Corvette tops list of most requested vehicles to lease

Automobile Consumer Services, Inc. (ACS), a U.S. online direct-to-consumer auto lease service, says that the Chevrolet Corvette has retained its top spot as the most requested vehicle from the second half of 2006. Among new cars, the top ten requested vehicles were the Chevrolet Corvette, BMW 328, BMW 335, Infiniti G35, Toyota Camry, Honda Accord, Honda Civic, Audi A4, Honda CR-V and Nissan Altima, in order. Among used cars, the top ten were the Chevrolet Corvette, Porsche 911, BMW M3, Infiniti G35, Audi A4, BMW 325, Honda Civic, Porsche Cayenne, Honda Accord and BMW 330, in order. "The BMW 328 and 335 debuted on the 'new' list, thanks to the introduction of their convertible models in time for spring, and the Nissan Altima appears on the list for the first time due to its redesign," says ACS president Tarry Shebesta. "The Honda Accord and Civic show up on both lists primarily due to the continued high price of gasoline."

Mitsubishi opens new dealership in Newmarket, Ontario

Mitsubishi Motor Sales of Canada has announced the opening of its newest dealership in Newmarket, Ontario, north of Toronto. The new facility, at 301 Mulock Drive, is the company's ninth dealership opening in the last six months. "We are very pleased to welcome Marcel Algieri as the new owner/principal," says Koji Soga, President and CEO of Mitsubishi Motor Sales of Canada. "The opening of the Newmarket dealership is another excellent example of Mitsubishi's continued success in the Canadian market. Our expansion throughout Canada with new dealerships, new and vibrant products, and unequalled service and warranty marks the new face of Mitsubishi." The company plans on increasing the number of dealerships from the current 65 to 75 by April 2008, and to 90 by April 2009.
Chrysler’s Challenge: It Lost $1,111 on each North American Vehicle Sold Last Year
Chrysler lost $1,111 for every vehicle it sold in North America last year [according to a study by Laurie Harbour-Felax released Tuesday], as the company continued to churn out fuel-thirsty SUVs that sat on dealers' lots. To turn those losses around, Chrysler should start with labor costs in current contract negotiations with the UAW, [Harbour-Felax] said. "They need to refocus. They need to get started on commonizing platforms," she said. Chrysler would not confirm Harbour-Felax's figures, but acknowledged the report is "directionally correct" and reflects, in part, the difference in legacy costs when compared with Japanese automakers' North American operations. Chrysler also acknowledges that it managed inventory poorly in 2006, requiring a costly correction — but one that has been achieved. "The dealer inventory reduction was accomplished by working with our dealer partners and also by providing consumers with competitive lease, financing and incentive offerings," said Darryl Jackson, vice president, U.S. sales.

NASCAR looking to expand in Canada; move to pony cars in Busch Series

NASCAR roared into Montreal's Circuit Gilles-Villeneuve on the weekend with an entertaining race schedule for nearly 70,000 Canadian race fans and many more who viewed the race on TV. Home town motorsports hero, Pat Carpentier, took the pole position in the NAPA Auto Parts 200 - Presented by Dodge driving the Fitz Motorsports Dodge Charger. He was the clear fan favourite, but was held to second place by Kevin Harvick in a wild ending that saw race leader Marcos Ambrose bumped out by Robbie Gordon. Gordon was black flagged while Andy Pilgrim, who was running second in the official timing, ran out of fuel, leaving Carpentier and Harvick racing for the finish. NASCAR officials were pleased with the crowd that showed up for the race, the first of three races that will take place here. The NASCAR race weekend will repeat in 2008 and 2009. The 2007 race was considered a pilot project to explore the possibility of further expansion in Canada.

CAW President says labour concessions won't save the Big Three

Canadian Auto Workers Union (CAW) president Buzz Hargrove told a group of automotive investors that the current focus on labour concessions by the Big Three automakers is "futile" and won't help the overall picture of the North American producers. "Labour concessions cannot possibly have any meaningful effect on the Big Three's market share in their home market," Hargrove said, in a speech to the JP Morgan Automotive Investment Conference in Detroit. "Even if the Big Three get everything they are asking for from the UAW, that would reduce the average production costs of a vehicle they sell in North America by only $500." Hargrove said the amount is equal to less than two per cent of the average selling price of a new vehicle in the U.S.; one-sixth the current sales incentives currently used to sell new vehicles; and one-twentieth of what Toyota saves on the import of a Lexus, "due to the artificial suppression of the Japanese foreign exchange rate." Hargrove said all the focus on trying to extract labour concessions diverts attention from the North American industry's real problems, which derive from falling market share of domestic producers, and which he says is the end result of a huge and growing automotive trade imbalance with the rest of the world.

Former Florida car dealer faces federal bank fraud charges in $1.1 million swindle 

The “out-of-trust” fraud may cost the bank as much as $8 million The former owner of a now-defunct group of General Motors franchises near Tampa, Florida, found himself on the wrong side of a federal grand jury indictment alleging that he forged records and defrauded SunTrust Bank out of $1.1 million, reports the Lakeland Ledger. The indictment includes one count of conspiracy and 12 counts each of wire and bank fraud relating to floor plan financing the dealerships received from the bank. The former dealer’s chances of beating the rap don’t look good. Two of his employees were also indicted and have agreed to plead guilty in exchange for lighter sentences. They also agreed to testify against their old boss. The indictment says that during the course of several months in 2004, at least 12 fraudulent documents were submitted to the bank, listing at least 44 vehicles in inventory, even though the cars had already been sold. In its day, the dealership group was one of the largest in Polk County, Florida. The indictment alleges that employees in the dealership’s accounting department were instructed to prepare fraudulent forms for submission to the bank. The forms contained as few as two of 12 and as many as five of seven fraudulently reported vehicles, with the number dependent on "the amounts of funds needed by the dealership to maintain its daily operations. The charge of conspiracy to commit bank fraud lodged against Littlejohn and Roth carries a maximum penalty of five years in prison, a $250,000 fine, three years' probation, and a special assessment of $100. SunTrust Bank also filed a civil lawsuit in October 2004 against the former dealer/owner seeking $7.3 million. That suit stems from a failure to repay another $6 million inventory loan.

Alert dealership employees help in nabbing car dealer-car thief

The thief turned out to be a local used car dealer.A retail used car dealer was arrested after allegedly trying to trade in a stolen Corvette at a Mission, Texas new car dealership. Oscar Flores Jr., owner of DLA Auto Sales in McAllen, Texas, was charged with theft by appropriation, reports the Brownsville Monitor. Mr. Flores allegedly tried to trade in the stolen Corvette to the dealership in exchange for a Cadillac Escalade. But dealership employees noticed the Corvette had two different vehicle identification numbers, and one had been tampered with, suggesting it had been stolen. After being notified by the dealership’s employees about the suspicious car, police learned the car had been reported stolen from Florida in March 2006. Police apprehended Mr. Flores at the dealership. Local police had held a training course for car dealerships on how to spot stolen vehicles a few months ago; the dealership employees noticed the signs of a stolen car as a result of that class. It is unclear how Mr. Flores came to possess the Corvette, and police are continuing to investigate. Mr. Flores had owned the Corvette since December 2006 but hadn’t bothered to register it in his name.