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Revisiting the 2008-09 auto bailout that saved GM and Chrysler

The Federal Reserve stayed open late on December 31, 2008. There's almost no way you could remember that because barely anyone knew at the time. But General Motors had to pay its bills, and the Fed wired money so GM could still buy things in January. Without those funds, the nation's largest automaker wouldn't have seen much of 2009. It's one of many heart-stopping moments that illustrate just how close Detroit's Big Three came to extinction nearly a decade ago. They're chronicled in a new movie, Live Another Day, premiering in theaters September 16. Filmmakers Bill Burke and Didier Pietri interviewed nearly all of the key executives, federal officials, and union chiefs to recreate the auto industry's most perilous period. The movie begins in the aftermath of Lehman Brothers' demise amid the global financial meltdown. Things looked bleak for American carmakers, and their CEOs were laughed off Capitol Hill when they sought a Wall Street-style bailout. "It was a feeling that it was the end of the world," Pietri told Autoblog in an interview where he and Burke previewed the film. Saved by last-minute loans authorized by the Bush Administration after Congress refused to act, Detroit staggered into 2009 with a faint pulse. Live Another Day illustrates the downward spiral that played out that winter as President Obama and his task force – with little prior knowledge of the auto industry – wrestled over the fate of hundreds of thousands of jobs. GM's longtime CEO Rick Wagoner was fired in March. Fiat CEO Sergio Marchionne suddenly appeared as a savior for Chrysler, with his own motives. Obama rejected restructuring plans from the automakers. Chrysler declared bankruptcy on April 30. GM followed June 1. The sequence was very public, but Pietri and Burke showcase lesser-known events that shaped the outcome. They also seek to dispel the notion that the government rescued GM and Chrysler from incompetent leaders. "We never subscribed to the theories that the management structures of the companies were a bunch of idiots who didn't know what is going on," Pietri said. At one point, Chrysler executives were negotiating with Marchionne and Fiat. Unbeknownst to them, the government was having its own talks with the Italian automaker. The filmmakers also cast light on the bankruptcy process, which was shredded to shepherd two of America's industrial icons through reorganizations.

Shelby GT500 laps N"urburgring in under 7:40?

A couple of weeks ago we brought you footage and official times of the new Chevy Camaro Z/28 lapping the Nürburgring. With a 7:37.47 lap time, the Z/28 emerged as the fastest muscle car ever to lap the circuit. But what was missing from that picture was how fast the king of all Mustangs, the Shelby GT500, could manage to lap the Nordschleife.
Ford never released any information or footage of the GT500 on the Nürburgring that we were aware of - that is, until the guys at SVTPerformance.com put in a request for Mustang videos. Among the clips they received was never-seen, in-car footage of the Shelby GT500 lapping the circuit. And boy did it hustle.
Although not quite official, the video seems to show the GT500 lapped the venerated German track in a touch under 7:40. That would make it a tick or two faster than the Camaro ZL1 - but what of the Z/28? By Chevy's quoted time, the Z/28 is still faster than the GT500, but SVTPerformance suggests GM may have fudged the numbers a bit and scrubbed half a second or so off their lap time.

Lincoln Continental to end after one-and-done generation?

After only 18 months on sale, the vultures of rumor have begun circling above the Lincoln Continental. Ford Authority says "sources intricately familiar with Ford Motor Company's future product plans" for the domestic luxury brand say the Continental won't get another chance at life after this generation. Those sources didn't detail Ford's reasons for dispatching the executioner on another sad task, but if this is true, even the reasons we can only guess make enough sense to justify the move. The Continental launched into a crossover mania still mushrooming in strength like some Marvel villain, the equivalent of a new dinosaur hatching a few months before the Chicxulub Impact Event. In 18 months, the Continental sold 18,846 units, 12,012 of those sales happening in 2017. In the U.S. this year, sales amounted to 1,573 units through February, about 25 percent down on the annualized monthly rate. It could be worse: The Lexus GS has found 1,009 U.S. buyers so far this year, the Acura RLX, 285. Conversely, the Cadillac XTS — yes, a fleet darling — secured 3,163 sales in the same period. And the German kingpins live in another dimension, with BMW scooting 5,641 5 Series models off dealer lots, and the Mercedes E-Class boasting 8,411 sales of all three variants. Even the much more expensive and much more profitable Lincoln Navigator rang up 2,351 sales in the first 60 days of 2018. That's disheartening reading, especially after Ford reportedly spent more than $1 billion to bring the Continental to market. Sedan segment woes look to have killed the Continental's platform siblings, too, making the Lincoln's demise simply part of the cull. The CD4 architecture also underpins the Ford Fusion and Lincoln MKZ. Ford canceled the Fusion redesign and won't commit to making either vehicle after 2020. Lincoln's passenger car sales declined more than 30 percent last month; meanwhile, Lincoln needs to spend its money on the crossovers that are selling, and investment in the coming three-row Aviator that will replace the MKT. Ford has a CD6 platform in development that suits front-, rear-, and all-wheel-drive vehicles. Under previous CEO Mark Fields, a new Fusion, Mustang, and MKZ would ride on the CD6, as well as the new Explorer and a Lincoln brother. Those plans left with the previous administration, and company sources told both Ford Authority and The Truth About Cars not to expect a Continental revival on that architecture. Related Video: