Our New York bureau chief Jamie Kitman recently sat down with former Cadillac (and Infiniti and Audi of America) boss Johan De Nysschen for the Cadillac of exit interviews. Here is the transcript of their lengthy and wide-ranging talk, which has been edited slightly for clarity. AM: You were in the middle of a contract when you left? That was— Johan de Nysschen: My contract was actually open ended. You know, when you have these top-level executive separations, they can feel pretty brutal. It’s not at all uncommon that they go hand in hand with a noncompete period and [one is] precluding me from taking up employment with another automaker. Mine lasts for one year and, well, it feels much longer when you’re on this side of the fence. You know, it’s quite something to go from being on 24/7 to suddenly waking up to an empty calendar. It feels like car companies are operating today on two almost diametrically opposed prerogatives. The stock market, which is … [Read more...] about Johan de Nysschen: The Cadillac of Interviews
Which trade makes the most money
By Peter M. DeLorenzo Detroit. I will admit that at times it seems like the auto business operates in a dimension that defies comprehension. Powered by its relentless, cyclical nature, this business careens from crisis to crisis on a roller-coaster ride marked by euphoric highs and devastating lows. The highs are so seductive that the players involved start believing that the good times will never end. They’re the, “We’re finally going to buy that vacation house up north” or, “It’s time to finally get that Shelby Mustang GT500” kind of highs. Big sales, plus big bonuses equal bigger dreams and big spending because, after all, this is how the people immersed in this business 24/7 get to enjoy the ride. And there’s nothing wrong with that when it comes right down to it. But predictably – and inevitably – those soaring highs are balanced out by crushing lows. The kind of lows that alter people’s thinking and … [Read more...] about THE MOST DANGEROUS COMPLICATION.
Richard Parker locked down a job at a Ford plant in the Detroit area, and, like most residents of the region, needed a car to get to work. It was 1991, and at the time he had shaky credit, so it was plenty difficult finding a company willing to lend him money for the purchase. That changed with Credit Acceptance Corporation, one of the largest subprime auto lenders in the U.S. But he never imagined he’d spend the next two decades paying for it. In May of that year, Parker went to a dealership owned by Credit Acceptance’s founder, Don Foss, in Redford, a Detroit suburb that borders the city’s west side. After talking it over, a salesperson at the dealership scratched out an agreement for Parker to purchase a grey 1988 Chevy Blazer for $16,000. Parker put $3,390 down up front; Credit Acceptance agreed to finance a $9,198 loan at 22 percent interest, meaning Parker would have to pay about $3,500 in additional finance charges over the life of the 36-month loan. The … [Read more...] about The Car Loans That Never Die
About 40 percent of people shopping for a new car in 2018 will have a vehicle to trade in, according to Edmunds transaction data. And it's safe to say that 100 percent of those people will want to get as much money as possible for that trade-in.But while most shoppers have some sort of strategy for getting a good deal when they're buying a car, they may not have a plan to extract the most value from their trade-in.Here are tips to help you get the most for your soon-to-be ex-car, along with some common and costly mistakes people make. GET MORE THAN ONE OFFERYour first step in getting a clear-eyed estimate of your car's value is to appraise it online. You can obtain an appraisal at Edmunds and other sites. Be honest about your car's condition and be accurate in accounting for its trim level and packages.You should also get the real valuations in person. Consider getting trade-in quotes from several dealerships. If you live near a CarMax or EchoPark location, even better. These used-car … [Read more...] about Edmunds: How to get the most out of your trade-in
It’s a well-known fact that if you trade in your car, you’ll probably get less money for it than you would by selling it privately yourself. However, the “for sale by owner” route can take a lot of time and effort, oftentimes more than people are willing to invest in the process. That’s part of why nearly half of all car purchases include a trade-in. But what can you do to get the most money for your trade-in? Here are 8 tips you can use now to do exactly that. 1. When You Trade in Your Car, Keep the Trade and Purchase Negotiations Separate It’s a common question people ask when they decide to trade in a car: How can I get the best value for my trade? One of the most important things you should do is keep the negotiations about your trade-in as separate as possible from negotiating the price of your next ride. The next question is to figure out which one happens first. Some argue for negotiating the price of your next vehicle first, then figure out … [Read more...] about How to Get the Most Money When You Trade in Your Car