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Auto investor Kirk Kerkorian dead at 98

Kirk 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

FCA updates 700k-vehicle recall to replace ignition switches

FCA US is revising a previously announced recall of 702,578 minivans and SUVs; now specifying that owners replace their ignition switches, rather than just a component. The campaign affects the 2008-2010 Chrysler Town & Country, 2008-2010 Dodge Grand Caravan and 2009-2010 Dodge Journey. The National Highway Traffic Safety Administration initially opened an investigation last summer following complaints about the ignition switches in these models. FCA US (then Chrysler Group) responded with a recall of 695,957 examples of these vehicles because the key could appear to be in the "Run" position but not be fully engaged. If it slipped out, and there was an accident, then the airbags might not deploy. The company had initially planned to install a new detent ring to fix the problem. According to the timeline in a NHTSA document (available here as a PDF), the government agency and FCA US continued their research into the problem. The automaker found that the time needed to create a new ring design and updated software would be longer than replacing the whole ignition switch. The company worked with the supplier Marquardt to negotiate an accelerated schedule to manufacture the extra replacement parts. According to NHTSA, the investigation has now been closed because of FCA's recall. Company spokesperson Eric Mayne confirms to Autoblog via email, "No additional vehicles are affected and all affected customers have already been made aware their vehicles are subject to recall." FCA US sent out an initial notification advising owners of the problem in September 2014. The company will now send out a second letter in April and will replace the parts in two phases. Repairs for affected models from the 2008 and 2009 model years will begin in April, and 2010 examples will start being fixed in August. RECALL Subject : Ignition Switch may Turn Off , 1 INVESTIGATION(S) Report Receipt Date: JUN 26, 2014 NHTSA Campaign Number: 14V373000 Component(s): AIR BAGS , ELECTRICAL SYSTEM Potential Number of Units Affected: 702,578 All Products Associated with this Recall Vehicle Make Model Model Year(s) CHRYSLER TOWN AND COUNTRY 2008-2010 DODGE GRAND CARAVAN 2008-2010 DODGE JOURNEY 2009-2010 Details Manufacturer: Chrysler Group LLC SUMMARY: This defect can affect the safe operation of the airbag system. Until this recall is performed, customers should remove all items from their key rings, leaving only the ignition key.

Automakers donating money, vehicles and supplies to Oklahoma tornado relief effort

Judging by the destruction the Oklahoma City area experienced earlier this week, residents are going to need a lot of help in coming months. Fortunately, a number of automakers - including General Motors, Ford, Chrysler, Volkswagen, Honda and Toyota - have stepped up to donate money, supplies and vehicles to aid in the recovery and rebuilding processes.
Here's a quick rundown of which automakers have pitched in and what each contributed so far:
Ford Motor Company has donating $250,000 and a Transit Connect to the American Red Cross, and it will match all other donations made to the Red Cross (up to $250,000) using a special URL tied to the latter's website (link here). Additionally, its local Oklahoma dealers have thrown in an extra $150,000 for the United Way and the automaker will be offering an extra $500 toward the purchase of a new Ford vehicle.