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Senate approves tax break for auto loan interest

The U.S. Senate voted on Monday to make loan interest and sales taxes on vehicle purchases deductible from federal income taxes. The proposal, championed by the National Automobile Dealers Association, was added to an economic stimulus bill under debate in the Senate.

German new car sales drop 11 per cent – pre-reg accounts for 33.5 per cent

New car sales in Germany dropped by 11 per cent in September with pre-reg cars accounting for over a third of all sales. That drop of 11 per cent in Germany is despite deep discount offers – an average of 12.2 per cent in September – with even the previously invincible Mercedes and VW having to offer discounts of up to €3k, despite which VW’s sales fell by 20 per cent in Germany and Mercedes by 12 per cent. What’s perhaps most interesting about the decline in car sales in Germany is the number of pre-reg cars sold (pre reg cars are cars registered by dealers to hit sales targets and then sold at a discount of up to 25 per cent).

GM speeds development of cars delayed during battle for survival

With bankruptcy behind it, General Motors is speeding up the development of vehicle programs that had been delayed. One car, the next generation Chevrolet Malibu, will go on sale in two years. In August, GM executives said that car would debut a year later, in 2012.