Archive | Auto Industry News

Cash Infusion Makes U.S. Majority Owner of GMAC

WASHINGTON - The U.S. Treasury Department has acquired a majority stake in another Detroit company, as taxpayers invested an additional $3.8 billion in GMAC, reported The Detroit News. In all, the government has given GMAC $17.2 billion in bailout money, which included $900 million it ... Read More » Tags: , ,

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GMAC Financial Services Announces Key Capital and Strategic Actions

NEW YORK - GMAC Financial Services has announced a series of actions intended to strengthen the company's capital base, position it for improved financial performance, minimize further adverse effects on GMAC related to Residential Capital, LLC (ResCap) and improve access to the capital markets over ... Read More » Tags:

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Treasury Plans to Inject About $3.5B into GMAC

WASHINGTON - The Treasury Department plans to announce as early Wednesday afternoon that it will give GMAC Inc. around $3.5 billion in additional capital, sources told The Detroit News. Detroit-based GMAC and the Treasury Department have been in talks for months to finalize the amount ... Read More » Tags:

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Pay Czar Approves Compensation Packages for New GM, GMAC Execs

Despite exceeding limits imposed by companies that have received government aid, the compensation packages for General Motor’s new chief financial officer and the new head of GMAC were approved by the government pay czar, the Associated Press reported. Chris Liddel, who will leave his job ... Read More » Tags: ,

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New Year Brings Continued Performance Pressure for Auto ABS

NEW YORK — Annualized net losses (ANL) on U.S. auto ABS rose again in November in a trend likely to continue into 2010, according to Fitch Ratings. Elevated loss frequency will also pressure U.S. auto loan ABS performance in the coming year. Another likely driver ... Read More » Tags: , ,

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Audi Plans $10.5B in Investments through 2012

FRANKFURT - Audi AG said it plans to spend 7.3 billion euros ($10.51 billion) on plant upgrades, new products and technology research as it moves to expand its number of customers worldwide and increase market share, reported The Associated Press. Audi, based in Ingolstadt, Germany, ... Read More » Tags:

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