1949 Chevrolet 3100 Series Pick Up Street Rod on 2040-cars

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Chevrolet To Oversee Restoring Sinkhole Corvettes

What Mother Earth devoured, Chevrolet plans to resurrect. The carmaker said Thursday it will oversee restoration of the classic cars swallowed by a huge sinkhole beneath the National Corvette Museum in Kentucky. General Motors Design in Warren, Mich., will manage the painstaking work to repair the eight prize vehicles, the automaker said Thursday. The cars were consumed when the earth opened up early Wednesday beneath a display area when the museum in Bowling Green, Ky., was closed. No injuries were reported. The museum was open Thursday except for the area where the sinkhole occurred. Mark Reuss, GM's head of global product development, said the damaged vehicles rank as "some of the most significant in automotive history." "There can only be one 1-millionth Corvette ever built," he said, referring to one of the damaged cars. "We want to ensure as many of the damaged cars are restored as possible so fans from around the world can enjoy them." Just how the cars will be pulled out of the ground remains to be seen, said museum executive director Wendell Strode. The local fire department estimated the hole is about 40 feet across and 25 to 30 feet deep. The hole opened beneath part of the museum's domed section. "We feel pretty confident that most of the cars can be extracted," Strode said Thursday. "And we hope and believe that with just a little bit of luck, that all eight cars can be extracted and be part of the restoration." Chevrolet spokesman Monte Doran said some of the cars look to be in good shape, while others are buried in rubble. "It will likely be several weeks until we can get the cars out and assessed," he said. The GM Design team has helped restore other historic cars, but the Corvette project looks to be its biggest, he said. "These Corvettes are part of our history, and they want them restored properly," Strode said. "We're thrilled they're doing this." The cars looked like toys as they plunged into the hole, piled in a heap amid dirt and concrete fragments. The museum owns six of the cars while two - a 1993 ZR-1 Spyder and a 2009 ZR1 Blue Devil - are on loan from General Motors. The other cars damaged were a 1962 black Corvette, a 1984 PPG Pace Car, a 1992 White 1 Millionth Corvette, a 1993 Ruby Red 40th Anniversary Corvette, a 2001 Mallett Hammer Z06 Corvette and a 2009 white 1.5 Millionth Corvette. Pictures of the sinkhole showed a collapsed section of floor with multiple cars visible inside the hole.

2014 Chevrolet SS makes its live debut

Chevrolet showed off the new 2014 SS in an airport hangar last night, its first rear-wheel-drive performance sedan in the US since the Impala SS from 1997. We'll have more to say about the SS later today, but this is the sedan that Chevrolet sees as the final piece in restoring its performance credentials. For those of you looking for a manual transmission, however, that wish will go unfulfilled - at least for now: the only two options buyers will have are the color and whether or not they want a sunroof.
We'll work on getting some more angles (in better light) today at Daytona International Speedway, but with fans seeing the car for the first time, we don't hold out much luck of getting a clear shot. So for now, enjoy the high-res gallery above.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.