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Junkyard Gem: 1991 Geo Metro LSi Convertible

Americans lost the ability to buy a new Detroit-made convertible starting in the 1977 model year (unless you count aftermarket conversions), not regaining it until drop-top Chrysler K-Cars showed up in showrooms in 1981. This gave convertibles a certain magical quality that lasted for quite a while here, and so it seemed to make sense for GM to offer an open-air version of the Geo Metro. Here's one of those cars, spotted in a self-service yard in northeastern Colorado. The Metro was really a second-generation Suzuki Cultus, successor to the 1985-1988 Chevrolet Sprint. While a four-cylinder engine became available in the later Metro (which got Chevrolet badges when the Geo brand got the axe in 1997), all Chevy Sprints and early Metros got this 1.0-liter three-cylinder engine. You're looking at 55 Suzuki horsepower here. The XFi version of the Metro (not available with a convertible top) managed to get better than 60 highway miles per gallon with an engine rated at 49 horsepower. There was an automatic transmission available… for 465 bucks (about $993 in 2022 dollars). That would have added nearly 5% to the cost of this $9,740 car ($20,805 today) and killed the fuel economy, so nearly all Metro buyers got their cars with three pedals. Do you like simple instruments in cars? You'll love the Metro! This one is good and rusty, with some really scary corrosion underneath. I think it sat in a field, buried to the axles, for many years. However, the bra tells us that it once had an owner who loved their then-shiny red convertible. No 1991 competitor could offer a new convertible with a price tag even close to that of the $9,740 Metro LSi. Oh, sure, a ragtop version of the wretched Yugo was available in 1990 and maybe 1991, but that doesn't count. A new Miata cost $13,800 that year, with a Mazda-based Mercury Capri going for $12,588. The 1991 VW Golf Cabriolet cost $16,175, and prices for convertibles just got higher with other competitors. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. How much? No way!

Suzuki has to take out $45M loan just to shutter US dealers

Bloomberg reports American Suzuki is set to borrow up to $45 million to to close its automotive dealerships and freshen up its it motorcycle and marine business. Suzuki Motor Corporation will loan American Suzuki the funds at three percent below the London Interbank offered rate in order to offer dealer owners a cash payment in exchange for voluntarily abandoning franchise agreements. The company's 216 dealers have 10 days to make a decision on the matter. Under the plan, Suzuki would give dealer owners half of what they're owed in one lump sum, and the dealers would then be able to pursue the remaining debt through the company's bankruptcy procedure.
U.S. Bankruptcy Judge Scott C. Clarkson granted American Suzuki interim authority to borrow the funds, but Bloomberg reports the company will likely return to court in a few weeks to seek up to $100 million. According to Richard Pachulski, a lawyer for Suzuki America, the automaker may owe its dealers somewhere around $50 million.

Japan could consolidate to three automakers by 2020

Sergio Marchionne might see his dream of big mergers in the auto industry become a reality, and an analyst thinks Japan is a likely place for consolidation to happen. Takaki Nakanishi from Jefferies Group LLC tells Bloomberg the country's car market could combine to just three or fewer major players by 2020, from seven today. "To have one or two carmakers in a country is not only natural, but also helpful to their competitiveness," Nakanishi told Bloomberg. "Japan has just too many and the resources have been too spread out. It's a natural trend to consolidate and reduce some of the wasted resources." Nakanishi's argument echoes Marchionne's reasons to push for a merger between FCA and General Motors. Automakers spend billions on research and development, but their competitors also invest money to create the same solutions. Consolidating could conceivably put that R&D money into new avenues. "In today's global marketplace, it is increasingly difficult for automakers to compete in lower volume segments like sports cars, hydrogen fuel cells, or electrified vehicles on their own," Ed Kim, vice president of Industry Analysis at AutoPacific, told Autoblog. Even without mergers, these are the areas where Japanese automakers already have partners for development. Kim cited examples like Toyota and Subaru's work on the BRZ and FR-S and its collaboration with BMW on a forthcoming sports car. Honda and GM have also reportedly deepened their cooperation on green car tech. After Toyota's recent buyout of previous partner Daihatsu, Nakanishi agrees with rumors that the automotive giant could next pursue Suzuki. He sees them like a courting couple. "For Suzuki, it's like they're just starting to exchange diaries and have yet to hold hands. When Toyota's starts to hold 5 percent of Suzuki's shares, this will be like finally touching fingertips," Nakanishi told Bloomberg. "I absolutely do believe that we are not finished seeing consolidation in Japan," Kim told Autoblog. Rising development costs to meet tougher emissions regulations make it hard for minor players in the market to remain competitive. "The smaller automakers like Suzuki, Mazda, and Mitsubishi are challenged to make it on their own in the global marketplace. Consolidation for them may be inevitable." Related Video: