Selasa, 13 Oktober 2009

“Group 1 expects to report 68-72 cents per share - CNBC” plus 4 more

“Group 1 expects to report 68-72 cents per share - CNBC” plus 4 more

Group 1 expects to report 68-72 cents per share - CNBC

Posted: 13 Oct 2009 01:44 PM PDT

NEW YORK - Auto dealer Group 1 Automotive Inc. expects to turn in better third-quarter results than Wall Street analysts had forecast, thanks partly to Cash for Clunkers.

The company said Tuesday it expects to report earnings between 68 cents and 72 cents per share.

That excludes a tax adjustment gain estimated at 7 cents per share, a debt-redemption gain of 2 cents per share and real estate impairment charges of 2 cents per share.

The mean forecast of analysts was for earnings of 51 cents per share, according to a survey by Thomson Reuters. Analysts usually exclude special items from their calculations.

Group 1 is scheduled to report results Oct. 27.

CEO Earl J. Hesterberg said the company was on target with actions to cut spending at least $120 million this year.

The cost savings "and substantial incremental new vehicle sales under the government's CARS program, produced very strong quarterly results." CARS stands for car allowance rebate system, another term for the program that subsidized certain vehicle purchases over the summer.

Group 1 sells new and used vehicles and performs repair services through a network of dealerships and shops.

The shares rose 16 cents to close at $29.78 in regular trading, then after the announcement they gained $1.30, or 4.4 percent, to $31.08 in extended trading.

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Ford recalls 4.5 million vehicles for faulty switch - detnews.com

Posted: 13 Oct 2009 01:59 PM PDT

David Shepardson / Detroit News Washington Bureau

Washington -- Ford Motor Co. agreed to expand its largest-ever recall by about 4.5 million vehicles over a faulty switch linked to hundreds of vehicle fires.

The action, which comes in the face of an 18-month federal investigation, means the company has now called back more than 14 million vehicles in eight separate recalls over a 10-year period because of the problem.

The cruise-control deactivation switches, made by Texas Instruments and sold for about $21, were installed in 16 million Ford vehicles over a decade before the automaker stopped using them in early 2003. The switches have been linked to at least 550 vehicle fires and 1,500 complaints.

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The automaker notified the National Highway Traffic Safety Administration in a letter dated Friday and received by the agency today.

Ford told NHTSA it will recall all of the vehicles that are still on the road that have the switches even though it does not believe there is a safety reason to recall 3.4 million of the vehicles. The automaker is attempting to transcend an issue that has dogged it for years.

Safety advocates have long urged Ford to take the step. The automaker resisted that step, arguing that it would continue to monitor the remaining vehicles with the switches, but recall them only if data showed a higher incidence of fires.

Sean Kane, president of Safety Research & Strategies, a Massachusetts research firm that works with plaintiffs attorneys, said the recall of all of the vehicles was long overdue.

"These recalls have dragged on for years and could have been fixed a long time ago," Kane said. "This is obviously an expensive fix and the longer it dragged out the fewer vehicles that are still on the road that Ford has to fix."

Transportation Secretary Ray LaHood urged consumers to quickly get the vehicles repaired.

"These hazardous cruise control switches pose a safety risk even while the cruise control is not in use and vehicles are turned off or unattended. I urge consumers to pay attention to this warning and bring the affected models in to have them repaired as soon as possible," LaHood said.

All owners of recalled Ford vehicles should immediately make appointments with their dealers and not park their vehicles in garages or near homes until repairs are made, LaHood said.

The new recall, outlined in a seven-page letter first obtained by The Detroit News, includes nearly 1.1 million 1995-2003 Ford Windstar vans that were the subject of a government investigation, along with 3.4 million other vehicles, including about 1 million Explorers, 740,000 Econoline vans and 1.1 million Ford Super Duty trucks.

"Ford is making a safety-related defect determination for the Windstar vehicles," James Vondale, director of Ford's automotive safety office, said in the letter. "We have not made a safety-related defect determination for the other vehicles included in this recall, but are including them to avoid any future concerns related to a potential fire risk resulting from the Texas Instruments (switch) either from the agency or from our customers."

Ford said the switch "may, under certain conditions, leak internally and then overheat, smoke or burn."

NHTSA has repeatedly urged the 9.6 million vehicle owners of recalled vehicles to get their vehicles fixed because of risk of fire.

Ford spokesman Mark Truby said the company "is not aware of any smoke or fire related accidents, injuries or fatalities relating to the (switches) in these recalled vehicles," referring to today's recall.

The switch is used to deactivate a vehicle's cruise control when a driver taps the brake pedal. Most of the suits allege fires began long after the vehicles were turned off.

Ford said in its letter it was recalling all remaining vehicles with the switch "to address possible ongoing customer lack of confidence in vehicles with the switch."

The automaker will notify customers of the recall beginning Oct. 26. Owners of the recalled vehicles will be instructed to take their vehicles to a Ford or Lincoln/Mercury dealer for installation of a fused wiring harness to eliminate the potential risk of fire. Ford will make a separate additional fix to some Windstar models where the switch is leaking and will make other repairs as necessary

Ford still faces dozens of lawsuits on the issue.

Between 1999 and 2008, Ford previously recalled 9.6 million vehicles with the switch.

In May 2008, the NHTSA opened an investigation into the switches on 1.6 million Ford Windstar vans. It upgraded the probe to an engineering analysis in September 2008 after 419 complaints of engine fires, with at least two saying fires damaged a home or garage.

Ford argued in 2008 that the switches in the Windstar vans were in different configurations than those in the previously recalled vehicles, and therefore didn't need to be replaced.

But Ford's letter to NHTSA said the automaker has seen an "increase in the number of leaking switches has been observed on Windstar vehicles, along with a small number of reports of switch fires."

In the letter, Ford said, "Aside from the Windstar, the additional vehicles addressed in this action have different system parameters and do not pose an unreasonable risk to safety. However, Ford is taking this action on all of these vehicles to address possible ongoing customer lack of confidence in vehicles with the affected switch."

The new recall includes:

• 1995-2003 model year Ford Windstar

• 2000-2003 Ford Excursion diesels

• 1993-1997 and 1999-2003 Ford F-Super Duty diesel;

• 1992-2003 Ford Econoline

• 1995-2002 Ford Explorer and Mercury Mountaineer

• 1995-1997 and 2001-2003 Ford Ranger

• 1994 Ford F53 Motor home vehicles equipped with the Texas Instruments speed control deactivation.

In many cases, insurance companies initially paid for damage to homes in fires that the owners claim were sparked by Ford vehicles, and then the insurers sued Ford to try to recoup their losses.

Only a few cases involving the faulty switches have gone to trial, among them one in South Carolina. A jury there in March 2007 awarded a couple $3.5 million, including $3 million in punitive damages, over a house fire allegedly started in a 2000 Ford Expedition. That verdict was upheld on an initial appeal.

In March 2008, The Detroit News first reported on a death linked by government investigators to the Ford switch. The case involved Al Gavegan Jr., 76, who died Aug. 14, 2007, in a blaze that started when a late-night fire spread from a 1994 Mercury Grand Marquis parked in his attached garage in San Antonio, investigators found.

A police report listed the fire's probable cause as "an electrical malfunction in the engine compartment of the vehicle." Ford settled a suit brought by Gavegan's family for an undisclosed of some ahead of a trial that had been set for late last year. A lawyer for Gavegan's family declined to comment.

In 1999, Ford recalled the 1992 and 1993 Mercury Grand Marquis models to replace the switch, but not the1994 model that Gavegan drove. At the time, Ford said a specific batch of switches were to blame. Then, in August 2007, Ford expanded the recall to include 1994 Mercury Marquis models.

The company has insisted that its investigation was "inconclusive" as to whether the Gavegan house fire was caused by the vehicle.

Last year, Ford found itself in the position of recalling the recall. On Feb. 1, 2008, Ford issued a recall for 225,000 vehicles because of defective wiring harnesses that were used in the first fix.

The Windstar vans, built between 1995-2003, were among a population of at least 6 million Ford vehicles that were built but not recalled -- until today.

Ford has said the switches involved in the Windstar vans, unlike the previously recalled vehicles, don't have electrical power running to them at all times.

In 1999, Ford issued the first recall of vehicles with the same cruise control switch. The combined recall campaigns represent one of the largest recall efforts over a single safety issue in U.S. history.

In February 2008, NHTSA urged owners of some 4.6 million recalled Ford vehicles to get them fixed or at least have their cruise control deactivated immediately.

dshepardson@detnews.com (202) 662-8735

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Ford adds 4.5M vehicles to defective switch recall 2:14 PM CT - Dallas Morning News

Posted: 13 Oct 2009 12:11 PM PDT

Rural Communities Stranded Without Right to Repair Act - PR Newswire

Posted: 13 Oct 2009 12:04 PM PDT

Bill ensures full access to repair information for owners of cars, trucks, motorcycles and other motor vehicles

BETHESDA, Md., Oct. 13 /PRNewswire-USNewswire/ -- Without the Motor Vehicle Owners' Right to Repair Act (HR 2057), vehicle owners in rural communities could be left stranded without full access to the repair information for the vehicles they purchased, according to Ray Pohlman, president of the Coalition for Auto Repair Equality (CARE).

"Consumers are entitled to the right to choose how their vehicles are maintained and repaired, whether in their driveway or at a trusted repair facility," said Pohlman. "Cars, trucks, motorcycles and all other vehicles are becoming increasingly complex with the addition of more computer technology. Without Right to Repair, millions of vehicle owners will be forced back to the dealership for service because they have been denied access to non-proprietary information and computer codes from the manufacturers. Rural communities where there is no dealership in the area are particularly vulnerable and could be forced to tow their vehicles longer distances, adding significant cost to the repair."

With a record number of dealerships already closed, including many in rural areas, and GM recently announcing it will end Saturn production and close all Saturn dealerships, many motorists are turning to independent repair shops for service.

"In order for local repair shops to be able to serve those in their community, they must have full access to the codes and information necessary to diagnose and repair all types of vehicles," said Kathleen Schmatz, CEO of the Automotive Aftermarket Industry Association (AAIA). "Without a nearby dealership, there is a risk that motorists in rural areas may forgo important vehicle repairs, jeopardizing their safety and the safety of others. The Right to Repair Act ensures the continued availability of convenient vehicle repair in rural communities throughout the country."

The Motor Vehicle Owners' Right to Repair Act (HR 2057) currently has the support of 42 members of the House of Representatives and was introduced by Reps. Edolphus Towns (D-NY), Anna Eshoo (D-CA) and George Miller (D-CA) to offer protections for vehicle owners by allowing them to have full access to the non-proprietary repair information and codes for the vehicles which they purchased, new or used, so that they can choose where, how and by whom their vehicles are repaired. More information can be found by visiting www.righttorepair.org.

About Right to Repair:

The Motor Vehicle Owners' Right to Repair Act, which was introduced by Reps. Edolphus Towns (D-NY), Anna Eshoo (D-CA) and George Miller (D-CA), would require car companies to make the same service information and tools capabilities available to independent repair shops that they provide to their franchised dealer networks. The legislation further provides car companies with strong protections for their trade secrets unless that information is provided to the franchised new car dealers. The bill clarifies the responsibilities of the Federal Trade Commission in enforcing the bill's requirements. For more information about the Right to Repair Act, visit www.righttorepair.org.

SOURCE Automotive Aftermarket Industry Association

Website: http://www.aftermarket.org
Website: http://www.righttorepair.org/


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Clarksville teens restore lives in restoring old car - Leaf Chronicle

Posted: 13 Oct 2009 10:17 AM PDT

(3 of 3)

Antonio said he now has a new goal. First, he said, he will graduate from high school this year and then go to a four-year college and get an engineering technology degree. Ultimately, he wants to "work with his hands" doing much of the skilled auto body work he is learning at Maaco, and then open his own business.

He attributes his new outlook to the environment of positive "cool" mentors and learning new skills that he can use for his future.

Kelvin Bennett, a mentor in the program, said it is possible for a troubled teen to transform his life, because he's a living example.

"I see myself in these kids," Bennett said. "I wasn't always where I am right now. I know you can be turned around, and you need the support of people around you. Many see the fruits of these kids' crime, but don't see the broken home or abuse behind it."

Operation Turnaround projects give children a sense of belonging and accomplishment, Bennett said.

"They want to be a part of something and feel like they're needed, and they can benefit from this project," Bennett said. "This can give them something to look forward to, and they can say 'I can do something.'"

Parent's perspective

Patricia Gurley, a parent who has two teenage sons in the Operation Turnaround program, said Project 59 is a wonderful project.

"I'm glad they're a part of this," Gurley said as she watched them work on the car. "This is a beat-up car, and they are taking it through a transformation. I hope they see they are going through a transformation and change their lives for the better and give back what was given to them."

Gurley praised the Operation Turnaround program for providing a positive influence on youths.

"It keeps them busy and out of trouble," she said.

Officer Tony Marshall, supervisor of Operation Turnaround, said the program is continuing to grow with support from police, volunteers and the community.

"We cry about a juvenile problem in our city, and everyone is so quick to blame juveniles for their conduct, but Operation Turnaround has proven if we revert back to the basics of loving our children and giving them the time they need to develop, we wouldn't have everyone complaining when it comes to juveniles."

Marshall said with more support from parents, local business and everyone else, the program will continue to thrive.

"It shows the level where we started and where we are now, shows the level of progression, the level of commitment the public has afforded us the opportunity to advance ... we can visibly see that here."

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