As far as the GM bankruptcy issue goes, the number of suppliers affected by the impending closure is countless. However, as a business, that is not all that General Motors has to worry about. Remember that for any corporation or business, debts go far beyond auto suppliers. Some may not even be aligned with the auto manufacturing binge something which was revealed as far as the growing concern on the GM row.

GM has over $100 million in debts, a large chunk of which is from the advertising sector. Date back and you will notice the aggressive nature of advertising and promotional practice that popular businesses undertake and General Motors is among that niche.

Among the company’s top 50 creditors, 10 are outside the auto or transportation industries. GM owes these firms just under $250 million. But they have to take a back seat in the bankruptcy process.

Given that figure alone, you can imagine why the GM bankruptcy filing is taking quite a beating. A lot of businesses stand to lose a lot from the GM mess. And mind you, not all of them are from car parts sector.

(Source) CNN

Tags: 100 million, aggressive nature, Auto Suppliers, back seat, bankruptcy filing, bankruptcy process, binge, business debts, car parts, chunk, creditors, General Motors, GM, growing concern, impending closure, transportation industries

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U.S. President Barack Obama has scrapped the $1.2 Billion development fund for a fuel cell-powered car that was a brainchild of the previous Bush Administration. The issue of fuel cells has been a contentious one, with many believing the technology is of dubious benefit when battery-electric cars offer a far simpler solution. The USA’s newly-minted President agrees, and last Thursday scrapped the fuel cell funding plan set up by former President George W. Bush in 2003.

Instead, President Obama plans to spend just US$68.2 million on fuel cell research – less than half the amount spent last year. With Bush’s US$1.2 billion plan in the bin, a further US$100 million will be saved each year. In contrast, the Bush administration spent a total of $500 million in automotive fuel cell research, with limited results and no prospect of wide-scale adoption of the technology in the near future.

Battery-electrics are the new darling of the Obama administration, with Energy Secretary Steven Chu saying the government wanted to target more “immediate energy-saving solutions”.

(Source) The Motor Report

Tags: 100 million, adoption, Barack Obama, benefit, brainchild, bush administration, darling, electric cars, electrics, energy secretary, former president, fuel cell research, fuel cells, george w bush, hydrogen car, last thursday, president george w bush

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Being able to sell cars online and reaching it at the $100 million plateau is a feat that many are sure to envy. iBidMotors was able to do it and chances are the trend is bound to increase. The milestone vehicle was purchased by John O’Rourke and was sold by J&S AutoHaus of Ewing N.J.

“We were one of iBidMotors first clients and it has proven to be very profitable for us. Over the last few months we sold over $200,000 in retail sales as a result of the iBidMotors site,” said Peter Marich, president of J&S AutoHaus.

“iBidMotors provides car dealers a tremendous amount of value. During these recessionary times pre-owned cars are the life-line to dealerships across the country,” said Schiff.

iBidMotors continually strives to improve the Internet sales channel for car dealers by also providing enhanced dealer analytics, unlimited picture capabilities, vehicle videos and improved search capabilities. Site functionality also provides a great user experience during the online shopping process.

(Source) Press

Tags: 100 million, autohaus, car dealers, functionality, ibidmotors, milestone, online shopping, plateau, pre owned cars, retail sales, search capabilities

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