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Ford reaches agreement to sell Volvo to Geely for $1.8 billion

Ford has reached an agreement to sell its Swedish brand Volvo to Chinese carmaker Geely for about $1.8 billion in a multinational sale expected to close in the third quarter of this year. The pending agreement was announced onSunday morning, and Ford will continue to supply powertrains, stamping and other parts to Volvo after the sale. If it closes, the landmark deal delivers the premium Volvo brand--long a benchmark for automotive safety--to a Chinese firm that has ambitious plans for growth.

Want wagons? Kill the crossover

Cadillac boss Bob Ferguson recently told Automotive News that GM is considering an ATS wagon. Autoweek contributor and GM big shot Mark Reuss is on record speaking in favor of wagons. And whether they know it or not, American car buyers need a station wagon, but not a wagon built to satisfy station-wagon fetishists.

End of an era for Dream Cruise landmark

One of the local landmarks that adds an authentic feel to Detroit's Woodward Dream Cruise has closed. The Vinsetta Garage, an art deco repair shop that dates to 1919 and sits just feet from Woodward Avenue, was shuttered last week as the owner prepares for a new direction in life. Jack Marwil, who owned the shop since 1989, plans to attend law school after the death of his wife this fall.