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Orange County Choppers facing foreclosure?

Filed under: Earnings/Financials, Motorcycle, Celebrities

Orange County Choppers headquarters

Drama. It’s what the television show American Chopper has always been built upon, much more so than any of its so-called ‘theme bikes.’ And drama is exactly what’s been unfolding over the last few years as both Orange County Choppers and its hit TV show have undergone a number of important changes… not the least of which is the disintegration of family relations between the show’s three stars, Paul Teutul Sr., Paul Jr. and Mikey, leading to two rival custom motorcycle shops.

The latest bit of tension is reportedly between Paul Sr. and GE Capital, the bank though which the company’s massive corporate headquarters in New York is financed. According to reports, the elder Teutul has missed two large payments on the building, one for $96,400 and another for $14,000, not because he or the company doesn’t have the funds, but due to a disagreement in the current valuation of the building.

As anyone who’s had the displeasure of dealing with such ramifications of the recently collapsing values of real estate here in the United States can tell you, OCC’s HQ likely is worth less now than when it was built, but that doesn’t mean payments on the loan (in this case, there are two loans, one for $11.5 million and another for $1.5 million) can be stopped.

Not surprisingly, GE Capital reportedly filed a foreclosure action against Orange County Choppers late in 2010.

[Source: Times Herald-Record via Asphalt & Rubber | Image: BigJimInDC – C.C. 2.0]

Orange County Choppers facing foreclosure? originally appeared on Autoblog on Thu, 27 Jan 2011 17:00:00 EST. Please see our terms for use of feeds.

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Report: Facing high gas prices, dealers get cautious with big SUVs

Filed under: Car Buying, SUV, Crossover

SUV parking lot

The average gas price in the U.S. is over $3 right now, and there’s a good chance it’ll go higher before too long. What do you do in this situation if you’re a car dealer with a lot full of SUVs and big crossovers? You start being cautious.

That’s the takeaway point from an Automotive News article, with the key quote coming from a New York Ford dealer, who told the industry publication:

SUVs are still important in this area, but people are downsizing to more fuel efficient SUVs instead. We are still stocking with the idea that it may go either way. Hoping for the best, but prepared for anything.

For the moment, gas prices aren’t high enough to make people panic and try to offload their gas hogs the way we saw in 2008, but Kelley Blue Book analyst Alec Gutierrez told Automotive News that SUV sales could drop “dramatically” once gas reaches $3.50 or $4 a gallon, saying, “The days where a dealer could just go to auction and stock up on a bunch of SUVs and hold them for 40 or 60 days are over.”

The last time gas jumped up to panic levels was in 2008. That’s when Joe Crawford took the picture that illustrates this post. In the accompanying Flickr caption, he writes:

So a local (Culver City) car dealer started storing cars on the top of our parking garage. I always park on the roof, so anytime I am up there I see the cars. I have taken to think of these cars as an economic indicator. They all seem to be SUV vehicles. I wonder about why they are up there, and why there seems to be more every week. I suspect the fact that they’re stored here has something to do with the price of gas.

We suspect he’s right, and we can’t imagine there are dealers out there who want to have to go through a process like that again.

[Source: Automotive News – sub. req. | Image: Joe Crawford – C.C. 2.0]

Report: Facing high gas prices, dealers get cautious with big SUVs originally appeared on Autoblog on Thu, 30 Dec 2010 08:30:00 EST. Please see our terms for use of feeds.

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Ford offers $50 gift cards to customers facing late Fiesta deliveries

Filed under: Car Buying, Budget, Sedan, Hatchback, Ford

2011 Ford Fiesta – Click above for high-res image gallery

Due to circumstances reportedly beyond Ford’s control, many customers are having to wait a bit longer to receive their new 2011 Fiesta sedans and hatchbacks. After Hurricane Alex and Tropical Storm Bonnie rolled through Northern Mexico earlier this summer, railroads were damaged that provide shipments to the factory where Ford builds the Fiesta.

Customers may have to wait up to two weeks longer than expected to receive the hot new subcompact, and as a token of appreciation for being patient, Ford will be giving these customers a $50 MasterCard gift card. That’s a free tank of gas and a smattering of delicious coffee drinks… or a fancy dinner for two!

In speaking with Automotive News, Ford sales analyst George Pipas says that Ford has “about 6,500 to 7,000 [Fiestas] in transit to dealers” and that the cars should start to be fully stocked within the next couple of months. For now, customers will have to wait patiently and take solace in the extra $50 in their pockets when it finally comes time to take delivery.

Gallery: Review: 2011 Ford Fiesta SES

[Source: Automotive News – sub. req.]

Ford offers $50 gift cards to customers facing late Fiesta deliveries originally appeared on Autoblog on Tue, 17 Aug 2010 14:00:00 EST. Please see our terms for use of feeds.

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