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Archived Auto News and Events for September 2008

Bailout Hanging in Balance Could Help Auto Industry
According to a story by Harry Stoffer for Automotive News , the rejected $700 billion bailout plan for the financial industry would have benefited the faltering automotive industry.
Top Selling Chevy Dealership Files for Bankruptcy Protection
On Sunday, September 28, the world's top-selling Chevrolet dealership group, Bill Heard Enterprises, sought Chapter 11 protection from bankruptcy in a filing before a Decatur, Alabama court.
GM's Rick Wagoner Blames Credit Crunch for Flat Sales
According to General Motors CEO Rick Wagoner, auto sales in September are running flat from August, although he did express hope for the effect of legislation pending in Congress including the proposed bank bailout, tax breaks to consumers, and federal auto loan packages.
Kia Brings Soul Urban Crossover to U.S. in April
In April, Kia , will introduce a new vehicle to North America, the "Soul," which is being described as an "urban crossover" aimed at capitalizing on the rising popularity of smaller vehicles.
Senate Passes Tax Bill Favorable to Plug-In Electrics
The U.S. Senate has passed a tax bill in a 93-2 vote that, if it becomes legislation, would include a tax credit for drivers who purchase a plug-in electric, like the much-hyped Chevrolet Volt.
Oil Prices Hit $120 on News of Planned Government Bail-Out
In response to the government's planned bail-out of the American financial sector, oil prices posted a 16 percent gain Monday, September 22 to $120 a barrel, the largest one-day gain on record, after falling to $90 a barrel last week.
CarMax Reports 78 Percent Quarterly Loss
CarMax reported a quarterly profit drop of 78 percent on Monday, September 22, signaling its own struggle with a faltering economy and the plummeting resale value of trucks and SUVs.
2009 Dodge Ram Launches with Buyer Incentives
In spite of the buyer trend away from SUVs and pickups, Dodge has launched the 2009 Dodge Ram 1500 in both crew and quad cab versions with purchase incentives of as high as $1,000 through September 30.
Automakers, Suppliers, Dealers Ride Rough Wall Street Wave
The second day of plummeting stocks on Wall Street on Wednesday, September 17 affected major automakers and associated industries already struggling to overcome changed consumer preference and flagging sales in the face of high gas prices.
Lutz Defends Volt on GM Blog
Writing on the General Motors "fastlane" blog, Vice Chairman Bob Lutz took on critics of the newly unveiled Chevrolet Volt, calling the vehicle, "the first step in the reinvention of the automobile.".
Public Perception Drives Gas Prices in Wake of Hurricane
According to a report on CNN, "irrational" behavior and the popular perception of fuel scarcity explains surging gas prices in the Southeast and Midwest more than the effects of Hurricane Ike.
Gasoline Prices Uneven in Wake of Hurricanes
Although Hurricane Ike did not seriously flood refineries along the Texas gulf coast, gasoline production in the area, which is responsible for approximately 25 percent of America's supply of fuel, will be hampered for weeks to come.
Texas Oil Industry Braces for Hurricane Ike
With Hurricane Ike headed for the Texas coast late Friday or early Saturday morning, the energy industry in the region is preparing to face the storm's wrath.
Mini Crossover is Sporty and High Tech
The Mini Crossover Concept that will debut in Paris at the auto show in October has supplied some hints at the "sports activity vehicle" the company plans for the second quarter of 2010 as well as showcasing playful, innovative tech features.
Chevy to Intro Orlando Crossover in Paris
Chevrolet has announced plans to give the public its first look at the Orlando crossover concept next month at the Paris auto show, an indication the company is planning to move into multi-purpose, "family" vehicles with an SUV-like design.
Ford Plans on Government Loans to Meet Future Goals
Ford , Motor Co. CEO Alan Mulally, in remarks quoted by Automotive News on Monday, September 8, said he believed that government loans to fund fuel-saving technologies, would prove seminal for the automotive industry.
Gas Prices Continue Downward as Hurricane Ike Looms
For the past eight days gasoline prices have continued to trend downward, reaching an average of $3.658 per gallon on Monday, September 8, according to figures compiled by AAA.
Production Version of Volt to Be Shown
As part of General Motor's 100-year anniversary celebration to be officially commemorated on September 16, the automaker will display a production version of its highly anticipated extended-range Volt electric car.
Hybrid Honda Insight in Showrooms by April 2009
Honda has a new dedicated hybrid, the five-door, five-passenger, hatchback Insight, will be shown as a concept at the Paris auto show in October with plans to have the vehicle in showrooms by April 2009.
Ford Reports Sales Down 26 Percent for August
Reported sales figures for August show another rough 30 days for the automotive industry with Ford , sales down 26 percent to just 151,021 units, leading the company to cut production by 50,000 vehicles going into the second half of the year.
Oil Drops $7 in Early Trading on Reports of Mild Hurricane Damage
Less than anticipated damage to the Gulf Coast from Hurricane Gustav helped to send oil futures down $7 a barrel on Tuesday, September 2.

Other contributing factors included a stronger position for the American dollar and more concerns of lowered demand for energy due to the general economic slowdown.
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