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Auto investor Kirk Kerkorian dead at 98
Wed, Jun 17 2015Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary
Detroit's new fleet of donated police cars have safety issues [w/video]
Wed, 23 Oct 2013In a show of generosity in mid-August, Detroit's business leaders donated $8 million to the Police Department and Fire Department in order to buy 100 new police vehicles and 23 EMS ambulances. But now officers have discovered - and complained - that the police vehicles have glaring safety issues, Deadline Detroit reports. It is not made clear what models of the fleet vehicles - which include police versions of the Ford Taurus, the Chevrolet Caprice and the Dodge Charger - are affected by the safety issues.
Officers reportedly have complained that the Plexiglass partition separating front-seat officers and back-seat prisoners is easily breached, and that the front passenger seat is installed too close to the dashboard. Prisoners who manage to writhe out of their handcuffs can bend the Plexiglass and reach into the cockpit, and sitting too close to the dashboard can render airbags more dangerous and make officers more vulnerable to injury in a crash.
Mark Diaz, president of the Detroit Police Officers Association, received the complaints and reportedly said the vehicles would get safety updates addressing the issues. But Deadline Detroit reports that it checked some of the offending police cars and, as of the last few days, they hadn't been updated.
Ford sticking with manuals for RS models
Wed, Feb 4 2015Traditional stick-shift gearboxes may be losing ground quickly to dual-clutch transmissions, but Ford knows what hot hatch enthusiasts want. That's why it's sticking with manual transmissions on its RS models for the foreseeable future. The Blue Oval automaker caught our attention yesterday when it revealed the new Focus RS, packing an upgraded version of the turbo four from the Mustang, a trick new all-wheel-drive system and an old-school six-speed manual. After speaking to Ford's product chief Raj Nair at the hot hatch's launch, Autocar reports that the six-speed is here to stay. "All our current research says that customers really like these kinds of cars to have a manual gearbox," Nair told the British publication. "We'll keep looking at market trends, and of course we'll give customers what they want, but for now the manual stays." Autocar further suggests that the same principle will apply to any further Rallye Sport models, so if and when a Fiesta RS rolls around, it's likely it will stick with a stick as well. Although the less potent Focus ST is offered in diesel and wagon forms overseas, wherever it's sold and in whatever form, the six-speed stays a constant in that model as well, just as it does in the smaller Fiesta ST. That doesn't mean that other Ford Performance models won't go without a clutch pedal, though. The new GT employs a seven-speed dual-clutch gearbox and the new F-150 Raptor channels its muscle through a ten-speed automatic. But as far as Ford's hot hatches go, it looks like the manual will remain alive and well. Related Video: Featured Gallery 2016 Ford Focus RS News Source: Autocar Ford Hatchback Performance manual ford fiesta rs