2003 Mitsubishi Lancer Evolution Base on 2040-cars

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DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.

Mitsubishi prices 2014 Outlander from $22,995*

Mitsubishi will gladly sell you a 2014 Outlander ES for $22,995, excluding an $835 destination fee. Buyers can step up to the middle-tier Outlander SE for $23,795, or around $200 less than last year. That stack of cash will net you 18-inch aluminum wheels, a 6.1-inch LCD information display, dual-zone climate control and other goodies. Somewhat more impressively, Mitsubishi has cut the price tag for the Outlander GT by $800. That machine will run you $27,795, and throws in a more potent V6 engine, the company's Super All-Wheel Control system and HID headlamps.
The 2014 Outlander bows with an all-new exterior design, and base models receive a 166-horsepowr 2.4-liter four-cylinder paired with a continuously variable transmission and an all-wheel-drive system. That driveline is good for 24 miles per gallon city and 29 mpg highway. Check out the full pricing press release below and our own Jonathon Ramsey's first drive here.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.