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Automotive News
KLM Performance's Automotive News coverage is updated daily with news updates published as they are released to the media. These updates cover the latest developments in trucks, add-on components, racing, and the truck enthusiast lifestyle. Feel free to discuss any news releases in KLM's Discussion Forum.
Thursday, November 8, 2007
VIRginia Int'l Raceway Saturday summary
Motorsport.com - More than just the Grand-Am racing is on the schedule for Sunday, as a wide variety of stunt motorcycle competition, drifting and "track attack" events will fill every minute of the day with action for guests to enjoy. Tickets are available at the [read more]Race Site - Committed sponsors include NASCAR, USAC, Indy Racing League/Indy Pro Series, NHRA, Champ Car World Series/Atlantic Series, American Le Mans Series (ALMS), Grand-Am, Racing Limos, and National City Bank. Honored at this event will be journalist/author [read more]
TSX Accepts Notice of Intention to Make Normal Course Issuer Bid
TSX Accepts Notice of Intention to Make Normal Course Issuer Bid AURORA, Canada, November 8/PRNewswire-FirstCall/ -- Magna International Inc. (TSX: MG.A, NYSE: MGA) today announced that the
Toronto Stock Exchange ("TSX") had accepted its Notice of Intention to Make a
Normal Course Issuer Bid (the "Notice"). Pursuant to the Notice, we may
purchase for cancellation and/or for purposes of our long-term retention
(restricted stock) and restricted stock unit programs, up to 9,000,000 Magna
Class A Subordinate Voting Shares (the "Bid"), representing 9.9% of our
public float. As of November 6, 2007, we had 117,860,222 issued and
outstanding Class A Subordinate Voting Shares, including a public float of
90,558,994 Class A Subordinate Voting Shares. As previously disclosed, the purpose of the Bid is: - to attempt to offset any dilution arising from: (a) the issuance from
treasury on September 20, 2007 of 20 million of Class A Subordinate Voting
Shares pursuant to a statutory plan of arrangement involving Magna and OJSC
Russian Machines, to the extent such issuance was not offset by the 11.9
million Magna Class A Subordinate Voting Shares we purchased for cancellation
pursuant to a substantial issuer bid which was completed on September 25,
2007; and (b) the issuance from treasury from time to time of Class A
Subordinate Voting Shares on exercise of Magna stock options; and - to fund our restricted stock awards, the redemption of restricted stock
units and our deferred profit sharing plans. The Bid will commence on November 12, 2007 and will terminate no later
than November 11, 2008. All purchases of Class A Subordinate Voting Shares
will be made at the market price at the time of purchase in accordance with
the rules and policies of the TSX. Purchases may also be made on the New York
Stock Exchange ("NYSE") in compliance with Rule 10b-18 under the U.S.
Securities Exchange Act of 1934. Both the rules and policies of the TSX and
Rule 10b-18 contain restrictions on the number of shares that can be
purchased under the Bid, based on the average daily trading volumes of the
Class A Subordinate Voting Shares on the TSX and NYSE, respectively. As a
result of such restrictions, subject to certain exceptions for block
purchases, the maximum number of shares which can be purchased per day during
the Bid on the TSX is 91,737. Subject to certain exceptions for block
purchases, the maximum number of shares which can be purchased per day on the
NYSE will be 25% of the average daily trading volume for the four calendar
weeks preceding the date of purchase. Subject to regulatory requirements, the
actual number of Class A Subordinate Voting Shares and the timing of any
purchases will be determined by us having regard to future price movements
and other factors. The size of the Bid was adjusted from that disclosed on
November 6, 2007 to account for shares in our Canadian and U.S, deferred
profit sharing plans, which are excluded from the public float. We are the most diversified automotive supplier in the world. We design,
develop and manufacture automotive systems, assemblies, modules and
components, and engineer and assemble complete vehicles, primarily for sale
to original equipment manufacturers of cars and light trucks in North
America, Europe, Asia, South America and Africa. Our capabilities include the
design, engineering, testing and manufacture of automotive interior systems;
seating systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain systems; roof
systems; as well as complete vehicle engineering and assembly. We have
approximately 83,000 employees in 240 manufacturing operations and 62 product
development and engineering centres in 23 countries. Forward-Looking Statements
--------------------------
This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation.
Forward-looking statements may include financial and other projections, as
well as statements regarding our future plans, objectives or economic
performance, or the assumptions underlying any of the foregoing. We use words
such as "may", "would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and similar
expressions to identify forward-looking statements. Any such forward-looking
statements are based on assumptions and analyses made by us in light of our
experience and our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe are
appropriate in the circumstances. However, whether actual results and
developments will conform with our expectations and predictions is subject to
a number of risks, assumptions and uncertainties. These risks, assumptions
and uncertainties include, without limitation, those related to the strategic
alliance with OJSC Russian Machines ("Russian Machines"), including: the risk
that the benefits, growth prospects and strategic objectives expected to be
realized from the investment by, and strategic alliance with, Russian
Machines may not be fully realized, realized at all or may take longer to
realize than expected; we will be governed by a board of directors on which
the Stronach Trust and Russian Machines each, indirectly, have the right to
designate an equal number of nominees, in addition to the current co-chief
executive officers, with the result that we may be considered to be
effectively controlled, indirectly, by the Stronach Trust and Russian
Machines for so long as the governance arrangements remain in place between
them; our Russian strategy involves making investments and carrying on
business and operations in Russia, which will expose us to the political,
economic and regulatory risks and uncertainties of that country; the
possibility that Russian Machines may exercise its right to withdraw its
investment and exit from the governance arrangements in connection with the
strategic alliance at any time after two years; the possibility that the
Stronach Trust may exercise its right to require Russian Machines to withdraw
its investment and exit from such arrangements at any time after three years;
and the possibility that Russian Machines' lender may require Russian
Machines to withdraw its investment and exit from such arrangements at any
time if such lender is entitled to realize on its loan to Russian Machines.
In addition to the risks, assumptions and uncertainties related to our
relationship with Russian Machines, there are additional risks and
uncertainties relating generally to us and our business and affairs,
including the impact of: declining production volumes and changes in consumer
demand for vehicles; a reduction in the production volumes of certain
vehicles, such as certain light trucks; the termination or non-renewal by our
customers of any material contracts; our ability to offset increases in the
cost of commodities, such as steel and resins, as well as energy prices;
fluctuations in relative currency values; our ability to offset price
concessions demanded by our customers; our dependence on outsourcing by our
customers; our ability to compete with suppliers with operations in low cost
countries; changes in our mix of earnings between jurisdictions with lower
tax rates and those with higher tax rates, as well as our ability to fully
benefit tax losses; other potential tax exposures; the financial distress of
some of our suppliers and customers; the inability of our customers to meet
their financial obligations to us; our ability to fully recover
pre-production expenses; warranty and recall costs; product liability claims
in excess of our insurance coverage; expenses related to the restructuring
and rationalization of some of our operations; impairment charges; our
ability to successfully identify, complete and integrate acquisitions; risks
associated with program launches; legal claims against us; risks of
conducting business in foreign countries; work stoppages and labour relations
disputes; changes in laws and governmental regulations; costs associated with
compliance with environmental laws and regulations; potential conflicts of
interest involving our indirect controlling shareholders, the Stronach Trust
and Russian Machines; and other factors set out in our Annual Information
Form filed with securities commissions in Canada and our annual report on
Form 40-F filed with the United States Securities and Exchange Commission,
and subsequent filings. In evaluating forward-looking statements, readers
should specifically consider the various factors which could cause actual
events or results to differ materially from those indicated by such
forward-looking statements. Unless otherwise required by applicable
securities laws, we do not intend, nor do we undertake any obligation, to
update or revise any forward-looking statements to reflect subsequent
information, events, results or circumstances or otherwise. Source: Magna International Inc. For further information: Vincent J. Galifi, Executive Vice-President and Chief Financial Officer of Magna at +1-905-726-7100
-------
Profile: automotive-news
posted by automotive-news # 6:41 PM
TSX accepts Notice of Intention to Make Normal Course Issuer Bid
TSX accepts Notice of Intention to Make Normal Course Issuer Bid AURORA, ON, Nov. 8 /PRNewswire-FirstCall/ -- Magna International Inc. (TSX: MG.A, NYSE: MGA) today announced that the Toronto Stock Exchange ("TSX") had accepted its Notice of Intention to Make a Normal Course Issuer Bid (the "Notice"). Pursuant to the Notice, we may purchase for cancellation and/or for purposes of our long-term retention (restricted stock) and restricted stock unit programs, up to 9,000,000 Magna Class A Subordinate Voting Shares (the "Bid"), representing 9.9% of our public float. As of November 6, 2007, we had 117,860,222 issued and outstanding Class A Subordinate Voting Shares, including a public float of 90,558,994 Class A Subordinate Voting Shares. As previously disclosed, the purpose of the Bid is: - to attempt to offset any dilution arising from: (a) the issuance from
treasury on September 20, 2007 of 20 million of Class A Subordinate
Voting Shares pursuant to a statutory plan of arrangement involving
Magna and OJSC Russian Machines, to the extent such issuance was not
offset by the 11.9 million Magna Class A Subordinate Voting Shares we
purchased for cancellation pursuant to a substantial issuer bid which
was completed on September 25, 2007; and (b) the issuance from
treasury from time to time of Class A Subordinate Voting Shares on
exercise of Magna stock options; and - to fund our restricted stock awards, the redemption of restricted
stock units and our deferred profit sharing plans. The Bid will commence on November 12, 2007 and will terminate no later than November 11, 2008. All purchases of Class A Subordinate Voting Shares will be made at the market price at the time of purchase in accordance with the rules and policies of the TSX. Purchases may also be made on the New York Stock Exchange ("NYSE") in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Both the rules and policies of the TSX and Rule 10b-18 contain restrictions on the number of shares that can be purchased under the Bid, based on the average daily trading volumes of the Class A Subordinate Voting Shares on the TSX and NYSE, respectively. As a result of such restrictions, subject to certain exceptions for block purchases, the maximum number of shares which can be purchased per day during the Bid on the TSX is 91,737. Subject to certain exceptions for block purchases, the maximum number of shares which can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase. Subject to regulatory requirements, the actual number of Class A Subordinate Voting Shares and the timing of any purchases will be determined by us having regard to future price movements and other factors. The size of the Bid was adjusted from that disclosed on November 6, 2007 to account for shares in our Canadian and U.S, deferred profit sharing plans, which are excluded from the public float. We are the most diversified automotive supplier in the world. We design, develop and manufacture automotive systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly. We have approximately 83,000 employees in 240 manufacturing operations and 62 product development and engineering centres in 23 countries. FORWARD-LOOKING STATEMENTS
--------------------------
This press release may contain statements that, to the extent that they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. We use words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, assumptions and uncertainties. These risks, assumptions and uncertainties include, without limitation, those related to the strategic alliance with OJSC Russian Machines ("Russian Machines"), including: the risk that the benefits, growth prospects and strategic objectives expected to be realized from the investment by, and strategic alliance with, Russian Machines may not be fully realized, realized at all or may take longer to realize than expected; we will be governed by a board of directors on which the Stronach Trust and Russian Machines each, indirectly, have the right to designate an equal number of nominees, in addition to the current co-chief executive officers, with the result that we may be considered to be effectively controlled, indirectly, by the Stronach Trust and Russian Machines for so long as the governance arrangements remain in place between them; our Russian strategy involves making investments and carrying on business and operations in Russia, which will expose us to the political, economic and regulatory risks and uncertainties of that country; the possibility that Russian Machines may exercise its right to withdraw its investment and exit from the governance arrangements in connection with the strategic alliance at any time after two years; the possibility that the Stronach Trust may exercise its right to require Russian Machines to withdraw its investment and exit from such arrangements at any time after three years; and the possibility that Russian Machines' lender may require Russian Machines to withdraw its investment and exit from such arrangements at any time if such lender is entitled to realize on its loan to Russian Machines. In addition to the risks, assumptions and uncertainties related to our relationship with Russian Machines, there are additional risks and uncertainties relating generally to us and our business and affairs, including the impact of: declining production volumes and changes in consumer demand for vehicles; a reduction in the production volumes of certain vehicles, such as certain light trucks; the termination or non-renewal by our customers of any material contracts; our ability to offset increases in the cost of commodities, such as steel and resins, as well as energy prices; fluctuations in relative currency values; our ability to offset price concessions demanded by our customers; our dependence on outsourcing by our customers; our ability to compete with suppliers with operations in low cost countries; changes in our mix of earnings between jurisdictions with lower tax rates and those with higher tax rates, as well as our ability to fully benefit tax losses; other potential tax exposures; the financial distress of some of our suppliers and customers; the inability of our customers to meet their financial obligations to us; our ability to fully recover pre-production expenses; warranty and recall costs; product liability claims in excess of our insurance coverage; expenses related to the restructuring and rationalization of some of our operations; impairment charges; our ability to successfully identify, complete and integrate acquisitions; risks associated with program launches; legal claims against us; risks of conducting business in foreign countries; work stoppages and labour relations disputes; changes in laws and governmental regulations; costs associated with compliance with environmental laws and regulations; potential conflicts of interest involving our indirect controlling shareholders, the Stronach Trust and Russian Machines; and other factors set out in our Annual Information Form filed with securities commissions in Canada and our annual report on Form 40-F filed with the United States Securities and Exchange Commission, and subsequent filings. In evaluating forward-looking statements, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
Source: Magna International Inc.
CONTACT: Vincent J. Galifi, Executive Vice-President and Chief Financial
Officer of Magna at (905) 726-7100
-------
Profile: automotive-news
posted by automotive-news # 5:41 PM
National R.V. Holdings, Inc. Files Form 15 to Voluntarily Deregister its Shares with the SEC
National R.V. Holdings, Inc. Files Form 15 to Voluntarily Deregister its Shares with the SEC PERRIS, Calif., Nov. 8 /PRNewswire-FirstCall/ -- National R.V. Holdings, Inc. (BULLETIN BOARD: NRVH) (the "Company") announced that it has filed today a Form 15 with the Securities and Exchange Commission (the "SEC") to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and to suspend its obligation to file reports under Section 13(a) of the Exchange Act. The Company is eligible to deregister by filing a Form 15 because it has fewer than 300 holders of record of its common stock. With the filing of the Form 15, the Company's obligation to file certain reports with the SEC, including Forms 10-K, 10-Q, and 8-K, has been immediately suspended. The Company's obligation to file such reports will terminate in 90 days, unless the SEC denies the Company's certification on Form 15. The Company anticipates that deregistration of its common stock will become effective on or about February 6, 2008. The Company expects that its common stock will no longer be traded on the OTC Bulletin Board as of today. It is expected that the Company's common stock will be quoted on the Pink Sheets under symbol NRVH. Dave Humphreys, Chief Executive Officer, stated, "After assessing the advantages and disadvantages of remaining a registered company, our board of directors unanimously concluded that it is in the best interests of the Company and its stockholders to deregister its shares. The substantial out of pocket cost, as well as the significant demands on management's time and focus, necessary to comply with SEC reporting, including the additional costs that would be required in order to comply with Section 404 of the Sarbanes-Oxley Act, outweigh the benefits the Company receives from maintaining its registered status. We believe that deregistering will allow us to reduce current expenses, avoid substantial future costs, and free our management team to focus more of its time and resources on operating the Company." About National R.V. Holdings, Inc. National R.V. Holdings, Inc., through its wholly-owned subsidiary, National RV, Inc., is one of the nation's leading producers of motorized recreational vehicles, often referred to as RVs or motorhomes. From its Perris, California facility, NRV designs, manufactures and markets Class A gas and diesel motorhomes under model names Surf Side, Sea Breeze, Dolphin, Tropi-Cal, Pacifica and Tradewinds. NRV began manufacturing RVs in 1964. Based upon retail registrations for the year ended December 31, 2006, the Company, through its NRV subsidiary, is the seventh largest domestic manufacturer of Class A motorhomes. This release and other statements by the Company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements about the Company's future expectations, performance, plans, prospects, as well as assumptions about future events, including the expectation that the Form 15 will become effective and the registration of the Company's common stock under the Exchange Act will terminate. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, denial by the SEC of the Company's certification on Form 15, the cyclical nature of the recreational vehicle industry; continuation of losses; the ability of the Company to address the effects caused by fiberglass material supplied by a third party supplier; the ability of the Company's new and redesigned product introductions to achieve market acceptance; the ability of the Company to obtain long-term debt financing; seasonality and potential fluctuations in the Company's operating results; any material weaknesses in the Company's internal control over financial reporting; any failure to implement required new or improved internal controls; the Company's ability to maintain quotation of its shares; the Company's dependence on chassis suppliers; potential liabilities under dealer/lender repurchase agreements; competition; government regulation; warranty claims; product liability; and dependence on certain dealers and concentration of dealers in certain regions. Certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested are set forth in the Company's Form 10-K and other filings with the Securities and Exchange Commission (SEC) and the Company's public announcements, copies of which are available from the SEC or from the Company upon request. Contact:
Thomas J Martini
800.322.6007
cfo@nrvh.com First Call Analyst:
FCMN Contact:
Source: National R.V. Holdings, Inc.
CONTACT: Thomas J Martini of National R.V. Holdings, Inc.,
1-800-322-6007, cfo@nrvh.com Web site: http://www.nrvh.com/
-------
Profile: automotive-news
posted by automotive-news # 4:37 PM
Fuel Prices Rise; So Should Attention to Tire Inflation, Says Goodyear
Fuel Prices Rise; So Should Attention to Tire Inflation, Says Goodyear AKRON, Ohio, Nov. 8 /PRNewswire-FirstCall/ -- As American drivers begin to think about increased holiday travel in coming weeks, the cost of fueling the family car is higher than it has ever been in November. With this in mind, officials at the country's largest tire manufacturer, The Goodyear Tire & Rubber Company (NYSE:GT), are reminding motorists to seek an often overlooked cost advantage at the pump - the air pump. (Logo: http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO ) Tires' importance at the gas pump is growing as gas prices climb. As of November 7, average U.S. retail gasoline prices had jumped by more than 84 cents versus year-earlier prices, according to the AAA's Daily Fuel Gauge Report. The pump price had risen to a nationwide average of $3.043 per gallon (regular grade), and as high as a $3.312 per gallon average on the west coast. When ignorance of tire care is factored in, the rising fuel prices become even scarier. "Running a tire 20 percent underinflated - only 5 to 7 pounds per square inch (psi) - can increase fuel consumption by 10 percent. That can easily cost motorists two or three miles per gallon. Not only that, but running underinflated also reduces the tire's tread life," said Bob Toth, Goodyear's general manager, auto tires. If that's not enough, the Society of Automotive Engineers reports that 87 percent of all flat tires have a history of underinflation. The U.S. Energy Department has reported that every pound per square inch of tire underinflation wastes 4 million gallons of gas daily in the U.S. At today's prices and with more vehicles on the road, that's a huge expense. An underinflated tire deflects more energy, increasing rolling resistance, which robs the vehicle of fuel efficiency. Still, many motorists seem to simply ignore their tires. Survey information from the National Highway Traffic Safety Administration (NHTSA) shows that about one in every three cars has a significantly under inflated tire. According to the Rubber Manufacturers Association (RMA), 85 percent of drivers do not know how to properly check their tire pressure. Additionally, a 2007 RMA survey found: -- Nearly seven in ten drivers say they wash their vehicles every month,
but barely more than half check tire pressure monthly.
-- 45 percent of drivers wrongly believe that the correct inflation
pressure is printed on the tire sidewall. (The "maximum" inflation
pressure is found on the tire sidewall. Instead, Goodyear reminds
motorists to check for a sticker on the driver's door or the fuel door,
or look in the vehicle owner's manual for the "recommended" inflation
pressure.)
-- 26 percent of drivers wrongly believe the best time to check tire
inflation is when the tires are warm, after being driven for at least a
few miles. (Check before driving, when tires are cold.)
-- 71 percent of drivers do not check the tire pressure in their spare
tire. On http://www.goodyeartires.com/, visitors will find extensive information on tire care, product selection and more. Site visitors can learn how a tire is made and obtain useful tire maintenance tips. Through a link, they can request a copy of the "A Guide to Tire Safety" or the "Goodyear Tire Buying Guide." At Goodyear-owned tire and service outlets, consumers can have their tires checked for free, including an inspection of tread condition and tire inflation. Store associates will even add air, when needed, as a free consumer service. "With fall here and winter around the corner, checking tire pressure is important because tire pressure drops 1-2 psi for every 10 degree drop in temperature," Toth said. "Keeping tires properly inflated promotes safety, helps tires wear evenly, enhances ride comfort, and maximizes fuel economy." First Call Analyst:
FCMN Contact: greg_dooley@goodyear.com Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: The Goodyear Tire & Rubber Company
CONTACT: Jim Davis, The Goodyear Tire & Rubber Company,
+1-330-796-4114 Web site: http://www.goodyear.com/
http://www.goodyeartires.com/ NOTE TO EDITORS: Downloadable images are available from Goodyear's media website, www.GoodyearNewsRoom.com. -------
Profile: automotive-news
posted by automotive-news # 4:19 PM
U.S. Auto Parts Network, Inc. Announces Completion of Next Generation Online Catalog
U.S. Auto Parts Network, Inc. Announces Completion of Next Generation Online Catalog Announces Addition of 60,000 SKUs to Unified Catalog CARSON, Calif., Nov. 8 /PRNewswire-FirstCall/ -- U.S. Auto Parts Network, Inc. (NASDAQ:PRTS), a leading online provider of aftermarket auto parts and accessories, today announced that it has completed the implementation of the unified catalog. Utilizing new industry standards for year/make/model applications, the unified catalog combines body, engine and performance parts and accessories in one catalog with single look-up functionality. The implementation of the unified catalog will enable U.S. Auto Parts to implement dynamic pricing updates to its sites, more accurately display in-stock items and accelerate the pace of adding new products to the Company's database. Since its implementation in October 2007, the Company has added an additional 60,000 SKUs to its unified catalog. In addition to the ability to add more SKU's, the unified catalog will permit advanced site search, guided navigation and dynamic merchandising of the Company's sites. This is expected to increase conversion rates by personalizing the customer's shopping experience to deliver more targeted results, and leveraging related items to improve the Company's up-sell opportunity. "We believe the launch of our unified catalog represents a tremendous achievement for U.S. Auto Parts," said Shane Evangelist, Chief Executive Officer. "With its implementation we should now improve critical aspects of the customer experience through real time updates to our sites and optimized search results. As we look to accelerate our growth in 2008, we expect that the unified catalog will enhance our ability to scale our business by more efficiently adding SKUs to our sites while driving our conversion rate through improved site search and merchandising capabilities." About U.S. Auto Parts Network, Inc. Established in 1995, U.S. Auto Parts is a leading online provider of aftermarket auto parts, including body parts, engine parts, performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites are located at http://www.partstrain.com/ and http://www.autopartswarehouse.com/ and the Company's corporate website is located at http://www.usautoparts.net/. U.S. Auto Parts is headquartered in Carson, California. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These statements include, but are not limited to, the Company's expectations regarding the Company's long-term prospects, future financial operating results and potential growth. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important factors that may cause such a difference, include, but are not limited to, the Company's demand for and pricing of the Company's products; the competitive environment in the Company's industry; the Company's ability to expand its product offerings and make changes to its product mix; the volume of product sales; and the gain or loss of customers. Our Annual Report on Form 10-K, subsequent Quarterly Report on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of this date. Unless otherwise required by law, the Company expressly disclaims any obligation to revise or update publicly any forward-looking statement for any reason, whether as result of new information, future events or otherwise. US Auto Parts(R), Auto Parts Train(TM), PartsTrain(TM), Partsbin(TM), Kool-Vue(TM) and Auto-Vend(TM) are among the trademarks of U.S. Auto Parts. All other trademarks and trade names mentioned are the property of their respective owners. Investor Contacts:
Michael McClane, Chief Financial Officer
U.S. Auto Parts Network, Inc.
michael@usautoparts.com
(310) 735-0085 Anne Rakunas / Laura Foster
ICR, Inc.
(310) 954-1100
anne.rakunas@icrinc.comlaura.foster@icrinc.com Media Contacts:
Stephanie Sampiere / Matt Lindberg
ICR, Inc.
(203) 682-8200
stephanie.sampiere@icrinc.commatthew.lindberg@icrinc.com First Call Analyst:
FCMN Contact:
Source: U.S. Auto Parts Network, Inc.
CONTACT: Investor, Michael McClane, Chief Financial Officer of U.S. Auto
Parts Network, Inc., +1-310-735-0085, michael@usautoparts.com; or
Anne Rakunas, anne.rakunas@icrinc.com, or Laura Foster,
laura.foster@icrinc.com, +1-310-954-1100; or Media, Stephanie Sampiere,
stephanie.sampiere@icrinc.com, or Matt Lindberg, matthew.lindberg@icrinc.com,
all of ICR, Inc., +1-203-682-8200, for U.S. Auto Parts Network, Inc. Web site: www.usautoparts.net
http://www.partstrain.com/
http://www.autopartswarehouse.com/
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Profile: automotive-news
posted by automotive-news # 4:14 PM
U.S. Auto Parts Network, Inc. Reports Third Quarter 2007 Results
U.S. Auto Parts Network, Inc. Reports Third Quarter 2007 Results * Net Sales of $37.8 million for Q3 * Diluted Earnings of $0.03 per share for Q3 * Adjusted EBITDA of $4.1 million for Q3 CARSON, Calif., Nov. 8 /PRNewswire-FirstCall/ -- U.S. Auto Parts Network, Inc. (NASDAQ:PRTS), a leading online provider of aftermarket auto parts and accessories, today reported its financial results for the third quarter ended September 30, 2007. Net sales for the third quarter ended September 30, 2007 were $37.8 million, a decrease of 1.3% from $38.3 million in the prior year period. Net sales for the second quarter of 2007 were $42.1 million. Net income for the third quarter of 2007 was $0.9 million, or $0.03 per diluted share, compared to net income of $0.2 million, or $0.01 per diluted share for the prior year period. Net income for the second quarter of 2007 was $0.8 million, or $0.03 per diluted share. Diluted EPS for the quarters ended September 30, 2007, June 30, 2007 and September 30, 2006, includes amortization expense related to intangibles of $2.1 million or $0.07 per diluted share, $2.1 million or $0.07 per diluted share and $2.1 million or $0.10 per diluted share, respectively. Adjusted EBITDA for the third quarter of 2007 was $4.1 million, representing 10.8% of net sales, which excludes share-based compensation expense related to option grants of $0.5 million, compared to Adjusted EBITDA of $3.9 million in the prior year period, which excludes share-based compensation expense of $0.3 million. Adjusted EBITDA for the second quarter of 2007 was $3.8 million which excludes share-based compensation expense of $0.6 million. For further information regarding Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net income, see Non-GAAP Financial Measures below. "I am excited to join the U.S. Auto Parts team at this pivotal moment," said Shane Evangelist, Chief Executive Officer. "During the third quarter, U.S. Auto Parts demonstrated the ability to drive profitability. Couple that with an addressable market of over $90 billion, less than 3% online penetration and a very long tail product set, and we believe U.S. Auto Parts is well positioned to grow in a profitable manner." Michael McClane, Chief Financial Officer, added, "The higher profitability achieved in the third quarter reflects the benefits of several initiatives implemented in the first nine months of the year including pricing strategy optimization, increasing efficiency on paid search and a new distribution capability in Tennessee. As we look to accelerate growth in 2008, we expect the accomplishments delivered during 2007 will provide a strong foundation of support. The recently launched unified catalog is one example of that foundation which is intended to drive revenue through SKU additions while improving our conversion rate through site search, guided navigation and merchandising capabilities." Q3 2007 Operating Metrics * Conversion rate -- The conversion rate in the third quarter of 2007
was 1.1% compared to 1.2% during the corresponding period of 2006 and
1.2% in the second quarter of 2007. The decrease in conversion rate
from the second quarter of 2007 was primarily due to the initial roll-
out of significant website navigation changes related to the
implementation of the Unified Catalog which caused some temporary SKU
loss from the product offering during the roll-out phase which was
completed in early October 2007. * Customer acquisition cost -- The customer acquisition cost in the
third quarter of 2007 was $6 per customer, compared to $12 during the
corresponding period of 2006 and $6 in the second quarter of 2007. * Unique visitors -- The number of monthly unique visitors in the third
quarter of 2007 rose to 23 million, an increase of 4% compared to the
third quarter of 2006. The number of monthly unique visitors
increased from 22 million in the second quarter of 2007 as a result of
search engine optimization efforts. * Orders -- The number of orders placed through our e-commerce websites
was approximately 243,000 orders in the third quarter of 2007 compared
to 269,000 in the corresponding period of 2006 and 257,000 orders in
the second quarter of 2007. The decrease in orders from the second
quarter of 2007 was primarily due to the decrease in conversion rate. * Average order value -- The average order value of purchases on our
websites was $120 during the third quarter of 2007, up from
$111 during the corresponding period of 2006 but down from $125 in the
second quarter of 2007. The reduction in average order value from the
second quarter of 2007 was primarily the result of promotion of higher
margin products and pricing changes in certain categories. Q3 2007 Financial Highlights * Cash, cash equivalents and short term investments was $42.2 million at
September 30, 2007. * Gross profit was $13.7 million or 36% of net sales for the third
quarter of 2007 compared to $12.4 million or 32% of net sales for the
third quarter of 2006. Gross profit was $13.8 million or 33% of net
sales for the second quarter of 2007. The year-over-year increase in
gross margin was due primarily to strategic pricing improvements
implemented in the first half of 2007, the elimination of lower margin
sales, and lower costs from our drop ship vendors and shipping
vendors. * Marketing spend was $2.4 million or 6% of net sales for the third
quarter of 2007 compared to $3.2 million or 8% of net sales for the
prior year period and $2.2 million or 5% of net sales for the second
quarter of 2007. The year-over-year reduction in marketing spend as a
percentage of net sales was driven by efficiency improvements in our
paid search campaigns in addition to lower overall spend levels. * General and administrative expense was $3.2 million or 8% of net sales
for the third quarter of 2007 compared to $2.8 million or 7% of net
sales in the prior year and $3.7 million or 9% of net sales for the
second quarter of 2007. As a percentage of net sales, general and
administrative expense increased over the same period in the previous
year primarily due to an increase of $0.3 million in professional
fees, an increase of $0.1 million in insurance premiums, and an
increase of $0.2 million in stock based compensation expense,
partially offset by a reduction of $0.2 million in software
amortization. * Operating expenses as a percentage of net sales were 33% in the third
quarter of 2007 compared to 30% in the prior year period and 31% in
the second quarter of 2007. Operating expenses for the quarters ended
September 30, 2007, June 30, 2007 and September 30, 2006 include
amortization expense related to intangibles of $2.1 million in each
quarter. * Capital expenditures for the third quarter of 2007 totaled
$1.4 million, including $0.6 million of internally developed software
and website development costs. Outlook for 2007 The Company is updating its guidance for the fiscal year ending December 31, 2007 as follows: * Net sales are expected to be in the range of $162 million to
$166 million, compared to previous guidance of $170 million to
$185 million. * Operating expenses (including depreciation and amortization of
software and intangibles) as a percentage of net sales are expected to
be in the range of 32% to 33% compared to previous guidance of 30% to
33%. * Diluted net income per share is expected to be in the range of
$0.07 to $0.08, compared to previous guidance of $0.05 to $0.17,
assuming approximately 29.1 million shares outstanding. * This includes the estimated impact of share-based compensation
expense of $0.08 per diluted share. * This includes the estimated impact of depreciation and
amortization of software and intangibles of approximately
$0.33 per diluted share. * Adjusted EBITDA is expected to be in the range of $14 million to
$15 million, which is within the range of previous guidance of
$14 million to $18 million and includes approximately $1.2 million of
expenses related to defense costs in securities litigation and new CEO
recruitment and compensation not included in previous guidance. Preliminary Outlook for 2008 The Company is providing preliminary guidance for the fiscal year ending December 31, 2008 as follows: * Net sales are expected to be in the range of $190 million to
$200 million. * Diluted net income per share is expected to be in the range of
$0.09 to $0.15 assuming approximately 30.6 million diluted shares
outstanding. * This includes the estimated impact of share-based compensation
expense of $0.12 per diluted share. * This includes the estimated impact of depreciation and
amortization of software and intangibles of approximately
$0.37 per diluted share. * Adjusted EBITDA is expected to be in the range of $17 million to
$22 million. Non-GAAP Financial Measures
Regulation G, "Conditions for Use of Non-GAAP Financial Measures," and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income before (a) interest expense, net; (b) income tax provision; (c) amortization of intangibles; (d) depreciation and amortization; and (e) share-based compensation expense related to stock option grants and other equity instruments.
The Company believes this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflects an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations. Management uses Adjusted EBITDA as a measurement of the Company's operating performance because it assists in comparisons of the Company's operating performance on a consistent basis by removing the impact of items not directly resulting from core operations. Internally, this non-GAAP measure is also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; for evaluating the effectiveness of operational strategies; and for evaluating the Company's capacity to fund capital expenditures and expand its business. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in our industry. This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are unusual, infrequent or non- recurring. The table below reconciles net income to Adjusted EBITDA for the periods presented: Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
(in thousands)
Net income $894 $187 $1,901 $3,518
Interest (income) expense, net (389) 593 (654) 950
Income tax provision 633 211 1,309 527
Amortization of intangibles 2,097 2,086 6,251 3,037
Depreciation and amortization 328 460 870 1,541
EBITDA 3,563 3,537 9,677 9,573
Share-based compensation 532 314 1,562 507
Adjusted EBITDA $4,095 $3,851 $11,239 $10,080 Conference Call
As previously announced, the Company will conduct a conference call with analysts and investors to discuss the results today, Thursday, November 8, 2007, at 2:00 pm Pacific Time (5:00 pm Eastern Time). The conference call will be conducted by Shane Evangelist, Chief Executive Officer, Michael McClane, Chief Financial Officer, and Howard Tong, Chief Operating Officer and will be broadcast live over the Internet and accessible through the Investor Relations section of the Company's website at www.usautoparts.net where the call will be archived for two weeks. To view the press release or the financial or other statistical information required by SEC Regulation G, please visit the Investor Relations section of the U.S. Auto Parts website at investor.usautoparts.net.
About U.S. Auto Parts Network, Inc. Established in 1995, U.S. Auto Parts is a leading online provider of aftermarket auto parts, including body parts, engine parts, performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites are located at http://www.partstrain.com/ and http://www.autopartswarehouse.com/ and the Company's corporate website is located at http://www.usautoparts.net/. U.S. Auto Parts is headquartered in Carson, California. Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the Company's expectations regarding its future operating results, financial condition, and potential growth. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, the demand for the Company's products; the Company's ability to expand and price its product offerings and control costs and expenses; the mix of products sold by the Company; the competitive and volatile environment in the Company's industry; the ability to achieve broader market acceptance for Internet auto parts sales; the effect and timing of technological changes and the Company's ability to integrate such changes and maintain, update and expand its infrastructure; the transition of certain call center operations in-house and the Company's ability to expand and maintain such operations; the Company's ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement the Company's business plans both domestically and internationally; the Company's cash needs; changes in general economic or market conditions; the Company's ability to comply with Section 404 of the Sarbanes-Oxley Act, and, maintain an adequate system of internal controls, any remediation costs and other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.usautoparts.net and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward- looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward- looking statements, whether as result of new information, future events or otherwise. US Auto Parts(R), Auto Parts Train(TM), PartsTrain(TM), Partsbin(TM), Kool-Vue(TM) and Auto-Vend(TM) are among the trademarks of U.S. Auto Parts. All other trademarks and trade names mentioned are the property of their respective owners. U.S. AUTO PARTS NETWORK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts) September 30, December 31,
2007 2006
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $17,186 $2,381
Short-term investments 25,000 -
Accounts receivable, net 2,486 2,789
Inventory, net 11,943 8,796
Deferred income taxes 934 934
Other current assets 1,898 1,149
Total current assets 59,447 16,049 Property and equipment, net 5,643 2,716
Intangible assets, net 28,429 33,362
Goodwill 14,201 14,179
Deferred income taxes 1,703 1,703
Other non-current assets 183 1,901
Total assets $109,606 $69,910 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $8,311 $9,091
Accrued expenses 2,250 2,912
Line of credit - 2,000
Notes payable 1,000 10,805
Capital leases payable, current portion 66 62
Other current liabilities 1,753 2,392
Total current liabilities 13,380 27,262
Notes payable, less current portion, net - 21,922
Capital leases payable, less current portion 59 114
Total liabilities 13,439 49,298 Commitments and contingencies Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000
and 11,100,000 shares authorized at
September 30, 2007 and December 31, 2006,
respectively; none and 11,055,425 shares
issued and outstanding at September 30, 2007
and December 31, 2006, respectively - 11
Common stock, $0.001 par value; 100,000,000
and 50,000,000 shares authorized at
September 30, 2007 and December 31, 2006,
respectively; 29,846,757 and 15,199,672 shares
issued and outstanding at September 30, 2007
and December 31, 2006, respectively 30 15
Additional paid-in capital 142,459 68,906
Accumulated other comprehensive income 102 5
Accumulated deficit (46,424) (48,325)
Total stockholders' equity 96,167 20,612
Total liabilities and stockholders' equity $109,606 $69,910 U.S. AUTO PARTS NETWORK, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts) Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
Net sales $37,787 $38,324 $123,642 $83,295
Cost of sales 24,096 25,903 82,497 53,779
Gross profit 13,691 12,421 41,145 29,516
Operating expenses:
General and
administrative 3,184 2,758 9,715 7,013
Marketing 4,917 4,979 15,738 10,134
Fulfillment 1,920 1,224 5,499 3,589
Technology 438 381 1,394 898
Amortization of
intangibles 2,097 2,086 6,251 3,037
Total operating
expenses 12,556 11,428 38,597 24,671
Income from operations 1,135 993 2,548 4,845
Other income (expense):
Loss from disposition
of assets - - - (5)
Other income (expense) 3 (2) 8 155
Interest income
(expense), net 389 (593) 654 (950)
Total other income
(expense) 392 (595) 662 (800)
Income before income
taxes 1,527 398 3,210 4,045
Income tax provision 633 211 1,309 527
Net income $894 $187 $1,901 $3,518 Basic net income per
share $0.03 $0.01 $0.07 $0.25
Diluted net income per
share $0.03 $0.01 $0.07 $0.18
Shares used in
computation of basic
net income per
share 29,837,538 15,199,681 27,744,016 14,180,869
Shares used in
computation of
diluted net income
per share 30,009,891 21,876,868 28,749,521 19,362,189 U.S. AUTO PARTS NETWORK, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) Nine Months Ended
September 30,
2007 2006
Operating activities
Net income $1,901 $3,518
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 870 1,541
Amortization of intangibles 6,251 3,037
Non-cash interest expense 273 40
Loss from disposition of assets - 5
Share-based compensation and other 1,562 607
Deferred income taxes - (1,090)
Changes in operating assets and liabilities:
Accounts receivable, net 302 (903)
Inventory, net (3,147) 1,676
Other current assets (748) (1,732)
Other non-current assets 1,719 (79)
Accounts payable and accrued expenses (1,442) 1,135
Other current liabilities (639) (82)
Net cash provided by operating activities 6,902 7,673 Investing activities
Purchase of marketable securities (25,000) -
Additions to property, equipment and
intangibles (3,466) (1,236)
Acquisition of assembled workforce (1,286) -
Acquisition of business, net of cash acquired (22) (24,453)
Net cash used in investing activities (29,774) (25,689) Financing activities
Payments on line of credit (2,000) -
Proceeds from notes payable, net of discount - 31,705
Payments on notes payable (32,000) (2,111)
Proceeds from initial public offering,
net of offering costs 71,537 -
Proceeds received on issuance of Series A
convertible preferred stock, net of
offering costs - 42,246
Payments of short-term financing (51) (346)
Proceeds from sale of common stocks - 150
Proceeds from exercise of stock option 94 -
Stockholder distributions - (1,700)
Recapitalization distribution - (50,000)
Net cash provided by financing activities 37,580 19,944 Effect of changes in foreign currencies 97 6
Net increase in cash and cash equivalents 14,805 1,934
Cash and cash equivalents at beginning of period 2,381 1,353
Cash and cash equivalents at end of period $17,186 $3,287 Investor Contacts: Michael McClane, Chief Financial Officer
U.S. Auto Parts Network, Inc.
michael@usautoparts.com
(310) 735-0085 Anne Rakunas / Laura Foster
ICR, Inc.
(310) 954-1100
anne.rakunas@icrinc.comlaura.foster@icrinc.com
Media Contacts:
Stephanie Sampiere / Matt Lindberg
ICR, Inc.
(203) 682-8200
stephanie.sampiere@icrinc.commatthew.lindberg@icrinc.com First Call Analyst:
FCMN Contact:
Source: U.S. Auto Parts Network, Inc.
CONTACT: Investors, Michael McClane, Chief Financial Officer of U.S.
Auto Parts Network, Inc., +1-310-735-0085, michael@usautoparts.com; or Anne
Rakunas, anne.rakunas@icrinc.com, or Laura Foster, laura.foster@icrinc.com,
both of ICR, Inc., +1-310-954-1100, for U.S. Auto Parts Network, Inc.; or
Media, Stephanie Sampiere, stephanie.sampiere@icrinc.com, or Matt Lindberg,
matthew.lindberg@icrinc.com, both of ICR, Inc., +1-203-682-8200, for U.S. Auto
Parts Network, Inc. Web site: http://www.usautoparts.net/
http://www.investor.usautoparts.net/
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Profile: automotive-news
posted by automotive-news # 4:11 PM
Auto Affordability Little Changed Last Quarter, Comerica Bank Chief Economist Reports
Auto Affordability Little Changed Last Quarter, Comerica Bank Chief Economist Reports DETROIT, Nov. 8 /PRNewswire-FirstCall/ -- The purchase of an average- priced new vehicle took 24.8 weeks of median family income in the third quarter, according to the Auto Affordability Index compiled by Comerica Bank. The latest reading is up 0.2 weeks from the second quarter and 0.4 weeks compared to a year ago. Including finance charges, the total cost of buying an average-priced light vehicle was $29,024 in the third quarter. We estimate that the median family income has increased 4.6 percent from a year ago. (Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO ) The amount spent on a new car increased by $500 in the latest quarter. But that rise was mostly offset by the 0.4% decline in financing rates. Consequently, the total cost of purchasing and financing a new vehicle rose just slightly faster than median family income over the past quarter. Looking back at the 29 year history of our index, cars have been more affordable than they were in the third quarter only 15 percent of the time. This report incorporates the latest data on consumer spending on light vehicles and on the terms available on auto loans. The entire history of the index is available upon request from Marsha Halliburton (313-222-4568 or mlhalliburton@comerica.com). Comerica Incorporated (NYSE:CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe. First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Comerica Bank
CONTACT: Media, Dana Johnson, Senior Vice President and Chief Economist,
+1-214-828-5970, djohnson@comerica.com, or Data, Marsha Halliburton, Data
Analyst, +1-313-222-4568, both of Comerica Bank Web site: http://www.comerica.com/
http://www.comerica.com/econsubscribe NOTE TO EDITORS: The entire history of the index is available at http://www.comerica.com or upon request from Marsha Halliburton. -------
Profile: automotive-news
posted by automotive-news # 4:10 PM
SORL Auto Parts to Attend Goldman Sachs China Frontier Conference
SORL Auto Parts to Attend Goldman Sachs China Frontier Conference RUIAN CITY, Zhejiang Province, China, Nov. 8 /Xinhua-PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ:SORL), a leading manufacturer and distributor of automotive air brake valves and related components in China, today announced that it is invited to attend Goldman Sachs & Gao Hua Securities' China Frontier Conference at Grand Hyatt Hotel in Beijing on November 12th and 13th, 2007. This two-day conference will be focusing on the top Chinese companies representing key sectors such as retail/consumer, property, financial, power, commodities, telecom, technology, auto, manufacturing, media and conglomerates. About SORL Auto Parts, Inc. As China's leading manufacturer and distributor of automotive air brake valves, SORL Auto Parts, Inc. ranks first in market share in the segment for commercial vehicles weighing more than three tons, such as trucks and buses. The Company distributes products both within China and internationally under the SORL trademark. SORL ranks among the top 100 auto component suppliers in China, with a product range that includes 40 types of air brake valves and over 800 different specifications. The Company has three authorized international sales centers in Australia, United Arab Emirates, and the United States, with additional offices slated to open in other locations in the near future. For more information, please visit http://www.sorl.cn/. Safe Harbor Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, those concerning our estimated sales and expected expansion of our production capacity as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to new and existing products, product defects and any related product recall; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China; any statements of belief or intention; any of the factors and risks mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2006 and any subsequent SEC filings. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law. For further information, please contact: Richard (Weihai) Cai
Investor Relations Manager
Tel: +86-577-6581-7721
Email: richardcai@sorl.com.cn Kevin Theiss
Investor Relations
The Global Consulting Group
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com Stacy Dimakakos
Media Relations
The Global Consulting Group
Tel: +1-646-284-9417
Email: sdimakakos@hfgcg.com
Source: SORL Auto Parts, Inc.
CONTACT: Richard Cai, Investor Relations Manager of SORL Auto Parts,
Inc. at +86-577-6581-7721, or richardcai@sorl.com.cn; or Investor Relations,
Kevin Theiss at +1-646-284-9409, or ktheiss@hfgcg.com, or Media Relations,
Stacy Dimakakos, at +1-646-284-9417, or sdimakakos@hfgcg.com, both of The
Global Consulting Group, for SORL Auto Parts, Inc. Web site: http://www.sorl.cn/
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Profile: automotive-news
posted by automotive-news # 4:04 PM
ICOP Digital Reports Record Revenue of $3.75 Million for 2007 Third Quarter
ICOP Digital Reports Record Revenue of $3.75 Million for 2007 Third Quarter Expanded Development of Global Manufacturers Rep/Dealer Network Fueling Growth Investor Teleconference and Webcast to Begin at 4:15 PM ET LENEXA, Kan., Nov. 8 /PRNewswire-FirstCall/ -- ICOP Digital, Inc. (NASDAQ:ICOP), an industry-leading company engaged in advancing digital surveillance solutions, today announced its financial results for the three and nine months ended September 30, 2007. Financial highlights for the three months ended September 30, 2007 compared to the three months ended September 30, 2006: -- Revenues climbed 140% to $3.75 million, up from $1.56 million, marking
a new quarterly revenue record for the Company.
-- Gross profit margin on sales improved to 48% from 44%.
-- Adjusted EBITDA (see definition and reconciliation of Adjusted EBITDA
below) decreased 39% to $(386,000), when compared to Adjusted EBITDA of
$(634,000) in the comparable three month period ended September 30,
2006.
-- Net loss was $1.39 million, or $0.19 per basic and diluted share, a 55%
increase over a net loss of approximately $896,000, or $0.15 per basic
and diluted share. The increase was largely due to non-cash stock-
based compensation expense of $907,000, as well as an increase of
$121,000 in research and development expense over the comparable three
month period ended September 30, 2006. Financial highlights for the nine months ended September 30, 2007 compared to the nine months ended September 30, 2006: -- Revenues jumped to $8.55 million, a 129% increase over $3.73 million.
-- Gross profit margin on sales rose to 46% from 43%.
-- Net loss increased 30% to $3.53 million, or $0.48 per basic and diluted
share, from $2.70 million, or $0.47 per basic and diluted share, mainly
as the result of accounting for non-cash stock-based compensation of
approximately $1.40 million (compared to $610,000 for the nine months
ended September 30, 2006), as well as an increase of $890,000 in
research and development expense over the same nine month period in
2006.
-- Adjusted EBITDA was $(2.05 million) compared to $(1.98 million). As of September 30, 2007, the Company had $4.3 million in cash; accounts receivables of $3.2 million; $4.5 million in inventory and working capital of $10.8 million. Total shareholders' equity was $12.4 million. During the 2007 third quarter period, ICOP received approximately $933,000 in proceeds from the issuance of stock under our employee stock purchase plan and the exercise of warrants and employee stock options. Commenting on the results, Dave Owen, Chairman and CEO, noted, "We are very proud of the sales traction that ICOP continues to enjoy, which resulted in another new record for quarterly revenue performance. During the third quarter, ICOP processed customer orders for the ICOP Model 20/20-W (and related ancillary products) from more than 99 law enforcement agencies in 40 states, with approximately 30% of these orders representing re-orders from existing customers, and 70% from agencies that have only recently chosen ICOP for their respective fleet deployments. In addition, we are very pleased to have won our first customer for ICOP Guardian IP cameras - a sale resulting from our joint marketing collaboration with Sprint/Nextel." Owen continued, "Also in the third quarter, ICOP successfully launched an exciting new initiative designed to expand and enhance our global sales and marketing platform. Through focused outreach targeting professional sales organizations and systems integrators with specialized expertise in advanced security and digital surveillance products, we expanded our construction of a Manufacturers Rep and Independent Dealer network to help us enhance and accelerate our market penetration efforts - both domestically and abroad. As a result, we have quickly amassed an impressive group of high-end independent reps and dealers that are now working in close coordination with our direct sales teams to pursue and win a number of prevailing sales opportunities in a wide range of industries." "With the anticipated soft market launch of the ICOP Model 4000 later this quarter, we are anxious to begin addressing a sizable backlog of prospective new customers for our new transit system solution. Moreover, with this impending product release, we will have succeeded in bringing to market the full complement of products that comprise the total ICOP Solution, ICOP's visionary answer to protecting and securing our nation's communities in times of crisis," added Owen. Concluding, Owen stated, "Over the last two years, ICOP has fought hard to earn its reputation as the preferred provider of digital surveillance solutions widely deemed as the industry gold standard for law enforcement. Aided by our growing list of world class strategic partners and supporters, we intend to pursue with even greater diligence our goal of winning ICOP global distinction as the gold standard for every industry where security is at issue." Adjusted EBITDA is defined as operating loss excluding depreciation and amortization and stock-based compensation expenses. While depreciation and amortization are considered operating costs under U.S. GAAP, these expenses primarily represent a non-cash current period allocation of costs associated with long-lived assets acquired in prior periods. Similarly, the expense recorded for stock-based compensation does not represent a current or future period cash cost. We believe that Adjusted EBITDA is an important measure of operating performance, leverage capacity, its ability to service its debt, and its ability to make capital expenditures for its stockholders. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare the operating performance and value of companies within the digital surveillance industry. Management believes the use of this non-U.S. GAAP measure provides a useful basis for evaluating underlying business unit performance, but should not be considered in isolation and is not a substitute for evaluating business unit performance utilizing U.S. GAAP financial information. Management uses non-U.S. GAAP measures in its budgeting and forecasting processes and to further analyze its financial trends and "operational run-rate," as well as making financial comparisons to prior periods presented on a similar basis. The Company believes that providing such adjusted results allows investors and other users of ICOP's financial statements to better understand ICOP's recurring comparative operating performance for the periods presented. ICOP's management uses non-U.S. GAAP financial measures, such as Adjusted EBITDA, in its own evaluation of the Company's performance, particularly when comparing performance to past periods. ICOP's non-U.S. GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although ICOP's management believes non-U.S. GAAP measures are useful in evaluating the performance of its business, ICOP acknowledges that items excluded from such measures may have a material impact on the Company's income from operations, pretax income, net income and earnings per share calculated in accordance with U.S. GAAP. Therefore, management typically uses non-U.S. GAAP measures in conjunction with U.S. GAAP results. Investors and users of our financial information should also consider the above factors when evaluating ICOP's results. The attached schedule provides a full reconciliation of this non-U.S. GAAP financial measure to the most directly comparable corresponding U.S. GAAP financial measure. ICOP will host a teleconference today beginning at 4:15 PM Eastern, and invites all interested parties to join management in a discussion regarding the Company's third quarter financial results, corporate progression and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-800-240-4186 or via the web at www.ICOP.com. For those unable to participate at that time, a replay of the webcast will be available for 90 days at www.ICOP.com. ICOP DIGITAL, INC.
Condensed Balance Sheet (Unaudited) September 30, 2007
Assets
Current Assets
Cash $ 4,312,196
Accounts receivable, net 3,182,782
Inventory, at cost 4,503,655
Prepaid expenses 247,774
Total current assets 12,246,407
Property and equipment, at cost,
net of accumulated depreciation
of $608,077 1,279,910
Other Assets:
Investment in marketing company, at cost 25,000
Deferred patent costs 77,620
Deposits 18,258
Total Assets $ 13,647,195 Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 426,042
Accrued liabilities 485,838
Unearned revenue 351,594
Total current liabilities 1,263,474
Shareholders' Equity:
Preferred stock, no par value;
5,000,000 shares authorized,
no shares issued and outstanding -
Common stock, no par value;
50,000,000 shares authorized,
7,455,054 shares issued and
outstanding 29,594,334
Accumulated other comprehensive
gain, net of tax 5,006
Accumulated deficit (17,215,619)
Total Shareholders' Equity 12,383,721
Total Liabilities and
Shareholders' Equity $ 13,647,195 ICOP DIGITAL, INC.
Condensed Statements of Operations (Unaudited) Three Months Nine Months
Ended Ended
September 30, September 30,
2007 2006 2007 2006
Sales, net of returns $3,751,834 $1,564,240 $8,553,027 $3,731,999
Cost of sales 1,961,710 878,029 4,605,608 2,141,279
Gross profit 1,790,124 686,211 3,947,419 1,590,720
Operating expenses:
Selling, general and
administrative 2,834,615 1,349,200 6,290,363 3,898,717
Research and development 366,786 245,730 1,355,858 465,660
Total operating
expenses 3,201,401 1,594,930 7,646,221 4,364,377
Operating loss (1,411,277) (908,719) (3,698,802) (2,773,657)
Other income (expenses):
Foreign currency
translation - 2,823 11,691 29,982
Interest income 55,051 18,645 185,662 61,795
Interest expense (29,466) (8,339) (37,802) (22,893)
Loss on disposal of
property and equipment (7,155) - (7,155) -
Other income 5,000 - 20,000 -
Loss before income
taxes (1,387,847) (895,590) (3,526,406) (2,704,773)
Income tax provision - - - -
Net loss $(1,387,847) $(895,590) $(3,526,406) $(2,704,773)
Basic and diluted loss
per share $(0.19) $(0.15) $(0.48) $ (0.47)
Basic and diluted weighted
average common shares
outstanding 7,346,828 5,905,784 7,275,422 5,715,785 ICOP Digital, Inc.
Reconciliation of Operating Income to Adjusted EBITDA
(unaudited) Three Months Nine Months
Ended Ended
September 30, September 30,
2007 2006 2007 2006 Operating Loss $(1,411,277) $(908,719) $(3,698,802) $(2,773,657) Add: Depreciation
and amortization 117,657 66,703 254,764 180,108
Add: Stock-based
compensation 907,364 208,000 1,397,662 610,000 Earnings (Loss) before
interest, taxes,
depreciation, amortization
and stock-based
compensation
(Adjusted EBITDA) $(386,256) $(634,016) $(2,046,376) $(1,983,549) About ICOP Digital, Inc.
ICOP Digital, Inc. protects people, assets and profits, providing a Veil of Protection(TM) for our nation's communities with innovative, mission- critical security, surveillance and communication solutions. The Company engineers, manufactures and markets mobile and stationary surveillance products for use in the public and private sectors, and facilitates the delivery of live video to first responders. The ICOP Model 20/20(R)-W, ICOP's flagship product, is the leading digital in-car video recorder system for law enforcement. The ICOP Guardian(TM) is a stationary IP camera that records high quality video images on a local server, and is capable of activation through several triggers. ICOP LIVE(TM) delivers live streaming video to and from first responder vehicles and headquarters, empowering first responders with enhanced situational awareness, helping to optimize the outcome of a crisis. (GSA Contractor)
For more information, please view the following video presentations at http://www.icopdigital.com/why_icop.html and www.ICOP.com/veil.html, or visit www.ICOP.com. Safe Harbor Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission. For more information, contact:
Laura E. Owen, COO & President
16801 West 116th Street
Lenexa, KS 66219 USA
Phone: (913) 338-5550
Fax: (913) 312-0264
Lowen@ICOP.com
www.ICOP.com For ICOP Investor/Media Relations:
Elite Financial Communications Group/Elite Media Group
Dodi Handy, President and CEO
Phone: (407) 585-1080
ICOP@efcg.net First Call Analyst:
FCMN Contact:
Source: ICOP Digital, Inc.
CONTACT: Laura E. Owen, COO & President of ICOP Digital, Inc.,
+1-913-338-5550, Fax +1-913-312-0264, Lowen@ICOP.com; or Investor-Media
Relations, Dodi Handy, President and CEO of Elite Financial Communications
Group-Elite Media Group, +1-407-585-1080, ICOP@efcg.net Web Site: http://www.icop.com/
http://www.icopdigital.com/why_icop.html
http://www.icop.com/veil.html
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Profile: automotive-news
posted by automotive-news # 4:04 PM
Liberty Mutual to Grow Massachusetts Sales Force Nearly 50% by April 2008
Liberty Mutual to Grow Massachusetts Sales Force Nearly 50% by April 2008 State's 4th-largest insurer to hold recruitment event at Gillette Stadium on November 16 BOSTON, Nov. 8 /PRNewswire/ -- The move to managed competition in the Massachusetts auto insurance market already is bringing many positive changes to consumers from Brighton to Brockton, and Saugus to Springfield. And to make benefits like its recently announced Liberty Advantage(R) endorsement readily accessible to Commonwealth drivers, Liberty Mutual, the state's fourth-largest auto insurer, today announced plans to add 30 sales representatives in Massachusetts -- a 50 percent increase -- by the time new insurance regulations and competitive pricing begin on April 1, 2008. Liberty Mutual will hold a recruitment event at Gillette Stadium on November 16, 2007, from 8:00 a.m. to 6:00 p.m. to help it attract applicants for the 30 new sales representative positions. "In less than 60 days, consumers across the state will be able to enjoy many of the same advantages of being a Liberty Mutual customer as their fellow drivers in 49 other states," said James MacPhee, Liberty Mutual senior vice president and general manager, New England Region. "With an expanded sales force we will be able to introduce these additional Liberty Mutual benefits to more Massachusetts consumers." Sixty-one Liberty Mutual sales representatives currently offer auto, home and life insurance products from 13 Massachusetts offices. All offices will see sales force expansion, including growth in Liberty Mutual's downtown Boston office. Liberty Mutual last week announced it is giving 200,000 customers the first look at consumer benefits that managed competition will bring to the Commonwealth. Starting on January 1, 2008, Liberty Mutual will renew Massachusetts policies that carry collision coverage - and will write new ones - with its Liberty Advantage(R) endorsement at no additional cost, giving drivers such previously unavailable benefits as improved car replacement coverage, better rental car coverage, enhanced towing and labor coverage and fully covered replacement of damaged mechanical parts (such as tires, mufflers and batteries), rather than at their depreciated value. Liberty Mutual also is the only Massachusetts carrier that offers consumers the option to purchase insurance through a local sales representative, a licensed sales counselor at a national call center, or over the Internet. "Most carriers in Massachusetts sell their products one way, but consumers can shop or do business with Liberty Mutual the way they are most comfortable -- in person, over the phone, or online," added MacPhee. The company provides superior customer service through its 13 local offices across the state, as well as 24/7 through four national customer service call centers that recently earned recognition for providing "An Outstanding Customer Service Experience" under the J.D. Power and Associates Certified Call Center Program(SM). About Liberty Mutual "Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Group (www.libertymutual.com) is a diversified global insurer and sixth-largest property and casualty insurer in the U.S. based on 2006 direct written premium. Liberty Mutual ranks 95th on the Fortune 500 list of largest U.S. corporations, based on 2006 revenue. The eighth-largest auto and home insurer in the U.S., Liberty Mutual sells full lines of coverage for automobile, homeowners, valuable possessions, personal liability, and individual life insurance. The company is an industry leader in group sponsored voluntary auto and homeowners insurance programs, offering personal lines insurance through payroll deduction and direct billing to employees and members of more than 10,000 companies, credit unions, professional associations and alumni groups. CONTACT: John Natale
(617) 654-4171
john.natale@libertymutual.com First Call Analyst:
FCMN Contact:
Source: Liberty Mutual
CONTACT: John Natale of Liberty Mutual, +1-617-654-4171,
john.natale@libertymutual.com Web site: http://www.libertymutual.com/
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Profile: automotive-news
posted by automotive-news # 2:50 PM
Ford Racefest Visits Fort Lauderdale; Launches Ford Championship Weekend
Ford Racefest Visits Fort Lauderdale; Launches Ford Championship Weekend A Number of Ford Racing's Top Drivers Plus Designer Chip Foose to Sign Autographs for Fans; Live Performance by Funkmaster Flex DEARBORN, Mich., Nov. 8 /PRNewswire/ -- Race fans in South Florida will again have an opportunity to meet their favorite drivers by visiting the Ford Championship Weekend Racefest at Las Olas Riverfront in Fort Lauderdale, Fla., from noon-10 p.m. on Thursday, Nov. 15. The event will feature Ford NASCAR Nextel Cup drivers Matt Kenseth, Carl Edwards, Greg Biffle, Jamie McMurray, David Gilliland and David Ragan, Ford Busch Series drivers Marcos Ambrose, Kelly Bires and Richard Johns, Ford Craftsman Truck Series drivers Travis Kvapil, Rick Crawford, David Starr, Joey Clanton, Erik Darnell and TJ Bell, and noted designer Chip Foose, who developed the Foose Ford F-150 pace truck. The drivers and Foose will sign autographs and participate in question-and-answer sessions for the fans. Additionally, Ford Racefest will feature live performances by nationally renowned hip-hop DJ Funkmaster Flex, bands Kilroy and Curbstone, and autograph sessions and performances by the Miami Dolphins' Cheerleaders, The Marlin Mermaids and Panther Ice Dancers. For the sixth consecutive year, Ford Racefest will help launch Ford Championship Weekend at nearby Homestead-Miami Speedway on November 16-18. The race will be the culmination of the NASCAR Nextel Cup Chase for the Cup, and is the season finale for both the Busch and Truck series. Ford Racefest is a free event and no tickets are necessary. Ford drivers will be signing autographs at different times between 4-8 p.m. As schedules permit, other Ford drivers may be added to the event. All schedules and drivers are subject to change without notice. Ford Racefest also will give car enthusiasts of all ages the opportunity to enjoy interactive racing displays, show cars, team merchandise, production and concept vehicles, and demonstrations. A "Kids Zone," created for younger race fans, will have games, prizes and entertainment. For more information, fans can call 877 TFR Club or visit fordracingevents.com. First Call Analyst:
FCMN Contact:
Source: Ford
CONTACT: Jim Brumfield, PCGCampbell, +1-313-203-7279,
jbrumfield@pcgcampbell.com Web site: http://fordracingevents.com/ NOTE TO EDITORS: Participating Ford Racing drivers will be available for media interviews. -------
Profile: automotive-news
posted by automotive-news # 2:48 PM
Budget Offers New Discounts for American Express(R) Cardmembers
Budget Offers New Discounts for American Express(R) Cardmembers PARSIPPANY, N.J., Nov. 8 /PRNewswire/ -- Budget Rent A Car System, Inc. today announced a special promotion for American Express cardmembers. Through May 31, 2008, each time customers pay for a Budget rental with any American Express Card they will save up to $50 on that rental and receive an American Express branded rewards card worth up to $100. "Budget customers expect great value," said Becky Alseth, senior vice president of marketing for Avis Budget Group, parent of Budget. "They want top-quality vehicles, great service and low prices. We think they'll take advantage of this new promotion that offers money-saving discounts from Budget and an American Express branded rewards card that can be used virtually anywhere American Express is accepted." Terms and conditions apply. To receive a discount, an advanced reservation is required and customers must mention the corresponding coupon number below at the time of reservation: Required Rental Days Discount Reward Card Amount Coupon #
3 to 4 days $10 $10 MUWZ102
5 to 14 days $15 $15 MUWZ103
15 to 20 days $35 $25 MUWZ104
21 to 28 days $35 $50 MUWZ104
29 or more days $50 $100 MUWZ105 For more on this offer or to make a reservation, visit www.budget.com. About American Express Merchant Services
Merchant Services is the merchant network of American Express, which acquires and maintains relationships with millions of merchants around the globe, which welcome American Express-Branded Cards. American Express Company is a leading global payments, network, travel and banking company founded in 1850.
About Budget Budget Rent A Car System, Inc. is the owner and franchiser of one of the world's best-known car rental brands with more than 1,800 car rental locations in the U.S., Canada, Latin America, the Caribbean, Australia and New Zealand. The company also operates Budget Truck Rental and is a wholly owned subsidiary of Avis Budget Group, Inc. (NYSE:CAR). For further information, visit www.budget.com. Source: Budget Rent A Car System, Inc.
CONTACT: Alice Pereira, +1-973-496-6113, alice.pereira@avisbudget.com,
for Budget Rent A Car System, Inc. Web site: http://www.budget.com/
http://www.avisbudgetgroup.com/
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Profile: automotive-news
posted by automotive-news # 2:39 PM
Over Thirty Thousand Fans at Mugello for the Ferrari Party Sponsored by Officine Panerai
Over Thirty Thousand Fans at Mugello for the Ferrari Party Sponsored by Officine Panerai SCARPERIA, Italy, Nov. 8 /PRNewswire/ -- The 2007 World Finals came to an end with the key moments of the event October 28, 2007 at the Mugello International Circuit. The highlight was the demonstration by Scuderia Ferrari Marlboro, warmly received by over thirty thousand fans gathered at the Tuscan track to salute Kimi Raikkonen, Felipe Massa, Luca Badoer, Marc Gene and the entire F1 World Championship winning team. Also in attendance were Ferrari President Luca di Montezemolo, Vice-President Piero Ferrari, C.E.O. Jean Todt and Managing Director Amedeo Felisa. Adding to the party was the on-track demonstration of the F430 GT cars that took Ferrari to victory in the 2007 FIA GT2 and ALMS GT2 Constructors' Cup and a parade of cars most representative of the 60 year history of the Maranello marque, right up to the present day with the new 430 Scuderia. Opening this part of the program was Michael Schumacher in a FXX, on the day when future plans for the exclusive "FXX Programme" were announced for the next two years, which include the adoption of a new evolutionary package developed in conjunction with the seven times World Champion. The day's racing program consisted of the final races of the season for the Ferrari championships. Another highlight was the world finals of the Ferrari Challenge Pirelli Trophy, featuring the F430 Challenge cars and won by Vito Postiglione (Motor/Malucelli,) who crossed the line ahead of Niki Cadei (Rossocorsa) and Lorenzo Bontempelli (Rossocorsa.) Giorgio Massazza (Rossocorsa) took victory in the "mondialino" the "world championship" for the gentlemen drivers competing in the Shell Cup. Taking to the track for their second series of races the weekend of October 28, 2007 were cars entered in the Shell Ferrari Historic Challenge, for which historic Maseratis are also eligible. Wins at the end of these races went to Tony Smith's 1960 Ferrari 256 F1/FL in the "A" category for single-seaters, the 1956 Maserati 250 SI of Marc Devis in the "B" group for sports and GT cars fitted with drum brakes) and Paul Knapfield's 1980 Ferrari 512 BB LM in the "C" group for cars with disc brakes. High resolution photos of the various Ferrari Corse Clienti activities are exclusively available to the media on the site www.media.ferrari.com. In depth news and results can be found on www.ferraricorseclienti.com, which can be reached via a link from the company home page www.ferrariworld.com. Source: Panerai
CONTACT: Belinda Mayo, Communications Director, Panerai North America,
+1-212-891-2318, belinda.mayo@panerai.com Web site: http://www.media.ferrari.com/
http://www.ferrariworld.com/
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Profile: automotive-news
posted by automotive-news # 1:40 PM
5th Annual Women in the Winner's Circle Luncheon
5th Annual Women in the Winner's Circle LuncheonRace Site - Committed sponsors include NASCAR, USAC, Indy Racing League/Indy Pro Series, NHRA, Champ Car World Series/Atlantic Series, American Le Mans Series (ALMS), Grand-Am, Racing Limos, and National City Bank. Honored at this event will be journalist/author VIRginia Int'l Raceway Saturday summaryMotorsport.com - More than just the Grand-Am racing is on the schedule for Sunday, as a wide variety of stunt motorcycle competition, drifting and "track attack" events will fill every minute of the day with action for guests to enjoy. Tickets are available at the
posted by automotive-news # 1:15 PM
Jerry Jones Jr. Family of Clemmons, N.C. Sent Packing as Winner of 'Dodge VANtastic Holiday Voyage' Challenge - Grand Prize-Winning Team Wins Family Vacation
Jerry Jones Jr. Family of Clemmons, N.C. Sent Packing as Winner of 'Dodge VANtastic Holiday Voyage' Challenge - Grand Prize-Winning Team Wins Family Vacation - Dodge challenged 16 teams to test their packing skills as nearly 80 percent of families prepare to hit the road this upcoming holiday season - Travel expert, Susan Foster, provided packing tips to relieve holiday traveling stress CHARLOTTE, N.C., Nov. 8 /PRNewswire/ -- With nearly 80 percent of families planning to drive for their next holiday vacation[1], the Jerry Jones Jr. family from Clemmons, N.C., just outside of Winston-Salem, beat out 15 other teams to win their own ultimate family road trip in the "Dodge VANtastic Holiday Voyage" challenge held today in Charlotte, N.C. (Photo: http://www.newscom.com/cgi-bin/prnh/20071108/CLTH104 ) The Jerry Jones Jr. family proved to be the most efficient and strategic team in the fast-paced competition as they packed over 60 pre-determined items typically needed for a family road trip into an all-new 2008 Dodge Grand Caravan in under 3 minutes. They won the grand prize of $5,000 in vacation expenses and the use of a 2008 Dodge Grand Caravan for their travels. "We had so much fun," said Team Captain Jerry Jones Jr., "We did our homework on the Grand Caravan and worked together as a team to utilize all of the interior storage compartments to the fullest, which, in the end, proved to be a very successful strategy." The Jerry Jones Jr. team consisted of Patricia Jones, Kathryn Jones-Carlin and Daniel Jones. They plan on using the $5,000 and Dodge Grand Caravan to travel to Disney World in the next year. Dodge created the competition after a national survey revealed that 25 percent of Americans experience stress on a family road trip related to packing the car. Dodge also partnered with packing and travel expert, Susan Foster, to offer simple tips families can follow to avoid potential road trip disasters. Foster's tips include using soft-sided bags that are more manageable than rigid rectangular suitcases, deciding where things go based on when they may be needed, and packing the car ahead of time to avoid the stress of leaving later than planned. Two "Dodge VANtastic Holiday Voyage" challenges were created in conjunction with the launch of the all-new 2008 Dodge Grand Caravan, a virtual family room on wheels. The second challenge takes place in Minneapolis on Tuesday, Nov. 13. Teams residing within a 150 mile radius of Charlotte or Minneapolis entered online and wrote short essays describing how their family travels would be made more enjoyable with the use of a 2008 Dodge Grand Caravan. Even though only one family won the grand prize, all teams took home a Dodge prize pack consisting of a travel cooler, water bottles, T-shirts and multiple family games for their own future road trip travels. Susan Foster's travel tips can be found on www.dodgevantasticholidayvoyage.com. About the Dodge Grand Caravan As the first to introduce the modern minivan in 1984 and with more than 12 million minivans sold, Dodge has revolutionized the traditional family road trip. The all-new 2008 Grand Caravan has 35 new or improved features, including the exclusive Swivel 'n Go(TM) seating system, turning the minivan into a "family room on wheels." The vehicle also offers an entertainment system with dual DVD players and SIRIUS Backseat TV(TM) with family programming channels that include Nickelodeon Mobile, Disney Channel and Cartoon Network Mobile. [1] Methodological Notes: This national survey was conducted by Kelton Research on behalf of Dodge, using an e-mail invitation and an online survey. Quotas are set to ensure reliable and accurate representation of the total U.S. population of adults 18 years and older. First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20071108/CLTH104
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Chrysler LLC
CONTACT: Eileen Wunderlich of Chrysler LLC, +1-248-512-0332,
cell: +1-248-705-7962, ew48@chrysler.com; or Laura Wilson of Stratacomm,
+1-248-824-8200, cell: +1-616-902-1511, lwilson@stratacomm.net, for Chrysler
LLC Web site: http://www.dodgevantasticholidayvoyage.com/
http://media.chrysler.com/
http://www.chrysler.com/ NOTE TO EDITORS: For more information, please visit the Chrysler media site at http://cgmedia.daimlerchrysler.com. For more information about 2007 labor negotiations, please visit http://www.chryslerlabortalks07.com. -------
Profile: automotive-news
BMW Celebrates Year One of the 1 Series With Special Engraved Start/Stop Button
BMW Celebrates Year One of the 1 Series With Special Engraved Start/Stop Button Owners of the First Year of the 1 Series Share the Celebration of BMW's New Icon WOODCLIFF LAKE, N.J., Nov. 8 /PRNewswire/ -- Drivers who purchase a 2008 BMW 1 Series will be reminded that they are one of the few lucky drivers of the next BMW icon every time they start or stop their cars. Each 2008 BMW 1 Series, both coupe and convertible models, will be equipped with a specially engraved Start/Stop button with the inscription: "Year One of the 1". The engraved Start/Stop button is one of several notable initiatives to be announced celebrating the launch of the new BMW 1 Series in America next spring. Appearing exclusively in the 2008 calendar year 1 Series models coming to the U.S., the "Year One of the 1" button was created by the same team of BMW designers who designed the 1 Series. "Forty years ago, BMW introduced a car, the legendary 2002, that changed the American automotive landscape. That car was a pivotal car in the history of BMW and is still revered by aficionados today. We believe the 1 Series will be as important to the history of BMW in America," said Jack Pitney, Vice President, Marketing, BMW of North America. "The 'Year One of the 1' Start/Stop button is a way to directly engage our customers with a simple message of celebration each time they get behind the wheel of their new 1 Series," continued Pitney. "Our 'Year One of the 1' activities will incorporate several elements that will celebrate this historic launch. The specially engraved Start/Stop button is just one of the many things we will announce as we approach the launch next year." The new 1 Series, which draws inspiration from the legendary BMW 2002 of 1968 with a focus on pure performance, will be available as a Coupe and Convertible. In addition to premium design, the 1 Series features rear-wheel- drive dynamics, agile handling, powerful 6 cylinder engines and seating for four. BMW Group In America BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and the Rolls-Royce brand of Motor Cars; DesignworksUSA, an industrial design firm in California; a technology office in Silicon Valley and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is part of BMW Group's global manufacturing network and is the exclusive manufacturing plant for all Z4 models and X5 Sports Activity Vehicles. The BMW Group sales organization is represented in the U.S. through networks of 338 BMW passenger car centers, 335 BMW Sports Activity Vehicle centers, 142 BMW motorcycle retailers, 82 MINI passenger car dealers, and 30 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group's sales headquarters for North, Central and South America, is located in Woodcliff Lake, New Jersey. Information about BMW Group products is available to consumers via the Internet at: www.bmwgroupna.com www.bmwusa.com www.bmwmotorcycles.com www.miniusa.com www.rolls-roycemotorcars.com Source: BMW North America
CONTACT: Thomas Plucinsky, Product and Technology Communications
Manager, +1-201-307-3783, thomas.plucinsky@bmwna.com, or Karen Vonder Meulen,
Marketing and Events Communications Manager, +1-201-307-3788,
Karen.VonderMeulen@bmwna.com, both of BMW North America Web site: http://www.bmwgroupna.com/
http://www.bmwusa.com/
http://www.bmwmotorcycles.com/
http://www.miniusa.com/
http://www.rolls-roycemotorcars.com/ NOTE TO EDITORS: Information about the BMW Group and its products is available to journalists on-line at the BMW Group PressClub at the following address: www.press.bmwgroup.com. Broadcast quality video footage is available via The NewsMarket at www.thenewsmarket.com. -------
Profile: automotive-news
Media Advisory: Telepress Briefing: New Poll on National Security and Energy
Media Advisory: Telepress Briefing: New Poll on National Security and Energy WASHINGTON, Nov. 8 /PRNewswire-USNewswire/ -- TOMORROW, Friday, November 9 at 2:00 pm EST, the Pew Campaign for Fuel Efficiency will host a telepress conference with Democratic pollster Mark Mellman and Republican pollster Bill McInturff. To kickoff the Veterans Day holiday, they will discuss the findings of a new nationwide poll on national security, energy security and the energy legislation currently under consideration by Congress. This poll comes as both the U.S. House and Senate continue to negotiate a final version of energy legislation that includes the Senate compromise to increase fuel efficiency standards to 35 MPG by 2020. During the call, the current state of play of the energy conference will also be discussed. WHAT: Telepress briefing to discuss new polls on national security and energy legislation WHEN:
Friday, November 9, 2007 at 2:00 pm EST WHO:
Mark Mellman, The Mellman Group
Bill McInturff, Public Opinion Strategies
Kevin Curtis, Pew Campaign for Fuel Efficiency
Phyllis Cuttino, Pew Campaign for Fuel Efficiency - moderator HOW:
Call-in 1-800-351-4898
Passcode: CAFE You can follow along with the presentation by signing on to:
https://www.gotomeeting.com/register/321716089 Approximately one hour after the call, a recording of this briefing will be available as an audio file at http://www.pewfuelefficiency.org/.
First Call Analyst:
FCMN Contact:
Source: Pew Campaign for Fuel Efficiency
CONTACT: John Anthony or Brandon MacGillis, both of the Pew Campaign for
Fuel Efficiency, +1-202-887-8800 Web Site: http://www.pewfuelefficiency.org/
https://www.gotomeeting.com/register/321716089
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Profile: automotive-news
Sam Quick Named Senior Director, Data Integration, Web Services for Affinia Group
Sam Quick Named Senior Director, Data Integration, Web Services for Affinia Group Responsible for Integration with Channel Partners, Web Presence ANN ARBOR, Mich., Nov. 8 /PRNewswire/ -- Affinia Group Inc., a global leader in the on- and off-highway replacement products and service industry, has named Sam Quick, a 27-year information technology veteran, as Senior Director of Data Integration and Web Services. In the newly created position, Quick will report to Jim Burdiss, Vice President and Chief Information Officer. Quick's career has included all aspects of strategic information technology management, including shaping the e-commerce programs for three major pharmaceutical companies and managing enterprise software and Web applications for manufacturing, healthcare, communications and aftermarket products organizations. He comes to Affinia from Smurfit Stone, a Chicago- based packaging company where he served as Director of IT Applications. "Sam has the expertise to lead two of our most important information technology priorities -- integration of IT systems internally and with our channel partners and our presence on the Web," Burdiss said. "He will play a central role in strengthening Affinia's global IT infrastructure in support of our customers worldwide." In addition to his service with Smurfit Stone, Quick's career has also included positions as Manager of Electronic Commerce and System Support for Merck AgVet, Manager of EDI Operations and Support for McDonnell Douglas/BT Tymnet and Director of E-Commerce for Moog Automotive. He earned a Bachelor of Science degree in business administration from Fontbonne University. Affinia Group Inc. is a global leader in the on- and off-highway replacement products and service industry. In North America the Affinia family of brands includes WIX(R) filters, Raybestos(R) brand brakes and AIMCO(R) brake products, and McQuay-Norris(R) and Spicer(R) Chassis parts. South American and European brands include Nakata(R), Filtron(R), Urba(R) and Quinton Hazell(R). For more information, visit www.affiniagroup.com.
First Call Analyst:
FCMN Contact:
Source: Affinia Group Inc.
CONTACT: Scott Howat, Director of Corporate Communications of Affinia
Group Inc., +1-734-827-5421 Web site: http://www.affiniagroup.com/
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Profile: automotive-news
South Florida Auto Show Opens Friday
South Florida Auto Show Opens Friday MIAMI BEACH, Fla., Nov. 8 /PRNewswire/ -- The 37th edition of the annual South Florida International Auto Show opens November 9 and the most exciting new models will once again fill the Miami Beach Convention Center. Fuel economy and function are the buzzwords for the 2008 models as buyers look at the fastest growing segment in the showrooms: car-based SUVs and crossovers that are stylish, versatile and practical. Also on the floor: new small cars with features that attract younger drivers. The rest of the family? Digital entertainment in the cabin and green-car technology under the hood. From November 9-18, visitors will examine nearly 1,000 shiny new models from 40 manufacturers. Other displays and rooms will feature accessories, exotic cars, classics from years gone by and modern motorcycles for that wind- in-your-hair Florida weekend. Concepts and prototypes will suggest future designs. "There's no place like South Florida to kick-off the auto show season," said Bill Sandidge, show chairman. "Visitors can take their time checking out each one, and South Beach is just around the corner." A top General Motors executive will address journalists on opening day. Troy A. Clarke, president of GM North America, will be the guest speaker at a press luncheon November 9. Clarke previously was president of GM Asia Pacific and held executive positions for manufacturing and labor relations for Mexico and North America. New Models for 2008 New models include the Infiniti EX35 and Nissan Rogue SUVs, the Volkswagen Tiguan crossover, the Saturn Astra hatchback, Scion's xD and Pontiac's G8 performance sedan. Ford and Mercury have refreshed some models with familiar names, Taurus and Sable, and Ford will show off its all new Flex crossover. Chrysler Corporation's enduring minivans are redesigned for 2008, as are the Chevrolet Malibu and Honda Accord. This year's green machines include new hybrids from GM: the Cadillac Escalade and Chevrolet Tahoe. Three new diesels debut: the Mercedes-Benz (the GL320 CDI and ML320 CDI) and a Jeep Grand Cherokee CRD 4x4. Camp Jeep Returns Camp Jeep returns this year, giving visitors rugged "Trail Rated" rides up and down hills, over logs and boulders, and through a water trough. Show Car for this year's South Florida event is the 2008 Chevrolet Corvette Z06. The racetrack-hot but civilized American super car has fans among enthusiasts, journalists and racers world over. Tickets to this year's show are $10 for adults and $3 for children 6-12. Discount tickets to the show are available at participating new car and truck dealerships and McDonald's restaurants in Miami-Dade, Broward, Palm Beach and Monroe counties. The hours for the 37th annual South Florida International Auto Show are as follows: Friday, November 9th, 5 p.m. - midnight; Saturday, November 10th, 11 a.m. - midnight; Sunday, November 11th, 11 a.m. - 11 p.m.; Monday, November 12th, 11 a.m. - 11 p.m.; Tuesday, November 13th, Wednesday, November 14th and Thursday, November 15th, 2 p.m. - 11 p.m.; Friday, November 16th, 2 p.m. - midnight; Saturday, November 17th, 11 a.m. - midnight; Sunday, November 18th, 11 a.m. - 9 p.m. The South Florida Auto-Truck Dealers Association, which comprises more than 220 dealerships in Miami-Dade, Broward, Palm Beach and Monroe counties, has been the official sponsor of the South Florida International Auto Show since 1971. First Call Analyst:
FCMN Contact:
Source: South Florida International Auto Show
CONTACT: Cristina Rivera of Kiskinis Communications, Inc.,
+1-305-447-1224
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Profile: automotive-news
Consumer Searches for Several 2008 Redesigned Vehicles Continue to Soar on Cars.com
Consumer Searches for Several 2008 Redesigned Vehicles Continue to Soar on Cars.com CHICAGO, Nov. 8 /PRNewswire/ -- Since 2008 vehicles started hitting dealer lots, several new cars that were redesigned for the upcoming model year are generating significant interest among consumers shopping at Cars.com, according to the latest Cars.com Consumer Search Index. The redesigned Honda Accord, continues to be the most-searched new car on Cars.com. The redesigned Mercedes-Benz C-Class also remains in the top 10 most-searched new cars on Cars.com in October. The C-Class now ranks sixth among the most searched cars on Cars.com. "The interest generated for these new vehicles and redesigns has certainly meant good news in for manufacturers and has translated well into sales," said Cars.com managing editor Patrick Olsen. "GM seems to have generated some real interest with their redesigns of the Chevy Malibu, Cadillac CTS and the new GMC Acadia and Buick Enclave, both of which are just outside the top ten list of cars experiencing the largest increase in searches." All of the redesigned vehicles that have experienced an increase in search activity have received positive reviews and, in many cases, have benefited from a significant marketing push by the manufacturers. Below are the new cars with the most searches on Cars.com and the cars experiencing the largest increases and decreases month over month. Top New Car Searches (October) New Cars With Largest Increase in
Searches (October)
1 Honda Accord 1 Chevrolet Malibu 148%
2 Honda Civic 2 Honda Accord 29%
3 Toyota Camry 3 Chevrolet Tahoe 27%
4 Honda CR-V 4 Cadillac CTS 27%
5 Nissan Altima 5 Mercedes-Benz C-Class 19%
6 Mercedes-Benz C-Class 6 Chevrolet Corvette 17%
7 Toyota RAV4 7 Acura MDX 17%
8 Ford Mustang 8 Dodge Charger 17%
9 Toyota Corolla 9 Volkswagen Jetta 14%
10 Chevrolet Silverado 10 Honda Fit 11% New Cars With Largest Decrease in
Searches (October)
1 Toyota Highlander 9%
2 Toyota Yaris 5%
3 Toyota Sienna 4%
4 Toyota RAV4 3%
5 Mazda Mazda3 3%
6 Jeep Wrangler 2%
7 Toyota Camry 2%
8 Toyota Prius 2%
9 Nissan Altima 2%
10 Infiniti G35 1%
About the Cars.com Consumer Search Index
The Cars.com Consumer Search Index offers a comprehensive look at the internet search behavior of Cars.com visitors. The statistical information is compiled by tracking the more than 8 million unique visitors that log on to Cars.com each month and the vehicles that are most popular. Cars need to meet a minimum number of searches to qualify for the various top ten lists.
About Cars.com Partnered with more than 200 leading metro newspapers, television stations and their websites, Cars.com (http://www.cars.com/) is the most comprehensive destination for those looking to buy or sell a new or used car. The site lists more than 2 million vehicles from 14,000 dealer customers, classified advertisers and private parties to offer consumers the best selection of new and used cars online, as well as the content, tools and advice to support their shopping experience. Cars.com combines powerful inventory search tools and new-car configuration with pricing information, photo galleries, buying guides, side-by-side comparison tools, original editorial content and reviews to help millions of car shoppers connect with sellers each month. Launched in June 1998, Cars.com is a division of Classified Ventures, LLC, which is owned by leading media companies, including Belo (NYSE:BLC), Gannett Co., Inc. (NYSE:GCI), The McClatchy Company (NYSE:MNI), Tribune Company (NYSE:TRB) and The Washington Post Company (NYSE:WPO). First Call Analyst:
FCMN Contact:
Source: Cars.com
CONTACT: Steve Nolan, Public Relations Manager, +1-312-601-5163, cell,
+1-630-310-2468, snolan@cars.com, or Jackie Brennan, Public Relations
Specialist, +1-312-601-6229, cell, +1-219-577-6106, jbrennan@cars.com, both of
Cars.com Web site: http://www.cars.com/
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Profile: automotive-news
Chrysler LLC Reaches Another Manufacturing Milestone: St. Louis North Assembly Plant Produces Its One Millionth Dodge Ram
Chrysler LLC Reaches Another Manufacturing Milestone: St. Louis North Assembly Plant Produces Its One Millionth Dodge Ram - St. Louis facility achieves production milestone - Plant is one of three building popular pickup AUBURN HILLS, Mich., Nov. 8 /PRNewswire/ -- Chrysler LLC's St. Louis North Assembly Plant reached a manufacturing milestone today, building its one millionth Dodge Ram. The achievement was celebrated at the plant with employees on both shifts. "The Dodge Ram has consistently been one of Chrysler's best selling products and America's favorite trucks, since its introduction in 2001," said Frank Ewasyshyn, Executive Vice President - Manufacturing, Chrysler LLC. "Our Dodge brand sales increased five percent over last year led by Dodge Ram which posted a gain of 20 percent, year over year." As testament to the Dodge Ram's popularity among consumers, the vehicle has received numerous awards, including "Best Work Car" by Cars.com and "The Motorist's Choice Award" by Intellichoice. Four Wheeler Magazine named the 2007 Dodge Ram 1500 TRX4, one of "10 Best Buys in Four Wheel-Drive." "After overseeing production of Dodge Rams for the past three and a half years, I'm convinced how much people love the vehicle," said Chuck Kowalski, St. Louis North Plant Manager, Chrysler LLC. "It is a symbol of how important Chrysler has been to the economy in the Fenton area." Dodge Ram Variations of the truck are also built at Warren (Mich.) Truck Assembly Plant and Saltillo (Mexico) Truck Assembly Plant. Dodge Brand With a U.S. market share of 6.5 percent, Dodge is Chrysler LLC's best- selling brand and the fifth largest nameplate in the U.S. automotive market. In 2006, Dodge sold more than 1.3 million vehicles in the global market. Dodge continues to lead the minivan market with a 20 percent market share in the U.S. In the truck market, Dodge has a 15 percent market share. Last year, Dodge entered key European volume segments with Nitro and Caliber. Dodge Avenger made its European debut this year. The all-new 2009 Dodge Journey will be sold in global volume markets outside North America in both left-hand and right-hand drive in mid-2008 St. Louis North Assembly's Rich History Chrysler has a history of working with the St. Louis community. In the past five years, the Chrysler Foundation has contributed more than $1 million to charitable organizations in the greater St. Louis community, including the United Way of Greater St. Louis, Boys Town of Missouri; Make a Wish Foundation and Marine Toys for Tots Foundation. Chrysler LLC has two manufacturing facilities that are both located in Fenton, Mo. The 2.64 million-square-foot St. Louis South Assembly Plant is home to the all-new 2008 Chrysler Town & Country and Dodge Grand Caravan minivans. The plant employs approximately 2,800 people. The Dodge Ram Standard and Quad Cab pickups are built at St. Louis North Assembly Plant. The 2.29 million-square-foot St. Louis North Plant was constructed in 1966. The plant employs approx. 2,330 people at this time. First Call Analyst:
FCMN Contact:
Source: Chrysler LLC
CONTACT: Michele Tinson, +1-248-512-0366 (office), +1-248-705-2456
(cell), mt19@chrysler.com, or Roger Benvenuti, +1-248-512-4634 (office),
+1-248-841-3684 (cell),rjb2@chrysler.com, both of Chrysler LLC Web site: http://media.chrysler.com/
http://www.chrysler.com/ NOTE TO EDITORS: For more information, please visit the Chrysler media site at http://cgmedia.daimlerchrysler.com. For more information about 2007 labor negotiations, please visit http://www.chryslerlabortalks07.com.
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Profile: automotive-news
Canada's HPA Motorsports, Dunlop Tires Race on Gran Turismo
Canada's HPA Motorsports, Dunlop Tires Race on Gran Turismo AKRON, Ohio, Nov. 8 /PRNewswire/ -- Dunlop's hot new maximum performance tire for supercars is getting the ultimate test in virtual reality - on HPA Motorsports' exceptional 565-horsepower 2007 Audi TT. Sony Computer Entertainment America Inc., publisher of PlayStation 3's Gran Turismo racing series, has named custom-car builder Marcel Horn and his Audi TT "Best in Show" and "Best European Import" at the SEMA Show in Las Vegas. For the honor, Horn's coveted Audi TT will be immortalized on a future Gran Turismo iteration, allowing millions worldwide to race his vehicle on German-developed Dunlop SP Sport Maxx GT maximum performance tires. "The experience of driving this TT is like being in a video game," he said. "The power delivery is so smooth and effortless that before you realize it, you are exceeding 160 miles per hour," he said. This is the second trip for Dunlop and Horn, owner of HPA Motorsports Inc., of Surrey, British Columbia, on Gran Turismo. In 2004, Sony picked Horn's one-of-a-kind 550-hp twin-turbo HPA Volkswagen R32 sports car on Dunlop SP Sport Maxx ultra-performance tires for the racing series. Gary Medalis, general manager for the Dunlop brand, said the SP Sport Maxx GT tires "are a good fit on Marcel's high-powered Audi TT. Everything about this car shows Marcel's attention to detail and focus on performance - down to the tires that convert power to the pavement." "I know future Gran Turismo game players will enjoy the power and handling of this amazing car. The HPA Audi TT and Dunlop SP Sport Maxx GT tires are a terrific combination," Medalis added. The performance-minded Horn said, "We were incredibly pleased with the testing results achieved with the new Dunlop Sport Maxx GT tire and are certain it will fill a void in the market. We are proud to sport the Dunlop brand on all of our project cars across the global stage." The Canadian automotive fabricator also has won Dunlop's prestigious Maxxed Out Awards at the SEMA Show. This year, he took home Dunlop honors for domestic performance cars with a 2008 Ford Focus FPD edition on SP Sport Maxx tires. Dunlop is a global tire brand with an excellent reputation among performance car enthusiasts. Well known for its prestigious original- equipment fitments and sports car racing heritage, Dunlop is also a key supplier to sport compact enthusiasts featuring "tuner" tire sizes and race series sponsorships. For more on Dunlop performance tires, go to http://www.dunloptires.com/ First Call Analyst:
FCMN Contact:
Source: Dunlop Tires
CONTACT: Dave Wilkins of Dunlop Tires, +1-330-796-3758,
dfwilkins@goodyear.com Web site: http://www.dunloptires.com/
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Profile: automotive-news
Daimler AG to Become Majority Stakeholder In New 'Automotive Fuel Cell Cooperation'
Daimler AG to Become Majority Stakeholder In New 'Automotive Fuel Cell Cooperation' - Ballard Power Systems transfers division for automotive fuel cell applications to new company - New company: Market leader in fuel cell technology for cars VANCOUVER, British Columbia, Nov. 8 /PRNewswire/ -- With a share of 50.1 percent, Daimler AG is the majority stakeholder in "Automotive Fuel Cell Cooperation", a company founded today for fuel cell applications in the automotive sector. With the newly founded company, the globally leading position in automotive fuel cell applications is to be further expanded together with Ford Motor Company and Ballard Power Systems. Ballard Power Systems transfers its automotive division to the new company to be able to concentrate on the marketing of stationary fuel cell applications. Dr. Thomas Weber, member of the Board of Management of Daimler AG with responsibility for Group Research as well as for Development within Mercedes-Benz Cars: "At Daimler, we have identified the future fields of activity and key technologies for zero-emission mobility, and we invest specifically in expanding our competencies in these fields. Our majority stake in 'Automotive Fuel Cell Cooperation' is the next consequent step in this direction." With numerous patents and 150 highly specialized employees, "Automotive Fuel Cell Cooperation" is the technology leader in automotive fuel cell stacks. The new company is to be a guarantor for the successful further development of automotive fuel cell technology and will closely cooperate with the research and development departments of the automakers involved. Prof. Dr. Herbert Kohler, Vice President with responsibility for Advanced Vehicle and Powertrain Engineering within Group Research as well as being the Chief Environmental Officer of the Daimler Group: "The 'Automotive Fuel Cell Cooperation' will serve as a Think Tank and will orient its activities even more intensively to the specific requirements we make on fuel cell stacks. With the newly founded company, we pursue the aim of strengthening our leading position in fuel cell development and going full steam ahead in our preparations for the large-scale production of fuel cell cars." Daimler takes over the industrial leadership of "Automotive Fuel Cell Cooperation" with its 50.1-percent stake. The company will be headed by Dr. Andreas Truckenbrodt, until now Executive Director Hybrid Development of Daimler AG. He worked already for Ballard from 2001 to 2002 and was responsible for fuel cell vehicles at Daimler from 2003 to 2004. With his experience in the field of alternative powertrain he is considered as a declared expert in this area and all the shareholders trust in him. Ford holds 30 percent of the stakes and Ballard becomes finance investor of "Automotive Fuel Cell Cooperation". In return, Daimler AG will retransfer its total stake in Ballard. Ballard provides its employees of the research and development divisions as well as all the intellectual property and expertise relating to automotive fuel cell applications to the new company. A pioneer in fuel cell technology, Daimler introduced the world's first fuel cell vehicle as early as 1994. Today, the company owns the world's largest fuel cell fleet of all automakers -- with over 100 vehicles -- and has thus gained the greatest experience in this field. The fleet has covered over 3.7 million kilometers in everyday operation at customers to date. Daimler expects fuel cell vehicles to reach maturity for large-scale production between 2012 and 2015 and will start producing a small series of B-Class F-Cell cars as early as 2010. Prof. Herbert Kohler: "Investment in the fuel cell is investment in our future. In the coming years, we will work intensively on making this technology even more reliable and on cutting costs. For all the companies involved, the foundation of 'Automotive Fuel Cell Cooperation' is an important step into the future because in the long term, the fuel cell is the most viable proposition for sustainable and zero-emission mobility combined with a sparing use of resources." You'll find more information from Daimler on the internet at: www.media.daimler.com
First Call Analyst:
FCMN Contact:
Source: Daimler AG
CONTACT: Han Tjan, +1-212-909-9063, or Eva Wiese, +49-711-17-92311, both
for Daimler AG Web site: http://www.daimler.com/
http://www.media.daimler.com/
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Profile: automotive-news
Sign Up Now for Project Management Essentials - Three Days of Training in Project Management Fundamentals
Sign Up Now for Project Management Essentials - Three Days of Training in Project Management Fundamentals - December 4 - 6, 2007 - MINNEAPOLIS, Nov. 8 /PRNewswire/ -- Trissential's Project Management Essentials training builds and enhances the foundation for success in all five areas of project management. Intensive training over three days, December 4 - 6, is designed to improve implementation, lower rework, enhance communication, and enable delivery of projects on time and within budget. Course participants gain insights into the alignment of tools and techniques within the 44 processes of the Project Management Body of Knowledge (PMBOK) and learn how theory is applied to the actual practice of project management. During the three-day training session, participants take a simulated case-study project through its lifecycle from initiation to close and in the process will earn 24 professional development units (PDUs) from the Project Management Institute. The course covers: -- Framing the IT initiative
-- Creating an effective plan
-- Performing cost estimating and budgeting
-- Negotiating time, budget, and deliverables
-- Tracking progress and forecasting completion
-- Monitoring and control work through earned value, change, and issue
management
-- Closing an IT project by gaining acceptance
Participants at an October session had this to say about Project Management Essentials:
-- "Course was excellent. It was incredibly informative and also fun." -
Dave
-- "Course was fantastic. Wonderful information that will benefit both me
and my staff. I will try to send more people in the future." - Thom
The tuition for Trissential's Project Management Essentials training is $1,500 per participant, with a $300 discount for each member of a group of three or more from the same company. Daily lunches and course material are included. For more information on this Minneapolis-based training, contact Debbie Henderson at 952-595-7970, write events@trissential.com, or see news at http://www.trissential.com/.
About Trissential Trissential, http://www.trissential.com/, specializes in business improvement and IT project implementation. Trissential essentialists help companies achieve desired results through the alignment of strategy with efficient management and exceptional IT project implementation. Trissential, with offices in Minneapolis and Milwaukee, develops Projecy(C) brand project-management maturity tools. MEDIA CONTACT:
Steve Sterling
Sterling Public Relations
952-935-0078
First Call Analyst:
FCMN Contact:
Source: Trissential
CONTACT: Steve Sterling of Sterling Public Relations, +1-952-935-0078,
for Trissential; or Debbie Henderson of Trissential, +1-952-595-7970,
events@trissential.com Web Site: http://www.trissential.com/
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Profile: automotive-news
Michigan Coalition Against Domestic and Sexual Abuse Receives $10,000 Cash Grant from HopeLine(R) Program
Michigan Coalition Against Domestic and Sexual Abuse Receives $10,000 Cash Grant from HopeLine(R) Program AAA Michigan collects used cell phones and converts to cash DEARBORN, Mich., Nov. 8 /PRNewswire/ -- As part of Verizon Wireless' HopeLine(R) program that converts used cell phones to cash, AAA Michigan has raised $10,000 to benefit the Michigan Coalition against Domestic and Sexual Abuse, collecting a total of 526 phones. Through HopeLine(R), Verizon Wireless collects no-longer-used wireless phones and accessories, regardless of condition or original wireless service provider. Phones that can be refurbished are sold for reuse and those without value are disposed of in an environmentally sound way. All proceeds from the HopeLine program are used to provide wireless phones and cash grants to local shelters and nonprofit organizations that focus on domestic violence prevention and awareness. Since October 2001, when Verizon Wireless launched its national recycling program, HopeLine(R) has collected more than 4 million phones. With 40 locations throughout the state, AAA Michigan partnered with Verizon Wireless to collect old cell phones for its HopeLine(R) program during July and August. "Domestic violence affects more than 30 percent of American women during their lifetime," said Greg Haller, president-Michigan/Indiana/Kentucky/Region, Verizon Wireless. "AAA Michigan's commitment to this endeavor will help make a difference in the lives of the victims in metropolitan Detroit and throughout Michigan." According to the Michigan State Police Criminal Justice Information Center, there were more than 70,000 occurrences of domestic violence reported in Michigan in 2005 alone. AAA Michigan offers automotive, travel, insurance and financial services to more than 1.6 million members in Michigan. It is part of The Auto Club Group (ACG), the largest affiliation of AAA clubs in the Midwest, with approximately 4.1 million members in eight states. ACG belongs to the national AAA federation, a not-for-profit organization with more than 50 million members in the United States and Canada. First Call Analyst:
FCMN Contact:
Source: AAA Michigan
CONTACT: Jim Rink, +1-313-336-1513, or Nancy Cain, +1-313-336-1514, both
of AAA Michigan Web site: http://www.aaa.com/
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Profile: automotive-news
Auto Workers, Dealers Break From Industry Over CAFE
Auto Workers, Dealers Break From Industry Over CAFE Urge Other Industry Members to Join Fight for 35 mpg Standard PORTLAND, Maine, Nov. 8 /PRNewswire/ -- Breaking ranks with their own automobile industry, Adam Lee, president of Lee Auto Malls in Maine, Gary Muenzhuber, representing Autoworkers of Minnesota, Inc, Chicago-based Chuck Frank, owner of one of the nation's largest Chevy dealerships and Wisconsin-based Karen Bowen, a former Ford manager, are part of an industry based sign-on campaign to urge passage of a 35 mile-per-gallon (mpg) fuel economy standard by 2020. The Auto Lobby Doesn't Speak For Us website (http://www.35mpgby2020.com/) goes live today to enlist other maverick industry workers who believe the domestic auto makers not only can but must build more fuel-efficient cars if the industry is to survive. "American automakers believe that when it comes to increasing fuel economy, raising the standards to 35 mpg by 2020 just can't be done. But, as members of the American auto industry, we have designed, built and sold automobiles in this country for decades, and we know it can!" Third generation autodealer, Adam Lee, who is leading this effort and owns eleven dealerships, makes a personal plea on the website to others whose livelihoods are dependent upon the domestic auto manufacturers. In his three-minute video clip, he says: "My family has been selling American made cars since 1936. My livelihood and the livelihood of over 350 employees who work for us depend upon the success of the automobile industry. Today that strength is severely compromised by the lack of fuel-efficient cars and trucks customers want to buy ... The domestic automakers need higher standards for their and my survival. ... Without a 35 mile-per-gallon mandate, I'm afraid, global warming and our dependence on foreign oil will continue to get much worse in the long run. And, in the short run, I'm afraid I'll be stuck with a lot full of cars that no one wants to buy or even worse: This country will no longer have an American auto industry. So please join me, sign our letter, write your legislators, and speak up and tell them that the powerful automobile lobby does not speak for you or our industry." The homespun The Auto Lobby Doesn't Speak For Us campaign includes local and state speaking engagements, blogging to recruit for the sign-on letter to House and Senate leadership, and a trip to the nation's capitol to talk with legislators. Chuck Frank, president of Z Frank Chevrolet KIA, said, "It pains me to be at odds with my own industry -- but the automakers do not have a good track record of embracing new technology. They have fought laws requiring seat belts, air bags, catalytic converters as well as the original fuel economy (CAFE) standard. But each law spurred Detroit to produce a better product. And each law was important for the public good." Gary Muenzhuber of AutoWorkers of Minnesota commented, "The technology to make our cars and trucks meet a 35 mile-per-gallon standard is on the road today. If Congress had passed this mandate a decade ago, technology would be much more advanced. If Congress had acted ten years ago, our local Ranger Plant of St Paul Minnesota would not be on chopping block today. " Former Ford manager and principal engineer Karen Bowen said, "Having worked as manager of engineering in Ford's automotive fuel economy and emissions department for years, I witnessed the company oppose every change while Honda and Toyota just used their talent to make those changes happen. This opposition did not help the company one bit, yet still, they refused to change. The Senate standard is just the challenge that Ford and other American automakers need to finally unleash their considerable talent and become leaders America needs to protect our environment and our industry." The website provides links to National Academy of Sciences (NAS) and University of Michigan studies on the feasibility and impact of higher fuel economy standards on the auto industry. The website reads: "An increase in fuel economy standards will not only benefit the country as a whole, it will also move the industry forward, create new jobs and boost profitability." Others involved in the "The Auto Lobby Doesn't Speak For Us" campaign include former auto dealer Washington State Senator Chris Marr. First Call Analyst:
FCMN Contact:
Source: Adam Lee
CONTACT: Cater Communications, +1-415-453-0430, for Adam Lee Web site: http://www.35mpgby2020.com/
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Profile: automotive-news
ASAP/J.C. Whitney Speeds Ahead by Adding to Executive Team
ASAP/J.C. Whitney Speeds Ahead by Adding to Executive Team New CEO, CMO Join Largest Internet and Direct Marketer of Auto Parts From Dell, Bass Pro Shops CHICAGO, Nov. 8 /PRNewswire/ -- Automotive Specialty Accessories and Parts (ASAP), the nation's largest Internet and catalog retailer of aftermarket autoparts, and which includes J.C. Whitney, Stylin' Trucks and http://www.carparts.com/, today announced the addition of two experienced retail executives to the company's leadership team. Tom West has joined ASAP as chief executive officer and a member of the board of directors, having served the last nine years in top executive roles at Dell, Inc. Jon Holmquist has joined the company as chief marketing officer of ASAP and general manager of its Stylin' Trucks business unit, from his role leading the direct business at Bass Pro Shops. "The addition of Tom and Jon to the ASAP leadership team marks an inflection point in the nearly $100 billion aftermarket auto-parts industry and in the life of our company," said Love Goel, chairman of ASAP. "As the industry becomes multi-channel and market share shifts online, two of the world's best Internet retail marketers have left much larger companies to help ASAP drive and accelerate that trend." "Riverside has invested in infrastructure and acquisitions to build ASAP into the only successful multi-channel retailer in autoparts," said Kristin Newhall, principal at The Riverside Company, which owns ASAP. "We believe Tom and Jon can help us grow dramatically and win disproportionate market share." While at Dell, West was a proven e-commerce and marketing executive. He helped build http://www.dell.com/ into the world's largest e-commerce site, serving as general manager of a key business unit that tripled in size during his tenure, to more than $2 billion. He played multiple other roles there, including launching several business units and working directly with top Dell executives to formulate strategy. "I see a number of similarities between ASAP and Dell during the early growth years of dell.com," said West. "Because of the complexity and fit issues associated with auto parts, and the large number of SKUs, ASAP is ideally suited to a direct model. For that reason, I believe we have the opportunity to build the first billion-dollar, direct-to-consumer company in our category." At Bass Pro Shops, Holmquist drove double-digit revenue and profit growth each year for the $200 million-plus direct business. Prior to this, Holmquist was group president at Bradford Group, and Foster and Gallagher; and, as vice president of marketing at Fingerhut, helped grow that company from $250 million to $1.7 billion in sales. "Our customers are enthusiasts, much like the customers of Bass Pro and other places where I have been," said Holmquist. "We have the largest, most sophisticated platform in the industry to connect customers to products, information and services for their cars and trucks, and I am excited about working with Tom and the leadership team of ASAP to build on that foundation." About ASAP Automotive Specialty Accessories and Parts (ASAP) is the holding company of two automobile aftermarket businesses, J.C. Whitney and Stylin' Trucks. Founded in 1915, J.C. Whitney markets auto parts and accessories through its Web site, catalogs and a store in LaSalle, Ill. Stylin' Trucks markets accessories for light-duty trucks, SUVs, minivans and sport compact autos through its Web site, catalogs and a store in Independence, Ohio. ASAP is owned by private equity firm The Riverside Company. ASAP is the only auto parts retailer ranked among both the top-100 American catalog and Internet merchants (based on sales). In 2006, ASAP attracted more than 35 million visitors to its Web sites and mailed more than 30 million catalogs. More information about ASAP's business units can be found at http://www.jcwhitney.com/ and http://www.stylintrucks.com/. The Riverside Company The Riverside Company is the largest private equity firm focused on the smaller end of the middle market and is one of the industry's most experienced leveraged buyout investors. Riverside specializes in investing in premier companies with enterprise values of less than $150 million, and partners with strong management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 170 transactions with a total enterprise value of $3.4 billion. Its current portfolio in the U.S. and Europe numbers 60, with combined annual sales of $3 billion, EBITDA of $450 million and more than 11,000 employees. Riverside offers the resources to complete acquisitions smoothly and in as little as 30 days -- thanks to its sizeable pool of capital under management (nearly $2.0 billion in nine funds), over 135 professionals in 16 offices (New York, Cleveland, Dallas, San Francisco, Atlanta, Chicago, Los Angeles, Budapest, Munich, Prague, Warsaw, Amsterdam, Brussels, Madrid, Tokyo and Stockholm), and long-standing relationships with partner lenders. Seven out of nine of the firm's vintages currently produce top quartile returns for investors, which are among the world's leading pension funds, endowments, funds-of-funds, insurance companies and banks. Please visit http://www.riversidecompany.com/ and http://www.riversideeurope.com/ for more information. About Growth Ventures Group Growth Ventures Group (GVG) invests unparalleled operating expertise and smart capital across the retail sector. GVG principals have built and led the largest, most profitable and fastest-growing retailers across multiple categories, formats and channels. They have also served as top operating executives or advisors to leading retailers such as Macy's, Wal-Mart, Best Buy, Williams-Sonoma and SUPERVALU -- delivering billions in shareholder value. More information is available at http://www.growthventuresgroup.com/.
First Call Analyst:
FCMN Contact:
Web sites:
http://www.carparts.com http://www.jcwhitney.com http://www.stylintrucks.com http://www.riversidecompany.com http://www.riversideeurope.com http://www.growthventuresgroup.com Source: Automotive Specialty Accessories and Parts
CONTACT: Christine Croissant of The Riverside Company, +1-216-344-1180,
cmc@riversidecompany.com; or Robert Hanvik of Fleishman-Hillard,
+1-612-573-3126, robert.hanvik@fleishman.com, both for Automotive Specialty
Accessories and Parts
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Profile: automotive-news
Midas Completes Tuneup With Microsoft Dynamics GP
Midas Completes Tuneup With Microsoft Dynamics GP Worldwide auto-services leader applauds flexibility, familiarity and personalization of Microsoft's midmarket segment business software package. REDMOND, Wash., Nov. 8 /PRNewswire-FirstCall/ -- Microsoft Corp. (NASDAQ:MSFT) today announced that Midas Inc. (NYSE:MDS), one of the world's largest providers of automotive services, has selected Microsoft Dynamics GP to overhaul and expand its corporate business management systems. (Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO) Midas' headquarters in Itasca, Ill., recently switched its financial management and general ledger reporting systems from another company's more limited enterprise resource planning system to Microsoft Dynamics GP, which provides completely integrated and scalable financial management, intelligence, forecasting, budgeting and reporting. Working with Microsoft Gold Certified Partner IDT Consulting Inc., also of Itasca, Ill., throughout the Microsoft Dynamics GP evaluation, selection, system-integration and implementation processes, Midas will move its remaining financial management systems to Microsoft's premier business management solution over the next two years. "We looked at other software packages, but nothing came close to Microsoft Dynamics GP," said Bennett Cikoch, vice president of IT at Midas. "The powerful business management tools, flexible and familiar components and many personalization features of Microsoft Dynamics GP are transforming the way we manage Midas' corporate finance and other business systems." Microsoft Dynamics GP is a complete and scalable business management solution that offers a cost-effective way to manage and integrate finances, e-commerce, supply chain, manufacturing, project accounting, field service, customer relationships and human resources. Based on the familiar People-Ready Microsoft Office system interface, Microsoft Dynamics GP makes it easy for executives, managers and staff to access information that is meaningful to their specific roles and responsibilities, gain deep contextual insight into the key drivers that matter to their business, and improve efficiency throughout their organization. The solution is also easy to configure and maintain, adding to overall return on investment. Microsoft Dynamics GP will enable Midas' 40-member finance team to integrate and electronically manage virtually all of the business processes and corporate transactions within the organization's more than 1,700 franchise and company-owned locations in the United States and Canada. In addition to accounts receivable, accounts payable, order processing and inventory management, Midas will rely on Microsoft Dynamics GP for security-enhanced online distribution of financial reports to field staff via the integrated FRx Report Server and Business Portal. Midas' finance team is already seeing positive productivity results from the new system: greater speed, functionality and tools that make financial reporting easier. "We expect the new Microsoft Dynamics solution to bring us efficiencies throughout the finance department and in improving information flow with the field," said James Haeger, vice president and controller for Midas. Cikoch credits the IDT Consulting organization for putting all the pieces together -- a thorough understanding of its critical business issues and internal processes, compliance mandates, strong accounting and product knowledge -- to make the transition to the new financial management system as seamless as possible. Other specific benefits include the following:
-- Flexibility. The many software-engineering options available with
Microsoft Dynamics GP limited the amount of customization necessary,
reducing the cost and difficulty of switching from Midas' legacy
system.
-- Familiarity. The intuitive Microsoft Office interface and other
familiar Microsoft software components have reduced the learning curve
for Midas' employees. The Midas development team's familiarity and
proficiency with the package's SQL Server database and Microsoft
platform technologies -- along with the built-in integration tools --
have reduced consulting costs.
-- Personalization. The ability to assign employees different roles and
responsibilities and separate duties within Microsoft Dynamics GP was
"one of the big selling points," said Cikoch. In addition to compiling
the information each employee needs, the personalized pages reduce the
scope of each employee's training.
"With Microsoft Dynamics GP, Midas is equipped to accelerate its ability to gather financial information and more clearly see opportunities down the road," said Michael Park, corporate vice president for Microsoft's U.S. Dynamics business. "Microsoft Dynamics GP can produce fast and comprehensive insight to enhance decision-making, while increasing efficiencies in financial reporting and accounting, wherever operations and transactions occur."
About IDT Consulting IDT Consulting, a Microsoft Gold Certified Partner, was founded with the sole focus of helping companies harness the power of information through Business Management solutions. For companies who recognize the value of integrating and streamlining their back- and front-office systems, IDT Consulting's parent organization, Integrated Document Technologies, offers solutions to reduce paper, automate business processes and enable regulatory compliance. Working together, they have become leading providers of a variety of business technologies. Whether planning a new ERP/Financial or CRM Solution, adding content management capabilities, or exploring the combined power of multiple technologies, IDT Consulting's resources and expertise can help companies make sense of everyday business transactions. IDT Consulting is a single-source knowledge base for system design, integration, customization, implementation and long-term support. For more information about IDT Consulting. visit http://www.idtconsulting.com/ or call (630) 875-1100. About Microsoft Dynamics Microsoft Dynamics is a line of financial, customer relationship and supply chain management solutions that helps businesses work more effectively. Delivered through a network of channel partners providing specialized services, these integrated, adaptable business management solutions work like and with familiar Microsoft software to streamline processes across an entire business. About Microsoft Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential. First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Microsoft Corp.
CONTACT: Liz Pandzich of Airfoil Public Relations, +1-248-304-1444,
Pandzich@airfoilpr.com, for Microsoft Corp. Web site: http://www.microsoft.com/
http://www.idtconsulting.com/ NOTE TO EDITORS: If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at http://www.microsoft.com/presspass on Microsoft's corporate information pages. Web links, telephone numbers and titles were correct at time of publication, but may since have changed. For additional assistance, journalists and analysts may contact Microsoft's Rapid Response Team or other appropriate contacts listed at http://www.microsoft.com/presspass/contactpr.mspx. -------
Profile: automotive-news
posted by automotive-news # 9:33 AM
Universal Warranty Web-Based Dealer Application Streamlines Vehicle Service Contract Sales
Universal Warranty Web-Based Dealer Application Streamlines Vehicle Service Contract Sales OMAHA, Neb., Nov. 8 /PRNewswire/ -- Universal Warranty Corporation (UWC), a subsidiary of GMAC Insurance, today announced the introduction of a web- based solution, Sales Driver, to its automotive dealers nationwide. Available through the company's web portal, www.uwcdealers.com, the tool streamlines the vehicle service contract (VSC) sales process by combining a number of complex manual processes into one online application. "Sales Driver responds to the average customer's criticism that too much time is spent in the finance and insurance (F&I) office once he or she decides to purchase a vehicle," explains Jeff Moon, president of UWC. "Dealers can provide customers with instantaneous, precise quotes for our VehicleOne service contract and GAP products by simply entering the vehicle identification number into the tool. Also, all of the necessary forms can be printed directly from the portal, saving the customer and dealer from follow- up phone calls." This tool will simplify the service contract pricing options available to customers and will help improve dealer efficiency by eliminating agreement submission errors which result in returned contracts to the dealer. Sales Driver is available immediately to all current UWC dealer customers. Sales Driver is part of UWC's ongoing effort to evolve as a customer- centric business. UWC is an integral part of GMAC Insurance's Dealer Products & Services group which has been developing a wide range of products and services to respond to the needs of their dealer customers, including the development of distribution channels utilizing both a captive sales force and the independent agent channel that distribute the UWC products. "This new tool will help independent sales representatives at UWC to better service automotive dealers," said Tom Callahan, executive vice president of GMAC Insurance. "We are very excited to introduce this tool to assist UWC's independent reps in meeting the needs of the dealers they serve. UWC currently has over 60 independent agent companies servicing over 6,000 dealerships across the U.S. UWC offerings - Vehicle One, VehicleOne Primary GAP and AutoMax/AutoSelect- provide a wide range of vehicle service coverage options to meet the varying needs of dealers and their retail customers. The GMAC Insurance Group is part of GMAC Financial Services, a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC's insurance operations were first established in 1925, and now offer a wide range of products to meet the needs of retail consumers, dealers and business partners. For more information, please visit www.gmacfs.com.
First Call Analyst:
FCMN Contact:
Source: GMAC Insurance
CONTACT: Sarah Comstock of GMAC Global Communications, +1-313-656-6954,
Sarah.N.Comstock@gmacfs.com Web site: http://www.uwcdealers.com/
http://www.gmacfs.com/
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Profile: automotive-news
posted by automotive-news # 9:10 AM
Speedemissions Opens 14th Store in Houston, Giving it a Total of 36 Stores in Three Markets
Speedemissions Opens 14th Store in Houston, Giving it a Total of 36 Stores in Three Markets ATLANTA, Nov. 8 /PRNewswire-FirstCall/ -- Speedemissions, Inc. (BULLETIN BOARD: SPMI) , the leading vehicle emissions testing/safety inspections company with testing stations in Atlanta, Houston and Salt Lake City, announced that it has launched its 14th Houston area store at 9101 Westheimer Rd., thereby giving the Company a total of 36 stores in three markets. This is the company's third new store opening in Houston in the past nine months. All of these stores have been opened using the company's cash flow from operations. Speedemissions is the largest company in Houston that specializes only in emission testing & safety inspections. President/CEO, Rich Parlontieri, stated, "Speedemissions' customers have known us as Mr. Sticker in the Houston area since 1985, and we are thrilled to provide our customers with another convenient testing location. This new Westheimer location, which is very near the famous Houston Galleria area, is a continuation of our plan to expand our presence in the Houston market." About Speedemissions, Inc. http://www.speedemissions.com/ Speedemissions, Inc., based in Atlanta, Georgia, plans to become the leading vehicle emissions (and safety inspection where required) test only company in the United States in areas where emissions testing is mandated by the Environmental Protection Agency (EPA). Since the emissions testing market is highly fragmented, Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service. The focus of the company at the present time is the Atlanta, GA, Houston, TX and Salt Lake City, UT markets. Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Speedemissions' products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.
Source: Speedemissions, Inc.
CONTACT: Suzanne Brown, Investor Relations, Speedemissions, Inc.,
+1-770-306-7667 ext. 229 Web site: http://www.speedemissions.com/
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Profile: automotive-news
posted by automotive-news # 8:38 AM
AutoVase(R) Adds a Dash of Decor to Any Vehicle's Dashboard
AutoVase(R) Adds a Dash of Decor to Any Vehicle's Dashboard SIMI VALLEY, Calif., Nov. 8 /PRNewswire/ -- Even with rising gasoline prices, Americans spend more than 200 hours a year driving to and from work. Entrepreneur Greg Smith of HotSmith Products may not have the answer to traffic congestion and road rage, but his product is designed to make the daily commute a more pleasant one. The patent-pending AutoVase(R) is a vase that easily clips to any vehicle's air vent. The vase is sized to hold a few fresh or artificial flowers. Smith notes that because plastic tends to fade, scratch or discolor over time, AutoVase is made of clear glass. "With AutoVase," says Smith, "while commuters are busy working their gas and brake pedals, our petals can give them a much-needed break. Of course, you don't have to be a business commuter to enjoy AutoVase. Anyone who drives a car can appreciate the ambience AutoVase brings to the daily routine. At this time of year, it makes a great stocking-stuffer." Smith, whose company HotSmith Products specializes in bringing novel concepts to market, points out that the AutoVase makes a great gift for anyone, since it can hold more than just flowers. Here are a few of his ideas: -- Use the AutoVase as a pen or pencil holder.
-- Put an "in case of emergency" cigarette or cigar in the AutoVase.
-- Keep your tire gauge in the AutoVase right at your fingertips.
-- Hang an extra pair of glasses or sunglasses over the rim of the
AutoVase.
-- Print pertinent contact and medical information on a small piece of
paper -- to be used in the event of an accident -- roll it up, and
stash it in the AutoVase. AutoVase is designed to clip onto any type of air vent. The clip rotates 360 degrees and slides up and down on the vase, allowing the vase to adjust to an upright position. In fact, AutoVase offers a money-back guarantee if the vase does not fit a vehicle's vent. For customers planning to use the AutoVase to enjoy a bit of nature inside their cars, Smith adds that fresh flowers fare best in cooler months and only need a half-filled vase, so the water won't spill under normal driving conditions. For those who prefer silk flowers, http://www.autovase.com/ offers more than a dozen varieties of lifelike rosebuds and daisies. Available with either a black, silver or gold clip, AutoVase sells for $7.99 online and is also available at select car washes and convenience stores. The colorful silk flowers -- made with the highest-quality materials to resist fading and fraying -- sell for $2.99 each. And soon, drivers will be able to stop (at a red light) and smell the roses, so to speak. That's because AutoVase is developing a line of fragrances to enhance the artificial flowers for a unique and elegant car air freshener. To purchase AutoVase products or for more information, visit http://www.autovase.com/. Contact: Greg Smith
HotSmith Products
P.O. Box 966
Simi Valley, CA 93062
805-577-8079
sales@autovase.com This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com/.
First Call Analyst:
FCMN Contact:
Source: HotSmith Products
CONTACT: Greg Smith of HotSmith Products, +1-805-577-8079,
sales@autovase.com Web site: http://www.autovase.com/
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Profile: automotive-news
posted by automotive-news # 8:31 AM
Lincoln Educational Services Corporation Reports Third Quarter 2007 Results
Lincoln Educational Services Corporation Reports Third Quarter 2007 Results Starts up 10.3%, Record enrollment of 19,463 up 4.9% WEST ORANGE, N.J., Nov. 8 /PRNewswire-FirstCall/ -- Lincoln Educational Services Corporation (NASDAQ:LINC) today reported third quarter 2007 results. The discussion that follows reflects the results of the closure of three campuses previously announced on August 2, 2007 and reflects continuing operations only, unless otherwise noted. Additional detail on discontinued operations is provided below and in the condensed consolidated statements of operations accompanying this release. Third Quarter Highlights: -- Revenues from continuing operations increased by 5.7% to $86.6 million
as compared to $81.9 million in the third quarter of 2006. -- Starts increased by 10.3% for the third quarter of 2007 over the third
quarter of 2006. Student enrollment at the end of the third quarter
stood at a record level of 19,463, representing an increase of 4.9% vs.
the same quarter in 2006. -- Operating income and operating income margin from continuing operations
for the third quarter of 2007 increased to $8.1 million and 9.3% from
$5.6 million and 6.8% for the same period in 2006, respectively. -- Diluted earnings per share from continuing operations of $0.17 as
compared to diluted EPS of $0.11 from continuing operations for the
third quarter of 2006. Diluted earnings per share for the third
quarter of 2007 includes a non-recurring non-cash charge of $0.01 per
share incurred in connection with the settlement of equipment lease
obligations. -- Successfully completed the previously announced closure of three
campuses. Comment and Outlook
"Our third quarter financial and operating performance reflects a reversal in the trends we had been experiencing over the last 18 months," said David F. Carney, Lincoln's Chairman and CEO. "While the slow start to the year put pressure on our revenues, beginning with our second quarter we began to see benefits from the initiatives we had implemented. Specifically, the change in the management structure, the re-branding, the increased emphasis on high school recruitment, the growth in our recent acquisitions, our Queens, NY start-up, and finally, the benefit of new program rollouts all contributed to the 10.3% increase in starts versus the same period in 2006. We will continue to invest prudently in sales, marketing and new program development to maintain the momentum we experienced in the third quarter of 2007. While the environment remains challenging, we believe that our initiatives are producing tangible results, which gives us the confidence that we will continue to achieve organic growth in the fourth quarter and beyond."
Discontinued Operations As previously reported, on July 31, 2007 the Board of Directors approved a plan to cease operations at three campuses. As a result of that decision, the Company reviewed the related goodwill and long-lived assets for possible impairment in accordance with SFAS No. 142, "Goodwill and Other Intangible Assets" and SFAS No. 144, "Accounting for the Impairment or Disposal of Long- Lived Assets." In connection with the goodwill review, the Company recognized a non-cash impairment charge related to these three campuses of approximately $2.1 million as of June 30, 2007. Additionally, under SFAS No. 144, long-lived assets were tested for recoverability and it was determined that certain long- lived assets would not be recoverable at June 30, 2007. Accordingly, the Company recorded a non-cash charge of $0.9 million to reduce the carrying value of these assets to their estimated fair value. As of September 30, 2007, all operations had ceased at these campuses, and accordingly, the results of operations of these campuses have been reflected in the accompanying statements of operations as "Discontinued Operations" for all periods presented. The following amounts relate to the ceasing of operations at these three campuses, which have been segregated from continuing operations and reported as discontinued operations: Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands) (In thousands)
2007 2006 2007 2006 Revenue $727 $2,594 $4,230 $8,210 Operating loss (2,359) (3,544) (8,339) (10,475)
Impairment of goodwill - - (2,135) -
Impairment of long-lived assets (94) - (964) -
Retention incentives (153) - (153) -
Lease commitments (1,999) - (1,999) -
Other commitments (170) - (170) -
Loss from discontinued
operations (4,048) (950) (9,530) (2,265)
Benefit for income taxes (1,717) (394) (4,043) (932) Net loss from discontinued
operations $(2,331) $(556) $(5,487) $(1,333)
Third Quarter 2007 Operating Performance From Continuing Operations
Revenues increased by $4.7 million, or 5.7%, to $86.6 million for the three months ended September 30, 2007 from $81.9 million for the comparable period in 2006. The increase in revenue for the quarter was attributable in part to a 2.3% increase in average student population, which increased to 18,185 for the quarter ended September 30, 2007 from 17,774 for the quarter ended September 30, 2006.
Operating income for the third quarter of 2007 was $8.1 million, which represented a $2.5 million increase from operating income of $5.6 million for the third quarter of 2006. The increase in operating income was due to the leverage in our business model, which provides for higher contribution margins as population increases. Ending population as of September 30, 2007 was 19,463 compared to an ending population of 18,556 as of September 30, 2006. Educational services and facilities expenses for the quarter ended September 30, 2007 were $37.1 million, representing an increase of $2.1 million, or 6.0%, as compared to $34.9 million for the quarter ended September 30, 2006. The increase in educational services and facilities expenses was due to: (i) books and tool expenses, which increased by $1.2 million, or 23.8%, as compared to the quarter ended September 30, 2006 due to higher tool sales during the period; and (ii) facilities expenses, which increased by approximately $0.9 million over the same quarter in 2006. Approximately $0.5 million of the increase in facilities expenses was due to additional square footage at some facilities to accommodate new programs and higher utility, insurance and property taxes. The remainder of the increase was attributable to higher repairs and maintenance expense ($0.2 million) and overflow housing expenses ($0.2 million) at one destination campus over the same period in 2006. As a percentage of revenue, educational services and facilities expenses for the second quarter of 2007 increased to 42.8% from 42.7% in 2006. Selling, general and administrative expenses for the quarter ended September 30, 2007 were $41.4 million, consistent with the quarter ended September 30, 2006. For the three months ended September 30, 2007, sales and marketing expenses decreased by approximately $2.0 million from the same period in 2006. This decrease was the result of the additional marketing expenses incurred in the third quarter of 2006 to compensate for the shortfall experienced in the high school market, coupled with a shift in mix between television advertising and web based initiatives. Offsetting this decrease in sales and marketing expenses was an increase of $2.0 in administrative expenses. The increase in administrative expenses during the quarter was due to the hiring of additional personnel in anticipation of higher enrollment levels and due to yearly compensation increases for existing personnel. Additionally, during the quarter the Company entered into an agreement with a vendor for certain equipment at our campuses. We incurred an upfront one time non-cash charge of $0.5 million in connection with this agreement. As a percentage of revenue, selling, general and administrative expenses for the third quarter of 2007 decreased to 47.9% from 50.5% for the third quarter of 2006. For the quarter ended September 30, 2007, bad debt expense was 5.3% as compared to 5.7% for the same quarter in 2006. As a result of the above, operating margin for the third quarter of 2007 increased to 9.3% from 6.8% for the third quarter of 2006. Net income from continuing operations for the third quarter of 2007 was $4.4 million, or $0.17 per diluted share, as compared to net income from continuing operations of $2.8 million, or $0.11 per diluted share, for the comparable period in 2006. Earnings per share includes a charge of $0.01 per share for the third quarter of 2007 and 2006, respectively, resulting from the use of the fair value method of accounting for stock based compensation as prescribed by Statement of Financial Accounting Standards No. 123R "Share- Based Payment." Earnings per share for the three months ended September 30, 2007 also includes the impact of $0.01 per share incurred in connection with the settlement of equipment lease obligations. Balance Sheet At September 30, 2007, the Company had $3.5 million in cash and cash equivalents, compared to $6.5 million at December 31, 2006. During the third quarter, the Company repaid $16.5 million under its credit facility. At September 30, 2007, the Company had $5.0 million outstanding under the credit agreement. At September 30, 2007, stockholders' equity was $152.0 million, compared to $151.8 million at December 31, 2006, the increase resulting from stock based compensation expense offset by the net loss for the period. Student Metrics Third Quarter Third Quarter
2007 2006 Growth Student Starts 9,725 8,820 10.3%
Average Student Enrollment 18,185 17,774 2.3%
End of Month Student Population 19,463 18,556 4.9%
Conference Call Today
Lincoln will host a conference call today at 10:00 a.m. Eastern Standard Time. The conference call can be accessed by going to the IR portion of our website at www.lincolneducationalservices.com. Participants can also listen to the conference call by dialing (866) 362-5158 (domestic) or (617) 597-5397 (international) and citing code 61152098. Please log-on or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.lincolneducationalservices.com. A replay of the call will also be available for seven days by calling (888) 286-8010 (domestic) or (617) 801-6888 (international) and citing code 85190471 About Lincoln Educational Services Corporation Lincoln Educational Services Corporation is a leading and diversified for-profit provider of career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: automotive technology, health sciences (which includes programs for licensed practical nursing, medical administrative assistants, medical assistants, dental assistants, and pharmacy technicians), skilled trades, business and information technology and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 34 campuses in 17 states under five brands: Lincoln College of Technology, Lincoln Technical Institute, Nashville Auto-Diesel College, Southwestern College and Euphoria Institute of Beauty Arts and Sciences. Lincoln had a combined average enrollment of approximately 18,185 students at September 30, 2007. Statements in this press release regarding Lincoln's business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward- looking statements, see "Risk Factors" in Lincoln's Form 10-K for the year ended December 31, 2006. All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. (Please see financial attachments.)
LINCOLN EDUCATIONAL SERVICES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006 REVENUES $86,566 $81,911 $237,480 $227,171
COSTS AND EXPENSES:
Educational services and
facilities 37,053 34,944 104,540 96,093
Selling, general and
administrative 41,434 41,394 124,075 117,684
Gain on sale of assets - (7) (15) (7)
Total costs & expenses 78,487 76,311 228,600 213,770
OPERATING INCOME 8,079 5,580 8,880 13,401
OTHER:
Interest income 66 82 149 860
Interest expense (686) (696) (1,840) (1,740)
Other income 26 (200) 26 (130)
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES 7,485 4,766 7,215 12,391
PROVISION FOR INCOME TAXES 3,115 1,978 3,008 5,098
NET INCOME FROM CONTINUING
OPERATIONS 4,370 2,788 4,207 7,293
LOSS FROM DISCONTINUED OPERATIONS,
NET OF INCOME TAXES (2,331) (556) (5,487) (1,333)
NET INCOME (LOSS) $2,039 $ 2,232 $(1,280) $ 5.960 Earnings (loss) per share - basic:
Earnings per share from
continuing operations $0.17 $0.11 $0.17 $0.29
Loss per share from
discontinued operations (0.09) (0.02) (0.22) (0.05)
Net income (loss) per share $0.08 $0.09 $( 0.05) $0.24 Earnings (loss) per share - diluted:
Earnings per share from
continuing operations $0.17 $0.11 $0.16 $0.28
Loss per share from
discontinued operations (0.09) (0.02) (0.21) (0.05)
Net income (loss) per share $0.08 $0.09 (0.05) $0.23
Weighted average number of common
shares outstanding:
Basic 25,503 25,410 25,482 25,300
Diluted 26,049 26,120 26,029 26,081
Other data:
Depreciation and amortization $3,815 $3,680 $11,104 $10,329
Number of campuses 34 34 34 34
Average enrollment 18,185 17,774 17,193 17,132
Stock-based compensation 461 376 1,349 1,133
Net cash provided by
operating activities $19,245 $13,060 $8,950 $1,666 Selected Consolidated Balance Sheet Data: September 30, 2007 Cash and cash equivalents $3.537
Current assets 41,825
Working capital (deficit) (21,463)
Total assets 237,349
Current liabilities 63,288
Long-term debt and capital lease
Obligations, including current portion 15,428
Total stockholders' equity $151,965
First Call Analyst:
FCMN Contact:
Source: Lincoln Educational Services Corporation
CONTACT: Investors, Chris Plunkett, or Brad Edwards, +1-212-986-6667;
Media, Jennifer Gery, +1-212-986-6667, all of Brainerd Communicators, Inc.,
for Lincoln Educational Services Corporation Web site: http://www.lincolneducationalservices.com/
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Profile: automotive-news
posted by automotive-news # 8:24 AM
Hella Driver Assistance Systems Now on Audi, Chrysler LLC Vehicles
Hella Driver Assistance Systems Now on Audi, Chrysler LLC Vehicles PLYMOUTH, Mich., Nov. 8 /PRNewswire/ -- Driver assistance systems from Hella KGaA Hueck & Co., a global tier-one supplier of automotive lighting and electronic equipment, are now available on three North American vehicles. Hella's numerous active driver assistance systems are based on camera and ultrasonic technology, as well as infrared LIDAR-based (LIght Detection and Ranging) and 24 GHz radar. The three optional driver assistance systems now available in North America, adaptive cruise control (ACC), lane-change assistant and rear-view camera, are featured on the Chrysler 300, Audi Q7 and Jeep(R) Commander, respectively. The rear camera is also available on seven other Chrysler, Jeep(R) and Dodge vehicles. The Chrysler 300 offers ACC technology. Using a LIDAR-based system, ACC uses infrared signals to detect a vehicle in your path. It allows cruise control to remain engaged in light to moderate traffic conditions without the need for constant adjustments. Hella's ACC offers significant security advantages by helping keep vehicles at a specified distance and also provides drivers a warning by automatically triggering the brakes. "The aim of Hella research and development is to further increase customer safety by combining sensors and functionalities," said Dr. Martin Fischer, president of Hella Electronics Corporation. "Our objective is to greatly reduce traffic accidents and injuries by providing safety-system devices for the broadest possible range of vehicles." Audi's Q7 SUV contains Hella's new radar-based lane-change assistant system, also known as the Audi Side Assist. The Audi system determines if objects are in the Q7's blind spot and also recognizes objects not visible in the rear-view mirror. When a vehicle enters the Q7's range of vision, a yellow vertical light strip illuminates on the corresponding side-view mirror. The lane-change assistant has two 24 GHz radar sensors integrated into the vehicle's bumper with a range of 164 feet. The system functions regardless of weather conditions. The Jeep Commander and Grand Cherokee, Chrysler Pacifica, Town & Country and Aspen, along with the Dodge Grand Caravan and Durango, feature Hella's rear-view camera. The system consists of a camera with an integrated CMOS image sensor. With an aperture angle of 130 degrees, the area behind the vehicle is visible. When the vehicle engages in reverse, a color image adapted to external light influences is shown on the display for the driver to view. The image helps a driver recognize if objects are in the vehicle's path when backing up. Other driver assistance systems being developed by Hella include:
-- Adaptive Cut-Off Line - This device adjusts the range of the adaptive
front lighting system (AFS) headlamps to provide optimum visibility,
meaning the beam will reach as far as possible. The headlamp range is
adapted to motor vehicles driving in front or approaching.
-- Alertness Assistant - This camera-based system detects eyelid blinks by
placing a camera in the steering-wheel area facing the driver. If the
eyelid blink becomes slower, the system is noted. If the eye stays
closed for longer than 1.5 seconds during driving, a wake-up beep, or
another suitable warning signal, will sound.
-- Distance Warning -This good-value distance measurement system, on the
basis of a 24 GHz radar sensor, determines the relative speed and the
distance to the vehicle driving in front and informs the driver as soon
as the distance becomes critical. This allows driving and distance
behavior to be influenced, reducing the risk of accidents.
-- Glare-free High Beam - Glare-free high beam technology follows the
premise that the driver travels almost constantly with high beam
switched on. When other drivers see the oncoming vehicle's high beams,
the portions of the high-beam light distribution that could cause
problems are automatically faded out.
-- Lane Departure Warning - With the aid of a front camera, inadvertent
lane departure is detected and the driver is accordingly warned
optically, acoustically or by touch. This helps prevent side
collisions.
-- Marking Light - On the basis of an AFS light distribution, people and
points of danger are specifically illuminated. The driver not only
detects them considerably earlier, but also is consciously aware of
them and can adapt his or her driving behavior accordingly in time.
-- Parking Assistant - The electronic parking assistant allows the driver
to park comfortably and safely in tight parallel parking spaces. When
driving past an open area, an ultrasonic sensor measures the space. If
the space is large enough, the parking procedure can be started. The
driver operates only the accelerator and the brake pedal. The turning
of the steering wheel takes place automatically.
-- Traffic-Sign Recognition - With the aid of a front camera, traffic
signs are detected and identified. If combined with ACC, the driver can
be warned accordingly with the distance-regulation system. The system
helps prevent accidents due to inappropriate speed. Hella, a global supplier, develops and manufactures components and systems for lighting and electronics for the automotive industry, including driver- assistance systems enhancing safety and comfort. In addition, its joint- venture companies produce complete vehicle modules, air-conditioning systems and vehicle-electric systems. Hella is also one of the world's largest companies selling automotive aftermarket parts and accessories, with its own sales companies and partners in more than 100 countries. Annual sales for the Hella Group total $ 4.8 billion. Hella is one of the 100 largest industrial companies in Germany. More than 25,000 people are employed in 70 production facilities, production subsidiaries and joint-venture companies. Nearly 3,000 Hella engineers and technicians work in research and development. Customers include all of the world's leading automakers and system manufacturers, as well as the automotive aftermarket. Additional information is available at www.hella.com.
First Call Analyst:
FCMN Contact:
Source: Hella
CONTACT: Ulrich Koester, Hella KGaA Hueck & Company, +49-29-41-38-7566,
ulrich.koester@hella.com; or Marty Habalewsky, mhabalewsky@usautocom.com, or
Lauren Kiehler, lkiehler@usautocom.com, both of AutoCom Associates,
+1-248-647-8621 Web site: http://www.hella.com/
-------
Profile: automotive-news
posted by automotive-news # 8:17 AM
Jaguar Presents 16th Annual 'Ringside for Mercy's Sake,' Proudly Supported by Chicago's Financial Exchanges
Jaguar Presents 16th Annual 'Ringside for Mercy's Sake,' Proudly Supported by Chicago's Financial Exchanges Boxing Gala to Raise Funds for Chicago's Mercy Home CHICAGO, Nov. 8 /PRNewswire-USNewswire/ -- For the 16th straight year, the leaders and employees of the financial industry's leading exchanges are joining the fight to save kids. And joining them for the 7th straight year is Jaguar Cars, which has donated a luxury automobile for a high-end raffle benefiting Mercy Home. It's all part of Ringside for Mercy's Sake -- a spectacular black-tie fundraising gala Saturday, November 10 at 6:00 p.m. in the Grand Ballroom of the Chicago Marriott Downtown Hotel. Ringside features dinner, dancing, live and silent auctions, a drawing for the New 2009 Jaguar XF, a Horseshoe Casino VIP Lounge, and live boxing matches between members of the financial industry's leading exchanges. Employees from the newly-formed CME Group, (which now includes the Chicago Board of Trade following its historic merger with the Chicago Mercantile Exchange earlier this year), NYSE Euronext, The Chicago Board Options Exchange, and Mesirow Financial will slug it out in the boxing ring to electrify a crowd of 1,200 guests, and to raise funds for Mercy Home for Boys & Girls. On hand for the event will be the chairmen of the financial industry's heavy hitters, as well as one of boxing's top all-time heavy hitters, "Smokin'"Joe Frazier. Mayor Richard M. Daley serves as the event's Honorary Chairman. The event is co-chaired by: William J. Brodsky, (Chairman, CBOE), Terrence A. Duffy (Executive Chairman, CME Group), Jerry Putnam (Senior Advisor, NYSE Euronext), and James Tyree (Chairman, Mesirow Financial). Event Vice Chairmen include Patrick Arbor, (Shatkin Arbor, Inc.), and William Castellano, (Worknet, Inc.) The action outside the ring this year will be more spectacular than ever. Incredible live and silent auctions will offer chances to win amazing vacation and experience packages, sports memorabilia, jewelry and much, much more. Mercy Home Board of Regents member Rich Daniels will lead his famous City Lights Orchestra to provide the elegant backdrop for a night of fine dining and dancing. Guests will enjoy wines provided by Frasca Hospitality, and spirit brands from Pernod Ricard, including the Stoli Elit Martini, Jameson Irish Whiskey, The Glenlivet and Perrier Jouet Champagne. Chances to win the New 2009 Jaguar XF have been available since September at http://www.mercyhome.org/getgorgeous and at several Chicagoland locations during the Jaguar Car Tour. The winning entry will be drawn live at Ringside on November 10, 2007 and the winner need not be present. Ringside for Mercy's Sake's began in 1992 as a unique collaboration between the leadership of Chicago's financial exchanges and today includes boxers from companies across the country. Rev. Scott Donahue, President and CEO of Mercy Home expressed his continued gratitude for the enduring support of exchange leaders over the years and for the many sponsors, donors and other volunteers who make Ringside a success. "Mercy Home is truly blessed by our partnership with leaders in the business and civic arenas," said Fr. Donahue. "We are immensely grateful for their support of our mission and their compassion for our young people." Mercy Home for Boys & Girls Since 1887, children who need hope, healing and a place to call home have been finding hope and healing at Mercy Home for Boys & Girls. At-risk young people who have been the victims of abuse, neglect, poverty and even abandonment are provided with the opportunity to improve their lives in Mercy Home's residential, aftercare, and mentoring programs. Mercy Home is 99% privately funded and operates two locations - a home for boys at 1140 W. Jackson Blvd. in Chicago's West Loop and a home for girls at 11600 S. Longwood Dr. on the South Side of Chicago. First Call Analyst:
FCMN Contact:
Source: Mercy Home for Boys and Girls
CONTACT: Mark Schmeltzer of Mercy Home, +1-312-738-4389,
marsch@mercyhome.org Web Site: http://www.mercyhome.org/getgorgeous
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Profile: automotive-news
posted by automotive-news # 8:06 AM
Monro Muffler Brake, Inc. to Participate in Stephens Inc. Fall Investment Conference
Monro Muffler Brake, Inc. to Participate in Stephens Inc. Fall Investment Conference ROCHESTER, N.Y., Nov. 8 /PRNewswire-FirstCall/ -- Monro Muffler Brake, Inc. (NASDAQ:MNRO), a leading provider of automotive undercar repair and tire services, today announced its participation in the 2007 Stephens Inc. Fall Investment Conference. The Company's presentation is scheduled for Thursday, November 15, 2007 at 2:15 p.m. EST in New York City. A live webcast of the presentation can be accessed via the Company's website at www.monro.com under the Investor Information section and will be archived for 60 days. The presentation slides may also be accessed via the Company's website. Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire and Tread Quarters Discount Tires. The Company currently operates 715 stores and has 14 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, steering and suspension systems, tires and many vehicle maintenance services. First Call Analyst:
FCMN Contact:
Source: Monro Muffler Brake, Inc.
CONTACT: Robert Gross, President and Chief Executive Officer, or
Catherine D'Amico, EVP of Finance and Chief Financial Officer, both of Monro
Muffler Brake, Inc., +1-585-647-6400; or Investor Relations, Leigh Parrish or
Caren Barbara, both of Financial Dynamics for Monro Muffler Brake, Inc.,
+1-212-850-5600 Web site: http://www.monro.com/
-------
Profile: automotive-news
posted by automotive-news # 7:34 AM
Ford Motor Credit Earns $334 Million in the Third Quarter Of 2007*
Ford Motor Credit Earns $334 Million in the Third Quarter Of 2007* DEARBORN, Mich., Nov. 8 /PRNewswire-FirstCall/ -- Ford Motor Credit Company reported net income of $334 million in the third quarter of 2007, down $118 million from earnings of $452 million a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $546 million in the third quarter compared with $730 million in the previous year. The decrease in earnings primarily reflected the non-recurrence of credit loss reserve reductions, higher depreciation expense for leased vehicles and higher borrowing costs. In the third quarters of 2007 and 2006, pre-tax earnings were $341 million and $521 million, excluding the net gains related to market valuation adjustments from derivatives, which were $205 million and $209 million, respectively. Ford Motor Credit expects to earn on a pre-tax basis $1.3 billion to $1.4 billion this year, excluding the impact of gains and losses related to market valuation adjustments from derivatives, consistent with the previous estimate. "Our sound risk management practices, high-quality portfolio, strong liquidity and ongoing restructuring continue to produce solid operating results," said Mike Bannister, chairman and CEO. "As we effectively execute the fundamentals of the business, we remain on track to meet our earnings outlook." On September 30, 2007, Ford Motor Credit's on-balance sheet net receivables totaled $141 billion, compared with $135 billion at year-end 2006. Managed receivables were $148 billion, largely unchanged compared with December 31, 2006. On September 30, 2007, managed leverage was 10.1 to 1. Ford Motor Credit Company LLC is one of the world's largest automotive finance companies and has supported the sale of Ford products since 1959. Ford Motor Credit is an indirect, wholly owned subsidiary of Ford Motor Company. It provides automotive financing for Ford, Lincoln, Mercury, Jaguar, Land Rover, Mazda and Volvo dealers and customers. More information can be found at http://www.fordcredit.com/ and at Ford Motor Credit's investor center, http://www.fordcredit.com/investorcenter/. - - - - -
* The financial results discussed herein are presented on a preliminary
basis; final data will be included in our Quarterly Report on Form 10-Q
for the quarter ended September 30, 2007. Cautionary Statement Regarding Forward Looking Statements Statements included or incorporated by reference herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: Automotive Related:
-- Continued decline in Ford's market share;
-- Continued or increased price competition for Ford vehicles resulting
from industry overcapacity, currency fluctuations or other factors;
-- An increase in or acceleration of market shift away from sales of
trucks, sport utility vehicles, or other more profitable vehicles,
particularly in the United States;
-- A significant decline in industry sales and our financing of those
sales, particularly in the United States or Europe, resulting from
slowing economic growth, geo-political events or other factors;
-- Lower-than-anticipated market acceptance of new or existing Ford
products;
-- Continued or increased high prices for or reduced availability of fuel;
-- Adverse effects from the bankruptcy or insolvency of, change in
ownership or control of, or alliances entered into by a major
competitor;
-- Economic distress of suppliers that has in the past or may in the
future require Ford to provide financial support or take other measures
to ensure supplies of components or materials;
-- Work stoppages at Ford or supplier facilities or other interruptions of
supplies;
-- Single-source supply of components or materials;
-- The discovery of defects in Ford vehicles resulting in delays in new
model launches, recall campaigns or increased warranty costs;
-- Increased safety, emissions (e.g., CO2), fuel economy or other (e.g.,
pension funding) regulation resulting in higher costs, cash
expenditures and/or sales restrictions;
-- Unusual or significant litigation or governmental investigations
arising out of alleged defects in Ford products or otherwise;
-- A change in Ford's requirements for parts or materials where it has
entered into long-term supply arrangements that commit it to purchase
minimum or fixed quantities of certain parts or materials, or to pay a
minimum amount to the seller ("take-or-pay contracts");
-- Adverse effects on our results from a decrease in or cessation of
government incentives;
-- Adverse effects on Ford's operations resulting from geo-political or
other events;
-- Substantial negative operating-related cash flows for the near- to
medium-term affecting Ford's ability to meet its obligations, invest in
its business or refinance its debt;
-- Substantial levels of indebtedness adversely affecting Ford's financial
condition or preventing Ford from fulfilling its debt obligations
(which may grow because Ford is able to incur substantially more debt,
including additional secured debt); Ford Credit Related:
-- Inability to access debt or securitization markets around the world at
competitive rates or in sufficient amounts due to additional credit
rating downgrades, market volatility, market disruptions or otherwise;
-- Higher-than-expected credit losses;
-- Increased competition from banks or other financial institutions
seeking to increase their share of financing Ford vehicles;
-- Collection and servicing problems related to our finance receivables
and net investment in operating leases;
-- Lower-than-anticipated residual values or higher-than-expected return
volumes for leased vehicles;
-- New or increased credit, consumer or data protection or other
regulations resulting in higher costs and/or additional financing
restrictions;
-- Changes in Ford's operations or changes in Ford's marketing programs
could result in a decline in our financing volumes; General:
-- Labor or other constraints on Ford's or our ability to restructure its
or our business;
-- Substantial pension and postretirement healthcare and life insurance
liabilities impairing Ford's or our liquidity or financial condition;
-- Worse-than-assumed economic and demographic experience for
postretirement benefit plans (e.g., discount rates, investment returns,
and health care cost trends);
-- Currency or commodity price fluctuations; and
-- Changes in interest rates. We cannot be certain that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. It is to be expected that there may be differences between projected and actual results. Our forward- looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward- looking statements, whether as a result of new information, future events or otherwise. For additional discussion of these risk factors, see Item 1A of Part I of our 2006 10-K Report and Item 1A of Part I of Ford's 2006 10-K Report. FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
PRELIMINARY
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended September 30, 2007 and 2006
(in millions) Third Quarter Nine Months
------------------- -------------------
2007 2006 2007 2006
------ ------ ------ ------
(Unaudited) (Unaudited)
Financing revenue
Operating leases $1,614 $1,443 $4,663 $4,143
Retail 884 938 2,580 2,770
Interest supplements
and other support
costs earned from
affiliated companies 1,186 901 3,378 2,483
Wholesale 515 607 1,607 1,848
Other 43 53 133 163
------ ------ ------ ------
Total financing
revenue 4,242 3,942 12,361 11,407
Depreciation on vehicles
subject to operating
leases (1,596) (1,374) (4,521) (3,819)
Interest expense (2,149) (2,022) (6,464) (5,722)
------ ------ ------ ------
Net financing margin 497 546 1,376 1,866
Other revenue
Investment and other
income related to
sales of receivables 97 169 308 542
Insurance premiums
earned, net 43 40 130 142
Other income, net 546 554 964 689
------ ------ ------ ------
Total financing
margin and other
revenue 1,183 1,309 2,778 3,239
Expenses
Operating expenses 445 482 1,451 1,491
Provision for credit
losses 173 66 301 64
Insurance expenses 19 31 74 137
------ ------ ------ ------
Total expenses 637 579 1,826 1,692
------ ------ ------ ------
Income from continuing
operations before
income taxes 546 730 952 1,547
Provision for income
taxes 212 278 363 543
------ ------ ------ ------
Income from continuing
operations before
minority interests 334 452 589 1,004
Minority interests in
net income of
subsidiaries 0 0 0 0
------ ------ ------ ------
Net income $ 334 $ 452 $ 589 $1,004
====== ====== ====== ====== FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
PRELIMINARY
CONSOLIDATED BALANCE SHEET
(in millions) September 30, December 31,
2007 2006
------------ ------------
(Unaudited)
ASSETS
Cash and cash equivalents $ 8,033 $ 12,331
Marketable securities 4,626 10,161
Finance receivables, net 111,644 109,405
Net investment in operating leases 29,188 25,939
Retained interest in securitized assets 760 990
Notes and accounts receivable from
affiliated companies 859 950
Derivative financial instruments 1,876 1,804
Other assets 5,259 5,752
-------- --------
Total assets $162,245 $167,332
======== ======== LIABILITIES AND SHAREHOLDER'S INTEREST/EQUITY
Liabilities
Accounts payable
Customer deposits, dealer reserves and
other $ 1,862 $ 1,509
Affiliated companies 2,760 3,648
-------- --------
Total accounts payable 4,622 5,157
Debt 133,108 139,740
Deferred income taxes 5,610 6,783
Derivative financial instruments 838 296
Other liabilities and deferred income 5,041 3,588
-------- --------
Total liabilities 149,219 155,564 Minority interests in net assets of subsidiaries 3 3 Shareholder's interest/equity
Capital stock and paid-in surplus - 5,149
Shareholder's interest 5,149 -
Accumulated other comprehensive income 1,545 825
Retained earnings 6,329 5,791
-------- --------
Total shareholder's interest/equity 13,023 11,765
-------- --------
Total liabilities and shareholder's
interest/equity $162,245 $167,332
======== ======== FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
OPERATING HIGHLIGHTS* Third Quarter First Nine Months
---------------- -----------------
2007 2006 2007 2006
---- ---- ---- ----
Financing Shares
United States
Financing share - Ford,
Lincoln and Mercury
Retail installment
and lease 45% 56% 39% 48%
Wholesale 79 80 79 80
Europe
Financing share - Ford
Retail installment
and lease 26% 28% 26% 26%
Wholesale 95 95 96 95 Contract Volume - New and
used retail/lease (in
thousands)
North America segment
United States 349 471 1,008 1,312
Canada 54 55 148 146
---- ---- ----- -----
Total North America
segment 403 526 1,156 1,458 International segment
Europe 170 173 541 540
Other international 53 60 159 181
---- ---- ----- -----
Total International
segment 223 233 700 721
---- ---- ----- -----
Total contract
volume 626 759 1,856 2,179
==== ==== ===== ===== Borrowing Cost Rate** 6.2% 5.7% 6.1% 5.4% Charge-offs (in millions)
On-Balance Sheet
Receivables
Retail installment
& lease $170 $132 $388 $307
Wholesale 13 6 25 25
Other 1 2 3 2
---- ---- ---- ----
Total charge-offs
- on-balance sheet
receivables $184 $140 $416 $334
==== ==== ==== ==== Total loss-to-receivables
ratio 0.53% 0.41% 0.40% 0.33% Managed Receivables***
Retail installment
& lease $186 $153 $436 $372
Wholesale 13 6 25 25
Other 1 2 3 2
---- ---- ---- ----
Total charge-offs -
managed receivables $200 $161 $464 $399
==== ==== ==== ==== Total loss-to-receivables
ratio 0.54% 0.43% 0.42% 0.36%
- - - - -
* Continuing operations
** On-balance sheet debt, includes the effects of derivatives and
facility fees
*** See appendix for additional information
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
APPENDIX In evaluating Ford Motor Credit's financial performance, Ford Motor Credit management uses financial statements and other financial measures in accordance with Generally Accepted Accounting Principles ("GAAP"). Included below are brief definitions of key terms, information about the impact of on- balance sheet securitization and a reconciliation of other measures to GAAP. KEY TERMS:
-- Managed receivables: receivables reported on Ford Motor Credit's
balance sheet and receivables Ford Motor Credit sold in off-balance
sheet securitizations and continues to service
-- Charge-offs on managed receivables: charge-offs associated with
receivables reported on Ford Motor Credit's balance sheet and charge-
offs associated with receivables that Ford Motor Credit sold in off-
balance sheet securitizations and continues to service
-- Equity: shareholder's interest and historical stockholder's equity
reported on Ford Motor Credit's balance sheet IMPACT OF ON-BALANCE SHEET SECURITIZATION: Finance receivables (retail and wholesale) and net investment in operating leases reported on Ford Motor Credit's balance sheet include assets included in securitizations that do not qualify for accounting sale treatment. These assets are available only for repayment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay the other obligations of Ford Motor Credit or the claims of Ford Motor Credit's other creditors. Debt reported on Ford Motor Credit's balance sheet includes obligations issued or arising in securitizations that are payable only out of collections on the underlying securitized assets and related enhancements. RECONCILIATION OF MEASURES TO GAAP: Managed Leverage Calculation September 30, December 31,
2007 2006
-------------- ------------
(in billions)
Total debt $133.1 $139.7
Securitized off-balance sheet
receivables outstanding 7.6 12.2
Retained interest in securitized
off-balance sheet receivables (0.8) (1.0)
Adjustments for cash and cash
equivalents, and marketable
securities* (12.0) (21.8)
Adjustments for hedge accounting
on total debt 0.0 (0.1)
------ ------
Total adjusted debt $127.9 $129.0
====== ====== Total shareholder's equity
(including minority interest) $ 13.0 $ 11.8
Adjustments for hedge accounting
on equity (0.3) (0.5)
------ ------
Total adjusted equity $ 12.7 $ 11.3
====== ====== Managed leverage (to 1) =
adjusted debt / adjusted equity 10.1 11.4
Memo: Financial statement
leverage (to 1) = total debt /
shareholder's equity 10.2 11.9 Net Finance Receivables and
Operating Leases Managed Receivables
---------------------------------------------
On-Balance Off-Balance
Sheet Sheet Total
---------- ----------- ---------
September 30, 2007 (in billions)
Retail installment $ 74.3 $ 7.6 $ 81.9
Wholesale 34.0 - 34.0
Other finance receivables 3.3 - 3.3
Net investment in operating
leases 29.2 - 29.2
------ ----- ------
Total net finance receivables
and operating leases $140.8 $ 7.6 $148.4
====== ===== ====== December 31, 2006
Retail installment $ 70.4 $12.2 $ 82.6
Wholesale 35.2 - 35.2
Other finance receivables 3.8 - 3.8
Net investment in operating
leases 25.9 - 25.9
------ ----- ------
Total net finance receivables
and operating leases $135.3 $12.2 $147.5
====== ===== ====== - - - - -
*Excludes marketable securities related to insurance activities.
First Call Analyst:
FCMN Contact:
Source: Ford Motor Credit Company
CONTACT: Media: Brenda Hines, +1-313-594-1099, bhines1@ford.com, Fixed
Income Investment Community: Rob Moeller, +1-313-621-0881, rmoeller@ford.com,
both of Ford Motor Credit Company Web site: http://www.fordcredit.com/
http://www.fordcredit.com/investorcenter
-------
Profile: automotive-news
posted by automotive-news # 7:18 AM
Ford Reports Third Quarter 2007 Results - Continues To Make Significant Progress On Its Plan*
Ford Reports Third Quarter 2007 Results - Continues To Make Significant Progress On Its Plan* - Third quarter and year-to-date 2007 results ahead of plan. - Significant continued improvement in core Automotive operations. - Cash balance above year-end 2006 levels, despite restructuring. - New vehicle quality continuing to improve. - New products continuing to perform well. DEARBORN, Mich., Nov. 8 /PRNewswire-FirstCall/ -- Ford Motor Company (NYSE:F) today reported a net loss of 19 cents per share, or $380 million, for the third quarter of 2007. This compares with a net loss of $2.79 per share, or $5.2 billion, in the third quarter of 2006. Ford's third-quarter revenue was $41.1 billion, up from $37.1 billion a year ago. The increase primarily reflected higher net pricing, changes in currency exchange rates, and improved product mix. Ford's third-quarter loss from continuing operations, excluding special items, was 1 cent per share, or $24 million, compared with a loss of 45 cents per share, or $850 million, in the same period a year ago.** Special items reduced pre-tax results by $350 million in the third quarter. These were more than explained by costs associated with our previously announced Trust Preferred Securities exchange offer, and charges associated with Ford Europe and PAG personnel reductions and other restructuring actions. Favorable cost adjustments associated with Ford North America personnel reduction programs were a partial offset. * The financial results discussed herein are presented on a preliminary basis; final data will be included in our Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2007. ** Earnings per share from continuing operations, excluding special items, is calculated on a basis that includes pre-tax profit and provision for taxes and minority interest. See tables following "Safe Harbor/Risk Factors" for the nature and amount of these special items and a reconciliation to U.S. Generally Accepted Accounting Principles ("GAAP"). Total Company - 2007 Third Quarter Financial Results Third Quarter
----------------
O/(U)
2007 2006
------ ------
Wholesales (000) 1,487 20
Revenue (Bils.) $41.1 $4.0 Continuing Operations (Excluding Special Items)*
---------------------
Automotive $(362) $1,494
Financial Services 556 (194)
------ ------
Pre-Tax Profits (Mils.) $194 $1,300 After-Tax Profits (Mils.) (24) 826
Earnings Per Share ** (0.01) 0.44 Special Items Pre-Tax (Mils.) $(350) $4,908
--------------------- Net Income
----------
After-Tax Profits (Mils.) $(380) $4,868
Earnings Per Share** (0.19) 2.60 Automotive Gross Cash (Bils.)*** $35.6 $12.0 * See tables following "Safe Harbor/Risk Factors" for
reconciliations to GAAP.
** Earnings per share is calculated on a basis that includes
pre-tax profit and provision for taxes and minority interest.
See tables following "Safe Harbor/Risk Factors" for the nature
and amount of these special items and reconciliations to GAAP.
*** See third table following "Safe Harbor/Risk Factors" for a
reconciliation of Automotive gross cash to GAAP.
Automotive gross cash, which includes cash and cash equivalents, net marketable securities, loaned securities and short-term VEBA assets, was $35.6 billion at Sept. 30, 2007, an increase of $1.7 billion from year-end 2006.
The company continues to explore in greater detail the potential sale of Jaguar and Land Rover with interested parties and anticipates these discussions will culminate in an agreement no later than early next year. In addition, the company has been conducting a strategic review of Volvo, and has developed a plan. The first priority of the plan is to improve financial performance at Volvo. The plan also includes: enhancing Volvo's position as a global producer of premium vehicles; establishing appropriate business arrangements between Volvo and Ford-brand operations to allow Volvo to operate on a more stand-alone basis in the absence of the PAG structure; and, continuing to achieve synergies between Ford-brand operations and Volvo in areas such as product development and purchasing. The company plans to disclose Volvo's financial performance beginning with 2008 results. "Our third quarter performance is very encouraging," said Ford President and Chief Executive Officer Alan Mulally. "We can see our plan taking hold with significant improvement continuing in our core Automotive operations. We remain committed to executing the four priorities of our plan - restructuring the business to operate profitably, accelerating the development of new products that our customers want and value, funding our plan and improving our balance sheet, and working even more effectively together as one Ford team, leveraging our global assets." Highlights for 2007 thus far include: -- Tentative agreement reached with the United Auto Workers (UAW) on a new
four-year national labor contract, subject to ratification by UAW
members, which significantly improves our competitiveness going
forward. -- Strong performance in the 2007 Third Quarter U.S. Global Quality
Research System (GQRS) study. -- Ford Taurus, Taurus X and Mercury Sable earned Top Safety Pick ratings
from the Insurance Institute for Highway Safety (IIHS) for achieving
the highest possible ratings in frontal, side and rear crash test
performance. -- The Ford Mustang convertible became the first sports car and first
convertible in history to earn the highest possible safety ratings from
the National Highway Traffic and Safety Administration (NHTSA). The
Mustang convertible earned five star ratings in all crash test and
rollover categories. -- Ford SYNC - the company's fully integrated, voice-activated in-car
communications and entertainment system developed in association with
Microsoft - won one of 10 Popular Mechanics' "Breakthrough Awards"
which recognize products that set new benchmarks in design, creativity
and engineering. -- Ford South America unit sales up 19 percent year to date. -- Ford Europe records sixth consecutive quarter of year-over-year profit
improvement, and Ford Europe unit sales rose more than 5 percent in
first nine months of 2007. -- Ford Mondeo joins three other models - Ford Focus, Galaxy and S-MAX -
with a five star performance on the Euro NCAP top 10 list, reinforcing
Ford Europe's position as the manufacturer with the highest number of
vehicles in the top 10 for adult occupant protection. -- Best-ever quarter for Land Rover unit sales. -- Ford China unit sales up 27 percent in the first nine months of 2007. -- Launched operations at new assembly plant in Nanjing, China. The new
plant will produce the latest small-car models from both Ford and
Mazda. -- Achieved $1.8 billion in cost savings in first nine months of 2007,
including $600 million in the third quarter (at constant volume, mix
and exchange; excluding special items). -- Continued to align capacity to match demand and improve our
productivity in North America, reducing personnel by 6,800 in the third
quarter. The following discussion of the results of our Automotive sector and Automotive segments/business units is on a basis that excludes special items. See table following "Safe Harbor/Risk Factors" for the nature and amount of these special items and any necessary reconciliations to GAAP. AUTOMOTIVE SECTOR On a pre-tax basis, worldwide Automotive sector losses in the third quarter were $362 million. This compares with a pre-tax loss of $1.9 billion during the same period a year ago. The improvements were more than explained by higher net pricing, lower costs, and improved volume and mix, partially offset by higher interest expense, and unfavorable changes in currency exchange rates. Vehicle wholesales in the third quarter were 1,487,000, up from 1,467,000 a year ago. Worldwide Automotive revenue for the third quarter was $36.3 billion, up from $32.5 billion in the same period last year. The increase primarily reflected higher net pricing, changes in currency exchange rates, and improved product mix. Ford North America: In the third quarter, Ford North America reported a pre-tax loss of $1.0 billion, compared with a pre-tax loss of $2.1 billion a year ago. The improvement primarily reflected higher net pricing and improved product mix, partially offset by unfavorable changes in currency exchange rates. Revenue was $16.5 billion, up from $15.4 billion for the same period a year ago. Ford South America: Ford South America reported a third-quarter pre-tax profit of $386 million, compared with a pre-tax profit of $201 million a year ago. The improvement was primarily explained by higher net pricing and higher volume. Third quarter revenue improved to $2.1 billion from $1.5 billion in 2006. Ford Europe: Ford Europe's third-quarter pre-tax profit was $293 million, compared with a pre-tax loss of $13 million during the same period in 2006. The improvement was more than explained by lower costs and higher net pricing, partially offset by lower volume and less favorable mix. During the third quarter of 2007, Ford Europe's revenue was $8.3 billion, compared with $7.3 billion during the third quarter of 2006. Premier Automotive Group (PAG): PAG reported a pre-tax loss of $97 million for the third quarter, compared with a pre-tax loss of $508 million for the same period in 2006. The third-quarter 2007 result reflected a loss at Volvo, partially offset by a small profit at the combined Jaguar and Land Rover operation. The year-over-year improvement was primarily explained by cost reductions across all brands, including the non-recurrence of adverse 2006 adjustments to warranty reserves. Higher volumes and higher net pricing were partially offset by the effect of the continued weakening of the U.S. dollar against key European currencies. Third-quarter 2007 revenue was $7.4 billion, compared with $6.5 billion a year ago. Ford Asia Pacific and Africa: For the third quarter, Ford Asia Pacific and Africa reported a pre-tax profit of $30 million, compared with a pre-tax loss of $56 million a year ago. The improvement primarily reflected cost reductions and higher net pricing, partially offset by adverse product mix, mainly in Australia. Revenue was $1.8 billion for the third quarter of 2007, compared with $1.6 billion in 2006. Mazda: For the third quarter, Ford earned $18 million from its investment in Mazda and associated operations, compared with $40 million during the same period a year ago. Other Automotive: Third-quarter results included a pre-tax profit of $29 million, compared with a profit of $553 million a year ago. The year-over- year deterioration primarily reflected the non-recurrence of last year's tax- related interest. FINANCIAL SERVICES SECTOR For the third quarter, the Financial Services sector earned a pre-tax profit of $556 million, compared with a pre-tax profit of $750 million a year ago. Ford Motor Credit Company: On a pre-tax basis from continuing operations, Ford Motor Credit Company earned $546 million in the third quarter compared with $730 million in the previous year. The decrease in earnings was more than explained by the non-recurrence of prior-year credit loss reserve reductions, higher depreciation expense for leased vehicles and higher borrowing costs. OUTLOOK The company is ahead of its 2007 plan both on a pre-tax and net income basis, and anticipates substantial year-over-year improvement in fourth quarter results. Fourth quarter Automotive and Company pre-tax results are expected to be a loss, more than explained by North America. Full-year pre- tax results excluding special items are expected to be in the range of a small loss to breakeven, which would be a significant improvement from a year ago. Excluding gains or losses from future divestitures, special items for full-year 2007 are expected to be a charge in the range of $1 billion to $2 billion, including a one-time, non-cash charge estimated to be approximately $1.4 billion relating to a proposed change in business practice for offering and announcing retail variable marketing incentives to our dealers. Ford Motor Credit expects to earn $1.3 billion to $1.4 billion this year on a pre-tax basis, excluding the impact of gains and losses related to market valuation adjustments from derivatives, consistent with the previous estimate. Looking ahead, the company's progress in 2007 reflects it is on track to meet its goal of being profitable in North America and Total Automotive in 2009. The company also is on track to meet its North American cost reduction target of $5 billion by 2008 as compared with 2005. Progress is being made on achieving U.S. market share goals, and the company is ahead of its $17 billion cash outflow target for the 2007 to 2009 period. "Our third-quarter and year-to-date performance indicate that our plan is working," said Mulally. "Our full-year pre-tax outlook excluding special items is to be substantially better than 2006. We remain committed to improving our business and delivering our plan." THIRD-QUARTER CONFERENCE CALL DETAILS Ford Motor Company [NYSE:F] will release third quarter 2007 financial results at 7 a.m. EST, Thursday, Nov. 8. The following briefings will be held after the announcement: At 9 a.m. EST, Alan Mulally, president and chief executive officer, and Don Leclair, executive vice president and chief financial officer, will host a conference call for news media and the investment community to discuss third quarter results. Following the earnings call, at 11 a.m. EST, Ford Senior Vice President and Controller Peter Daniel, Ford Vice President and Treasurer Neil Schloss and Ford Motor Credit Company Vice Chairman and Chief Financial Officer K.R. Kent will host a conference call for fixed income analysts and investors. The presentations (listen-only) and supporting materials will be available on the Internet at www.shareholder.ford.com. Representatives of the news media and the investment community participating by teleconference will have the opportunity to ask questions following the presentations. Access Information - Thursday, Nov. 8
------------------
Toll Free: 800-798-2884
International: 617-614-6207 Earnings: 9:00 a.m. EST
Earnings Passcode: "Ford Earnings" Fixed Income: 11:00 a.m. EST
Fixed Income Passcode: "Ford Fixed Income" Replays - Available through Thursday, Nov. 15
-------
www.shareholder.ford.com Toll Free: 888-286-8010
International: 617-801-6888 Passcodes:
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Earnings: 29481628
Fixed Income: 55865600 Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles in 200 markets across six continents. With about 250,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.fordvehicles.com. Risk Factors Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: -- Continued decline in market share;
-- Continued or increased price competition resulting from industry
overcapacity, currency fluctuations or other factors;
-- An increase in or acceleration of market shift away from sales of
trucks, sport utility vehicles, or other more profitable vehicles,
particularly in the United States;
-- A significant decline in industry sales, particularly in the United
States or Europe, resulting from slowing economic growth, geo-political
events or other factors;
-- Lower-than-anticipated market acceptance of new or existing products;
-- Continued or increased high prices for or reduced availability of fuel;
-- Currency or commodity price fluctuations;
-- Adverse effects from the bankruptcy or insolvency of, change in
ownership or control of, or alliances entered into by a major
competitor;
-- Economic distress of suppliers that has in the past and may in the
future require us to provide financial support or take other measures
to ensure supplies of components or materials;
-- Labor or other constraints on our ability to restructure our business;
-- Work stoppages at Ford or supplier facilities or other interruptions of
supplies;
-- Single-source supply of components or materials;
-- Substantial pension and postretirement health care and life insurance
liabilities impairing our liquidity or financial condition;
-- Worse-than-assumed economic and demographic experience for our
postretirement benefit plans (e.g., discount rates, investment returns,
and health care cost trends);
-- The discovery of defects in vehicles resulting in delays in new model
launches, recall campaigns or increased warranty costs;
-- Increased safety, emissions (e.g., CO2), fuel economy, or other (e.g.,
pension funding) regulation resulting in higher costs, cash
expenditures, and/or sales restrictions;
-- Unusual or significant litigation or governmental investigations
arising out of alleged defects in our products or otherwise;
-- A change in our requirements for parts or materials where we have
entered into long-term supply arrangements that commit us to purchase
minimum or fixed quantities of certain parts or materials, or to pay a
minimum amount to the seller ("take-or-pay" contracts);
-- Adverse effects on our results from a decrease in or cessation of
government incentives;
-- Adverse effects on our operations resulting from certain geo-political
or other events;
-- Substantial negative Automotive operating-related cash flows for the
near- to medium-term affecting our ability to meet our obligations,
invest in our business or refinance our debt;
-- Substantial levels of Automotive indebtedness adversely affecting our
financial condition or preventing us from fulfilling our debt
obligations (which may grow because we are able to incur substantially
more debt, including additional secured debt);
-- Inability of Ford Credit to access debt or securitization markets
around the world at competitive rates or in sufficient amounts due to
additional credit rating downgrades, market volatility, market
disruption or otherwise;
-- Higher-than-expected credit losses;
-- Increased competition from banks or other financial institutions
seeking to increase their share of financing Ford vehicles;
-- Changes in interest rates;
-- Collection and servicing problems related to finance receivables and
net investment in operating leases;
-- Lower-than-anticipated residual values or higher-than-expected return
volumes for leased vehicles; and
-- New or increased credit, consumer or data protection or other
regulations resulting in higher costs and/or additional financing
restrictions. We cannot be certain that any expectation, forecast or assumption made by management in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion of these risks, see "Item 1A. Risk Factors" in our 2006 Form 10-K Report. TOTAL COMPANY INCOME/(LOSS) FROM CONTINUING OPERATIONS COMPARED WITH NET INCOME/(LOSS) Third Quarter
--------------------
2007 2006
-------- --------
Revenue (Bils.)
$41.1 $37.1
Income (Mils.)
------
Pre-Tax Income/(Loss) from Continuing
Operations (Excluding Special Items) $194 $(1,106)
Special Items* (350) (5,258)
-------- --------
Pre-Tax Income/(Loss) from Continuing
Operations $(156) $(6,364) Minority Interest in Net Income of Subsidiaries 62 48
Provision for/(Benefit from) Income Taxes 162 (1,160)
-------- --------
Net Income/(Loss) from Continuing Operations $(380) $(5,252)
Income/(Loss) from Discontinued Operations - 4
-------- --------
Net Income/(Loss) $(380) $(5,248)
======== ======== * Special items detailed in following table.
TOTAL COMPANY SPECIAL ITEMS
Third Quarter
---------------------
2007 2006
-------- --------
(Mils.) (Mils.)
Ford North America Separation Programs $110 $(1,030)
Related OPEB Curtailment 213 -
Related Pension Curtailment - (437)
Gain on Sale of an Automotive Components
Holdings Operation 5 -
Fixed Asset Impairment Charges - (2,200)
-------- --------
Subtotal Ford North America $328 $(3,667)
-------- --------
Ford South America Legal Settlement relating - 99
to Social Welfare Tax Liability
PAG Sale of Aston Martin (1) -
PAG Net Gains on Certain Undesignated Hedges 37 -
PAG Fixed Asset Impairment Charges - (1,600)
PAG Personnel-Reduction Programs/Other (32) (69)
Ford Europe Personnel-Reduction (39) (21)
Programs/Other
Ford Asia Pacific and Africa Personnel- (1) -
Reduction Programs/Other
Ford Asia Pacific and Africa Joint Venture (10) -
Equity Impairment
Loss on Conversion of Trust Preferred
Securities (632) -
-------- --------
Total Pre-Tax Special Items $(350) $(5,258)
======== ========
Memo: Impact on Earnings Per Share* $(0.18) $(2.34)
* Earnings per share for special items is calculated on a basis that
includes the pre-tax amount and a provision for taxes; additional
information regarding the method of calculating earnings per share is
available in the materials supporting the Nov. 8, 2007, conference
calls at www.shareholder.ford.com.
AUTOMOTIVE GROSS CASH RECONCILIATION TO GAAP
Sept. 30,
2007
B/(W) Memo:
Dec. 31, Sept. 30, Dec. 31, Sept. 30,
2006 2007 2006 2006
------- ------- ------- -------
(Bils.) (Bils.) (Bils.) (Bils.)
Cash and Cash Equivalents $16.0 $18.9 $2.9 $13.5
Marketable Securities 11.3 7.2 (4.1) 7.8
Loaned Securities 5.3 7.8 2.5 0.6
------- ------- ------- -------
Total Cash/Market. $32.6 $33.9 $1.3 $21.9
and Loaned Securities
Securities-In-Transit (0.5) (0.4) 0.1 -
Short-Term VEBA Assets 1.8 2.1 0.3 1.7
------- ------- ------- -------
Gross Cash $33.9 $35.6 $1.7 $23.6
======= ======= ======= ======= Source: Ford Motor Company
CONTACT: Media, Becky Sanch, +1-313-594-4410, bsanch@ford.com; Equity
Investment Community, Larry Heck, +1-313-594-0613, fordir@ford.com; Fixed
Income Investment Community, Rob Moeller, +1-313-621-0881, fixedinc@ford.com;
Shareholder Inquiries, 800-555-5259, or +1-313-845-8540, stockinf@ford.com,
all of Ford Motor Company Web site: http://www.ford.com/
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Profile: automotive-news
posted by automotive-news # 7:17 AM
NAVTEQ Transport(TM) Selected by WebTech Wireless for Quadrant(TM) Transportation Solution
NAVTEQ Transport(TM) Selected by WebTech Wireless for Quadrant(TM) Transportation Solution Wireless Fleet Management Powered by NAVTEQ(R) Map Data CHICAGO, Nov. 8 /PRNewswire-FirstCall/ -- NAVTEQ (NYSE:NVT), a leading global provider of digital map data for vehicle navigation and location-based solutions, announced today that it has been selected by WebTech Wireless to supply NAVTEQ Transport truck attributes for Quadrant, WebTech Wireless' fleet management system. Quadrant provides users with GPS-based location information in real-time for efficient fleet management. Powered by NAVTEQ map data, Quadrant enables fleet managers and dispatchers to access detailed fleet operational data, both real-time and historical. Offered on a scaleable platform that allows for a wide range of future enhancements, Quadrant provides a real-time map interface for reporting and messaging activities that result in lower administration costs while increasing productivity. Fleet managers are able to connect their fleet to back-office applications providing instant access to data that can reduce unnecessary paperwork. With the inclusion of NAVTEQ Transport, fleet managers can also route trucks away from low-clearance areas and streets in which trucks cannot maneuver, helping to reduce incidents and minimize out-of-route miles. NAVTEQ Transport provides road attributes that directly affect truck routing such as legal restrictions, physical restrictions and preferred truck routes. "WebTech Wireless needs a mapping solution that provides detailed and up-to-date coverage with key information such as truck routing attributes," said Cameron Fraser, CTO and co-founder, WebTech Wireless. "We will continue to work with top industry suppliers such as NAVTEQ to help us remain a leader in the vehicle tracking industry." "NAVTEQ's selection as the map of choice for WebTech Wireless highlights the value of accurate map data and industry-specific datasets," said Roy Kolstad, vice president and general manager - Enterprise Americas, NAVTEQ. "We look forward to supporting WebTech Wireless as they continue to bring innovative fleet solutions to their customers." WebTech Wireless will be featuring Quadrant, powered by NAVTEQ map data, at the 2007 Logistics and Fleet Management Show from November 12 through November 13, 2007 at the Chicago City Center Hotel, Booth #19. About WebTech Wireless Inc. WebTech Wireless Inc. (TSX: WEW) is a global Telematics, location-based services provider that develops, manufactures, and delivers turnkey wireless solutions designed to improve productivity and profitability. WebTech Wireless products include wireless hardware and software services running on cellular and satellite networks, and include Automatic Vehicle Location, Mapping, Reporting, Vehicle Diagnostics, Driver Status, In-vehicle Telemetry, Messaging, In-vehicle Navigation, and wireless application and Internet connectivity. WebTech Wireless is currently providing devices and services worldwide in eight languages to over forty-one countries covering five continents. WebTech Wireless' scalable solutions are used by a broad range of small, medium and Fortune 500 companies and by governments. For more information, please visit http://www.webtechwireless.com/. About NAVTEQ NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has more than 3,100 employees located in 167 offices in 31 countries. NAVTEQ is a trademark in the U.S. and other countries. (C) 2007 NAVTEQ. All rights reserved. This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document. (Logo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO) First Call Analyst:
FCMN Contact: Photo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: NAVTEQ
CONTACT: Jennifer Schuh of NAVTEQ, +1-312-894-3913,
jennifer.schuh@navteq.com; or Bob Richter, +1-212-802-8588,
bob@richtermedia.com, for NAVTEQ; or Corey Grant of WebTech Wireless,
+1-604-628-5194, cgrant@webtechwireless.com Web site: http://www.navteq.com/
http://www.webtechwireless.com/
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Profile: automotive-news
posted by automotive-news # 7:10 AM
Suzuki Showcases All-New SX4 Sport, Zuk Concept at 2007 San Antonio International Auto & Truck Show
Suzuki Showcases All-New SX4 Sport, Zuk Concept at 2007 San Antonio International Auto & Truck Show - Suzuki displays full-line of vehicles for active lifestyles - Zuk concept appeals to four-wheel and two-wheel tuner enthusiasts SAN ANTONIO, Nov. 8 /PRNewswire/ -- Led by the all-new 2008 four-door Suzuki SX4 Sport, American Suzuki Motor Corp. arrives at the San Antonio International Auto & Truck Show poised to impress show goers with its exciting lineup of value-packed cars and SUVs made for people with active lifestyles. In addition to Suzuki Auto's full-line of vehicles on display at the show, including the XL7 midsize SUV, media-acclaimed Grand Vitara, and bold and functional five-door SX4 Crossover, Alamo City auto enthusiasts will be treated to a look at the Zuk, one of the company's dynamic Suzuki LIVE Series (LIFESTYLE VEHICLES) concept vehicles based on the SX4 Crossover. (Logo: http://www.newscom.com/cgi-bin/prnh/20060829/LATU016LOGO-c) "As we begin the new model year, we're excited to introduce an expanded line of fun-to-drive vehicles, including the all-new SX4 Sport," said Mark Harano, president of American Suzuki's Automotive Operations. "The San Antonio International Auto & Truck Show provides the perfect venue for local residents to preview a number of Suzuki's stylish and versatile cars and SUVs before making a purchase." Zuk Inspired by Suzuki's world-renowned, championship-winning sportbikes, and derived from the five-door SX4 Crossover, the Zuk concept offers solid functionality both on the road and the track. Built by Road Race Motorsports of Santa Fe Springs, Calif., the sporty Zuk is powered by a 300-horsepower, 2.0-liter turbocharged and intercooled engine with alcohol injection system, matched to a five-speed manual transmission. Designed for ultimate street performance, the stunning SX4 Crossover concept features a sophisticated all-wheel-drive system, excellent stability and crisp handling characteristics. The Zuk features Suzuki Hayabusa and GSX-R-inspired bodywork, ground effects, mirrors, spoiler and exhaust, all wrapped in blue metallic paint and carbon fiber. Framing accent lights highlight the Zuk's motorcycle-themed structure and cage, while strategically placed openings reveal the vehicle's powertrain, wheels, tires and chassis details. The fully drivable and track-tested Zuk is equipped with a fully tuned performance suspension system, 19-inch alloy wheels and high-performance tires. The motorcycle-inspired design continues inside the Zuk, revealing a functional, modern sportbike-styled space frame and roll cage. Cove lighting further accentuates the superbike-inspired structural frame and draws attention to the GSX-R-inspired instrument cluster. Minimalist racing seats with charcoal and carbon fiber interior trim and touch points provide interior comfort and complement the Zuk's optimal driving experience. Other race-inspired interior appointments include center switches and gauge set -- evocative of Suzuki racing heritage -- and machined aluminum driver and navigator foot platforms cantilevered for an exciting motorcycle feel. Suzuki SX4 Sport The all-new 2008 four-door Suzuki SX4 Sport is the automotive cousin to the five-door SX4 Crossover and designed to ease the day-in, day-out urban grind for its drivers. Sharing a common appeal for those who live a life consistent with Suzuki's "Way of Life" brand philosophy, the SX4 Sport and SX4 Crossover seamlessly blend into varied driving conditions and environments. The SX4 Sport brings award-winning handling capabilities from the Suzuki Swift, which won more than 16 international awards, to the U.S. market. Having wowed journalists and hundreds of thousands of drivers throughout the world, the sporty Swift character embodied in the SX4 Sport can now be enjoyed by U.S. consumers. Suzuki's development benchmark for the SX4 Sport was to meet or beat the Swift on key dynamic performance attributes in order to win the heart of the American consumer. SX4's appeal does not stop on the track, as it offers bold, youthful styling along with a generous list of standard features and a surprisingly roomy interior. Targeted toward younger buyers, the SX4 Sport represents a core model for Suzuki that has a personality distinct from its competitors. Built in Japan, the SX4 Sport features a sophisticated 2.0-liter, four-cylinder, 16-valve DOHC engine matched to a five-speed manual transmission or an available specially tuned four-speed automatic transmission. The responsive engine's strong low-end torque provides the fun-to-drive feeling commuters and weekenders crave, and it's more power than segment volume leaders. The 2.0-liter engine delivers 143 horsepower and 136 lb.-ft. of torque, with an estimated EPA fuel economy rating of 23 mpg/city and 31 mpg/highway with automatic transmission. The 2008 SX4 Sport is one of the best-equipped compact cars in America, with more standard features than cars costing thousands more. The base SX4 Sport's standard features include six airbags (front driver and passenger airbags, driver and passenger side-impact airbags and side curtain airbags), four-wheel disc brakes with ABS and electronic brake-force distribution, tire pressure monitoring system, trip computer, front seatbelt pretensioners, power windows, locks and mirrors, remote keyless entry, air conditioning, AM/FM/CD/MP3 audio system with four speakers, tilt steering wheel, aero body package, 17-inch alloy wheels and floor mats. The starting MSRP for the four-door SX4 Sport is $14,770 plus $625 destination and handling. The Convenience Package adds cruise control and a leather-wrapped steering wheel with integrated audio controls, automatic climate control and heated outside mirrors. The starting MSRP for the SX4 with the Convenience Package is $15,270. The Touring package adds a six-disc CD player, upgraded 380-watt audio system with nine speakers, including subwoofer, fog lamps, a rear spoiler, Electronic Stability Program (ESP)(1) with traction control system and SmartPass keyless entry and start system, and starts at $16,270. An automatic transmission is available for $1,100 on all models. Suzuki SX4 Crossover Since its introduction last year, the Suzuki SX4 Crossover has received numerous awards, including being named one of the "Top 10 Coolest Cars Under $18,000" by Kelley Blue Book and "Best Kept Secret of 2007" by Autobytel. The SX4 Crossover features a sophisticated 2.0-liter, in-line four cylinder, DOHC engine rated at 143 horsepower. Fitted with intelligent all-wheel drive as standard equipment, the five-door is America's most affordable all-wheel-drive vehicle and is sure to be a year-round standout in any driving condition. Several refinements have been made for the 2008 model year, including a revised fifth gear ratio (M/T) for improved highway mpg and reduced NVH, remote fuel door release, air conditioning with automatic climate control and heated outside mirrors with the Convenience package. Other available features for the 2008 SX4 Crossover include Bluetooth connectivity and sport pedals. The starting MSRP for the five-door SX4 Crossover is $15,270 plus $625 destination and handling. Suzuki XL7 Redesigned for the 2007 model year, the XL7 midsize crossover SUV evolved from a body-on-frame, rear-wheel-drive design to a larger, more comfortable front-drive unibody design. Suzuki's flagship SUV, which proudly displays a quadruple five-star safety rating, boasts a standard 3.6-liter V6, DOHC engine rated at 252 horsepower matched to a five-speed automatic transmission with manumatic control, available all-wheel drive and three-row seating. All work together to deliver the size, style, power and flexibility needed to facilitate a consumer's active lifestyle. For 2008, the XL7 packs even more value into Luxury and Limited models with added standard features. Luxury models now include standard power moonroof and six-CD audio system. Limited models feature a lower MSRP than the previous model, and include substantial upgrades to the standard equipment list, including leather-appointed interior, power heated front seats, touch screen navigation system, rear vision camera system, power moonroof, chrome wheels and six-CD, Pioneer-branded premium audio system. Limited models also offer an available rear entertainment system. The starting MSRP for the XL7 midsize SUV is $21,349 plus $650 destination and handling. Suzuki Grand Vitara First introduced as a 2006 model, the Grand Vitara has garnered much media and consumer praise and is the winner of numerous awards, including a "Best Buy" from Consumer Guide(R)(2). No other SUV in the Grand Vitara's size and price category better balances off-road capability with the very real needs of a daily commute. The 2008 Grand Vitara features a standard 2.7-liter, V6, 24-valve DOHC engine, rear-wheel drive and an extensive list of interior amenities and standard safety features. With its sophisticated Four-Mode full-time four-wheel drive, the Grand Vitara can handle both smooth pavement and off-road conditions equally well (4WD models feature a two-speed Lo Range) and can play an integral part of a consumer's life adventures. And if those life adventures include an RV, the Suzuki's drivetrain allows behind-the-vehicle towing. The starting MSRP for the Grand Vitara is $19,349 plus $650 destination and handling. 2008 Suzuki Auto Product Line Beyond Suzuki's spirited four-door SX4 Sport, bold and functional five-door SX4 Crossover, exciting XL7 midsize SUV and rugged Grand Vitara compact SUV, the company's 2008 vehicle line includes the popular Forenza sedan and Forenza Wagon, and the European-styled Reno. Every vehicle in the line provides Suzuki's standout virtues of toughness, leading-edge style and high-end features at very competitive prices. All 2008 Suzuki automobiles are backed by America's #1 Warranty: a 100,000-mile/seven-year, fully transferable, zero-deductible powertrain limited warranty. About Suzuki The Brea, Calif.-based Automotive Operations of American Suzuki Motor Corporation was founded in 1985 by parent company Suzuki Motor Corporation (SMC) and currently markets its vehicles in the United States through a network of more than 500 automotive dealerships in 49 states. Based in Hamamatsu, Japan, SMC is a diversified worldwide automobile, motorcycle and outboard motor manufacturer with sales of more than two million new automobiles annually. Founded in 1909 and incorporated in 1920, SMC has operations in 187 countries. For more information, visit http://www.media.suzukiauto.com/. (1) ESP is a registered trademark of DaimlerChrysler AG
(2) Consumer Guide(R) is a registered trademark of Publications
International, Ltd.
First Call Analyst:
FCMN Contact:
Photo: http://www.newscom.com/cgi-bin/prnh/20060829/LATU016LOGO-c
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: American Suzuki Motor Corporation
CONTACT: Beth Borozan or David Boldt, both American Suzuki,
+1-714-996-7040, ext. 2464, autopr@suz.com; or Andrew Nicolai of PainePR,
+1-949-809-6786, anicolai@painepr.com, for American Suzuki Web site: http://www.suzuki.com/
-------
Profile: automotive-news
posted by automotive-news # 6:05 AM
Suzuki Showcases All-New SX4 Sport, Hip Hop Concept at 2007 Tampa Bay International Auto Show
Suzuki Showcases All-New SX4 Sport, Hip Hop Concept at 2007 Tampa Bay International Auto Show Suzuki displays full-line of vehicles for active lifestyles Innovative Hip Hop Grand Vitara provides the ultimate mobile music experience TAMPA, Fla., Nov. 8 /PRNewswire/ -- Led by the all-new 2008 four-door Suzuki SX4 Sport, American Suzuki Motor Corp. arrives at the Tampa Bay International Auto Show poised to impress show goers with its exciting lineup of value-packed cars and SUVs made for people with active lifestyles. In addition to Suzuki Auto's full-line of vehicles on display at the show, including the XL7 midsize SUV, media-acclaimed Grand Vitara, and bold and functional five-door SX4 Crossover, South Florida auto enthusiasts will be treated to a look at the Hip Hop, an urban music-inspired concept vehicle based on the Grand Vitara. (Logo: http://www.newscom.com/cgi-bin/prnh/20060829/LATU016LOGO-c ) "As we begin the new model year, we're excited to introduce an expanded line of versatile vehicles, including the all-new SX4 Sport," said Mark Harano, president of American Suzuki's Automotive Operations. "The Tampa Bay International Auto Show provides the perfect venue for South Florida residents to preview a number of Suzuki's stylish and fun-to-drive cars and SUVs before making a purchase." Hip Hop Grand Vitara Built in conjunction with SiTV, an English-language Latino cable network, the Hip Hop Grand Vitara offers innovative design, style and technology to appeal to hip hop music enthusiasts. Designed to be the ultimate mobile recording studio, the Hip Hop Grand Vitara features: -- 20-inch custom painted wheels and tires
-- Custom interior
-- Gull wing window featuring slide out audio mixing equipment, including
telescoping microphone boom, drum machine and digital recorder
-- In-dash touch screen video monitor
-- 20-inch video screen in back door panel
-- Nokia 770 Internet tablet
-- Rear exterior mounted speakers and spare tire mounted subwoofer
-- Chrome antenna housing, exhaust and mirrors
Suzuki SX4 Sport
The all-new 2008 four-door Suzuki SX4 Sport is the automotive cousin to the five-door SX4 Crossover and designed to ease the day-in, day-out urban grind for its drivers. Sharing a common appeal for those who live a life consistent with Suzuki's "Way of Life" brand philosophy, the SX4 Sport and SX4 Crossover seamlessly blend into varied driving conditions and environments.
The SX4 Sport brings award-winning handling capabilities from the Suzuki Swift, which won more than 16 international awards, to the U.S. market. Having wowed journalists and hundreds of thousands of drivers throughout the world, the sporty Swift character embodied in the SX4 Sport can now be enjoyed by U.S. consumers. Suzuki's development benchmark for the SX4 Sport was to meet or beat the Swift on key dynamic performance attributes in order to win the heart of the American consumer. SX4's appeal does not stop on the track, as it offers bold, youthful styling along with a generous list of standard features and a surprisingly roomy interior. Targeted toward younger buyers, the SX4 Sport represents a core model for Suzuki that has a personality distinct from its competitors. Built in Japan, the SX4 Sport features a sophisticated 2.0-liter, four-cylinder, 16-valve DOHC engine matched to a five-speed manual transmission or an available specially tuned four-speed automatic transmission. The responsive engine's strong low-end torque provides the fun-to-drive feeling commuters and weekenders crave, and it's more power than segment volume leaders. The 2.0-liter engine delivers 143 horsepower and 136 lb.-ft. of torque, with an estimated EPA fuel economy rating of 23 mpg/city and 31 mpg/highway with automatic transmission. The 2008 SX4 Sport is one of the best-equipped compact cars in America, with more standard features than cars costing thousands more. The base SX4 Sport's standard features include six airbags (front driver and passenger airbags, driver and passenger side-impact airbags and side curtain airbags), four-wheel disc brakes with ABS and electronic brake-force distribution, tire pressure monitoring system, trip computer, front seatbelt pretensioners, power windows, locks and mirrors, remote keyless entry, air conditioning, AM/FM/CD/MP3 audio system with four speakers, tilt steering wheel, aero body package, 17-inch alloy wheels and floor mats. The starting MSRP for the four-door SX4 Sport is $14,770 plus $625 destination and handling. The Convenience Package adds cruise control and a leather-wrapped steering wheel with integrated audio controls, automatic climate control and heated outside mirrors. The starting MSRP for the SX4 with the Convenience Package is $15,270. The Touring package adds a six-disc CD player, upgraded 380-watt audio system with nine speakers, including subwoofer, fog lamps, a rear spoiler, Electronic Stability Program (ESP)(1) with traction control system and SmartPass keyless entry and start system, and starts at $16,270. An automatic transmission is available for $1,100 on all models. Suzuki SX4 Crossover Since its introduction last year, the Suzuki SX4 Crossover has received numerous awards, including being named one of the "Top 10 Coolest Cars Under $18,000" by Kelley Blue Book and "Best Kept Secret of 2007" by Autobytel. The SX4 Crossover features a sophisticated 2.0-liter, in-line four cylinder, DOHC engine rated at 143 horsepower. Fitted with intelligent all-wheel drive as standard equipment, the five-door is America's most affordable all-wheel-drive vehicle and is sure to be a year-round standout in any driving condition. Several refinements have been made for the 2008 model year, including a revised fifth gear ratio (M/T) for improved highway mpg and reduced NVH, remote fuel door release, air conditioning with automatic climate control and heated outside mirrors with the Convenience package. Other available features for the 2008 SX4 Crossover include Bluetooth connectivity and sport pedals. The starting MSRP for the five-door SX4 Crossover is $15,270 plus $625 destination and handling. Suzuki XL7 Redesigned for the 2007 model year, the XL7 midsize crossover SUV evolved from a body-on-frame, rear-wheel-drive design to a larger, more comfortable front-drive unibody design. Suzuki's flagship SUV, which proudly displays a quadruple five-star safety rating, boasts a standard 3.6-liter V6, DOHC engine rated at 252 horsepower matched to a five-speed automatic transmission with manumatic control, available all-wheel drive and three-row seating. All work together to deliver the size, style, power and flexibility needed to facilitate a consumer's active lifestyle. For 2008, the XL7 packs even more value into Luxury and Limited models with added standard features. Luxury models now include standard power moonroof and six-CD audio system. Limited models feature a lower MSRP than the previous model, and include substantial upgrades to the standard equipment list, including leather-appointed interior, power heated front seats, touch screen navigation system, rear vision camera system, power moonroof, chrome wheels and six-CD, Pioneer-branded premium audio system. Limited models also offer an available rear entertainment system. The starting MSRP for the XL7 midsize SUV is $21,349 plus $650 destination and handling. Suzuki Grand Vitara First introduced as a 2006 model, the Grand Vitara has garnered much media and consumer praise and is the winner of numerous awards, including a "Best Buy" from Consumer Guide(R)(2). No other SUV in the Grand Vitara's size and price category better balances off-road capability with the very real needs of a daily commute. The 2008 Grand Vitara features a standard 2.7-liter, V6, 24-valve DOHC engine, rear-wheel drive and an extensive list of interior amenities and standard safety features. With its sophisticated Four-Mode full-time four-wheel drive, the Grand Vitara can handle both smooth pavement and off-road conditions equally well (4WD models feature a two-speed Lo Range) and can play an integral part of a consumer's life adventures. And if those life adventures include an RV, the Suzuki's drivetrain allows behind-the-vehicle towing. The starting MSRP for the Grand Vitara is $19,349 plus $650 destination and handling. 2008 Suzuki Auto Product Line Beyond Suzuki's spirited four-door SX4 Sport, bold and functional five-door SX4 Crossover, exciting XL7 midsize SUV and rugged Grand Vitara compact SUV, the company's 2008 vehicle line includes the popular Forenza sedan and Forenza Wagon, and the European-styled Reno. Every vehicle in the line provides Suzuki's standout virtues of toughness, leading-edge style and high-end features at very competitive prices. All 2008 Suzuki automobiles are backed by America's #1 Warranty: a 100,000-mile/seven-year, fully transferable, zero-deductible powertrain limited warranty. About Suzuki The Brea, Calif.-based Automotive Operations of American Suzuki Motor Corporation was founded in 1985 by parent company Suzuki Motor Corporation (SMC) and currently markets its vehicles in the United States through a network of more than 500 automotive dealerships in 49 states. Based in Hamamatsu, Japan, SMC is a diversified worldwide automobile, motorcycle and outboard motor manufacturer with sales of more than two million new automobiles annually. Founded in 1909 and incorporated in 1920, SMC has operations in 187 countries. For more information, visit http://www.media.suzukiauto.com/. (1) ESP is a registered trademark of DaimlerChrysler AG
(2) Consumer Guide(R) is a registered trademark of Publications
International, Ltd.
First Call Analyst:
FCMN Contact:
Photo: http://www.newscom.com/cgi-bin/prnh/20060829/LATU016LOGO-c
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: American Suzuki Motor Corp.
CONTACT: Beth Borozan or David Boldt, both of American Suzuki Motor
Corp., +1-714-996-7040, ext. 2464, autopr@suz.com; or Andrew Nicolai of
PainePR, +1-949-809-6786, anicolai@painepr.com, for American Suzuki Motor
Corp. Web site: http://www.suzuki.com/
-------
Profile: automotive-news
posted by automotive-news # 6:04 AM
Student from Scotland Wins 2007 Global Student Entrepreneur Award
Student from Scotland Wins 2007 Global Student Entrepreneur Award Super Jam product makes victory sweet in international competition Students from Sweden, Canada, United States compete in Final Six CHICAGO, Nov. 8 /PRNewswire/ -- Fraser Doherty of Scotland went against the conventional wisdom of his peer group's expertise with web-based business ventures and instead turned to an old family recipe. He began making homemade jam in his parents' kitchen using his grandmother's recipes and selling the jam to neighbors and townspeople. Before going off to the University of Strathclyde in Glasgow, he devoted a year to developing a recipe for his "Super Jam" made entirely from fruit and fruit juice high in nutrients. When he finished, he had a manufacturing partner and contracts at some of the biggest grocery retailers in the United Kingdom and Ireland. Eat Super Ltd. was born. Doherty emerged from a group of finalists to win this year's Global Student Entrepreneur Awards (GSEA) competition -- the "Heisman Trophy" for top undergraduate student business owners -- representing collegians from 14 countries, more than 300 colleges and companies which have produced more than $13 million in annual revenues. Winnowed down from more than 750 nominees, the 23 finalists -- representing Puerto Rico, Canada, the United Kingdom, Sweden, Australia and the United States this month made presentations to a judging panel of accomplished business leaders and educators assembled by the Entrepreneurs' Organization (EO). These student finalists, whose businesses ranged from college-centric specialties to catering to communications, run companies with annual revenues from $30,000 to $4.3 million. The EO, with support from its sponsoring partner Mercedes-Benz Financial, has annually searched the world since 2006 for the top student business owner. The organization assumed responsibility for the program originated in 1988 by Saint Louis University's John Cook School of Business. Doherty will receive $10,000 in cash, a year's tuition for the EO Accelerator Program (which combines peer mentoring with targeted classroom curriculum to aid early stage entrepreneurs withstand the pitfalls of business startups), attendance at the an EO conference, approximately $30,000 in donated services from EO member companies -- including Web services, public relations, general business consulting and printing -- and a year's mentoring by an EO member. Additional prizes are awarded to all finalists, with those finishing in second and third places receiving cash as well as services. Finishing in second and third place, respectively were: Kendal Harazny, University of Alberta, TicketGold; and Erik Fjellborg, Stockholm School of Economics, Calnet. Others in The Final Six were: Andrew Cavitolo, Farleigh Dickinson University, Three Guys and a Girl; Michael Kopko, Harvard, Dorm Aid; and Sean Maney, University of Massachusetts, HairMax Software. Further information about the Global Student Entrepreneur Awards can be found at www.gsea.org. About EO The Entrepreneurs' Organization (EO) is a global community enabling entrepreneurs to learn from each other, leading to greater business success and an enriched personal life. EO comprises over 6,600 members in more than 38 countries, with an average member age of 39 and average annual revenue of $15.5 million (USD). EO enhances members' lives through dynamic peer-to-peer learning and one-in-a-lifetime events. Membership is exclusive and by invitation. Just four percent of the 25 million businesses operating the United States qualify for EO membership. About Mercedes-Benz Financial Mercedes-Benz Financial, now in its 25th year of operations, provides financing for Mercedes-Benz dealers' inventories and their retail customers. Currently, over 400,000 drivers in the United States enjoy the benefits of leasing or financing their Mercedes-Benz vehicles through Mercedes-Benz Financial, which is part of DCFS USA LLC group of companies operating in the United States, Canada, Mexico, and parts of South America. DCFSA USA LLC is part of the Daimler Financial Services Group, headquartered in Berlin, Germany, operating in nearly 40 countries. Daimler Financial Services Group is one of the leading financial services enterprises worldwide. For more information visit www.mercedesbenzfinancial.com. About Saint Louis University Saint Louis University's John Cook School of Business is EO's senior strategic partner for the Global Student Entrepreneur Awards. The School founded the awards in 1988 as the Midwest Collegiate Entrepreneur Awards program. Throughout the 1990s, SLU's Center for Entrepreneurial Studies extended the program within the United States, expanding in the past five years to Asia, Europe and Latin America. The Entrepreneurs' Organization in 2006 assumed the administration of the awards.
Source: Mercedes-Benz Financial
CONTACT: Jack Ferry for Mercedes-Benz Financial, +1-248-991-6610, Cell
+1-248-761-3233, john.r.ferry@daimler.com; or Michael Geylin of
Kermish-Geylin, +1-201-750-3533, Cell +1-201-341-1099, mgeylin@kgpr.com, for
Mercedes-Benz Financial Web site: http://www.mercedesbenzfinancial.com/
http://www.gsea.org/
-------
Profile: automotive-news
posted by automotive-news # 6:03 AM
Nissan Sunderland Expands Wind Farm
Nissan Sunderland Expands Wind Farm SUNDERLAND, England, November 8/PRNewswire-FirstCall/ -- - Additional Wind Turbines Will Cut CO2 Emissions by 4,000 Tonnes a Year Nissan Motor Co.'s Sunderland plant in the UK will increase
the size of its wind farm later in the year with the addition of two more
turbines. Installation will begin in December, bringing the total number
of turbines on the site to eight. The new turbines will be located to the
south of the site alongside the existing farm. Expected to be fully operational in January 2008, the expanded
farm will generate around 6% of the plant's annual energy requirement, up
from 5% today. This will deliver a cost saving of nearly GBP1 million a year
(depending on weather conditions) which will offset rising energy costs. In addition, carbon dioxide emissions will be cut by up to
4,000 tonnes per year at power plants supplying the factory with electricity. Nissan engineer Mike Parkin said: "Our current turbines are
performing well in terms of energy cost reduction, so it makes sense to
increase the size of the farm. Also, we've had ISO 14001 accreditation since
1998 and the wind farm reflects our ongoing commitment to environmental
management and the reduction of carbon dioxide emissions from our operation." Planning permission for the additional turbines was granted by
Sunderland City Council following a highly detailed feasibility study which
took into consideration the views and opinions of local residents, as well as
ensuring that the farm fully complies with strict noise level guidelines. Unlike most wind farms, Nissan's is enclosed entirely within
an industrial area on low-lying ground, minimising any impact to the local
environment. The site is also home to a protected species of great crested
newts. Before installation can begin, Nissan will relocate the newts to a
temporary home on the site, under the guidance of the UK's Department for
Environment, Food and Rural Affairs (DEFRA). Once installation is completed
the newts will be able to return to their habitat around the turbines. Sunderland Plant's wind farm is the first of its kind within
Nissan globally and its expansion supports the Nissan Green Program 2010. Unveiled in December 2006, the program is focused on three
core areas related to the environment: reducing CO2 emissions from Nissan's
products and activities around the world, reducing other exhaust emissions
and accelerating recycling efforts. Nissan employs approximately 4,300 people at Sunderland. The
plant currently produces the QASHQAI crossover SUV and the NOTE, Micra and
Micra C+C compact models. For broadcast quality video of the above press release, go to:
http://www.thenewsmarket.com For photos of the Sunderland wind farm, go to:
http://www.nissaneurope-newsbureau.com
Contact: David Swerdlow & Lucy Banwell
Communications Department
Nissan Motor Manufacturing (UK) Ltd.
Washington Road
Sunderland
SR5 3NS
+44-191-415-2815/2678 Source: Nissan Motor Co. Ltd. Contact: David Swerdlow & Lucy Banwell, Communications Department, Nissan Motor Manufacturing (UK) Ltd., Washington Road, Sunderland, SR5 3NS, +44-191-415-2815/2678
-------
Profile: automotive-news
posted by automotive-news # 4:03 AM
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