Auto News Roundup: CarsForAGrand.com, Toyota Recall Costs and Earnings Update, Ford’s Upcoming Focus, and GM Extending Hummer Purchase

Posted Feb 4, 2010

1. According to Heritage.org, “The average American family has savings of only about $1,000.”  Fortunately the average American will be able to buy a car if they need it thanks to CarsForAGrand.com.  I heard about this website from Jalopnik and started exploring it after.  It is like a craigslist for cars that are a grand and under.  You can filter out the cars by location too. I highly recommend checking out this website if you are interested in buying a car on a budget.

2. Toyota reported a $1.7 billion quarterly net profit [Detroit News], but the recall will cost about $2 billion this quarter [TruthAboutCars].  Apple co-founder Steve Wozniak complained about the cruise control in his Prius and Toyota acknowledged that it is being caused by a software glitch [Jalopnik]. Below is Jon Stewart’s take on the situation:

The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
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3. Ford is rumored to be planning the launch of a special-edition Clubsport RS and a Focus RS which will look similar to the 2012 Focus unveiled at the Detroit Auto Show. The Focus Clubsport will have about 500 units manufactured initially and will have a 2.5L 5-cylinder turbo engine, giving it 350 horsepower [EGMCarTech].

4. GM has extended the deadline for Sichuan Tengzhong Heavy Industrial Machinery Co. to buyout Hummer from them. Now Sichuan has up until the end of February [4WheelNews].