report on union membership said. The rate of 11.3 percent of the workforce was the lowest since 1936, when Franklin Roosevelt was president.

Jan 18, 2013

Alfa Romeo brand to return to U.S. market in late 2013-CEO

DETROIT, Jan 18 (Reuters) – An Alfa Romeo 4C sports car will
be introduced in the U.S. market late this year, the chief
executive of Fiat SpA and Chrysler Group LLC said on
Friday, adding that further details would come in the next two
to three months.

“For sure it’s coming back this year with the 4C. With the
Alfa Romeo 4C,” CEO Sergio Marchionne said after a speech to a
Detroit businesswomen’s group. “We are finalizing the car now,
so it should be here this year.”