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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.

Last 2014 Ford Shelby GT500 Convertible nets $500k for charity at Barrett-Jackson [w/video]

The last 2014 Ford Shelby GT500 Convertible was sold on Saturday at a Barrett-Jackson auction in Reno, Nevada, for $500,000. Ford donated the Mustang to be auctioned for charity, and all of the money is going to the Brain Injury Association of America.
Parnelli Jones, winner of the 1963 Indianapolis 500, was there on behalf of the BIAA with his son Page, who suffered a brain injury in a sprint car crash in 1994. The bidding increased quickly, reaching $500k in no time, spreading a bit more hope to people who live with brain injuries.
The winning bidder will be able to choose the GT500's exterior, interior and stripe colors, and is scheduled to receive the car, signed by Parnelli Jones in appreciation for the donation, by the end of 2013. Watch the video below to see the auction-block action.

Production of Shelby GT350 is coming to an end

One Autoblog staffer who drove the limited-edition Shelby GT350 wrote it probably was the best Mustang he'd driven, but, at some point, the fun had to come to an end: December 31 is the last day the GT350 will be available to order.
The GT350's option list has evolved much like it did for the original 1965-67 GT350. For 2011, the 45th Anniversary edition only came in coupe form and was painted white with blue stripes, just as with the 1965 car. The 2012 GT350 was offered as a coupe or convertible, and three colors were added to the option list, just like the 1966 model. For 2013, more colors and options were added in addition to equipment and styling updates, which resulted in Wilwood instead of Baer brakes. No major changes were made for the 2014 model. From the first car in 2011, customers have been able to choose between three different configurations for their 5.0-liter V8: naturally aspirated with 440 horsepower, supercharged with 525 hp (with warranty) or supercharged with 624 hp (without warranty).
"When we unveiled this latest version of the Shelby GT350, we promised it would be built for a limited time to preserve its collectability and value," states John Luft, president of Shelby American. He may have a point, because the original GT350, which also had a limited production run, is among the most valuable muscle cars in the world.