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VW stock plummets as Euro markets open

The fallout from Volkswagen's installation of an emissions "defeat device" on nearly 500,000 diesel-fueled models in the US is already hitting the automaker hard on the German stock exchange. At one point, the share price plummeted 23 percent to erase the equivalent of $17.6 billion in value. Things eventually bounced back slightly to a still severe 19.23 percent loss, according to Bloomberg as of this writing. The scandal couldn't come at a worse time for chairman Martin Winterkorn. The VW supervisory board takes up the issue of renewing his contract on September 25, Bloomberg reports. If things get bad enough, the door could be open for a new boss to step in. Dealers in the US might start feeling the pain from this, as well. Affected 2015 VWs that are still at showrooms are now under a stop sale. Until the issue is straightened out, the Environmental Protection Agency isn't certifying the company's 2016 diesel models with the 2.0 TDI, either. The diesel emissions problem was first discovered by research from West Virginia University and the International Council on Clean Transportation. In some cases, the engines can produce 40 times more nitrogen oxides than allowed. The automaker could be on the hook for $18 billion in fines for the breach, but the actual figure is expected to be lower. In response, Winterkorn has issued a public apology and ordered an independent investigation into what happened. The EPA and California Air Resources Board have also been looking into the situation. This could become an international problem, though. According to The Detroit News, European authorities might begin similar inquires to check the automaker's diesel emissions there.

Audi tests new kind of car sharing, lets you buy cars with buddies [w/video]

Car sharing services like ZipCar, Car2Go and others offer people in cities the chance to have a vehicle without dealing with the hassles of parking or maintenance, while also eliminating traffic. However, many individuals are turned off by the idea of splitting a car with an entire metropolis or would prefer to have a specific model at their disposal. For these unsatisfied souls, Audi has a new arrangement in Stockholm, Sweden, called Audi Unite that might be just the ticket. The setup is basically a small-scale car sharing service. Up to five people agree to share any of Audi's models for a year or two – even an R8 if they are so inclined. Each user has a special Bluetooth key fob that identifies them to the vehicle, and a smartphone app allows operators to schedule time with the car. Each person is then billed monthly according to his or her use. Audi thinks it might work best with friends, colleagues or neighbors, but the company can also play matchmaker for clients, if necessary. "In the beginning, our biggest fear was what if two people want to go somewhere at the same time-what happens then?" said Clemens Weisshaar, one of the founders of design firm Kram/Weisshaar that helped develop the idea, to Fast Company. "Interestingly, it never happened." They chose Stockholm because the city was tech-savvy, and there is a tradition of sharing there. Prices for Audi Unite seem fairly reasonable for each user. According to the service's website, if four people use an A3 Sportback for two years with a 20,000-kilometer (12,247-mile) driving limit, they would pay an average of 2,091 Swedish krona ($277) each per month. For an extra 365 krona (about $50) per person each month, they can add a package that includes vehicle pickup and delivery for monthly interior and exterior cleaning, winter tire exchanges and necessary servicing. After Stockholm, Audi plans to try Unite in other Swedish cities before launching the program in additional countries, according to Fast Company. Scroll down to watch a video with more explanation about how the program works and read the automaker's press release about the initiative.

KBB: VW diesel prices have dropped 16%

There are a lot of post-scandal theories and metrics concerning Volkswagen's performance during the diesel emissions scandal, although none of them has created a clear picture of where things are headed. Kelley Blue Book has a few more to add to the spreadsheet, though, finding that average auction prices for VW diesels and Internet shoppers perusing them have both gone down in the past four weeks on KBB.com. Auction prices on the site are down an average of 16 percent for VW oil burners, which compares to a decline of 2.9 percent for gas-powered VWs. Shoppers are still on the lookout, though, even if the numbers are slightly reduced. Overall, "new-car shopping activity" for the small-capacity VW diesel offerings is down 2.4 percent, a number held partly in check by searches for the Jetta SportWagen being up by 3.7 percent. Shoppers are looking harder at the Audi A3 diesel, too, its activity up 1.6 percent. The Golf, though, is down 3.7 percent and the Golf SportWagen down 6.2 percent. Shoppers leaving the diesel fold aren't necessarily going for high-mileage options, either, KBB saying that the Ford Fusion and Honda Civic are quick alternatives to the Jetta TDI, while the Mercedes CLA and BMW 2 Series are getting new looks from those interested in the Audi A3 diesel. You can read the full release from KBB below. VOLKSWAGEN DIESEL VEHICLE PRICES DECLINE NEARLY 16 PERCENT, ACCORDING TO KELLEY BLUE BOOK DATA New-Car Shopping Activity Also Impacted by Recent Emissions Issue IRVINE, Calif., October 21, 2015 – Kelley Blue Book www.kbb.com, the only vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry, today reports that average auction prices, along with new-car shopping activity on KBB.com, for Volkswagen diesel vehicles have declined four weeks after the diesel emissions issue was announced. The average auction price for Volkswagen diesel models dropped by nearly 16 percent since the news broke of the emissions crisis.[1] The average auction price for the brand's gasoline-powered vehicles declined by 2.9 percent.1 On KBB.com, Volkswagen new-car shopping activity for affected TDI models has decreased on average by 2.4 percent. "According to Kelley Blue Book Field Analysts, some auctions are still holding off on selling the affected Volkswagen inventory," said Tim Fleming, analyst for Kelley Blue Book.