The severity of America's gambling addiction isn't too far behind the nation's drug problem, and it's growing. In 2007, Americans lost more than $92 billion gambling, almost 10 times more than what U.S. moviegoers spent on tickets -- and about nine times what they lost 15 years earlier.
Buying a new car can be a stressful experience: The process is expressly designed by car dealers to separate you from as much of your money as possible. However, if you're patient, prepared, and persistent, you can beat the dealers at their own game.
It was a good month for auto sales despite inclement weather across much of the country and surging oil prices. Cars sold near an annual pace of 13 million vehicles. That would make February the best on record since the "cash for clunkers" rebate program in 2009.
It's traditionally one of the slowest months of the year for vehicle sales, but most automakers reported higher U.S. sales in November compared to a year ago, despite continued consumer caution about the slow economic recovery.
General Motors, fresh off its initial public offering, reported today that November sales rose 11.4% compared to the same month a year ago. Among its four core brands, Buick, Cadillac, GMC and Chevrolet, GM said sales rose nearly 21%.
General Motors is giving some 600,000 employees, retirees and dealers the chance to purchase stock in the resurgent company as the auto giant moves forward with its initial public offering, slated for next month.
In a bid to revamp Lincoln's long-lost luxury image, Ford Motor will seek to reduce by about a third the number of dealers who sell Lincoln vehicles in the nation's top 130 metropolitan markets.
In a bid to better compete against European and Japanese luxury makes, Ford reportedly may seek to reduce the number of Lincoln dealerships in the U.S. Nearly 1,200 dealers sell Lincolns, five times more than sell Toyota's Lexus nameplate, the nation's leading luxury brand.
Eager for fresh products to sell to consumers, Chrysler dealers are vying for about 165 Fiat franchises. Fiat took over management of Chrysler last year as the carmaker was heading into bankruptcy.
Analysts' expectations are that sales rose to the highest levels of the year last month as increased automaker incentives lured bargain-hunters.
The Obama administration's auto industry task force failed to fully consider how many jobs would be lost at car dealerships when it rushed General Motors and Chrysler into bankruptcy last year, according to an auditor's report. Administration officials say they acted prudently.
General Motors and Chrysler dealers slated for closure will soon learn whether their appeals to stay in business have been successful. Arbitration hearings are set to wind up Wednesday, and decisions are due by the end of next week.
General Motors said Friday it plans to revive some 600 dealerships that it had planned to drop -- more than half of the dealerships that filed arbitration claims last year to stay open.
