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Race for Urgency at GM (2/22/13)

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Tags:

  1. interest rate1:37
  2. GM0:03, 0:26, 0:43
  3. Consumer Financial Protection Bureau1:30
  4. National Automobile Dealers Association2:02
  5. spending cuts2:31
  6. auto makers0:35
  7. fuel prices2:28
  8. fuel efficient2:48
  9. auto loan delinquencies2:09
  10. African American Hispanic1:25

Fri, 22 Feb 2013|

For N.A. boss Mark Reuss, motorsports means revving up product development; loan-bias crackdown; VW boasts 270 mpg.

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Automatically Generated Transcript (may not be 100% accurate)

From the straightaway to the show room GM put engineers through the paces by sending them to the racetrack. That's next. Welcome to the newscast on this Friday. I'm -- Snyder and today for Tom -- back. Race on Sunday engineer better cars on Monday. That's the philosophy of GM North America president -- Royce. If you really good about it and Bloomberg says Royce here with the Chevrolet SSA at Daytona. Is -- the auto makers racing operations with the engineers the idea. Help with Chevy and Cadillac racing teams that rotate back in the GM product development -- saying quote. Every week you've got to go -- what you did on the track and try to win. That's an urgency we need in this company. Rice is an engineer by training and a long time racing enthusiast. GMs not alone in using -- to help product development. -- -- founders torture -- Honda is famous for saying if Honda does not race there is no Honda. From laps to loans to developments to tell you about first. Lenders whose policies provide incentives for brokers -- loan officers to negotiate higher rates have often been shown to result in African American Hispanic virus. Paying more for mortgages and auto parts the US Consumer Financial Protection Bureau has told at least four banks that it may sue them. The issue car loans and interest rate markups by auto dealers that appeared discriminatory. Sources tell Bloomberg at least four banks have been notified. The bureau does not oversee dealers. But retailers to arrange loans backed by banks and other lenders a process known as indirect lending. With mark ups. A buyer may get alone that's costlier than the one the bank gave the dealer. The National Automobile Dealers Association defends dealers role in financing vehicles. In other news sixty day auto loan delinquencies are up. Experian automotive says delinquencies rose late last year for the first time since the fourth quarter of 2009. Auto makers report February US sales results next Friday. Forecasters expect strong numbers despite rising fuel prices and the threat of new government spending cuts. Edmunds dot com predicts the seasonally adjusted annual sales rate of fifteen point five million. Alan steel automotive a repeat of last month fifteen point two million -- Finally Volkswagen says this will be the world's most fuel efficient production car. It's the XL one. Plug in hybrid. With -- aerodynamic shape and lightweight materials this to -- diesel comes in that 270. Miles per gallon other vitals. 31 miles of all electric range and a top speed of 99 miles per hour. VW says it will build it but it hasn't said whether it will sell outside Europe. At -- is off today his commentary we'll return. Well back on Monday. Have a good weekend everybody -- see them.

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