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Former General Motors CEO nets multimillion-dollar retirement package

Former General Motors CEO Rick Wagoner will officially punch out on Aug. 1 with a compensation package worth almost $8.6 million over the first five years. The deal is significantly lower than what he could have received; it would have been $23 million at the end of last year, Reuters reports.

Toyota Avalon [w/gallery]

Toyota has revealed more details and pictures of its Avalon sedan, first seen at last year's New York auto show. The Avalon, designed at the carmaker's Calty design studio, offers a glimpse of Toyota's new emphasis on design and to help reposition its flagship sedan within the premium mid-size segment. The height has been reduced by 25 mm while the overhangs have been reduced by 15 mm at the front and 45 mm at the rear.

Recalls and stop-sale orders leave GM cars sidelined at dealers

Memorial Day weekend is one of the busiest times of the year for car dealers around the country, but the recent spate of recalls and stop-sale orders for GM vehicles will be putting the brakes on a lot of potential sales. Specifically, Chevrolet, Buick, Cadillac and GMC dealers will be unable to deliver tens of thousands of large SUVs and crossovers, a segment that has seen a lot of demand in recent months because of unavailable parts for recalled cars, Automotive News reports. When it comes to large crossovers, the recall of 1.3 million examples of the GMC Acadia, Buick Enclave, and Chevrolet Traverse vehicles from the 2009-2014 model years is likely to hit dealers hard.