1985 Buick Regal T-type Wh1 Low Miles on 2040-cars

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Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

Man arrested after teaching his dog to drive a Buick 100 mph

A Washington state man riding shotgun in an old Buick was arrested after fleeing a hit-and-run incident and leading police on a high-speed chase on an Interstate freeway. Meanwhile, the driver, his pet pit bull, got off scot-free. Such was the scene Sunday near Seattle, where police arrested a 51-year-old man from Lakewood, Wash., who told them he was teaching his dog how to drive. The man was apparently steering the car from the passenger seat. Reports say the man, whose name was not released, was driving his 1996 Buick on Interstate 5 when he allegedly struck two vehicles in South Seattle near the Boeing Access Road and then fled north on I-5. The car was spotted on the interstate near the Snohomish River in Everett, and officials told KOMO-TV the vehicle was driving more than 100 miles per hour when they began pursuit. The vehicle left the freeway near the Stanwood exit — 57 miles north of the hit-and-run — and then drove onto the nearby Centennial Trail, a rails-to-trail bike path. The chase finally ended after police were able to deploy spike strips. Police found the man seated in the passenger seat and his dog behind the wheel. The man appeared to have been steering for the canine. The man was arrested on suspicion of DUI, reckless driving and hit-and-run feeling eluding. Weird Car News Buick

1987 Buick GNX with 8.5 miles sells for ... well, you won't believe it [UPDATE]

UPDATE, FRIDAY, FEB. 15: Blowing past what was believed to be the previous sales record of $165,000, this 8.5-mile 1987 Buick GNX sold for $200,000. It jumped approximately $80,000 in the final 10 minutes. The winning bid went to username PETRO917, who joined Bring a Trailer in February, seemingly specifically to bid on the GNX. The previous story appears below. Automotive grails are expected to cost unfathomable amounts of cash, but this 8.5-mile (EIGHT!) 1987 Buick GNX could reach monetary digits not seen before. With four days still left on the Bring a Trailer auction, the GNX is already up to $100,000. The Grand National, particularly the GNX, is one of those cars that has skyrocketed in value in the past 10 years. It's been earning payouts that put it in a rare class of General Motors vehicles typically occupied by classic Corvettes and Camaros. At the Barrett-Jackson Palm Beach auction in 2015, a 362-mile example sold for a brain-scrambling $165,000, likely the most ever paid for a GNX. Last year, the first GNX ever released to the public (VIN No. 1 and 2 were kept by the company) had 8,200 miles and sold for $126,500. The most expensive GNX ever sold on Bring a Trailer had 28,000 miles and ended at $60,000 in summer 2018. Bidding on this example is already $40K past that, with days to go. To the shock and dismay of many, this ultra-rare performance icon has been driven less than the distance of a half marathon. Its odometer reading makes it possibly the most pristine GNX on the planet. After it was originally sold in Mena, Arkansas, it simply sat on display in a Texas dealership for decades. The seller purchased the car in 2002 and supposedly kept it in a climate-controlled environment. Plastic wrapping over the seats and door panels further the immaculate cleanliness. According to the listing, the only parts that have been replaced are the battery and a relay switch, both of which come with the sale. In a comment on the auction, the owner shared the reason he has decided to sell the car: Collecting is enjoyable only if you can share the collection with other people of similar mind who can also appreciate it. I am at a point in my life when the relationships, not the material possessions, mean the most to me. The time has come for someone else to own a piece of history and share it with those individuals most important in his or her life.