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Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

Junkyard Gem: 1984 Buick Skyhawk Custom Sedan

Many laughed in 1982 when GM's Cadillac Division began selling the Cimarron, essentially a luxed-up Chevy Cavalier, at about twice the Cavalier's price. One rung below Cadillac on GM's Ladder of Success, the Buick Division got its own version of the Cavalier at the same time: the Skyhawk. Nobody laughed at the 1982-1989 Skyhawk's respectable sales figures. We saw an '85 Skyhawk coupe in a California boneyard last winter, and now here's an example of the sedan version in Colorado. This was the second generation of the Buick Skyhawk name, the first being applied to a Buick-ized version of the Chevrolet Monza during the 1975-1980 model years. That Skyhawk was available solely as a sleek two-door hatchback. This generation of Skyhawk could be purchased in coupe, sedan, hatchback (1986-1987 only) and wagon (1983-1989 only) form, with the coupe proving to be the most popular. For the 1984 model year, the base Skyhawk engine was the 2.0-liter pushrod four-cylinder from the Cavalier, rated at 86 horsepower and 110 pound-feet. If you opted for a five-speed manual or three-speed automatic transmission instead of the base four-on-the-floor manual, you could spend an extra 50 bucks (about 149 bucks in 2023 money) to get this higher-revving, Opel-designed/Brazilian-made 1.8-liter SOHC four-banger with 84 horsepower and 102 pound-feet. A turbocharged version of this engine with 150 horses was available on the Skyhawk T-Type. Buick was proud of both the overhead cam and the electronic fuel injection in this car, applying these badges to brag a bit. You'd have thought that a buyer sacrificing torque for a better-breathing engine would have selected a manual transmission, but such was not the case with this car. The three-speed TH125 slushbox cost $395, or about $1,179 after inflation. The cheapest '84 Skyhawk trim level was the Custom. The MSRP on this car was $7,345 ($21,922 now) before options. Its Chevy Cavalier sibling started at $6,214 ($18,546 today), while its Pontiac 2000 Sunbird and Olds Firenza counterparts were $6,791 and $7,293, respectively ($20,268 and $21,766 in 2023 dollars). Meanwhile, the King of J-Bodies, the Cadillac Cimarron, listed at $12,605 ($37,620 today) in 1984. That $7,345 sticker price didn't include plenty of features we now take for granted in new cars. If you wanted air conditioning in your new Skyhawk, as nearly every Buick buyer in 1984 did, the cost was $630 ($1,880 after inflation).

Repo man pays off elderly couple's car just in time for Thanksgiving

Repo men get bad raps for a good reason; no one likes having their car taken away. At least one guy in the repossession game proved folks in his profession aren't all bad when he helped an elderly couple hold on to their wheels right before Thanksgiving. According to the Belleville News-Democrat, unexpected bills and the rising cost of prescription medications pushed Stanford and Patty Kipping's fixed income to the breaking point. Unable to keep up with the $95 dollar a month payment on their 1998 Buick, they fell into arrears and the bank sent a repo man out to their home in Red Bud, Illinois to reclaim the car. Jim Ford, co-owner of Illini Recovery Inc., hooked up the old Buick and dragged it away, but later that night his conscience caught up with him. "When I got home that night, I said to myself, 'They are a real nice elderly couple. I gotta do something. I can't just take their car,'" Ford told the News-Democrat. Ford did do something, something surprisingly humane. He set up a GoFundMe and, within just a few short hours, he raised more than $3,500 dollars. This was enough money to pay off the Kipping's loan with a little left over for some maintenance. Ford and a friend then hooked the car back up and towed it back to the Kipping's home. Ford presented the couple with their trusty Buick, and threw in a thousand dollars in an envelope and a frozen turkey for Thanksgiving. "It was a miracle come true," Patty told the paper. "We didn't know what we were going to do." "I got up this morning and I looked up at the sun and I said, 'I hope we get our car back,'" added Stanford. "It's just unbelievable."Related Video: News Source: Belleville News-Democrat Auto News Weird Car News Buick repossession repo man