Automakers may try to negotiate a massive health care co-op with the United Auto Workers — similar to the one it has with its retirees — and potentially change private health care in the U.S., Bloomberg is reporting.
At issue are the roughly 300,000 workers and beneficiaries, and 750,000 retirees and their families who rely on the UAW for health care.
The pool of more than one million workers and their families could give the Big Three unprecedented negotiating power with U.S. hospitals and clinics.
Going to visit a dealer on a rainy day or the third Sunday after a holiday might not help you get a better deal on a used car, but tracking how long it’s been sitting on the lot may work in your favor. Aged inventory takes up valuable lot space while interest adds up every day motivating most dealers to drop the price to sell it quickly.
Most cars arrive on a dealer lot arrive from wholesale auctions or customer trade-in and are paid out from dealer funds or by a loan through floorplan financing. As with most loans, interest and fees are paid until the loan is satisfied for the floorplan. Each day of interest cuts into the potential profit for a vehicle so dealers try to move inventory as quickly as possible.
In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to cover his tracks with General Motors Acceptance Corporation (GMAC). We can infer that he sold some floor-planned cars and did not pay back GMAC, which was the impetus for the movie’s storyline of his bumbling attempt to extort money from his father-in-law.
Jerry’s store may have been “out of trust” with GMAC on a few dozen 1987 Cutlasses, but that pales in comparison to the scheme concocted by New York car dealer John McNamara.
Between 1980 and 1991, McNamara convinced GMAC to advance him $6.2 billion to pay for 248,000 conversion vans that did not exist. It was one of the largest Ponzi schemes in history and ended up costing GMAC $436 million, equal to $725 million in today’s dollars.
We would like to show you a photo of McNamara but none are to be found. That may be because it is believed he went into the Witness Protection Program a few years after his conviction for fraud in 1992. Just picture Lundegaard with a really big brain.
McNamara’s brilliant swindle was deliciously simple. It was based on one undeniable truth he learned from his years of owning a Buick-Pontiac-GMC dealership on Long Island: General Motors and GMAC were too incompetent and too bureaucratic to figure out that they were being scammed.
With a resume as accomplished as Dan Gurney has, he would be well within his rights to retire to a life of leisure. The man is 84 years old, after all. However, Gurney stays busy at his All American Racers shop in Santa Ana, California and he recently announced that he’s been granted a United States patent on what he calls the “moment cancelling” engine.
Gurney claims that by using two transversely oriented, counter-rotating crankshafts, the vibrations inherent in reciprocating piston engines will be reduced and reliability and efficiency will be improved, along with what he says will be turbine smoothness. Read More >
I’d buy that for a dollar. (photo courtesy: www.clubedotaurus.com)
My new wife brought to the marriage her ’07 fleet-queen Taurus. She’s not a car pamperer by any means, but she does change her oil. This car got flogged like a racehorse in its previous life. Its body tightness is well-nigh gone, it unpredictably emits a strange unidentifiable groan from the depths of the dashboard center on moderate acceleration, the dime-size floormats are practically ground into dust, and the trunk barely agrees to open even when unlatched. Read More >
I’ll admit it. I, the millennial managing editor of an automotive blog, would absolutely rely on an autonomous car for my day-to-day errands or long-distance commutes. Why wouldn’t I? I can kick back, relax, talk with people, get some writing done, or anything else I could possibly do on an airplane. As long as all the other vehicles on a roadway are autonomous, it’ll be safer, too!
Why do I think this way? The majority of the driving we do is boring. I can just imagine hailing an autonomous car on my phone, waiting for it to arrive to my home, and setting it to drive me wherever I want in relative comfort. Why should I need to stay alert at a four-way stop if technology can make that a thing of the past?
According to a report by Automotive News, Maserati North America may have falsified nearly half their sales in December 2014 and an undisclosed amount for other months through a demonstration car scheme that rewarded dealers for being complicit in the scheme.
A lawsuit filed by Recovery Racing, owner of multiple Maserati stores in the northeastern U.S., claims a program aimed at falsely boosting sales numbers financially disadvantaged its business because of its reluctance to participate.
BlueIndy, the nation’s first electric car sharing service, launched in Indianapolis on Wednesday, according to Time, but with controversy.
The car service, which uses Bollore Group electric cars, has met initial opposition with the Indianapolis City Council, who’ve taken aim at the mayor who launched the project with Bollore — whose other EV car-sharing cities include Paris and London.
The cars shouldn’t be parked in downtown spots, council members say.
“The mayor needs to understand that even though this is one of his pet projects, he is not above the law,” City council member Zach Adamson, told WXIN.Read More >