Toyota resumes the sales of Lexus GX 460

Toyota resumes the sales of Lexus GX 460

 

 

Sixteen days after the Lexus GX 460 landed on Consumer Reports "Do Not Buy" list and Toyota issued a stop-sale on the luxury 'ute, Lexus has developed a fix for the stability control issue discovered by CR and has begun rolling out the fix.

In a statement issued by Mark Templin, the Lexus Group Vice President and General Manager says that the automaker's engineers were able to recognize and develop a remedy for the stability control system which CR deemed unsafe during its "Throttle Lift Off" test.

In addition to resuming sales, dealers began contacting customers yesterday to start issuing the software update and Lexus owners can expect their GXs to be reprogrammed within a week. For owners who still don't wish to drive their affected SUV, Lexus will continue to offer a courtesy vehicle free of charge. Full details in the press release after the jump.

 

Source: Autoblog.com ]

Toyota resumes the sales of Lexus GX 460

Toyota resumes the sales of Lexus GX 460

 

 

Sixteen days after the Lexus GX 460 landed on Consumer Reports "Do Not Buy" list and Toyota issued a stop-sale on the luxury 'ute, Lexus has developed a fix for the stability control issue discovered by CR and has begun rolling out the fix.

In a statement issued by Mark Templin, the Lexus Group Vice President and General Manager says that the automaker's engineers were able to recognize and develop a remedy for the stability control system which CR deemed unsafe during its "Throttle Lift Off" test.

In addition to resuming sales, dealers began contacting customers yesterday to start issuing the software update and Lexus owners can expect their GXs to be reprogrammed within a week. For owners who still don't wish to drive their affected SUV, Lexus will continue to offer a courtesy vehicle free of charge. Full details in the press release after the jump.

 

Source: Autoblog.com ]

Funeral Home Displays Corpse on his Motorcycle, with Video

Funeral Home Displays Corpse on his Motorcycle, with Video

If you thought you'd previously seen it all, well, you're wrong. Case in point: David Morales Colón, a 22-year-old Puerto Rican man who was shot to death last Thursday, and whose wake is now making headlines here in the United States mainland. How come? Well, suffice it to say that the funeral directors at Marin Funeral Home in San Juan's Hato Rey neighborhood have a flair for the unorthodox. For example, in 2008, they embalmed another young shooting victim and displayed his body standing up for the duration of a multi-day wake.

Back to the present: Yesterday and today, callers who stopped to pay their final respects to the late Mr. Colón got a bit of a surprise. Instead of the traditional presentation of the body in a casket, Mr. Colón's corpse, dressed in casual duds and sunglasses, was instead posed in a very lifelike position atop his Repsol-liveried Honda CBR600 F4. According to Puerto Rico's Primera Hora newspaper, the motorcycle was given to the victim by his uncle, and upon Mr. Colón's untimely demise, family members delivered the bike to the funeral home specifically for this unusual wake.

Lest you think this is some sort of insane hoax, here's the link to the local Primera Hora newspaper coverage, which features a multi-shot photo gallery, and here's the less detailed Associated Press wire version that's presently making the rounds. Finally, we've got a video posted after the jump. We'll say this: David Morales Colón rides into the afterlife in memorable style. Thanks to Joel for the tip, and thanks to Wes Siler for the bike ID.

 

 

 

Source: [ Autoblog.com, Primera Hora, YouTube ]

Toyota Sequoia being recalled over traction control

Toyota Sequoia being recalled over traction control

Toyota Motor Corp. will announce a recall of 2003 Toyota Sequoia sport-utility vehicles Wednesday over issues with the electronic stability-control system, according to a person briefed on the plans.

Last week, Toyota recalled 9,400 2010 Lexus GX 460 SUVs for a problem with their electronic stability-control system after Consumer Reports magazine called the vehicles unsafe, saying they posed the potential of flipping over in certain sharp turns.

The National Highway Traffic Safety Administration opened a preliminary investigation into the problem with the 2003 Sequoias in December 2008, at which time the agency estimated 68,000 vehicles were affected by the problem.

Under the recall, Toyota will replace the engine-control computer to correct a problem described as overly aggressive electronic skid control at low speeds, the person said. The recall affects the first batch of vehicles produced in 2003, the person said.

Since 2003, Toyota issued several technical service bulletins related to issues with the electronic stability-control system, which helps control a loss of traction on slippery surfaces or during turns, according to a Toyota response to the NHTSA investigation.

NHTSA said it has received 64 consumer reports of the problem and Toyota received 96 reports.

This is the latest in a string of recalls Toyota has faced this year as it has come under scrutiny by lawmakers and safety advocates for complaints of unintended acceleration in its vehicles. Earlier this month, the auto maker agreed to pay a $16.4 million civil fine by the U.S. but rejected charges that it knowingly hid car defects.

 

Source; [ Wall Street Journal ]

LEASETRADER.COM REVEALS THE HONEYMOON STAGE LASTS THREE-TIMES LONGER FOR WOMEN THAN MEN

LEASETRADER.COM REVEALS THE HONEYMOON STAGE LASTS THREE-TIMES LONGER FOR WOMEN THAN MEN

Average Honeymoon Period – 4 Months for Men and 14 Months for Women

MIAMI – (April 26, 2010) – You know the honeymoon’s over when you give your wife money for dinner and ask for the change. Love doctors have spent countless hours calculating the honeymoon stage somewhere between seven years and 24 hours. What’s the honeymoon period on a car? LeaseTrader.com polled roughly 2,500 men and women and received some humorous feedback.

 

LeaseTrader.com, the company that helps people trade their car Lease Specials to someone else, set up the survey to ask men and women how long they loved their car and when they finally realized the honeymoon period was over. For men, the average was four months until they started parking close to other cars (33%) and began transporting sports equipment in the backseat (22%).

 

The survey also finds huge differences between men and women. Women are over three-times more likely to stay in love longer with their car compared to men. The first rules women started breaking are letting their spouse drive their car (39%) and starting to car pool other kids (24%) for the first time.

 

“Generally drivers living a leasing lifestyle have a shorter honeymoon period with their car,” said Sergio Stiberman, CEO and Founder of LeaseTrader.com. “Every car Lease Specials driver goes through this stage and LeaseTrader.com helps them get out of their unwanted Lease Specials to start a new honeymoon period with a car of their choice.”

The honeymoon period is over when the following occurs:

Men:

Parks around other cars (33%)

Starts transporting sports equipment (22%)

Less frequent car cleaning (17%)

High-payment starts to bother them (12%)

Stops using gas mileage button (7%)

No more fights over who drives during long trips (3%)

Other (6%)

Women:

Lets spouse finally drive car (39%)

Starts car-pooling other kids (24%)

Started eating in car (12%)

Puts makeup on while driving (9%)

Leaves clothes in car (6%)

Starts smoking in car (2%)

Other (8%)

About LeaseTrader.com

LeaseTrader.com easily and affordably matches car shoppers with individuals looking to escape their auto Lease Specials. Privately held and founded in 1998, LeaseTrader.com is headquartered in Miami. For more information visit www.LeaseTrader.com, on Twitter @Lease_Trader, or call 800-770-0207.

# # #

Porsche recalls every Panamera made

Porsche recalls every Panamera made

FRANKFURT (Reuters) - Performance sports car maker Porsche AG's <PSHG_p.DE> sterling reputation for quality took a severe dent on Tuesday, when it recalled every Panamera it built only months after the model line was launched to much fanfare.

The announcement comes on the heels of a quality scandal at Toyota <7203.T> and serves as a bitter pill for Michael Macht, who headed up production before being named the brand's chief executive late in July.

The Panamera grand tourer was supposed to catapult Porsche to new levels of growth and help the brand steal customers away from such four-door coupes as the Maserati Quattroporte or Mercedes-Benz CLS.

In recent years, Porsche has repeatedly received top marks from J.D. Power for its industry-leading quality benchmarked in the research and consulting firm's annual benchmark surveys.

Porsche said all 11,300 Panameras would be brought to the mechanic to fix possible faulty seatbelt tensioners.

European automotive holding Porsche SE controls 51 percent of Porsche AG, with the remainder held by Volkswagen <VOWG_p.DE>.

The news could prompt VW to take action. Martin Winterkorn, who serves as CEO of both Volkswagen and Porsche SE has repeatedly said that the better a brand performs, the more autonomy it gains within the overall group.

Volkswagen's reputation is also indirectly at stake, since its Hanover plant supplies the Panamera's painted bodies-in-white for assembly in Porsche's Leipzig plant.

 

Source: [ CNBC ]

Toyota Auto Output Soars Again Despite Recall

Toyota Auto Output Soars Again Despite Recall

 

 

TOKYO (Dow Jones)--Toyota Motor Corp. (7203.TO) nearly doubled its global production in March, as a low basis of comparison from last year canceled out the debilitating effects of worldwide vehicle recalls.

The world's biggest auto maker by sales said Monday it boosted global production in the latest reporting month by 96.7% to 773,297 vehicles, following a 82.7% gain in February. March's steep gain was attributed to the comparison from the year-earlier month, when the company was adjusting to a plunge in demand in the wake of the global financial crisis.

Domestic production in March shot up 115.2% on year to 347,281 vehicles, marking the fifth straight month of gains. Toyota also boosted overseas output by 83.8% to 426,016 vehicles, extending the monthly streak of on-year gains to the eighth month in a row.

The figures are not surprising, said Chibagin Asset Management analyst Yoshihiro Okumura, noting that Toyota has been adjusting its production based on demand.

He said government subsidies on fuel-efficient cars may help sales for a while, but that production is likely to suffer when the subsidies expire in the second half of this fiscal year. "Just because it had strong production in March doesn't mean (the figures) will continue to rise," he said.

The world's biggest auto maker by sales is striving to regain customer trust by fixing problems with more than 8.5 million vehicles in China, the U.S., Europe, Japan and other regions, and by enhancing quality control. The $2 billion recall cost, plus potential litigation bills, will likely squeeze earnings.

Last week, Moody's Investors Service cut the credit rating on Toyota's long-term debt by a notch to match its lowest-ever level, saying the global recall saga raises questions about profitability until 2012 at the earliest.

But in a slight ray of hope, Toyota has reportedly managed to turn a group operating profit for the business year ended in March. In the previous fiscal year, it suffered an operating loss of Y461.01 billion.

The Nikkei reported in its Saturday morning edition that Toyota may log an operating profit of as high as Y50 billion. This would beat its forecast for a Y20 billion loss, as cost reductions and a weaker yen have helped stave off another year in the red.

The report helped push Toyota shares up on the Tokyo Stock Exchange, with the issue closing 3.4% higher at Y3,690.

Toyota said in a statement that the figures in the report were "not something that we have formally announced," adding that it would release its earnings results on May 11.

For the full business year, meanwhile, Toyota said its global production grew 2.5% to 7.279 million.

Toyota reduced domestic production by 5.5% to 3.207 million for the full business year, while raising overseas output by 9.7% to 4.072 million vehicles.

Other auto makers released improved output results for the latest reporting month, on the back of a recovery in demand.

Honda Motor Co. (7267.TO) raised its global output in March by 61.9% to 349,425 vehicles compared with the same month a year earlier. Its domestic production was up 52.1% to 93,771 vehicles, marking for the third straight month of on-year gain.

For the full business year, its global production declined 7.5% to 3.305 million, although its output in Asia and China set fiscal-year records. Its full year domestic output fell 21.5% to 901,775 vehicles.

Nissan Motor Co.'s (7201.TO) global production in March shot up 85.2% to 318,827 vehicles on year in March. Of the total, its domestic output gained 61.4% to 99,903 vehicles.

For the full business year, Nissan's worldwide production rose 7.8% to 3.146 million vehicles. Meanwhile, it reduced domestic output by 2.4% to 1.025 million vehicles.

Ford posted net income of $2.1 billion 1Q, rising projections

Ford posted net income of $2.1 billion 1Q, rising projections

 

DETROIT -- Ford Motor Co. posted net income of $2.1 billion in the first quarter, almost twice the figure projected by analysts, fueled by a 37 percent rise in U.S. sales.

The profit compared with a loss of $1.4 billion a year earlier. Revenue rose to $28.1 billion from $24.4 billion. The automaker said it will boost second-quarter production.

The results prompted Ford to advance its forecast for becoming “solidly profitable” to this year instead of 2011.

"Our plan is working, and the basic engine that drives our business results -- products, market share, revenue, and cost structure -- is performing stronger each quarter, even as the economy and vehicle demand remain relatively soft," CEO Alan Mulally said in a statement.

Ford expects to build 625,000 vehicles in North America this quarter, 30,000 more than its previous guidance and 194,000 units above the year-earlier total.

Ford's automotive operations had a pre-tax operating profit of $1.2 billion, vs. a loss of $1.9 billion a year earlier.

"We will be solidly profitable in 2010," CFO Lewis Booth told reporters. "We will have a positive cash flow."

Ford Motor Credit reported net income of $528 million, up from a loss of $13 million a year-earlier.

Ford said the improvement stemmed from leased vehicles holding their value better, which yielded higher prices at auction.

"Economic conditions are still uncertain and, as always, we will utilize the solid business practices and superior servicing that remain the foundations of our company," said Ford Credit CEO Mike Bannister in a statement.

Ford was projected to earn $1.2 billion in the quarter, according to an average of three analysts' estimates compiled by Bloomberg. The automaker's first-quarter U.S. sales surge was more than twice the industrywide increase, and Ford had the smallest discounts among domestic automakers, according to researcher Autodata Corp. Buyers also chose costlier options, helping generate more revenue per car.

'Momentum'

“There's a lot of momentum at Ford right now in terms of customers' perception of their products,” said Efraim Levy, a Standard & Poor's equity analyst in New York, before today's results were released. “We're hitting the point where it's time to give them the benefit of the doubt, rather than view them with skepticism.”

Redesigned models such as the Taurus sedan helped boost U.S. market share to 17.4 percent through March from 14.7 percent a year earlier, the biggest jump since 1977, according to Ford. This year, dealers will get the new Fiesta and Focus small cars after Ford's reliance on trucks contributed to $30 billion in losses from 2006 through 2008 as fuel prices surged.

The automaker last posted four straight quarterly profits from the third quarter of 2004 through the second quarter of 2005.

Executive Chairman Bill Ford, 52, said shoppers are considering Ford models in part because the automaker avoided the government-backed bankruptcies that befell the predecessors of General Motors Co. and Chrysler Group.

“But if they don't like what they see, they'll go elsewhere,” he said after a speech this month in Detroit.

Also buoying Ford's share is a shift in some consumers' impressions after Toyota Motor Corp.'s recalls of more than 8.5 million vehicles worldwide, said Bernie McGinn, president of McGinn Investment Management of Alexandria, Virginia. Toyota's first-quarter U.S. vehicle sales rose 7.2 percent, half the industry's 16 percent advance.

“Toyota has taken a hit to their image for automotive excellence, and the chief beneficiary is Ford,” McGinn said. “This is the first time in a generation that people are looking at Ford in a really positive way.”

Pricing gains helped, too. Revenue from each vehicle sold rose $2,041 in 2009 on new models such as the Fusion hybrid and purchases of more-expensive features, according to CEO Alan Mulally. Ford expects to see “positive net pricing” again this year, CFO Lewis Booth said in January.

Mulally's brand-repair strategy was financed by $23 billion in borrowing after he joined the company. While those loans enabled Ford to avert a Chapter 11 filing, they also added to automotive debt that reached $34.3 billion at the end of 2009, up from $24.2 billion a year earlier.

“Ford has got to pay down its debt,” said Jim Hall, principal of consultant 2953 Analytics in Birmingham, Michigan. “And they have to weigh paying down the debt against investing in new products.”

GM and Chrysler were cleansed of obligations in bankruptcy. GM reported paying off the last $4.7 billion in U.S. loans April 21, the same day Chrysler posted a first-quarter operating profit of $143 million.

‘Seen this movie'

Ford can't risk complacency and arrogance as it tries to complete a turnaround, according to Bill Ford. First-quarter U.S. sales totaled 1.08 million in 2000. This year's tally was 441,708.

“I've seen this movie before,” Bill Ford said in Detroit last week. “I know how quickly self-satisfaction can turn into self-destruction.”

For now, Ford reaps rewards for going it alone and not taking a government rescue, McGinn said. Of 16 analysts covering the shares, eight say buy, six advise holding and two recommend selling, according to data compiled by Bloomberg. In January 2009, one analyst had a buy rating while eight said hold and three said sell.

“Ford just seems like it can do no wrong,” said John Wolkonowicz, an analyst at consultant IHS Global Insight. “The company is doing very well, and the stock is doing very well.”

Source: [ Automotive News ]

Lamborghini Gallardo shatters 250 MPH barrier

Lamborghini Gallardo shatters 250 MPH barrier

 

The Texas Mile sounds like a totally kick ass event. You get one mile on flat, straight airport runway to go as fast as possible, with a half mile to bring your vehicle to a halt. This year's big winner was Richard Holt; the lucky owner of a fire-breathing, street legal twin turbo Lamborghini Gallardo Superleggera. The 1,000 horsepower super bull turned in an official time of 250.1 miles per hour, or fast enough to make even the most ardent of speed demons a bit leery. To make matters a bit more interesting, Holt drove his twin-turbo Gallardo for the first time ever during his first run on the track.

Hit the jump to watch Holt's pavement-scorching run. If you thought the Gallardo Superleggera looks fast standing still, wait to you see it passing the 250 mark. And Holt reportedly managed his Texas Mile record breaking run with the air conditioning on and the radio blasting. We can't think of a much better Sunday afternoon.

 

 

[Source: Autoblog, YouTube via AutoWeek]

Chrysler predicts 20 percent sales increase in April

Chrysler predicts 20 percent sales increase in April

 

 

DETROIT -- Chrysler Group is projecting about a 20 percent increase in U.S. sales for April compared with the same month last year, Chrysler spokeswoman Kathy Graham said yesterday.

The projected figures were released by Fred Diaz, Chrysler's chief sales executive, during a dealer-only conference call Wednesday, Graham said.

A 20 percent gain would mark Chrysler's second monthly sales increase in 28 months, following a 1 percent advance in February

Chrysler sold 76,682 vehicles in the United States in April 2009.

This year's projected April sales increase comes on the heels of Chrysler's posting a $143 million operating profit in the first three months of 2010 after cutting costs and introducing the new Dodge Ram Heavy Duty pickup.

The one-year anniversary of the automaker's Chapter 11 bankruptcy filing is coming up April 30. Chrysler emerged from a U.S.-sponsored reorganization under the control of Italy's Fiat S.p.A. on June 10.

Chrysler said its worldwide vehicle sales rose to 334,000 cars and trucks in the first quarter from 318,000 in the fourth quarter of last year.

“I think the hangover from bankruptcy is past us,” said David Kelleher, secretary on the Chrysler National Dealer Council and owner of two Chrysler dealerships in Philadelphia. “We're really, really paying attention to our customers. … It's been a wonderful time on the showroom floors.”

The automaker is coming off an 8 percent sales decline in March compared with the same period the previous year. But it still managed to sell 92,623 vehicles.

Other dealers said they were optimistic for what the future holds. Chrysler is beginning to produce new products such as the 2011 Jeep Grand Cherokee, which is scheduled to arrive on showroom floors in July.

Dealers have been clamoring for the fresh stock, especially because Chrysler's bankruptcy had delayed preparations for 2010 models.

“We're starting to see a resurgence,” said Alan Helfman, vice president of Helfman River Oaks Chrysler-Jeep in Houston. “If you got new product, people will come. I already have half a dozen orders on the new Grand Cherokee.”

 

Source: [ Automotive News ]

Chrysler predicts 20 percent sales increase in April

Chrysler predicts 20 percent sales increase in April

 

 

DETROIT -- Chrysler Group is projecting about a 20 percent increase in U.S. sales for April compared with the same month last year, Chrysler spokeswoman Kathy Graham said yesterday.

The projected figures were released by Fred Diaz, Chrysler's chief sales executive, during a dealer-only conference call Wednesday, Graham said.

A 20 percent gain would mark Chrysler's second monthly sales increase in 28 months, following a 1 percent advance in February

Chrysler sold 76,682 vehicles in the United States in April 2009.

This year's projected April sales increase comes on the heels of Chrysler's posting a $143 million operating profit in the first three months of 2010 after cutting costs and introducing the new Dodge Ram Heavy Duty pickup.

The one-year anniversary of the automaker's Chapter 11 bankruptcy filing is coming up April 30. Chrysler emerged from a U.S.-sponsored reorganization under the control of Italy's Fiat S.p.A. on June 10.

Chrysler said its worldwide vehicle sales rose to 334,000 cars and trucks in the first quarter from 318,000 in the fourth quarter of last year.

“I think the hangover from bankruptcy is past us,” said David Kelleher, secretary on the Chrysler National Dealer Council and owner of two Chrysler dealerships in Philadelphia. “We're really, really paying attention to our customers. … It's been a wonderful time on the showroom floors.”

The automaker is coming off an 8 percent sales decline in March compared with the same period the previous year. But it still managed to sell 92,623 vehicles.

Other dealers said they were optimistic for what the future holds. Chrysler is beginning to produce new products such as the 2011 Jeep Grand Cherokee, which is scheduled to arrive on showroom floors in July.

Dealers have been clamoring for the fresh stock, especially because Chrysler's bankruptcy had delayed preparations for 2010 models.

“We're starting to see a resurgence,” said Alan Helfman, vice president of Helfman River Oaks Chrysler-Jeep in Houston. “If you got new product, people will come. I already have half a dozen orders on the new Grand Cherokee.”

 

Source: [ Automotive News ]

Hertz to buy rival Dollar Thrifty car rental for $1.17B

Hertz to buy rival Dollar Thrifty car rental for $1.17B

 

NEW YORK (AP) — Hertz Global Holdings (HTZ), the world's largest car rental company, said Monday it has agreed to buy rival Dollar Thrifty Automotive Group (DTG) for about $1.17 billion in cash and stock.

Hertz said the deal will give it an another 1,550 locations, boosting its total to 9,800. It said it will boost its leisure rental business in Europe and elsewhere.

Hertz said its bid values Dollar Thrifty at $41 per share, a 5.5% premium to Friday's closing price of $38.85. The offer is 80% cash and 20% Hertz stock.

Recently, shares of Tulsa, Oklahoma-based Dollar Thrifty have been trading at their highest prices in almost three years. The stock was trading at $2 a little over year ago, and was valued at less than a dollar in early 2009 because of lower demand for rentals and falling resale prices for vehicles, along with the problems facing its main supplier, Chrysler.

Dollar Thrifty shares rose $1.65, or 4.3%, to $40 in pre-opening trading.

Dollar Thrifty will become a wholly owned unit of Hertz when the deal closes. Hertz, based in Park Ridge, N.J., expects the deal to start adding to profits immediately, and said it has already identified at least $180 million in potential cost cuts from combining the two businesses.

Hertz separately is reporting a smaller first-quarter loss. The company trimmed its loss to $150.4 million, or 37 cents per share, from $163.5 million, or 51 cents per share, a year ago. Excluding one-time costs Hertz said it lost 12 cents per share. Revenue rose 6% to $1.66 billion from $1.56 billion.

Analysts expected a loss of 13 cents per share and $1.62 billion in revenue, according to Thomson Reuters. Analyst estimates usually exclude one-time costs.

Hertz said U.S. rental car revenue rose 10% due to higher prices, an increase in business travel, and better results for its Advantage leisure brand.

Hertz is now expecting an adjusted profit of 43 cents to 45 cents per share in 2010, on $7.5 billion to $7.7 billion in revenue. It had forecast a profit of 37 cents to 39 cents per share excluding one-time items, on $7.4 billion to $7.6 billion in revenue.

Analysts had forecast 44 cents per share and $7.45 billion in revenue.

Feds to auction Ponzi Schemer Scott Rothstein cars

Feds to auction Ponzi Schemer Scott Rothstein cars

 

Scott Rothstein was sent to jail in January for running a Ponzi scheme that bilked clients an estimated $1.2 billion. That money bought Rothstein a lot of very nice cars, and now they can be yours.

The cars are hitting the auction block June 3 at the Broward County Convention Center in Floriday, with previews on May 10, 26, 27 and June 2. Some of the cars up for auction are below:

Personally, we'd take the Lamborghini LP-670 SV.

• 2008 Bugatti Veyron  


• 2009 Bentley Continental GTC   


• 2007 Rolls-Royce Phantom   


• 2009 Ferrari 430 Spyder   


• 1967 Corvette convertible   


• 2007 Ford Expedition limousine  (ed note: What?)


• 2008 Cadillac Escalade   


• 2008 Mercedes-Benz SLR    


• 2009 Maserati GranTurismo    


• 2010 Lamborghini LP-670 SV
  
  

 

Proceeds will be held by the government to benefit the victims of Rothstein's investment fraud scheme.

 

Source: [ USAToday.com ]

 

 

TREASURY - LUXURY VEHICLE & VESSEL AUCTION

Ft Lauderdale, FL

------

For Immediate Release

U.S. Department of the Treasury Seized & Forfeited General Property Program

LUXURY VEHICLE / VESSEL SPECIALTY AUCTION

(Chicago, IL) VSE Corporation and Rick Levin & Associates, Inc. will conduct a Specialty Auction of seized and forfeited luxury vehicles and vessels formerly owned by Scott Rothstein and others.

The auction will be conducted on behalf of the U.S. Department of the Treasury at 11:00 a.m. on Thursday, June 3, 2010 at Broward County Convention Center, 1950 Eisenhower Blvd., Ft. Lauderdale, FL, 33316.

Most of these luxury vehicles and vessels for auction were property acquired by Rothstein through his involvement in a ponzi scheme. This property was seized from him as part of the investigation and prosecution of the case against him. Scott Rothstein entered a guilty plea in January 2010 and faces up 100 years in prison at his May 6 sentencing.

The auction will include the following vehicles and vessels:

Vehicles:

2008 Bugatti Veyron

2009 Bentley Continental GTC

2007 Rolls – Royce Phantom

2009 Ferrari 430 Spyder

1967 Corvette Convertible

2007 Ford Expedition Limo

2008 Cadillac Escalade

2008 Mercedes - Benz SLR

2009 Maserati GT

2010 Lamborghini LP-670SV

Vessels/Water Craft:

2007 87’ Warren Yacht

2005 33’ Riva Aquariva Super

1998 55’ SeaRay Sundancer

2006 Nor-Tech Supercat

Yamaha Jet Ski’s

Chrysler predicts 20 percent sales increase in April

Chrysler predicts 20 percent sales increase in April

 

 

DETROIT -- Chrysler Group is projecting about a 20 percent increase in U.S. sales for April compared with the same month last year, Chrysler spokeswoman Kathy Graham said yesterday.

The projected figures were released by Fred Diaz, Chrysler's chief sales executive, during a dealer-only conference call Wednesday, Graham said.

A 20 percent gain would mark Chrysler's second monthly sales increase in 28 months, following a 1 percent advance in February

Chrysler sold 76,682 vehicles in the United States in April 2009.

This year's projected April sales increase comes on the heels of Chrysler's posting a $143 million operating profit in the first three months of 2010 after cutting costs and introducing the new Dodge Ram Heavy Duty pickup.

The one-year anniversary of the automaker's Chapter 11 bankruptcy filing is coming up April 30. Chrysler emerged from a U.S.-sponsored reorganization under the control of Italy's Fiat S.p.A. on June 10.

Chrysler said its worldwide vehicle sales rose to 334,000 cars and trucks in the first quarter from 318,000 in the fourth quarter of last year.

“I think the hangover from bankruptcy is past us,” said David Kelleher, secretary on the Chrysler National Dealer Council and owner of two Chrysler dealerships in Philadelphia. “We're really, really paying attention to our customers. … It's been a wonderful time on the showroom floors.”

The automaker is coming off an 8 percent sales decline in March compared with the same period the previous year. But it still managed to sell 92,623 vehicles.

Other dealers said they were optimistic for what the future holds. Chrysler is beginning to produce new products such as the 2011 Jeep Grand Cherokee, which is scheduled to arrive on showroom floors in July.

Dealers have been clamoring for the fresh stock, especially because Chrysler's bankruptcy had delayed preparations for 2010 models.

“We're starting to see a resurgence,” said Alan Helfman, vice president of Helfman River Oaks Chrysler-Jeep in Houston. “If you got new product, people will come. I already have half a dozen orders on the new Grand Cherokee.”

 

Source: [ Automotive News ]

BMW Gran Coupé is it just a Concept? Photo’s

 

BMW Gran Coupé is it just a Concept 

Four-door coupes are nothing new these days, what with vehicles like the Mercedes-Benz CLS and Volkswagen CC proving that these stylish sedans do, in fact, have a place in the automotive world. What's more, Audi's swoopy A7 is nearing its final stages of development, and higher-end coupe-sedans like the Aston Martin Rapide and Porsche Panamera have indeed caught our attention in recent months. BMW is now jumping on that train, and the automaker has officially debuted its Concept Gran Coupé at this year's Beijing Motor Show.

Strip away the rear doors, and the design of the Gran Coupé is awfully close to what we'll see on the next-generation 6 Series. The sporty, flat design of the concept is really stunning, and BMW points out that the Gran Coupé is actually 100 millimeters (four inches) flatter than both the 5 and 7 Series sedans. Combine that with frameless doors and LED lighting all around and what we have here is a rather stunning design.

BMW is one of the only luxury automakers not currently participating in the four-door coupe niche market, and we won't be surprised if a production version of the Gran Coupé hits the streets within the next couple of years. Even so, we're interested to see how this new design language influences the rest of the automaker's portfolio, even beyond the 6 Series. Look below the photos to read BMW's official press release .

Source: BMW, Autoblog.com ]

 

 

 

 

 

 

Elegance and dynamic performance at the first BMW Design Night in Beijing.

23.04.2010   Press Release

Munich. With an exclusive Design Night on the evening of the first press day at Auto China in Beijing (April 23rd to May 2nd 2010), BMW provides an in-depth insight into its design philosophy and development strategy. The program of the BMW Design Night is modular in structure and presents extensive background information on the premium automobile manufacturer’s innovative design culture. In addition to highlighting the long versions of the BMW 5 Series developed specially for the Chinese market, the main focus is on an elegant 4-door vehicle with striking dynamic proportions: the BMW Concept Gran Coupé.

The concept study on display symbolises the outstanding design expertise of BMW. The BMW Concept Gran Coupé concentrates the fundamental values of the brand. Its body design authentically captures a sense of superior dynamic performance and high-quality elegance. The shaping style, which follows a coherent pattern down to the last detail, convincingly visualises BMW’s philosophy as an automobile manufacturer. As with the Concept CS 2007, BMW once again sets new benchmarks in the design of 4-door coupes with a distinctive sporty character.

Based on a powerful tradition in this segment, the BMW Concept Gran Coupé carries the essence of brand values and the genes of BMW design into the future. The concept shows the classic features of all BMW coupes: the long wheelbase, the vaulted bonnet with forward-pointing lines, the set-back greenhouse, the flat silhouette, the coupe-style roof line and the short front overhang reflect the dynamic potential of the vehicle. The surface structures and the fact that the design quality is geared towards perfection illustrate the aspiration of the brand BMW to build 4-door high-performance coupes with the sportiest proportions and the most elegant design.

In the BMW Concept Gran Coupé, BMW presents the vision of a 4-door vehicle which combines the exclusivity of a Gran Turismo with the fascination of a high-performance sports car. The design of the concept study underscores the expertise of the brand BMW in the development of vehicles with a distinctive sporty character which offer space for more than two occupants. This reflects the particular quality of the BMW Group design philosophy, which consists in precisely and authentically translating the specific values of product substance into an aesthetically convincing shaping style.  The design process is set through with a passion for aesthetic appeal and dynamic performance, precision and perfection. This is how the uncompromising premium aspiration of a BMW Group product, the unmistakable style of the brand BMW and the precisely defined character of each model are given concrete form.

The body design of the BMW Concept Gran Coupé expresses sporty flair in its ultimate form. The 4-door vehicle clearly signals the very highest level of dynamic performance with its extremely elegant, flat and coupe-like proportions. Stretching the entire length of the vehicle and therefore measuring almost 5 metres, flowing lines dominate the design, giving rise to outstanding aerodynamic levels, just as the low centre of gravity reflects an agile driving response.

The front section is defined by the BMW kidney grille characteristic of the brand - an icon of body design which is not just central but also a dominating element of front design. The kidney grille of the BMW Concept Gran Coupé has a flat appearance, with an asymmetrical side view which emphasises the close attention to detail. The central section with the kidney grille is formally separated from other BMW icons such as the headlights and air inlets. The clarity of the LED front lights highlights the vehicle’s precision and premium aspirations. The air inlet runs back an extremely long way into the side section, making the front section appear particularly wide. All elements of the front section appear to merge to form a single, elegantly curved movement.

The sporty, flat silhouette provides an impressive body height of just under 1.40 metres. This makes the BMW Concept Gran Coupé up to 100 millimetres flatter than the BMW 5 Series or the BMW 7 Series Sedan. The roof line tapers off gently into the rear, thereby elongating the vehicle's proportions. The forward-tilted shark nose visually extends the bonnet and creates characteristic BMW proportions with its forward-pointing dynamism. This stretched character is also highlighted by the side lines, where there is a deliberate avoidance of the typical sill line. The flat proportions make the window graphics appear extremely narrow and dynamic at the same time. Another BMW design icon, the Hofmeister kink, is especially strikingly formed - additionally emphasising the exclusive character of the vehicle. The frameless doors give the BMW Concept Gran Coupé a modern character since the glass surfaces appear to merge seamlessly without being interrupted by columns.

At the rear, only design elements such as the lights and tailpipe trim appear to be visible at first sight. The entire rear section appears slimmer and lighter at the centre, though still exuding power and dynamic performance since the volume is reinforced towards the sides. The L-shaped light banks feature a slight, almost subtle curve and the entire design of the lines and surfaces highlights the vehicle’s elegant overall appearance. The third brake light, positioned in the rear window, is also fitted with LED technology. It takes up the kink in the roof and illuminates the entire width of the rear window. The powerfully flared wheel arches above the rear axle highlight the particularly sporty character of the BMW Concept Gran Coupé.

Another highly sporty and also elegant feature is the rim concept in which the individual spokes extend deep into the centre of the rim towards the hub, giving the rim a striking three-dimensional quality. The spokes themselves are not solid but relief-milled, giving them a visual lightness.

The sculptural shaping style characteristic of the entire body design of the BMW Concept Gran Coupé permits a unique interaction between concave and convex surfaces. It also enables the light to be selectively reflected and channelled. Thus the exterior mirrors integrated in the window shaft appear very light, blending harmoniously into the side view since their shape assimilates the entire line styling. The BMW Concept Gran Coupé is a further development of the classic design of a notchback sedan in which the individual body sections merge harmoniously into a flat, elongated and at the same time dynamic overall image. The effect of this 4-door vehicle derives not just from specific highlights but from its overall appearance, which authentically reflects its character. The car’s dynamic potential is embodied in its proportions and lines, signalling power but also elegance and forward thrust.

Jaguar offers no-cost maintenance program on 2011 models

Jaguar offers no-cost maintenance program on 2011 models

 

Jaguar North America, seeking to dispel lingering image problems and quell concerns about repair costs, is launching a free scheduled maintenance program for all 2011 models.

The Jaguar Platinum Coverage program is a 5-year/50,000 mile new vehicle warranty with free scheduled maintenance, no-cost replacement of major wear-and-tear parts and 24/7 roadside assistance.

Unlike Jaguar’s previous free maintenance program, there is no cost for oil changes, filters, brake pads, brake discs, brake fluids and wiper blade inserts. Jaguar pulled the plug on the old free maintenance program for 2006 models while still under Ford Motor Co. ownership. India’s Tata Motors acquired Jaguar along with Land Rover from Ford for $2.3 billion in 2008.

The new program will launch with the new generation XJ sedan which goes on sale in May. The 2011 model-year XF sedan and XK coupe go on sale in June. Jaguar’s current traditional warranty is for 4-years/50,000 miles.

Richard Beattie, vice president of marketing and sales, said the new program is “game changing for Jaguar,” and will generate traffic. He said the program could be a “deal closer” for many Jaguar stores.

“This will dramatically improve people’s perception of the brand,” he said. “Getting customers into our cars is a real goal. If they don’t want to shop for Jaguar because they feel servicing is too expensive, we have wiped that concern out completely.”

Jaguar sold 2,375 vehicles in the United States during the first quarter, a 14 percent drop compared with the same quarter of 2009. Total U.S. vehicle sales rose 16 percent during the period.

 

 

Source: [ Automotive News ]

Toyota credit rating downgraded, weak profit forecast

Toyota credit rating downgraded, weak profit forecast

 

 

TOKYO  -- Toyota Motor Corp.’s credit rating was cut today by Moody’s Investors Service, and Fitch Ratings said it may also downgrade the world’s biggest carmaker as recalls of more than 8 million vehicles ravage profit.

The rating was reduced to Aa2, the third-highest grade, from Aa1, according to a statement from Moody’s, which stripped Toyota of the top Aaa rating last year. Fitch will examine the company’s creditworthiness and a downgrade is a “possibility,’ senior analyst Jeong Min Pak said in an interview.

Toyota faces at least 180 consumer and shareholder lawsuits stemming from recalls due to unintended acceleration and may suffer $2 billion in lost sales and warranty repairs. The company recalled its Lexus GX 460 SUV and agreed to pay a record $16.4 million U.S. fine this month, further tarnishing its reputation for safety under President Akio Toyoda.

Increased costs related to the recalls “will hurt Toyota down the road,” said Pearlyn Wong, an investment analyst in Singapore at Bank Julius Baer Co., which manages about $350 billion worldwide. “Litigation costs are very hard to model.”

Toyota faces a “material risk” that its operating profit margin will remain well below what is appropriate for its rating “until 2012 at the earliest and possibly beyond,” Moody’s analyst Tadashi Usui wrote.

Fitch will examine Toyota “closely” in the next six months, said Jeong Min Pak, a senior director at the company, by phone from Seoul.

Separately, Moody’s also downgraded Denso Corp.’s credit rating to Aa3 from Aa2. Denso, which is 22.54 percent owned by Toyota, produces electronic and other parts for automobiles.

Bonds and loans

A lower credit rating indicates a higher risk of a default and can raise borrowing costs. The carmaker has 5.45 trillion yen of bonds and loans coming due through 2012.

“We are deeply disappointed with the Moody’s downgrade,” said Mieko Iwasaki, a Toyota spokesman in Tokyo. “We are doing our utmost in prioritizing our customers’ trust with our best management efforts and hope to have our rating raised again.”

The company’s shares fell 1.4 percent to close at 3,600 yen in Tokyo.

Standard & Poor’s

Standard & Poor’s will decide by the middle of next month whether to reduce or affirm its credit ratings on Toyota, Chizuko Satsukawa, a Tokyo-based analyst for the ratings company, said in a phone interview.

S&P put the automaker’s “AA” debt rating put under review in February with “negative” implications, citing concerns over quality-related issues.

Sluggish demand, overcapacity, the need to provide incentives beyond normal levels to boost sales and “a real risk that its product quality problems have eroded significantly and permanently its historical advantages in pricing power,” could all negatively affect Toyota’s profitability, Moody’s Usui wrote.

The carmaker in March started offering no-interest loans, discount leases and free maintenance for U.S. customers.

Toyota has predicted it will post net income of 80 billion yen ($862 million) for the year ended in March 31. The company will report full-year earnings on May 11.

 

Source: [ Bloomberg ]

2011 Volkswagen Phaeton reviled, is this a mistake?

2011 Volkswagen Phaeton reviled, is this a mistake?

 

If at first you don't succeed, try, try again. And then again. That could very well sum up Volkswagen's strategy with its quizzical Phaeton. The flagship sedan – which took "the people's car" up-market into Mercedes S-Class territory – was introduced in 2003, then underwent a facelift in 2009 and has now undergone yet another.

The most immediately evident change is the new front end, bearing LED running lights and the brand's ubiquitous new grille. But that's not the end of the changes to the Phaeton for MY2011. As befits a car in this category, the Phaeton comes packed with tech, including Google Maps-enabled sat-nav, variable headlights, road sign recognition and a four-zone climate control system, all interconnected by some two miles worth of cable.

Buyers can choose from standard wheelbase or long, four (adjustable) seats or five, four engines (diesel six and gasoline six, eight or twelve)... the list goes on, but they're all driven through VW's 4Motion all-wheel drive system. Most pertinently, the new Phaeton is anticipated to mark the model's return to the North American market to take on another humble-badged full-size luxury sedan in the Hyundai Equus, never mind the Mercedes S-Class, BMW 7 Series, Audi A8, Jaguar XJ, Lexus LS...well, you get the point. Read all about it in the press release after the jump and check out the images in the gallery below.

 

 

 

Source: [Autoblog.com ]

Oil rig sinks, 11 missing workers

Oil rig sinks, 11 missing workers

NEW ORLEANS — A deep-water oil rig that suffered a massive explosion two days ago has sunk in the Gulf of Mexico, the Coast Guard said Thursday. Eleven workers are still missing.

Coast Guard teams on Thursday had been battling the blaze on the Deepwater Horizon, which had listed more throughout the night, tipping increasingly toward the sea. Supply vessels were shooting water into the rig to try and control the flames enough to keep it from sinking.

The rig had deteriorated badly throughout the morning.

Aerial searches for the missing workers had resumed at daybreak Thursday. Calm seas and sunny weather made conditions favorable to continue the search, said Petty Officer Tom Atkeson, a Coast Guard spokesman.

A Coast Guard helicopter and rescue plane scanned the deep seas off Louisiana's coast while two cutters scoured the waters from below for any trace of the missing crew from the Deepwater Horizon, a drilling rig that exploded Tuesday night, said Petty Officer Ashley Butler, a Coast Guard spokeswoman.

Coast Guard rescue teams have covered about 1,940 square miles of the Gulf of Mexico since late Tuesday looking for the missing members, she said.

"Right now the Coast Guard's main focus is search and rescue and will continue to search," Butler said.

There were 126 people aboard the semi-submerged drilling rig when it exploded and burst into flames about 50 miles southeast of Venice, La., said Rear Adm. Mary Landry, commander of the U.S. Coast Guard's 8th District. Most of the crew was ferried off the burning rig by nearby boats, she said. At least 17 people were injured; four critically.

The exact cause of the explosion was still unknown. An official with Transocean, the Houston-based company that owns the rig, said it appeared to be a "blowout," a pressure surge of oil or natural gas that thrusts up unexpectedly through the rig.

Blowouts are often caught and the main valve sealed to prevent explosions, said Adrian Rose, a Transocean vice president.

"In this case, we don't know why we were unable to control it," he said.

The U.S. Minerals Management Service (MMS) and Coast Guard are investigating.

Coast Guard officials were getting ready to combat any major environmental spillage from the crippled rig. Marine safety technicians were analyzing the spillage from circling helicopters.

The Deepwater Horizon has been belching out 13,000 gallons of crude oil per hour, though most of it was burning off in the fire, Landry said. The rig also has submerged tanks filled with 700,000 gallons of diesel fuel that had not ignited.

"It's a potential environmental threat," Butler said. "We're preparing in advance to take care of that and mitigate any environmental impact."

Relatives waited anxiously Thursday for hourly updates. Family members of one missing worker, Shane Roshto of Amite, Miss., filed a lawsuit in New Orleans on Thursday accusing the rig's owner of negligence.

The suit said he was thrown overboard by the explosion and is feared dead, though it did not indicate how family members knew that was what happened to him. The suit names Transocean Ltd., which owns the rig, and oil giant BP, which contracted it. A Transocean spokesman did not immediately respond to a request for comment and BP wouldn't discuss the suit.

The family of Dewey Revette, a 48-year-old from southeast Mississippi, said he was also among the missing. He worked as a driller on the rig and had been with the company for 29 years.

"We're all just sitting around waiting for the phone to ring and hoping for good news. And praying about it," Revette's 23-year-old daughter, Andrea Cochran, told the Associated Press on Thursday.

 

Source: [ USAToday.com ]

GM has repaid bailout loans from U.S. and Canada

GM has repaid bailout loans from U.S. and Canada

Whitacre: "Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working."

DETROIT (Reuters) -- General Motors Co. has completed repayments totaling $5.8 billion to the U.S. and Canadian governments for loans that helped fund the U.S. automaker's bailout last year, the company said late Tuesday.

GM, which emerged from bankruptcy in July 2009, had pledged two weeks ago to repay the balance of loans from the U.S. Treasury and Export Development Canada "in full by June at the latest."

"Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working," GM CEO Ed Whitacre said in an opinion piece posted on the Wall Street Journal Web site.

The loans had outstanding balances of about $4.7 billion to the United States and $1.1 billion to Canada after accounting for exchange rates.

"It is also an important step toward eventually reducing the amount of equity the governments of the U.S., Canada and Ontario hold in our company," Whitacre said.

GM received about $50 billion of U.S. government support in its bailout, much of which was converted to common and preferred stock in GM unaffected by the loan repayments.

The U.S. Treasury holds a 60.8 percent stake in the common stock of GM, Export Development Canada 11.7 percent, the UAW health care trust 17.5 percent and old GM, now known as Motors Liquidation, holds 10 percent.

The automaker has been preparing for an eventual public offering that would allow the governments to reduce their stakes in GM and earlier in April released the first full accounting of its balance sheet as a restructured company.

GM reported a net loss of $4.3 billion for the period from its emergence from bankruptcy in July through the end of 2009, including a $3.4 billion net loss for the fourth quarter.

Chrysler posts first operating profit after bankruptcy

Chrysler posts first operating profit after bankruptcy

DETROIT -- Chrysler Group said it posted a $143 million operating profit in the first three months of the year after cutting costs and introducing a big pickup.

Revenue rose to $9.69 billion in the first quarter, up 2.7 percent from the final three months of 2009, the automaker said in a statement. Chrysler reported a net loss of $197 million in the first quarter, compared with a net loss of $2.69 billion in the final three months of last year.

After emerging from bankruptcy June 10 through the end of 2009, Chrysler said it lost $3.8 billion on revenue of $17.7 billion. Fiat S.p.A. obtained a 20 percent stake in Chrysler after the company reorganized in Chapter 11 with $15 billion in government support.

“This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable,” Sergio Marchionne, CEO of Chrysler, said in the statement. “We are also generating cash to finance the investments being made in our product portfolio and brand repositioning.”

Marchionne is also CEO of Fiat, which lost 25 million euros, down from 410 million euros a year earlier. The results of both companies were released before Fiat's day-long presentation of its 5-year plan.

Chrysler said its cash rose to $7.37 billion on March 31, from $5.88 billion at the end of last year. It can still draw on $2.4 billion in funding from U.S. and Canadian taxpayers, giving the automaker total available liquidity of $9.8 billion. The company reported total financial liabilities of $13 billion.

Chrysler said its worldwide vehicle sales rose to 334,000 cars and trucks in the first quarter, from 318,000 in the fourth quarter of last year. Revenue was boosted by the introduction of the Dodge Ram Heavy Duty pickup truck and “continued price discipline,” Chrysler said.

Sales of Chrysler Group vehicles in the U.S. fell 5.3 percent in the first quarter while industry deliveries rose 16 percent as Marchionne slashed discounts to consumers, according to researcher Autodata Corp.

Marchionne has said he opposes incentives to prop up market share at the expense of profits. He pared average discounts for Chrysler, Dodge and Jeep brand vehicles by $1,122 in the first quarter, more than quadrupling General Motors Co.'s $230 cut and Ford Motor Co.'s $214 reduction, according to Autodata.

“We are confident that Chrysler sales will continue to increase as we launch new products in the second quarter, beginning with the all-new 2011 Jeep Grand Cherokee,” Marchionne said.

The company said it would meet its previously stated goal to break even or earn as much as $200 million on an operating basis this year. It projected 2010 revenue of $40 billion to $45 billion. Chrysler forecast 2010 earnings of $2.5 billion to $2.7 billion before taking into account interest, taxes, depreciation and amortization.

Making Chrysler profitable will help Marchionne offer shares to the public and ultimately spin off Fiat's automotive operations from the divisions that make trucks and tractors.

Marchionne has said he expects to increase Fiat's stake in Chrysler by 5 percent this year when it meets a target to introduce its 500 small car in the U.S. The Italian company agreed to share technology, systems and management with Chrysler in exchange for the initial stake, for which Fiat paid no cash.

Fiat can obtain as much as 35 percent of Chrysler. The U.S. has about 9.9 percent, Canada owns 2.5 percent and a UAW trust for retirees' medical care holds 67.7 percent, according to bankruptcy court documents.

Source: [Bloomberg]

New $100 bill redesigned, Photo's and Explore Interactive Note

New $100 bill redesigned, Photo's and  Explore Interactive Note

U.S. Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke introduced the latest remake of the $100 bill, featuring advanced security designs and a larger portrait of founding father Benjamin Franklin.

The bills, viewable at www.newmoney.gov/, will go into circulation in February 2011.

The new look, aimed at thwarting counterfeiters, has several new security features, including a “3-D Security Ribbon” and an image of a bell on the front of the note that, when tilted, changes in color from copper to green. The reverse side of the bill includes a new vignette of Independence Hall in Philadelphia.

Explore The Interactive Note

“As with previous U.S. currency redesigns, this note incorporates the best technology available to ensure we’re staying ahead of counterfeiters,” Geithner said in a statement.

The bills also retain from the previous version a portrait watermark of Franklin, who signed the Declaration of Independence, as well as a security thread and a “color- shifting numeral 100, officials announced at the unveiling ceremony at the Treasury in Washington.

“When the new design $100 note is issued on Feb. 10, 2011, the approximately 6.5 billion older design $100s already in circulation will remain legal tender,” Bernanke said. “U.S. currency users should know they will not have to trade in their older design $100 notes when the new ones begin circulating.”

The $100 bill is the largest denomination note printed by the Bureau of Engraving and Printing, a division of the Treasury. Larger denominations of $500, $1,000 and more are no longer issued but remain in circulation, especially among collectors.

 

 

 

Source; [ Bloomberg, Youtube U.S.Currency ]