World Auto News & Reviews

BBDO – a long time advertising partner of Chrysler – has announced it will be closing its Detroit office, effective January 26th. BBDO Detroit failed to sign a new contract with Chrysler, with the current agreement set to expire on January 26.
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At its 5-year business plan yesterday, Chrysler repeatedly said that Jeep will be the only brand exported on global scale and it wasn’t lying. While the Chrysler badge will disappear from cars sold in Europe by 2011, most Chrysler and Dodge branded vehicles will be re-badged and sold as Lancia or Fiat mold to streamline capital expenditure and distribution costs.
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On Wednesday, executives from Fiat and Chrysler will both outline what they have planned for Chrysler Group LLC over the next 5-years. The event will be held in Auburn Hills and about 300 people are expected to attend including analysts, government and union officials, dealer representatives and media to hear for what CEO Sergio Marchionne has to say.
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The United States Treasury Department has announced that Chrysler Financial will wind down its operation by the end of 2011. The former Chrysler financing arm has been struggling since Chrysler filed for bankruptcy on April 30.

Once the preferred lending firm for Chrysler, Chrysler Financial was kicked to the curb earlier this year after President Obama’s auto task forced put GMAC in charge of Chrysler’s lending operations. Chrysler Financial retained a small portion of its auto business, but was forced to rely heavily on its other business operations – such has dealer insurance — for income.
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Top-level executives at General Motors and Chrysler have enjoyed cushy paychecks for the better part of six decades, but that practice will likely come to an end in 2010 as the United States government looks to slash executive compensation at publically funded institutions.
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