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GM won't pay owners of recalled cars for lost value

Kenneth Feinberg, the man in charge of the General Motors compensation fund dealing with the its widespread ignition switch woes, has issued an informal, two-letter response to the plaintiffs in more than 70 lawsuits seeking redress for lost resale value of their Cobalts: "No." The cases were recently combined into one, but Feinberg told The Detroit News that the fund will deal "only with death and physical injury claims," and that "perceived diminished value" will get no consideration.
ALG, the firm specializing in establishing residual values, determined that Cobalt owners had lost $300 compared to the segment competition and doesn't envision any long-term effects from the recall situation. Feinberg's statement comes in advance of public details on how the compensation fund will work and adheres to GM's long-held position on the matter. The company has already asked a judge to throw out such suits using the pre-bankruptcy defense, even as it stopped using that defense in cases of injury and death.
With plenty of potential gain from the GM suit, however, don't expect the plaintiffs to give up yet. When Toyota was sued for the same reason during the unintended acceleration debacle, it eventually settled the case for between $1 billion and $1.4 billion just to get it over with. Since the 85 law firms involved in the Toyota litigation took home more than $250 million of that total, we shouldn't expect the attorneys to give up on a GM payout, either.

Junkyard Gem: 1988 Chevrolet Spectrum Sport Coupe

Before General Motors created the Geo brand for cars built or designed by its overseas partners, the Chevrolet Division put its badges on U.S.-market versions of the Toyota Corolla Sprinter, the Suzuki Cultus and the Isuzu Gemini. Those cars were known as the Nova, the Sprint and the Spectrum, and all became Geos starting with the 1989 model year. Today's Junkyard Gem is one of the last Chevy Spectrums ever sold, found in a Denver self-service yard a few months ago. Midway through 1988, the Chevrolet Spectrum abruptly became the Geo Spectrum and was assigned to the 1989 model year. This car was built in May 1988, making it one of the very last of the pre-Geo Spectrums. The Chevrolet/Geo Spectrum was available as a four-door sedan and as a three-door hatchback, from the 1985 through 1989 model years. For 1988 only, a Spectrum Sport Coupe package, featuring some trim upgrades and these rad decals, could be had on the hatchback. This car was essentially identical to its Isuzu-badged counterpart, the I-Mark. In 1988, the MSRP for the cheapest possible Chevy Spectrum hatchback (the stripped-down Spectrum Express) was $6,495, while its somewhat better-equipped I-Mark twin started at $7,439 (that's $17,128 and $19,617 in 2023 dollars). Meanwhile, the base Hyundai Excel hatchback listed at $5,295 and the Yugo GV cost a hilarious $4,199 ($13,963 and $10,941 in today's money). Power came from this 1.5-liter SOHC four-cylinder, rated at 70 horsepower. A turbocharged version with 110 horsepower was available as well. You could get an automatic transmission in the Spectrum, but this car has the base five-speed manual. This car didn't get the optional air conditioning, but at least it has the traditional Isuzu HVAC control icons featuring blow-dried hair and high-heeled dominatrix boots. Just over 170,000 miles on the odometer. Someone installed a pretty good (for the 1980s) Blaupunkt Charlotte CR148 cassette deck in the dash. This was a necessity if you wanted to enjoy full appreciation of the music of the era. The Spectrum is special! It's as slick as city rain. "I didn't spend a lot of money but with my Spectrum it looks like I did." Joe Isuzu mocked Toyota salesmen when pitching the I-Mark. As was nearly always the case during the 1980s, the JDM ads for the same car were much more fun. They should have recreated this commercial with Spectrums.

Porsche wins the 2015 24 Hours of Le Mans

The question going into this year's 24 Hours of Le Mans was whether or not the Porsche 919 Hybrid would be able to combine its qualifying pace with race reliability. After battling neck-and-neck with Audi's R18 for most of the race, the answer is a resounding yes. Not only did Porsche drivers climb the first two spots on the podium, they did so without any major mishaps on track. This win is the first overall trophy for Porsche since 1998. Audi previously won the last five races, and 13 of the last 15. Corvette also returned to the winner's circle, with the No. 64 C7.R taking winning the GTE Pro division. The victory is the first class win for Corvette since 2011. KCMG won the LMP2 class in ninth overall. With 45 minutes to go the No. 98 Aston Martin crashed out of first place in GTE Amateur, giving the class win to SMP Racing's Ferrari and second place to the Patrick Dempsey Racing Porsche 911 RSR. For the full list of official results, click here. The GTE Pro class proved to be just as exciting as the P1 class, with a four-way battle for first after four hours into the race. For most of the race, the battle at the top went back and forth between the two German manufacturers. An tire puncture in the No. 7 Audi gave up the lead to Porsche, and moments later a crash forced the No. 8 into the garage. But a three-minute replacement of the front and rear bodywork kept the Audi in contention. As the race wore into the night, Porsche maintained a slightly faster pace than Audi. Nick Tandy took the lead on Lap 253 early Sunday morning, and car No. 19 never gave up the top position. The win is the first for all three drivers of the No. 19 – Nico Hulkenberg, Earl Bamber, and Nick Tandy. A lap behind in second was the No. 17 Porsche. The Audis fought reliability problems late in the race but still finished third with the No. 7 R18. The GTE Pro class proved to be just as exciting as the P1 class, with a four-way battle for first after four hours into the race. As the Aston Martin cars dropped away, the lone Corvette Racing entry took over, followed by a charging AF Corse team Ferrari 458 Italia. The Corvette and Ferrari continued to trade places in the final hours until gearbox trouble forced the No. 51 Ferrari out of contention. It was eventually passed by the other AF Corse car, No. 71. Nissan experienced all the pain of a first-year effort with its front-wheel-drive GT-R LM Nismo.