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Junkyard Gem: 1976 Cadillac Eldorado Convertible

Convertibles rode high well in 1960s America, with Detroit selling more than 500,000 ragtops in 1965, but sales collapsed by the early 1970s and tightening federal crash-safety regulations made it seem less worthwhile to even bother producing new ones. Chrysler halted convertible production after 1971, with Ford following suit by 1973. By the 1976 model year, the Cadillac Eldorado was the last new American car you could buy with a convertible top from the factory, and it appeared that none would ever be built again. I've found one of those "last convertible" Eldorados in rough-but-identifiable condition in a Denver junkyard. As it turned out, the convertible never really died in America. Car shoppers could still buy new European-made convertibles after 1976, coachbuilders modified new Detroit cars with factory-grade drop-tops, and then Chrysler began selling K-Car convertibles starting with the 1982 model year. Because the '76 Eldorado appeared to be the absolute end of the convertible line, however, buyers thought they were investing in a sure-fire collector car that would be worth vast sums in the not-very-distant future (this belief led to lawsuits against GM later on, when the Cadillac Division resumed production of the Eldorado convertible for 1984). While a one-of-200-made Bicentennial Edition Eldorado with red-white-and-blue trim really is worth plenty these days, an ordinary 1976 Eldorado in beat-up condition doesn't seem worth restoring. This car appears to have sat outside in Colorado with the top down for decades, filling with snow each winter and enduring high-elevation solar irradiation each summer. A 1960s GTO or Camaro might be worth fixing up after falling into this state of disrepair, but not one of 14,000 "last convertible" Eldorados made in 1976. GM's Unified Powerplant Package front-wheel-drive system, which used battleship-strength chains to transmit power to the drive wheels, proved to be extremely reliable on the street, joining the small-block Chevrolet engine and Hydra-Matic transmission in the pantheon of The General's Greatest Engineering Hits. Even gigantic motorhomes used this system. In 1976, the Eldorado got the last of the 500-cubic-inch (8.2 liter, or litre as GM's marketers spelled it) V8s, rated at a disappointing 190 horsepower and an impressive 360 lb-ft of torque.

Both BMW and Audi shutter vehicle subscription programs

Both BMW and Audi are either cancelling or pausing their respective vehicle subscription programs, Automotive News reports. This is yet another blow to what was once a growing and burgeoning group of automakers introducing pay-as-you-go vehicle subscription options in a number of cities across the U.S. Both Mercedes-Benz and Ford shut down their services last year, and Cadillac turned off the tap in 2018. BMW’s program — Access by BMW — was only ever offered in the Nashville area. A BMW spokesperson explained the companyÂ’s decision making to Automotive News. "Our intent with the pilot was to learn about the viability of the subscription model and gauge customer interest. We are in the process of developing the next iteration of the program,” he said. When that next iteration will arrive is still uncertain. Audi doesnÂ’t claim that a comeback is on the way. Instead, the companyÂ’s website simply says its services are ending on January 31 this year. Audi limited its subscription service to the Texas area throughout its whole campaign. CadillacÂ’s subscription service was promised a reboot a long time ago, and today is the first time weÂ’ve heard some rumbling. ANÂ’s report claims that Cadillac is testing a rebooted version of the service in a dealer pilot now. WeÂ’ve reached out to Cadillac to see if it can provide any further details. As of today, the official Book by Cadillac website says Cadillac “will be debuting a new program in early 2020.” ItÂ’s now early 2021, so Cadillac is officially a year late on its announcement. A number of OEM-run vehicle subscription services still exist (Porsche, Volvo, Lexus, Nissan), but instead of the market expanding, itÂ’s shrinking these days. Related video: Audi BMW Cadillac Car Buying Ownership Luxury

Why Cadillac is willing to lose 43 percent of its dealers

Cadillac is offering about 400 dealers in the United States a lump sum of money to close down. That represents over 40 percent of Cadillac dealers in America. Offers start at $100,000 and top out at $180,000. The average offering is around $120,000. According to Automotive News, Cadillac chief Johan De Nysschen estimates it will cost the automaker around $50 million to close these dealers. Any dealer that chooses to remain open will have to submit to Cadillac's ambitious Project Pinnacle, which will divide dealers into incentive categories based on how many units they sell. "Every single Cadillac dealer will have the potential to earn significantly higher profits than they do today," says De Nysschen. Dealers have until November 21 to decide if they want to take the cash or submit to Project Pinnacle. A logical question: Why is Cadillac willing to spend $50 million to close down 43 percent of its dealers? First, GM's luxury brand has way more dealerships than it needs. Second, the 400 dealers with offers to shutter each sold 50 or fewer vehicles in 2015, representing just 9 percent of its sales volume in America. So, while closing these smaller dealerships may have a small initial impact on sales, it's not going to be a major hit to Cadillac. Related Video: News Source: Automotive News - sub. req.Image Credit: Gary Cameron / Reuters Cadillac Car Dealers Luxury Performance