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Toyota expected to post first annual sales decline in 10 yearsWe knew the auto industry was in bad shape and it didn't take long to extend its poisoned-tipped tentacles into the world's automotive juggernaut. In August came news that the Japanese automaker had cut its sales forecast for 2008 from 10.4 million vehicles to 9.7 million. A Japanese newspaper, though, says it expects Toyota to only sell 8.3 million for the year. If true, it would be the company's first year over year sales decline in a decade. The Nikkei Daily (subscription required) doesn't back up its prediction with any sources, but we'll know how close to the truth they get come in January when Toyota announces official sales numbers.
posted : 10/22/2008 @11:06:26 PM
eBay Find of the Day: twin-turbo Saleen Parnelli Jones Mustang

There's a special place in our hearts for the Saleen Parnelli Jones Mustang. After a week in the Autoblog Garage we fell in love with the wonderful 302-ci V8, amazingly sharp handling, and Trans-Am inspired looks. If we were to pick any of the current Mustang variants, the PJ would probably be it. Because of the collectability of the car (a total of 500 were produced) we're guessing that most owners have left their cars stock, but one particular owner decided to make his Parnelli Jones Mustang truly unique. How? He added dual 57mm Precision turbos, upgraded forged pistons, aluminum heads, a full three-inch exhaust system, and much, much more. In total, the motor produces 768 horsepower and 769 lb-ft torque -- at the wheels! The look of the car remains completely unchanged, making it as much of a sleeper as a car painted in Grabber Orange can be. The modded Parnelli is now up for sale on eBay Motors, and we're wishing that we had significantly more funding in our bank accounts.
posted : 10/21/2008 @8:03:16 PM
Scion finally coming to Canada in 2010

Canadians waiting for the day when they can purchase a Scion without heading south of the boarder can soon rejoice. Toyota's "hip" brand will go on sale in Canada in 2010, seven years after the marquee went on sale in the U.S. Canada will receive all three Scions at launch, the tC the xB, and the xD. And Scion ordering will be no different than it is in the States, with plenty of a-la-carte options available to personalize your Gen Y-mobile. Although sales have taken a hit of late, Scion has been very successful for Toyota overall, as 70% of all Scion buyers are new to the Toyota family. We're just wondering why it took so long to bring our Canadian brethren to the dinner table in the first place.
posted : 10/21/2008 @7:50:25 PM
Cerberus could sell Jeep to RenaultThe latest rumors regarding Cerberus-owned Chrysler and its possible sale point to the breakup of Chrysler's assets, and in particular its brands. General Motors may be interested in bits and pieces of its cross-town rival, but perhaps not the entire automaker. Jeep is considered Chrysler's most valuable asset and was purchased by the automaker from Renault in the '80s, around the same time that AMC ceased to exist. A similar scenario may put Jeep back in the hands of Renault. This purchase could allow the French automaker an easier entry back into the U.S. market with dealerships and excess production capacity leftover from Chrysler. General Motors main interests are rumored to be the minivan line along with some production sites, including the plant in Mexico that assembles Dodge Ram trucks. In exchange for the pieces of Chrysler that GM is interested in, the automaker could fork over its remaining 49-percent stake in GMAC to Cerberus. It's clear that all companies involved are still in negotiations, and it's completely possible that nothing changes hands at all. Round 'n round we go...
posted : 10/18/2008 @7:50:10 PM
GM sends HUMMER sales prospectus to suitors

General Motors is moving full steam ahead on its hopeful sale of HUMMER, moving to make a decision on the SUV marque "as quickly as practical." Shortly after appointing Jim Taylor to the head of the brand, the automaker has contacted interested parties with a full sales prospectus. By now, you're surely aware that sales of the gargantuan 'utes are very slow, posting declines of over 50-percent so far this year. No surprise then that the General would be anxious to get the former military-spec brand off its books. Though GM claims it is not necessarily committed to selling the marque, we're not so sure they have many other options. An entire revamp of the HUMMER line would use up precious resources that would surely be better spent on more fuel efficient, forward thinking products like the Chevy Volt, Cruze and Orlando. In any case, look for an announcement regarding the brand's future in short order.
posted : 10/18/2008 @7:48:46 PM
Jay Leno sued over alleged wrongful purchase of collector carJay Leno is a big player on the antique car auction circuit, and his loaded airport hanger in Burbank is proof that the Tonight Show host has purchased his fair share of rare rides. One such vehicle was a 1931 Model J Duesenberg that he aquired from Manhattan's Windsor Garage back in 2005. The car was owned by the now deceased Macy's heir John Strauss, and his estate is suing Leno because they contend the garage sold it to him illegally. The garage states that Mr. Strauss, who suffered from dementia, owed over $29,000 in parking fees, giving them the right to sell the Duesenberg and a 1930 Rolls Royce that was purchased by another auctioneer. The Srauss estate says the garage was paid hundreds of thousands of dollars for parking over the years, and $29,000 was drop in the bucket. We don't know all the legal issues (like title transfer of the Deuse) surrounding the suit between the Strauss estate and Jay Leno, but it seems as though the Windsor Garage would be a better target for the lawsuit. They did, after all, sell the vehicle that they were paid to care for. Then again, we have no idea what the laws are in Manhattan concerning garages that aren't paid and the delinquent cars that sit on their property, either.
posted : 10/17/2008 @5:21:06 PM
Mazda may buy some of itself back from FordRumors of Ford selling part or all of its 33.4% share in Mazda have picked up steam this week since we first reported on them over the weekend, and analysts in Tokyo think a deal that "clears a cloud over Mazda" is imminent. Nikkei English News also reported that Ford has asked Japanese supplier Denso to purchase part of its stake in Mazda, but the Japanese news agency didn't claim any sources and Denso has declined comment in the matter. Most are guessing that potential buyers would include Mazda itself, as well as a number of companies over which the risk of investment could be spread, while Ford would likely hold on to at least some of its stake in the brand but lose its controlling share of the company. Management from Ford and Mazda are largely silent regarding any possible deal, but Mazda spokesman Ken Haruki said that "nothing has been decided," which doesn't sound like much of a denial. There is no question that Ford needs cash to get through these turbulent economic times, and its share of Mazda is currently worth $1.33 billion based on Wednesday's share price, which itself has dropped 56% in the past year. The ownership status of Mazda is likely worth more than $1.33 billion, though, and anyone taking that title from Ford will surely have to pay a premium. Even if Ford sells some or all of its stake in Mazda, the two companies would continue to share platforms, powertrains and components for a long, long time. That will help Ford continue to enjoy economies of scale while giving Mazda good hardware without the massive development costs.
posted : 10/16/2008 @6:17:35 PM
Aston Martin One-77 already sold out and then some

If you're looking to be one of the lucky (and rich) buyers of the Aston Martin One-77, you may already be too late. Aston claims that over 100 wealthy buyers have signed up for the One-77 supercar, though it plans to build only enough to satisfy the car's label: 77. Amazingly, those customers have dropped a £200,000 deposit without ever having so much as seen a totally uncovered photo of the British supercar. But hey, it's an Aston, so how ugly can it be? If you've got money to burn, we can think of few ways to better spend over £1 million on an automobile, especially considering that it's rare enough to actually increase in value over time. It would help, too, if you could park and store a vehicle with a carbon fiber chassis, aluminum body, and 700-hp V12 engine, but that doesn't sound like much fun at all. From what we've seen of the car so far, it wouldn't be fair to force the museum life on the One-77.
posted : 10/16/2008 @4:46:59 PM
Ford may be considering sale of Mazda stake

The financial peril that currently faces the U.S. domestic automakers is no secret, and according to Wall Street Journal report published yesterday, Ford is mulling over the possibility of unloading at least part of its controlling stake in Mazda to raise cash. Japanese media, via the AP, said that Ford would likely keep some interests in the Japanese automaker after such a move -- no surprise when you consider how closely tied Ford and Madza are right now in terms of shared technology. The Oval's third-quarter numbers are expected to be pretty ugly, and the Journal's source said that the potential sale of its Mazda holdings is one of many moves reportedly under consideration as Dearborn looks for ways to add to its cash on hand. For its part, Mazda denies that any decision has been made (a non-denial, really -- no outlets reported that a deal had yet been completed) and Ford weighed in with a to-be-expected "no comment." As they say, to be continued...
posted : 10/15/2008 @9:17:17 PM
J.D. Power warns global auto market may "outright collapse" in 2009J.D. Power and Associates, the influential industry tracking firm, warned that the global auto market may "outright collapse" due to the lack of available credit and the general global economic conditions in 2009. According to the company, credit market restructuring, fewer leasing options, and declining owner equity are adding additional stress to an already burdened market. Don't turn to the automotive markets in China, Europe, or India either -- they are expected to slow next year as well. Much of the domestic sales decline is attributed to consumers delaying vehicle purchases (their studies indicate people are keeping their vehicles four months longer in 2008, compared to 2007). Other contributing factors are the drop in leasing activity, and the loss of fleet sales (down to 2.8 million from 3.3 million last year). While the automotive sales decline over the summer made this a buyer's market, willing consumers who venture into showrooms today are finding dealerships eager to sell, but banks aversive about lending.
posted : 10/15/2008 @7:58:54 PM
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