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CAR GUY: Volvo gets good marks
By Jerry Reynolds, Car Guy Column
I had a very enjoyable time with the new Volvo XC60 this week. This mid-sized 5 passenger SUV really grows on you and becomes a real favorite the more you are in it. In fact, it is hard to find anything to complain about with this new crossover.
By now you've seen the ads for the standard City Safety feature. At 18 miles per hour, the vehicle will actually stop itself if you are distracted or not paying attention. I predict five years from now this technology will become as common as cruise control, and leave it to Volvo to come up with it.
This 2010 model is a bit of a departure for Volvo, with dramatic yet stylish exterior lines. The vehicle catches a lot of stares as people are not exactly sure what it is unless they see the trademark Volvo grill. Unlike most Volvos, it has a wide stance and wheels that look bigger than they are, quite refreshing actually.
It is a Volvo, so you know it comes with an array of safety features as well as acronyms. They include: DAC (Driver Alert Control), DA (Distance Alert), BLIS (Blind Spot Information System), DTSC (Dynamic Traction Stability Control), RSC (Roll Stability Control), CWAB (Collision Warning with Auto Brake), WHIPS (Whiplash Protection System), and TSA (Towing Stability Assist). Can you be safer? I doubt it.
The interior was largely two-tone and looked great. Navigation and stereo was fantastic, and overall, I liked this vehicle a lot. I consistently got 15 miles per gallon and most times was able to get 24 on the road, which beat EPA estimates.
At just over $40,000 nicely equipped, this vehicle is a good buy considering it is a 2010 model already, there are no incentives yet of any kind, and it has every conceivable safety option known to man.
If there was a knock at all, it was the door opening for the back seat passengers. Its sloping lines make clearance a little tight, and I had a normal height passenger bump her head getting out. But I put this Volvo high on my list of crossover SUVs. It is a good buy for those who want a great design, superior safety, and don't need a third-row seat.
AUTO NEWS
Roger Penske confirmed reports that he has interest in General Motors' Saturn brand. But Penske, chairman of Penske Automotive Group Inc., emphasized that no offers have been made and hinted that GM's goal for a quick sale may not help a deal. "While I confirm that we have an interest in looking at the future opportunities of the Saturn brand, Penske Automotive has not made a proposal to General Motors for this business, and the timeframe involved is extremely tight," Penske said in a conference call today.
Sonic Automotive Inc. avoided bankruptcy as bondholders allowed the nation's third-largest dealership group to postpone a $90 million debt payment until 2012. Sonic warned of a possible bankruptcy if it wasn't able to restructure debt that would have matured this week. In exchange for the delay, Sonic agreed to pay a higher interest rate -- 6 percent instead of 5.25 percent. According to a report by Wachovia Capital Markets, $86 million of the $90 million will be refinanced at 6 percent interest.
Democratic lawmakers have proposed a cash-for-guzzlers bill that would provide vouchers of up to $4,500 to people who trade in cars and trucks for new, more fuel-efficient vehicles. The program, if approved by Congress and signed by President Obama, would lead to about 1 million new-vehicle purchases. Customers would get a $3,500 voucher if they trade in a car that gets less than 18 mpg for a new car with mileage of at least 22 mpg. Vouchers of $4,500 would be awarded if the new car gets at least 10 mpg more than the old.
Chrysler LLC received bankruptcy court approval for $4.6 billion in debtor-in-possession financing today to make payments to dealers and suppliers and to buy time to complete an alliance with Fiat. Bankruptcy Judge Arthur Gonzalez approved the life-giving financing in spite of objections from a minority group of dissident bondholders. Those bondholders, who as of last week held about $2 billion of Chrysler's $6.9 billion in secured loans, argued that if a Fiat deal falls apart, the Chrysler assets backing those loans would be diminished.
Toyota's incoming North American boss, Yoshimi Inaba, will assume a powerful new position in charge of both sales and manufacturing operations, some dealers have been told. Inaba, 63, who was CEO of Toyota Motor Sales U.S.A. from 1999 to 2003, will be based in New York City. His return to the United States has been expected, but Toyota has not spelled out his responsibilities.
A diesel engine for the Ford F150 light-duty pickup is looking dicey. Ford had said it would sell a diesel F-150 beginning in 2010. Last spring, dealers were shown a 4.4-liter V-8 diesel said to deliver more power and torque than the F-150's 5.4-liter gasoline V-8 and offer a 20 percent fuel savings. But last fall, with diesel and gasoline prices sliding from a summer peak above $4 per gallon, Ford officials said they would delay the introduction. No new date has been scheduled.
Tom LaSorda, Vice Chairman and Co-President of Chrysler, has announced he will be stepping down from his position, effective immediately. News of LaSorda's retirement comes just one day after Chrysler CEO Bob Nardelli announced he would be resigning from Chrysler once the automaker emerged from Chapter 11 bankruptcy.
SALES DOWN
We missed the monthly sales report last week by coming out a day early. Of course there wasn't much in the way of good news.
Nationally sales fell from 1,250,000 sales in April of 2008, to 820,000 this April, a drop of 34%.
Hardest hit was Mitsubishi down 56% to just 3900 sales. Chrysler was down 48%, Ford and GM down 33%, Honda 25%, BMW 38%. Hyundai had their first sales loss of the year down 14%. Nissan dropped 37%, Toyota 41%, and VW 15%. The winner for the month was Subaru, down just 6.7% selling over 15,000 vehicles.
GAS PRICES
DFW average today: $1.99 (UP 6 cents from last week)
DFW average one week ago today: $193
DFW average one month ago today: $1.98
National average today: $2.11
National average one week ago today: $2.04
DFW average gas price one year ago today: $3.49
Cheapest unleaded in DFW today: $1.85
Cheapest diesel in DFW today: $1.99
Cheapest premium in DFW today: $2.09
Cheapest mid-grade in DFW today: $1.98
Crude oil per barrel: $53.64
Crude oil per barrel one week ago: $49.66
Jerry Reynolds and Kevin McCarthy host the Car Guy Show on WBAP 820-AM on Saturday mornings. E-mail him at jerry@carguyshow.com
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