Dollar Thrifty Corp. has rejected a takeover bid from Avis Budget Group even though the total amount was higher than a bid from rival Hertz. Dollar said Avis didn't provide certain data and was unwilling to provide a reverse termination fee in the offer.
Natural gas icon T. Boone Pickens has been very successful in bringing funding for natural gas vehicles to a Senate energy bill where Democrats are desperately attempting to achieve majority vote. Natural gas would get $4 billion in funding while electric vehicles would receive only $400 million even though the Obama administration has been pushing for EVs.
By the end of this year, the Nissan Leaf and Chevrolet Volt will be sitting in dealership lots waiting for buyers to walk through the door. One major challenge for automakers and dealers is creating effective marketing that educates, filters through to good candidates, and shows how the initial price point can fit into their budgets.
The Progressive Insurance Automotive X-Prize just announced results of on-track competition, leaving nine vehicles from seven teams in the running. The event seems unexpectedly well timed considering the way the BP Gulf oil spill has raised anew questions about America's dependence on foreign oil. Only a few steps are remaining before winners are announced in Washington in September.
KAR CEO James Hallett is very pleased with strong second-quarter showings during Wednesday conference call, as ADESA revenue rose 1 percent to $280.1 million in the segment. Cash liquidity and a line of credit give the unit $391.5 million in working capital.