The News Review:
- US House Ks $2 bln in new autos “clunker” funds
- AutoNation CE: Clunkers money helped us
- Renault Sees 8% Decrease In European Auto Market In 2010
- Moody’s lifts rating outlook on Advance Auto Parts
- 12:34 PMHecker denies wrongdoing after FBI raid
- Penske Auto Group 2Q Net ff 63% n Lower Sales
- “Cash for clunkers” breaking down but not before hurting lower …
US House Ks $2 bln in new autos “clunker” funds
Reuters
Unofficial government and industry estimates show thatclose to 250000 vehicles were sold under the program. The Senate is expected to act on the House bill. Already a key senator Energy Committee Chairman JeffBingaman said he opposes using Energy Department funds for theauto program. Another senator auto industry ally Debbie Stabenow saidpushing the measure out of Congress would potentially take alot of work compared to the extraordinarily swift action in theHouse. The White House supports new funding for the program ongrounds the initiative so far has provided a viable nationaleconomic stimulus amid recession. (Reporting by John Crawley and Rick Cowan; editing by GunnaDickson).
AutoNation CE: Clunkers money helped us
Bizjournals.com
“The reality is this is a brilliant stimulus package. This is exactly what stimulus programs are supposed to do. And really you can’t talk about the economy without talking about the recovery of the auto industry. House of Representatives Friday voted to transfer funds from other parts of the federal stimulus package to the auto-rebate program according to multiple media accounts. Fort Lauderdale-based AutoNation (NYSE: AN).
Renault Sees 8% Decrease In European Auto Market In 2010
Wall Street Journal
FR) expects to see an 8% decrease in the European car market in 2010 compared with 2009 continuing the trend of 2009 Chief perating fficer Patrick Pelata said Thursday. He told an analysts’ conference.
Moody’s lifts rating outlook on Advance Auto Parts
The Associated Press
to positive from stable and affirmed its debt and liquidity ratings for the company. “The change in outlook to positive reflects the improvement in Advance’s credit metrics as well as the new more conservative tone of its financial policy” Moody’s said in a statement. As for its liquidity Moody’s cited Advance’s solid operating cash flow which the ratings agency said should be more than sufficient to meet all working capital and capital expenditure requirements with only minimal usage expected under a $750 million unsecured revolving credit line. Moody’s said it was affirming the company’s “Ba1″ corporate family “Ba2″ probability of default ratings as well as its “Ba1″ senior unsecured term loan and “SGL-2″ speculative grade liquidity ratings.
Related from Recollets: Moody’s places Manpower debt rating under review
12:34 PMHecker denies wrongdoing after FBI raid
Newsday
(AP) ? Former Twin Cities auto magnate Denny Hecker is denying wrongdoing after the FBI searched the headquarters of his bankrupt empire looking for evidence of fraud. “We’re denying that” said Marsh Halberg Hecker’s defense attorney of the fraud allegations. He spoke Friday a day after agents from the FBI and the IRS searched the Denny Hecker Automotive Group headquarters in St. Louis Park until 8:30 p.
Penske Auto Group 2Q Net ff 63% n Lower Sales
Wall Street Journal
‘s (PAG) second-quarter income dropped 63% on continued weak sales but earnings beat expectations. Auto dealerships have experienced smaller sales declines in recent months suggesting the epic slump related to reduced consumer spending may be nearing a bottom. Meanwhile price increases – reflecting auto makers’ efforts to make a profit on.
“Cash for clunkers” breaking down but not before hurting lower …
regonLive.com
For their trouble owners get $3500 to $4500 of taxpayer money and their old vehicles’ engines are destroyed so they won’t end up back on the road. That last part the destruction of engines is causing heartburn for more than a dozen already hurting auto-parts suppliers who have had to file for bankruptcy this year. As Michael Wilson executive vice president of the Automotive Recyclers Association told a reporter “Why throw away good parts when the supply chain is in jeopardy? It doesn’t make a whole lot of sense. ” Catherine Tsai in a.