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Chevrolet Equinox, GMC Terrain Boost GM Third-Quarter Results
By : Charles Krome
Date : 11/16/2009

Let's go straight to the bottom line here, shall we? Yes, General Motors claims revenue in the third quarter of 2009 improved by some $4.9 billion compared to the second quarter, as the company lost "only" $261 million (before special items). And operating cash flow was — in theory — in the black to the tune of $3.3 billion. And the General now purports to be sitting on a $42.6 billion pile of cash. And the company is even making noise about how it will start whittling down its government loans with a $1 billion payment next month.

But the most important thing to keep in mind when analyzing these results is that they are not being tallied using ye olde "generally accepted accounting principles." GM, recall, is no longer technically a public company, despite being owned by the U.S. public, so it doesn't have to worry about little things like that. And yet even with this advantage, the company was unable to rejigger its financial results to show anything comparable to Ford's third-quarter profit. I'm not sure if this is a failure of the imagination or something worse.

After all, even Toyota, which has had a relatively GM-esque year so far, claimed a profit in the third quarter, as did Honda, and Nissan was able to spin its losses into "better than expected" results.

Of course, GM has long been known for its rather lackadaisical approach to keeping its books, and this looks to be more of the same. But now more than ever there's just no excuse for it. Considering how much federal aid has been heaped on the General's plate, the company should be crystal clear with its financial reporting, not trying to take advantage of its status as a "privately owned" company to get around U.S. accounting standards.

It's especially frustrating because GM products seem to be gaining momentum in the marketplace, but it's hard to get a handle on how much momentum we're talking about when the financial results seem so hinky.

The General's mid-size crossovers — Chevrolet Equinox, GMC Terrain and Cadillac SRX — are turning in pretty spectacular results. October sales of the Equinox were up 176.9 percent and SRX sales increased 279.6 percent. The Terrain is a new entry, but it still racked up 2,994 sales in October, and if you play the game where you combine the sales of all three, GM's new mid-size crossovers accounted for 14,339 sales. For comparison, the combined October sales of the Ford Escape/Mercury Mariner were at 15,073 units; at Honda, putting together the Honda CR-V and the Acura RDX gets you to 16,619 sales. Simply put, GM is doing a very credible job in this very important segment.

In fact, General Motors recently announced a $90 million (Canadian) investment in the Equinox/Terrain plant — and is bringing back about 150 employees — to boost production of these two vehicles.

Even GM's aging car lineup has to be considered as holding its own: The Chevrolet Impala and Chevrolet Malibu are still among the top 20 best sellers. Not bad at all when you remember the Impala hasn't had a major redesign since 2006 and the current Malibu is already about three years old. Further, for all the buzz around the success of the Ford Fusion, the October sales score was 12,086 for the Chevy (up 11.1 percent) vs. 13,445 for the Ford (up 24.1 percent).

The Chevrolet Camaro debuted to big-time demand, too, moving more than 8,000 units in October. That's a lot of sales for what many considered to be something of a niche product, and, (don't need this comma--could use hyphens before and after numbers) if it continues to deliver these kinds of numbers, the Camaro could easily crack November's top-20 list.

As a result, despite axing four different divisions and going through bankruptcy, GM's third-quarter U.S. market share stayed flat as compared with the company's share in the first half of 2009.

And all of this is before the launch of cars like the Chevrolet Volt, Chevrolet Cruze, Chevrolet Spark, Cadillac CTS Coupe, Cadillac Converj and Buick Regal. All of these vehicles, even the delayed Cruze, should both attract customers and boost consumers' perception of GM overall.

Now, I've generally been a supporter of GM's upper management, but at this stage in the game, the contrast between the company's product/marketing efforts and the way it handled its third-quarter financial "results" is too great to ignore. This is a flat-out management problem, as was GM's mishandling of the Opel situation — not so much for backing out of the sale as for doing it in a way that will put a huge financial burden on the company as it tries to restructure its European division without German help.

So, when it comes to management, I've changed my mind: GM can — and must — do better if it hopes to turn things around in the U.S. market.

You Can Still Save Thousands When Buying a New Car!
By : Sheryll Alexander
Date : 10/27/2009

With this summer’s “cash for clunkers” program being so popular, many Americans have neglected a new vehicle tax incentive that went into effect this spring.

Congress was hoping these tax breaks would boost car sales. “Cash for clunkers” stimulated car sales this year, but you can still take advance of this above-the-line deduction for state and sometimes local taxes. Plus, this deduction holds true for those Americans who itemize their deductions as well as those who luckily do not itemize.

The deduction applies to domestic and foreign cars and even SUVs, light trucks, motorcycles and motor homes. The amount of the deduction is roughly equally to the sales tax on your new purchase, which can add up to several thousand dollars.

Here’s some other factors on the 2009 sales tax break:

Sales tax paid on lease agreements do not qualify
Sales tax can only be deducted on one vehicle and only on cars priced $49,500 or less.
Households earning more $125,000 gross income ($250,000 for joint return) do not qualify.
Plug-in electric cars gets an additional tax credit of $2,500 minimum.

The holidays are approaching and 2010 is looming. This may be the time to get your tax deduction along with your brand new 2009 or 2010 model car.

For new car buying (and saving!) inspiration, here are some of my favorite 2009-2010 cars, CUVs and SUVs:

The redesigned 2010 Mazda MAZDA3 hits all the right notes with its low price tag, sophisticated modern design inside and out, exhilarating zoom-zoom performance and handling and a rather luxurious interior. Plus, the 2010 MAZDA3 has top notch fuel economy at 33 mpg hwy and 25 mpg city.
The 2010 Ford Fusion Hybrid has what families need: form and function at a low price, excellent fuel economy (41 mpg city, 36 mpg hwy), a roomy and comfortable interior, quality materials, seriously fun performance and Ford’s way cool SYNC connectivity system.
The 2010 Chevrolet Traverse is an exceptional crossover utility vehicle (CUV) for large families. With a seating capacity for seven, the 2010 Chevy Traverse also has loads of standard luxury features, lots of leg and cargo room, top safety marks, excellent design inside and out, overall great driving dynamics, advanced technology and pretty good fuel efficiency (24 mpg hwy, 17 mpg city).
The 2010 Buick LaCrosse is a full-sized luxury sedan woth sexy Euro-Asian design outside and excellent performance, but the interior is truly cool with a truly unique central console and TV screens built into each back head rest.
The 2009 Suzuki SX4 Crossover is a best buy for heavy commuters and busy families with its low price, standard navigation, zippy performance, ergonomic interior, excellent safety and lots of cargo room. If you are seeking an all-wheel-drive vehicle for inclement weather, go for the Suzuki SX4 Crossover, which comes as a five-door hatchback model.
The 2010 Subaru Legacy comes as a sedan, but also in a wagon version that’s perfect for families or active people who live in cold climates. Subarus come with lots of standard features, Subaru’s incomparable all-wheel drive, excellent performance, lots of room and good fuel economy.
The completely redesigned 2010 Honda Insight is a top mid-sized sedan for drivers who love great design both inside and out, great fuel economy (40 mpg city, 43 mpg hwy), great performance and loads of standard features.
The third generation 2010 Toyota Prius has garnered much acclaim because this mid-sized sedan is still the most fuel efficient car (51 mpg city, 48 mpg hwy) on the road today. Plus, the 2010 Prius is a good deal with its rather low price, quirky design, high quality, zippy performance, top safety rankings and advanced technology.
The 2010 Volkswagen Jetta SportWagen TDI is at the top of my list for fun-to-drive, fuel-efficient (estimated 41 combined mpg) and super low emissions car. This diesel-powered sport wagon truly has excellent performance and great overall versatility.
The 2010 Chevrolet Equinox has been completely redesigned by GM to reveal a top contender for best 2010 compact crossover (CUV). The Equinox gets top in class fuel economy (32 mpg hwy, 22 mpg city) as well as excellent performance and interior design.
The all-new 2010 Lincoln MKT is one of the best-designed crossovers (CUVs) today. Dad will love the brash American styling and mom will love the roomy interior, loads of cargo space, top safety marks and Ford’s SYNC connectivity system with Sirius TravelLink and weather forecasting.
The 2010 Honda Odyssey is still the most plush minivan in America. Yep, Honda’s Odyssey may be the best family vehicle ever with its loads of standard features, excellent performance, top safety marks and tons of high-tech options.
The 2010 Nissan Versa is still the lowest-priced new car on the market today. For 2010, the exterior has been delightfully refreshed and there’s added safety features. For less than $10,000, you can own a new car with Nissan’s top quality, great fuel economy (34 mpg hwy, 28 mpg city) and rather zippy performance.