GM to Sell Controlling Stake in GMAC to Cerberus-Led Group
General Motors Corp. said Monday it has reached an agreement to sell a 51 percent controlling stake in its financing arm, General Motors Acceptance Corp., to a consortium of investors led by Cerberus Capital Management L.P., and including Citigroup Inc. and Japan’s Aozora Bank Ltd. GM expects to receive some $14 billion in cash from the transaction over three years. The deal strengthens GMAC’s ability to support GM’s automotive operations, improves GMAC’s access to cost-effective funding, provides significant liquidity to GM and allows GM to continue to participate in the profitability of GMAC over the long term through its 49 percent ownership stake, GM said in a press release.
Info Management Solution Created to Help Aftermarket Companies Meet Sarabanes-Oxley Compliance
As automotive parts suppliers close their books on 2005 — a tough year that saw a number of leading companies having to restate earnings and come under the review of the Securities and Exchange Commission for accounting and pricing irregularities — it’s becoming increasingly apparent that many of them need stronger oversight and processes related to parts and pricing management, says Terence O’Reilly, president and chief executive officer of Pricedex Software, Inc.
H3R Performance Signs Agreements With Top Manufacturers’ Representatives
H3R Performance has signed agreements with several leading manufacturers’ representatives to help market its line of automotive aftermarket UL listed fire extinguishers The companies include Northbrook, IL-based The Combined Group, Hirsig-Frazier and Heavy-Duty Marketing of Richardson, TX, and Scott Lewis Associates of Baldwin, NY.
Prolong International Shares to Move Off AMEX
Prolong International, parent company of Prolong Super Lubricants, has been notified by the American Stock Exchange (AMEX) that it is not in compliance with the minimum listing standards for trading on the exchange. The Exchange has begun delisting proceedings.
Babcox’s Tech Group Magazines Award Several Readers’ Choice Awards
During Automotive Aftermarket Industry Week 2005 in Las Vegas, Underhood Service, ImportCar and Brake & Front End magazines presented several aftermarket companies with its prestigious Readers’ Choice Award. Of the hundreds of advertisers who seek readers’ attention, these companies are among the foremost communicators in the industry. Only 10 companies earned this distinction from each magazine.
CARQUEST Names Classic Auto Collision of Escanaba, Michigan 2005 Automotive Refinish Supply Excellence Award Recipient
Scott and Mary Fritz of Classic Auto Collision in Escanaba, MI, have been selected as the 2005 CARQUEST Automotive Refinish Supply Excellence Award winners. The CARQUEST Automotive Refinish Supply Excellence Award was established in 2003 to recognize the collision repair business that through the course of everyday service excellence, exemplifies the professionalism necessary to build public understanding and respect for people working in collision repair today.
Delphi Announces Listing on the Pink Sheets and New Ticker Symbol
Delphi Corporation announced its common stock will be traded under the symbol DPHIQ on the Pink Sheets.
Early-Bird Registration Extended for CARS
The deadline to take advantage of “early-bird” registration discounts for the Congress of Automotive Repair and Service (CARS) has been extended to Oct. 25. Depending on the registration category, most attendees can save $100 or more off standard registration fees.
APRA Electrical Clinic Scheduled for Las Vegas
The Electrical Division of the Automotive Parts Remanufacturers Association will hold a training clinic for custom rebuilders and auto electric shops in Las Vegas on Saturday Oct. 29, 2005. The meeting will be held from 1:30 p.m. to 4:30 p.m. at The Riviera Hotel.
Goodyear’s Bender to Join AASA Solution Seminar Speaker Lineup
In a continuing effort to enhance the upcoming AASA Solution Seminar Series, Tom Bender of Goodyear Tire will speak to the implications of the RFID process on Wednesday, Aug. 17. The Seminar Series is scheduled for Tuesday, Aug. 16, through Thursday, Aug. 18 at the Hyatt Regency Dearborn.