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The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.

One of the world's largest muscle car museums is auctioning off its cars

Rick Treworgy's Muscle Car City is one of the biggest collections of high-performance American cars in the world. With over 200 cars of mostly GM makes, it's a mecca for fans of the golden age of Detroit iron. Unfortunately, the museum will be shutting its doors for good on Jan. 17 and auctioning off most of its assets with no reserve. The collection is, to put it bluntly, astounding. Advertised as a combined 65,000-plus horsepower, it occupies a 60,000-square-foot retail space in Punta Gorda, Fla., in a former Walmart store. It make sense when you learn that founder Rick Treworgy made his fortune in the commercial real estate business. As a hobby, he began to amass a truly jaw-dropping collection of muscle cars, filling out a collection that often has every year of a particular model represented, or a grouping of the rarest and highest-performance option packages of that year or model. Often, Treworgy bought placeholders while scouring the country for even rarer versions. It helps that Muscle Car City also houses a showroom where unwanted cars are sold, as well as its own speed shop that stocks plenty of parts. There's even a '50s-style diner called Stingray's Bar and Grill. According to a 2014 episode of Car Crazy, Treworgy has 80 Corvettes alone, more than the actual Corvette Museum. Among them are 20 models from 1967, one of Treworgy's favorites. The rest span the decades from 1954 (he once had a '53 but sold it) to a recently acquired 2020 C8, which, according to The Drive, has only 300 miles on the odometer. You like Impalas? There are models of every year from 1958 to 1969. El Caminos? He's got 'em from 1964 to 1972. Novas? Every year from 1963 to 1970 is represented. Most are the more desirable examples of each breed, with four-speed transmissions, the biggest blocks, and unicorn option packages like a factory 1965 Z16 SS396 Chevelle, one of 200 that were ordered off-menu at Chevy dealerships. And don't even get us started on the Camaros, which include not one, but two COPO 1969s. Treworgy even owns the only known surviving example of a 1936 Chevrolet Phaeton, of which only seven were built. On top of it all, many of these cars are concours quality and have won awards at prestigious car shows. While it's sad to see a collection like this broken up, Treworgy told The Drive that he'd been planning to retire next year anyway. However, the COVID-19 pandemic sped up those plans, greatly reducing the number of visitors to his museum.

Dodge Challenger SRT Hellcat vs. Chevrolet Camaro ZL1 in latest Head 2 Head

"Olympian" is one of the terms we use to signify the greatest height, the seat of the gods. Yet Mt. Olympus is the second-highest peak in the Balkans ranges, overshadowed by the crest at Musala in Bulgaria's Rila mountains. Both great heights, but one is a little higher. That's how we get the Olympian Chevy Camaro ZL1 pitched at the Musalic Dodge Challenger SRT Hellcat in Motor Trend's latest episode of Head 2 Head. The side-by-side spec sheet is filled with farcical numbers. For the ZL1, that's a 6.2-liter V8 with 580 horsepower, 556 pound-feet of torque, a 4,051-pound curb weight, 0-to-60 miles per hour in 3.9 seconds, a quarter-mile time of 12.2 seconds and a base price of just $57,800. Opposing that, the Hellcat wrings out its 6.2-liter V8 for 707 hp, 650 lb-ft of torque, weighs 4,449 pounds, does the quarter in 11.7 seconds and has a base price of just $60,990. Except in the case of the Hellcat, when Motor Trend put it on the dyno the machine spit out a reading of 672 hp and 606 lb-ft at the wheels. If there's a 10-percent driveline loss through those beefed-up internals and heavy-duty eight-speed transmission, that means the Hellcat is actually rated at about 750 horsepower and 700 lb-ft. But once they get put on a closed-off strip of coast road in Northern California, there are only a few strands of hair between their respective performances. That's not the case for they sensations provide; host Jonny Lieberman calls one of them, "One of the most incredible cars ever made," and says, "It changes everything." Watch the video above to see who got the verdict and how. Related Video: