Entries Tagged 'Chrysler' ↓

It looks like General Motors is taking a page from Chrysler’s 1980s playbook as it will soon be running ads featuring Chairman Ed Whitacre.  This is not an original idea, however, but a copy of something Chrysler’s then chair Lee Iacocca did in 1982 and 1984 (see below for videos), when that company had accepted federal loan guarantees to keep them out of bankruptcy. “If you can find a better car, buy it,” Iacocca said as Chrysler’s pitchman.

The specifics of GMs new ad campaign will be announced today or tomorrow, said a spokesperson at GM. Whitacre, a former AT&T CEO, joined GM’s board after Detroit-based GM’s July 10 exit from a U.S.-backed bankruptcy.

GM is not the only car company to copy Chrysler’s tactic - Ford had Bill Ford appear on TV in 2002, when the company’s shares plummeted over 40% after claims related to fatal rollover accidents of Explorer SUV’s.

Watch the Chrysler Videos from 1982 and 1984:

Take a look below to to see how your representative voted on the House version of the Auto Bailout Bill:

Auto Industry Financing and Restructuring Act - H R 7321
Dec. 10, 2008

VOTED YES (237):

Abercrombie
Ackerman
Allen
Altmire
Andrews
Arcuri
Baca
Baird
Baldwin
Barrow
Barton (TX)
Bean
Becerra
Berkley
Berman
Berry
Bishop (GA)
Bishop (NY)
Blumenauer
Boren
Boswell
Boucher
Boyda (KS)
Brady (PA)
Braley (IA)
Brown, Corrine
Buyer
Camp (MI)
Capito
Capps
Capuano
Carnahan
Carney
Carson
Castle
Castor
Cazayoux
Chandler
Clarke
Clay
Cleaver
Clyburn
Cohen
Conyers
Costello
Courtney
Cramer
Crowley
Cuellar
Cummings
Davis (CA)
Davis (IL)
Davis, Lincoln
DeFazio
DeGette
DeLauro
Dicks
Dingell
Doggett
Donnelly
Doyle
Edwards (MD)
Edwards (TX)
Ehlers
Ellsworth
Emerson
Engel
English (PA)
Eshoo
Etheridge
Farr
Fattah
Foster
Frank (MA)
Frelinghuysen
Fudge
Gillibrand
Gonzalez
Green, Al
Green, Gene
Grijalva
Hall (NY)
Hare
Harman
Higgins
Hill
Hinchey
Hinojosa
Hirono
Hodes
Hoekstra
Holden
Holt
Honda
Hoyer
Hunter
Inslee
Israel
Jackson (IL)
Jackson-Lee (TX)
Jefferson
Johnson (GA)
Kanjorski
Kaptur
Kennedy
Kildee
Kilpatrick
Kind
King (NY)
Klein (FL)
Knollenberg
Kucinich
LaHood
Lampson
Langevin
Larsen (WA)
Larson (CT)
LaTourette
Lee
Levin
Lewis (GA)
Lewis (KY)
Lipinski
Loebsack
Lofgren, Zoe
Lowey
Lynch
Mahoney (FL)
Maloney (NY)
Manzullo
Markey
Matsui
McCarthy (NY)
McCollum (MN)
McCotter
McCrery
McDermott
McGovern
McHugh
McNerney
McNulty
Meek (FL)
Meeks (NY)
Melancon
Michaud
Miller (MI)
Miller (NC)
Miller, George
Mollohan
Moore (KS)
Moore (WI)
Moran (VA)
Murphy (CT)
Murphy, Patrick
Murphy, Tim
Murtha
Nadler
Napolitano
Neal (MA)
Oberstar
Obey
Olver
Ortiz
Pallone
Pascrell
Pastor
Payne
Pelosi
Perlmutter
Pomeroy
Porter
Price (NC)
Ramstad
Rangel
Regula
Reyes
Richardson
Rogers (MI)
Ross
Rothman
Roybal-Allard
Ruppersberger
Rush
Ryan (OH)
Ryan (WI)
Salazar
Sánchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schwartz
Scott (GA)
Scott (VA)
Serrano
Sestak
Shea-Porter
Sherman
Sires
Skelton
Slaughter
Smith (NJ)
Smith (WA)
Solis
Souder
Space
Speier
Spratt
Stupak
Sutton
Tanner
Tauscher
Taylor
Thompson (CA)
Thompson (MS)
Tierney
Towns
Tsongas
Udall (CO)
Udall (NM)
Upton
Van Hollen
Velázquez
Visclosky
Walsh (NY)
Wasserman Schultz
Waters
Watt
Waxman
Weiner
Welch (VT)
Wexler
Wilson (OH)
Woolsey
Wu
Yarmuth
Young (AK)

VOTED NO (170):

Aderholt
Akin
Alexander
Bachmann
Bachus
Barrett (SC)
Bartlett (MD)
Biggert
Bilbray
Bilirakis
Bishop (UT)
Blackburn
Blunt
Boehner
Bonner
Bono Mack
Boozman
Boustany
Boyd (FL)
Brady (TX)
Broun (GA)
Brown (SC)
Brown-Waite, Ginny
Buchanan
Burgess
Burton (IN)
Butterfield
Calvert
Cannon
Cantor
Cardoza
Carter
Chabot
Childers
Coble
Cole (OK)
Conaway
Cooper
Crenshaw
Culberson
Davis (AL)
Davis (KY)
Davis, David
Deal (GA)
Dent
Diaz-Balart, L.
Diaz-Balart, M.
Drake
Dreier
Duncan
Fallin
Feeney
Ferguson
Filner
Flake
Forbes
Fortenberry
Fossella
Foxx
Franks (AZ)
Gallegly
Garrett (NJ)
Gerlach
Giffords
Gingrey
Gohmert
Goode
Goodlatte
Granger
Graves
Hall (TX)
Hastings (WA)
Hayes
Heller
Hensarling
Herger
Herseth Sandlin
Hobson
Hulshof
Inglis (SC)
Issa
Johnson (IL)
Johnson, Sam
Jones (NC)
Jordan
Kagen
King (IA)
Kingston
Kirk
Kline (MN)
Lamborn
Latham
Latta
Lewis (CA)
Linder
LoBiondo
Lucas
Lungren, Daniel E.
Mack
Marchant
Marshall
Matheson
McCarthy (CA)
McCaul (TX)
McHenry
McIntyre
McKeon
McMorris Rodgers
Mica
Miller (FL)
Mitchell
Moran (KS)
Musgrave
Myrick
Neugebauer
Nunes
Paul
Pearce
Pence
Peterson (MN)
Petri
Pickering
Pitts
Platts
Poe
Price (GA)
Putnam
Radanovich
Rahall
Rehberg
Reichert
Reynolds
Rodriguez
Rogers (AL)
Rogers (KY)
Ros-Lehtinen
Roskam
Royce
Sali
Saxton
Scalise
Schmidt
Sessions
Shadegg
Shays
Shimkus
Shuler
Shuster
Simpson
Smith (NE)
Smith (TX)
Stark
Stearns
Sullivan
Terry
Thornberry
Tiahrt
Tiberi
Turner
Walden (OR)
Walz (MN)
Wamp
Weller
Westmoreland
Whitfield (KY)
Wilson (NM)
Wilson (SC)
Wittman (VA)
Wolf
Young (FL)

Last month, Chrysler Financial asked banks and investors to renew a $30 billion line of credit.  When the renewal came through, however, it was only about $25 billion, and the money came with strings attached.

Investors mandated that the automaker follow much more stringent financial guidelines, including a requirement that the company get out of leasing altogether.

Now, the cash shortfall has caused the company’s financial arm to turn up the heat on their dealer network.

Over the next few months, dealer floorplan interest rates will be raised significantly, and fees for vehicles that sit unsold on dealer lots will rise.

With sales in the dumpster - August sales fell almost 35% -  cash-strapped dealers are furious about these new changes.

Many dealers are worried that these changes are the start of a new initiative to curtail vehicle inventory, which they claim will damage sales even more.

As with everything in life, there will be winners and there will be losers.  While the dealers may be having troubles, it may mean good news for consumers - at least for consumers that can still afford to buy a new car, with $4.00/gallon gas and resetting ARM mortgages.  With the new fees coming soon, dealers may need to offer significant incentives to dump unsold inventory over the next several months.