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Another piece of General Motors‘ IPO puzzle has been solved: in spite of CEO Ed Whitacre’s desire to add a captive finance arm to GM’s operations, the company looks set to go without. Acquiring in-house financing always stuck out in Whitacre’s aggressive battle plan for getting an IPO done later this year and the hurdles of getting back in with GMAC required untangling enough knots to make King Gordius say, “Skip it…”

Instead, GM will partner with banks that would make the loans to GM customers. Some of those banks are the same ones that GM is working with on a $5 billion credit line, and the idea would be that the banks offering financing would be presented as doing so under the GM banner.

At heart is that in order for GM to unlock its potential, and the potential of the new products it has rolling into showrooms, it needs to be able to finance more customers. Being at the mercy of banks who can choose their own risks means customers leave GM showrooms because they can’t get financing or can get a better deal on another car. Also, GMAC won’t lend to subprime borrowers. Although they only make up seven percent of GM’s target borrowers, in line with other automakers, a seven percent of sales isn’t a number you want to leave on the table.

[Source: BusinessWeek Image: AP/Paul Sakuma/Getty]

Report: GM decides not to create its own finance unit, will investigate teaming with banks

We’ve watched with a sense of awe as Hyundai has gone from a discount also-ran brand into a genuine industry powerhouse in startlingly short order. But we’ve also long suspected that its vehicles have gained so much ground by being among the best values in their respective segments – not because they’ve necessarily been the best vehicles to drive. The addition of the Genesis Coupe may have served notice that Hyundai isn’t content to just be the industry’s value leader (see Battle of the Sixes), but the keystone draw of most of the brand’s offerings has remained their affordability. Which is not to suggest this is a bad thing – Hyundai’s steroidal growth speaks to the inherent soundness of its strategy. But as enthusiasts, we’ve been waiting for the company to not only out-value, but to categorically outsmart and outplay its rivals. With introduction of the 2011 Sonata, Hyundai appears to have done exactly that.

We admit that we weren’t sure whether the Sonata’s outré styling would play in that most milquetoast of markets: the family sedan segment. When the sheet was pulled on the 2011 model, it was as if Hyundai had strolled into a Sunday morning prayer breakfast with Kathy Griffin on its arm – we didn’t know exactly what was going to come of it, but we knew it was going to be fun to watch. Thankfully, the Sonata has proven to be far more than just a styling stunt. Packing big space, a rock-solid chassis, accomplished handling and unmatched power and fuel economy from its 2.4-liter four-cylinder engine, the Sonata has gained widespread acceptance and acclaim in a historically conservative slice of the market.

But while the normally aspirated sedan got our attention, the promised 2.0-liter turbocharged model had our enthusiast hearts bound up in anticipation. The specifications revealed at this spring’s New York Auto Show were enough to have visions of a proper cut-rate sport sedan dancing in our heads: 274 horsepower and 269 pound-feet of torque plunked into a chassis that’s among the very lightest in its class. So when Hyundai invited us to hop a plane to Seoul to sample their new force-fed family schlepper, we had our bag packed and were at the airport before you could say “pass the Kimchi.”

Continue reading First Drive: 2011 Hyundai Sonata 2.0T brings turbo to Main Street, America

First Drive: 2011 Hyundai Sonata 2.0T brings turbo to Main Street, America

Jens Ludmann, the German engineer in Ford’s European arm who led the development of the S-Max, Mondeo and 2012 Focus, is departing the automaker after a successful 10-year run. Where to? He’s leaving the Blue Oval to join the deep blue sea, taking over as CEO of Bavaria Yachtbau, a German builder of sailing and motor yachts.

While his industry and title will change, the aim of his job won’t: turn compelling ideas into profitable products. Having done that with three of Ford’s best known vehicles in just ten years, Bavaria Yachtbau could have made a great score, and Ford has a massive gap to fill.

[Source: Automotive News - Sub. Req.]

Report: Focus chief engineer leaves Ford for… yacht builder?

Researchers at the Eindhoven University of Technology (EUT) may be on the brink of discovering a breakthrough that will lead to reduced pollution and cleaner air for all. According to the EUT, a roadway made of concrete blended with titanium dioxide can effectively remove up to 45 percent of the nitrogen oxides that it comes in contact with. The titanium dioxide, a photocatalytic material, captures airborne nitrogen oxides and, with the aid of the sun, converts it to nitrates that are harmlessly washed away by the rain.

The EUT conducted real-world studies on a 1,000-square-meter section of repaved road in the Netherlands. Such testing showed that the laced pavement could reduce nitrogen oxides by 25 to 45 percent more than traditional concrete. As Jos Brouwers, professor of building materials at the EUT remarked, “The air-purifying properties of the new paving stones had already been shown in the laboratory, but these results now show that they also work outdoors.”

Additional testing is still underway and although the pavement laced with titanium dioxide does cost some 50 percent more than regular cement, overall road-building costs only increase by a marginal 10 percent. Costs aside, the advantages of the titanium dioxide are readily apparent, but the implementation of such a product requires repaving our roadways – a time intensive and costly endeavor.

[Source: Report: Roads laced with titanium dioxide could help us breathe easier

A few days ago we posted video of a Porsche GT3 RS doing the Goodwood hillclimb. It was a great POV run through the hay bales with quality commentary from driver Gordon Robertson. But we couldn’t hear the car, and you really don’t know the GT3 RS until you’ve really heard the GT3 RS. And preferably, that might be in this kind of setting: on tarmac and dirt stages of the SachsenRallye, with that exhaust note filling the countryside and booming off of stone walls down narrow streets. True, this is a GT3 minus the RS, but you won’t miss those 15 horsepower once you hear the sound of Vulcan’s rear-mounted foundry. Follow the jump for the dirty fury. Hat tip to CPM

[Source: YouTube]

Continue reading Video: But will it blend rally? Porsche GT3 does the SachsenRallye

Video: But will it blend rally? Porsche GT3 does the SachsenRallye

Alpina has finally graced the world with a handful of images and all of the gritty details about the all-new 2011 B5 Bi-Turbo after its debut at the Goodwood Festival of Speed. The company has managed to bless the BMW 5 Series with a mythic 507 horsepower and 516 lb-ft of torque. How, you ask? The B5 makes use of the same twin-turbo, all aluminum V8 found in the car’s big brother, the B7. That means that there’s a full 4.4-liters of displacement sucking down 1 bar of pressure for the two turbos under the hood. Sounds like a party.

The eight-pot is bolted to an eight-speed automatic transmission that Alpina co-developed with the gear-swapping gurus at ZF. If the mood strikes you, the driver can click through the gears via buttons mounted on the back side of the steering wheel, though given the massive amount of work Alpina put into the transmission, odds are you’re better off letting the car do the work for you.

There’s also a completely reworked suspension on board that includes slightly shorter springs and unique control arms that help eek a little more camber out of the front wheels. Combined with the electronically adjustable suspension, the company claims to provide an altogether sharper driving experience. Speaking of wheels, Alpina has equipped the B5 Bi-Turbo with a set of the company’s epic 20-inch rollers. Check out the gallery of high-res images below and then click past the jump for the granddaddy of a press blast.

[Source: Alpina]

Continue reading 2011 Alpina B5 Bi-Turbo – Full details and images

2011 Alpina B5 Bi-Turbo – Full details and images

Do you like noir? No, not the perfume, the literary and film genre. You know, hard-boiled crooks, wise-cracking private eyes, Los Angeles under cover of night and blondes so blonde they’ll kill you dead. Those blondes are, of course, are better known as femme fatales, and in truth, the color of their hair doesn’t really matter. Think Theda Bera, Rita Hayworth, Mary Astor, Barbara Stanwyck and Marlene Dietrich. And let’s not forget the lovely Lana Turner – she’s the one, in a case of life imitating art, with the daughter that killed Mickey Cohen’s strongman/goon Johnny Stompanato. In other words, women so pretty you’d throw your life away just so they know you’re throwing your life away.

Here’s the free, online-encyclopedia definition of femme fatale in case you’re still wondering: “An alluring and seductive woman whose charms ensnare her lovers in bonds of irresistible desire, often leading them into compromising, dangerous and deadly situations.”

Let’s state up front that the 2010 Aston Martin Rapide is not, to our knowledge, unsafe in any way, shape or form. But man, oh man, is it seductive enough to make us overlook every single bad thing about it. That, or walk into an uncovered manhole cover while staring at it. Anyhow, “irresistible desire” and “compromising situations” are this British superstar’s raison d’etre. Philip Marlowe would eat his fedora just for a ride. Thankfully, we had to perform no such theatrics: Aston Martin simply let us borrow their car.

Photos by Drew Phillips / Copyright (C)2010 Weblogs, Inc.

Continue reading Review: 2010 Aston Martin Rapide is a modern day Femme Fatale

Review: 2010 Aston Martin Rapide is a modern day Femme Fatale

He may look like a harmless old man now, but according to The Sun, to suggest that Klaus Carel Faber has some skeletons in his closet would be a gross understatement. During the Second World War, Faber volunteer for the SS and acted as a Gestapo executioner in the same Dutch concentration camp that held diary author Anne Frank prior to her deportation to Auschwitz.

Following the war he was convicted on 22 counts of murder, and though the actual death toll was estimated much higher, his death sentence was commuted to life imprisonment. Five years later, he and six other war criminals escaped prison in Holland and made their way to Germany. Faber was given a hero’s welcome and went on to work for Audi, driving a Volkswagen Golf and living out his life in peace in the seat of the company’s headquarters in Ingolstadt.

The fifth most wanted Nazi war criminal, Faber apparently remains protected by the only law enacted by Adolf Hitler still on the books. Under the “Fuhrer’s Law”, he was naturalized a German citizen as a foreign volunteer for the SS, and subsequently remains immune to extradition under German law. Unbelievably, rather than prosecute him locally for his heinous crimes, German prosecutors classified Faber’s genocide as manslaughter, for which the statute of limitations – unlike murder, for which there isn’t one – has long since expired.

[Source: The Sun via USA Today]

Report: Former Audi employee convicted Nazi war criminal

After rising 41 percent on the first day of trading, stock in Tesla Motors has been in an alarming freefall. Yesterday, shares of Tesla Motors fell another 16 percent, landing below their initial offering price of $17 each. For those keeping track of such things, company head and largest shareholder Elon Musk’s shares are now worth $433 million, a good bit less than their $457 million value after the IPO.

We’re clearly not experts on the subject, so we’ll tell you what more qualified people have to say. According to Josef Schuster, the Chicago-based founder of IPOX Capital Management LLC, “The company is a great concept with relatively weak fundamentals. Markets are weak and in a weak market right now this is hurting the company even more.”

Financial expert Michael Holland explains, “They brought this thing into a market that was not rewarding hype… The stock did get its pop, and now it’s plagued by the reality of the marketplace. The reality of the marketplace is that people aren’t paying for dreams and visions.”

[Source: Business Week, MarketWatch]

Tesla shares in freefall, now below IPO price

Oh, eBay Motors, you never cease to astound us. Where else could we possibly dig up a Chevrolet Astro Van that’s been built for drag racing and converted to have a passing resemblance to a Lamborghini Gallardo? Yup, you’re looking at the Astroghini. If you’re thinking it looks a lot like a product of “Pimp My Ride” and an acid bender, you’re not far off. The, um, creation was built for a new show on The Discovery Channel called “Ultimate Car Build Off,” and aside from an overdose of Raging Bull influence, the van boasts a turbocharged 4.3-liter V6 with 200,000 miles that’s just waiting to go supernova.

If the prospect of a throttle-body fuel-injection V6 under boost isn’t enough to make you weary, the fact that the vehicle now wears an automatic wet nitrous system should. We’d give it about three full-throttle passes before chunks start flying.The show managed to lower the Astro’s roofline by a full eight inches, and as such, the rear doors don’t open, the side windows are plexiglass and there’s zero interior. That turbo? Yeah, it sits in the passenger floorboard.

The good news is that the Astroghini wears a laundry list of go fast parts, so if you’re looking to snag a deal on a boat load of aftermarket goodies, this may just be your chance. You can check out the auction here.

[Source: eBay Motors]

eBay Find of the Day: Behold… it’s the Astroghini!

Up to this point, Nissan has relied on hybrid technology purchased and licensed from the undisputed leader in hybrid vehicles. That would be Toyota, naturally. But the two Japanese automakers will be moving in separate directions in short order as Nissan has developed its own hybrid powertrain technology, and unlike most other automakers, Nissan’s system will debut powering a rear-wheel-drive machine wearing the Infiniti badge.

And there’s apparently another way Nissan and Infiniti’s first in-house hybrid system will differ from Toyota’s full hybrid and Honda’s mild hybrid architecture. According to Reuters, Koichi Hayasaki, Nissan’s chief engineer of its rear-wheel-drive hybrid system maintains that “Typically, carmakers say the fuel economy improvement on their cars using a ’strong’ or ‘full’ hybrid system is roughly 30 percent, while for ‘mild’ hybrids, it’s 15 percent. We’re aiming for an improvement of 60 to 90 percent.”

Further, Nissan claims its hybrid system will use a single electric motor and twin clutches (instead of two electric motors as used by Toyota), a move that ought to help make the system simpler and lighter than its competitors. It will also use lithium ion batteries instead of cheaper but less energy dense nickel metal hydride cells. If Nissan can manage to hit all of its targets, we may be looking at a new hybrid standard bearer.

[Source: Reuters]

Report: Infiniti to double fuel mileage with next hybrid

Planning on invading something? Ze Germans have a bit of experience to impart, and it comes in its latest form as the Mercedes-Benz G-Wagon LAPV 6.X Concept. Unveiled at the Eurosatory defense exposition in France – so named, in case you were wondering, for Camp Satory where the French defense ministry used to hold the event – the up-armored G-Class is like the existing LAPV 5.4, but more… well, capable.

The go-anywhere, conquer-anything truck can carry 2,866 pounds of cargo over just about any terrain you can throw at it, reinforced by armor plating – including underbody protection from land mines (or perhaps more poignantly, roadside IEDs). It’s got an on-the-fly adjustable suspension with nearly 18 inches of ground clearance, full combat communications and jamming system, hydraulic ventilated disc brakes and an unspecified common-rail diesel engine. And best of all, it’s got orange wheels, but we’d imagine those would be a delete option for more covert operations. Check it out in the gallery below and the press release after the jump.

[Source: Mercedes-Benz via World Car Fans]

Continue reading Mercedes-Benz G-Wagon LAPV 6.X Concept ready to blitz the front

Mercedes-Benz G-Wagon LAPV 6.X Concept ready to blitz the front

eBay Find of the Day: If you’ve been looking for a Tron Lightcycle, the search is over

As we headed down the A 283 on our way to the Goodwood Festival of Speed on Saturday morning, my co-driver looked over at me and said, “sometimes life just deals you a flush.” He couldn’t have said it better. In this particular case, the perfect hand came in the form of a vintage 190SL loaned to us by the good people at Mercedes-Benz for our drive to the Earl of March’s estate and perhaps the most perfect weather Southern England has ever seen. We were joined by a host of other classic Benzes, including more than half a dozen 300SL coupes and convertibles driven by fellow journalists, generating quite a bit of havoc among motorists and bystanders.

Driving along the beautiful, winding country roads with the warmth of the sun on our backs and a cool breeze providing natural air conditioning, I realized that I was in the perfect car. Of course, in reality the 190SL is far from a flawless automobile. The steering is vague, the suspension easily upset, heat can radiate into the cockpit from the exhaust pipes below, and it doesn’t even have seat belts. But for that hour drive it was the perfect car. It allowed us to enjoy everything about our trip – the sights, the smells, the sounds and even the people – in a way that no other car could have. I’ve happened upon this phenomenon just a few times before, when a particular car blends with a unique situation to create something so incredibly memorable. It was an experience that I’ll likely never forget, and one that I wish upon every car enthusiast. What an incredible start to a wonderful day.

Let the Goodwood fun begin…

Photos by Drew Phillips / Copyright (C)2010 Weblogs, Inc.

Goodwood 2010: Arriving in style in the perfect car

General Motors – or perhaps it was all those sources ‘in the know’ – had their drums beating about a possible IPO filing as early as last week. Here we are a week later and there’s still no firm sign of a stock offering. Reuters, quoting a “source familiar with the situation,” now reports that the filing has been pushed back to August due to some financial loose ends that GM would like to address before setting its shares free.

The biggest loose end appears to be CEO Ed Whitacre’s desire for a $5 billion line of credit. Four banks have pledged $2 billion so far, with the balance expected to be wrapped up in a fortnight. The funds could pay for expansion plans and, more importantly, serve as a buffer in case the recession does the double-dip that’s being increasingly discussed in economic circles. The Reuters report didn’t mention anything about Whitacre’s stated aim of restarting a captive finance arm before an IPO.

A $15 to $20 billion offering is still the range being quoted for GM’s IPO. It is speculated that GM is so committed to getting things done this year that the company will lower the valuation rather than postpone the proceedings. There are still so many what-ifs and concerned parties involved, however, that it’s looking more and more likely that we won’t know how well GM’s IPO will really do until we know how it actually did.

[Source: Reuters]

Report: GM pushes IPO filing back to August due to financial issues

Renault’s home auto show in Paris this Fall will mark the beginning of a new styling direction for the brand, and that means a new concept car. The DeZir is the first major project under new design vice president Laurens van den Acker and according to Renault, it represents the vision of ’simple’, ’sensuous’ and ‘warm.’ From where we sit, the shape certainly fulfills the first two elements and the bright red finish is downright hot.

The DeZir wouldn’t be a modern Renault concept if it wasn’t powered by electrons, and such is the case for this coupe. Energy storage comes by way of the same size 24 kilowatt-hour lithium ion battery pack that sits under the Nissan Leaf, and the driving range remains the same 100 miles. Unlike the Leaf, the pack in the concept is configured for Quick Drop exchanges.

Propulsion is provided by a 110 kilowatt electric motor spinning the rear wheels and pushing the 1,830 pound concept to 60 mph in 5 seconds (at least according to the spec sheet). Kevlar body panels (including a pair of trick reverse-hinged butterfly doors) are wrapped around a steel tube frame chassis with double wishbones at all four corners. Renault hasn’t given any indication yet if the DeZir will be produced. High-res gallery below, full details in the press release after the jump.

[Source: Renault]

Continue reading Paris Preview: Renault DeZir concept signals new styling direction

Paris Preview: Renault DeZir concept signals new styling direction

Kruse auctions’ year-long trek to the abyss continues apace. In 2009, Dean V. Kruse’s troubles flared up in Indiana due to mounting lawsuits from consignors who were never paid after their cars were sold, as well as banks that hadn’t been paid for credit or loans. A $1.3 million judgment against Kruse and a repossession of his private jet followed soon after, and last month Kruse had his Indiana auction license revoked. Although Kruse could have petitioned to get his Indiana Auction Park location license back after two years, the 235-acre parcel has instead been sold to RM Auctions.

In what looks like a seamless handoff, RM will simply take over what Kruse started forty years ago, hosting classic and custom car auctions along with the Auburn, Cord, Duesenberg Festival over Labor Day weekend. The move will keep a good thing going and has hopefully made things better for Kruse himself; perhaps he can now focus on his court issues in Indiana and Arizona. Hat tip to Ric

[Source: Sports Car Market]

RM Auctions buys Kruse’s Indiana Auction Park

On Sunday, the United States of America will celebrate its 234th birthday, and rightfully so, 4th of July festivities will be taking place all around the country – cookouts, camping trips and pool-side relaxation are not out of the question.

But for those of us who will be out on the road, a report from State Farm Insurance brings some interesting information to light: 4th of July averages more collision claims than any other holiday. On average, State Farm policyholders have filed 6,031 claims on July 4th over the past five years. Yikes. We should point out, though, that this is still below the non-holiday average of 7,435 claims made during the same five-year period. It’s something to consider nonetheless. These facts and more can be found in State Farm’s press release, after the jump.

Drive safely, folks, and from all of us at Autoblog, Happy 4th.

[Source: State Farm Insurance Image: Corvette Fever]

Continue reading PSA: 4th of July named most dangerous driving holiday, so be safe out there

PSA: 4th of July named most dangerous driving holiday, so be safe out there

Citroën has just introduced a new customer rally car for the FIA’s Group R3T class based on the DS3. The DS3 R3 will be available as either a turn-key racer or a do-it-yourself kit. Either way, power comes from a 210-horsepower high-pressure turbocharged 1.6-liter inline-four driving through the six-speed semi-automatic sequential gearbox. Shifts are handled via carbon fiber paddles mounted on the back of the steering wheel.

The suspension has been developed to make it easily adaptable to different racing surfaces ranging from gravel to tarmac. Tubular wishbones are attached to a revised front subframe while the rear hubs are removable to allow for independent toe and camber adjustments. The bodyshell comes with a multi-point steel roll-cage already welded in, but buyers will have to supply seats, harnesses and fire suppression equipment. Citroën says it has accumulated over 6,000 miles of testing since last August.

The DS3 R3 will at the end of this year, but if you can’t swing one for your weekend racing sessions, you can at least check out the press release after the jump and the high-res images below.

[Source: Citroën]

Continue reading Citroën DS3 R3 ready for customer combat

Citroën DS3 R3 ready for customer combat

Have you ever wondered how the aftermarket is always ready with custom-fit parts and accessories as soon as a new model is introduced? You probably assumed tuners get advance copies of the latest and greatest to slice and dice, but that’s not quite the case, and our friends from Clunkbucket have lifted the veil off the process.

They were invited into a special gathering arranged by Honda and the Specialty Equipment Marketing Association, or SEMA. As you can see from the photo above, reps from several aftermarket tuning companies were allowed to get their hands on three new Honda CR-Z hybrids at a measuring session.

As Mike Bumbeck of Clunkbucket describes it, “The three 2011 Honda CR-Z hybrids shown here are being measured for everything from seat covers to supercharger systems.”

With Honda’s marketing focused on the CR-Z as the first sporty hybrid, part of the strategy is to have performance parts available right out of the box. These measuring sessions are how that happens. We’ve already seen some of the fruits of their labor, with Spoon, Mugen and even Honda showing the possibilities, so we’re looking forward to finally getting a chance to see what the U.S. tuning arms have created for the SEMA show later this year.

[Source: Clunkbucket]

Clunkbucket shows how aftermarketers are sizing up the new Honda CR-Z