Tips on buying a used car

Why Buy Used?

If carefully chosen, used cars can offer consumers a great deal on their transportation needs. Since new cars loose a great deal of their value as soon as you drive them off the car lot, good, well cared for used vehicles can offer a substantial value.

However, the consumer should take care to not buy somebody else’s problem. Some used car sellers are dumping a car that has major issues or is about to have one! The majority, however, are just parting with older vehicles as they move on to a newer model.

Keep in mind that problem cars can exist even if the car is brand new!

Before you start shopping
As with any vehicle purchase, keep in mind the following:

• How you will use the vehicle
• How long you plan to keep it
• The size, style, features, and appearance you need or prefer
• Your budget or financing options for the purchase
• Your budget for maintenance
• Don’t expect perfection in a used car.
• Compromise on minor problems you can fix yourself, but don’t overlook serious defects;
• Make safety a major priority.
• Older vehicles may not be equipped with airbags, child safety seat hook ups, seat belts, anti-lock
• brakes or security systems.
• Plan on a road test before you commit to buy. If you are not allowed to test drive the car, consider very carefully before you take the risk of buying it.
• Have a trusted mechanic thoroughly inspect the car before you purchase it
• Check with your car insurance company to make sure that you can afford to insure the vehicle. Differentmakes and models are can be more expensive than others.

Research

Take a little time to get to know more about your choice of car. The time you spend on research could save you
big bucks and a lot of heart ache down the road.

• Ask friends and family for their experiences
• Checkout any or all of the following
• Edmund’s Used Cars Price and Ratings (www.edmunds.com)
• Consumer Reports for reliability ratings
• National Highway Traffic Safety Administration (NHTSA) for safety defect reporting and recall information (www.nhtsa.dot.gov)
• National Automotive Dealers Association (NADA) Official Used Car Guide (www.nadaguides.org)
• Kelley Blue Book (www.kbb.com)

Where to look

When it comes to buying a used car, most people think just of the newspaper classifieds or word of mouth.
Explore the rest of your options to make sure you get the best car you can get or the money!

• Online: Whether it is Craigslist, EBay or your local newspapers online ads, there is a wealth of online car sales sites. Depending on its location, you may be buying it sight unseen. The listings may be from companies or private individuals.
• Used/ New Car Dealerships: Some lots specialize in used cars, but even new car lots have a selection of used vehicles that they have taken in trade in. This option is usually pricier, but the cars are more likely to come with warranties and a full pre-sale inspection.
• Check out the Better Business Bureau website for dealerships you can trust!
• Car Rental Agencies: As they turn over their fleet, many car rental agencies sell or auction off their existing stock.
• Cars may be high mileage for their age, but also will come with a full service record.
• State and Public Auctions: These opportunities abound if you know where to look. You won’t have a lot of chances to look over the vehicle for fitness, but you can also get some amazing deals.
• You will need to have cash on hand to pay immediately
• You won’t likely get a warranty and will not be able to have a mechanic check it out before purchase
• Private owners: Find word of mouth or through a classified listing
• Ask for the maintenance and repair record if the seller is the first owner
• Records of the original purchase
• Check the title to make sure the person selling it is the legal owner
• Beware of criminal dealers pretending to be private owners. The cars may be stolen, damaged or have had their odometers rolled back.
• Bank and loan companies: Specializing in repossessed cars.
• Quality can vary
• Lots of good deals as the bank is trying to recover a defaulted loan

Looking at the car itself

Of all your other steps, this may be your most critical. Do not be afraid to check these items out and be wary of a
seller who says no. Also, do not be afraid to walk away if the basics don’t check out! You are under no obligation to buy just because you came out and looked at the vehicle.

• Inspect the car in daylight and good weather. Bring someone you trust along to help you make a thorough appraisal
• Body

• Rust, particularly at the bottoms of fenders, around lights and bumpers, on splash panels, under doors, in the wheel wells, and under trunk carpeting. Small blisters may indicate future rust sites.
• Check for paint that does not quite match, gritty surfaces, misaligned body panels and paint overspray on chrome -- all possible signs of a new paint job, masking body problems.
• Look for cracks, heat-discolored areas, and loose bumpers -- warning signs of a past accident.
• A welded seam may mean that the car is actually a body shop's "rebuilt" creation from salvaged parts. Look for welded seams in the trunk and on the floor; bumps under the paint around the windshield or rear window, or between doors, may indicate a rough welded seam beneath the paint.
• Also, look for hail damage. If the vehicle is dirty, have it washed for a better inspection.
• Tires
• Uneven wear on the front tires usually indicates either bad alignment or front suspension damage. Uneven wear on late model cars with radial tires may signal improper tire rotation.
• Do not forget to check the condition of the spare tire and make sure the correct jack is in the trunk and in working order.
• Battery
• Look on the sticker for the guarantee date. A battery generally needs to be replaced after 25,000 miles.
• Doors, Windows, Trunk Lid
• Look for a close fit, ease of opening and closing, and secure latches. A door that fits unevenly may indicate that the car was involved in a collision.
• Window, Glass and Lights
• Look for hairline cracks and tiny holes.
• Tailpipe
•  Black, gummy soot in the tailpipe may mean worn rings, or bad valves and possibly expensive repairs
• Shock absorbers
• Lean hard or "bounce" on a corner of the car and then release it. If the car keeps rocking up and down, the shocks may need replacing
• Fluids
• Oil that is whitish or has white bubbles may mean that water has been introduced into the system and this can be a sign of major mechanical problems
• Check the radiator fluid; it should not look rusty
• With the engine idling, check the transmission fluid; it should not smell rancid or look dark brown
• Check for leaks and stains under the car, on the underside of the engine, and around hoses and valve covers.
• Mechanical Parts
• Be sure all headlights, taillights, brake lights, backup lights, and directional signals work properly
• Test the radio, heater, air conditioner, and windshield wipers
• Interior
• Check the upholstery for major wear and tear; look under floor mats and seat covers
• Check the adjustability of seats and make sure all seat belts work
• Check the locations and working order of airbags. Ask whether they have ever been deployed
• Check the steering wheel; unlocked, with the engine off, it should have no more than two inches of play
• Lots of wear on the driver's seat and/or heavy wear on the brake and accelerator pedals of a carwith low mileage may indicate tampering with the odometer

Courtesy of Wyoming BBB

The Gazette picks 11 of their favorites:

There are more than 23 million acres of public land in Colorado, from dizzying mountaintops to lush valley bottoms, dusty canyons to glassy lakes, where in a few hours’ drive you can escape the noise and traffic of city life for a weekend wilderness adventure.

But here at Out There, we hear the question all the time: Where can I go camping for the weekend?

And it’s not always newcomers asking that question. With so much green space on the state map, people often don’t know where to go to find their favorite activity in a place where camping is plentiful.

Fortunately, we do.

Summer may be waning, but it’s not too late to get out of town for a weekend. Here is your guide to spots you can get to within a couple hours and stake your claim. We’re noting one activity at each for which that spot may be ideal; needless to say, there are plenty of activity options at each.

TAKE A SHORT HIKE

Location: The Crags, Pike National Forest

Getting there: From Divide, take Colorado Highway 67 south and turn left on Forest Service Road 383. Turn right at the Rocky Mountain Mennonite Camp.

Reason to go: This is one of the best short hikes in the area, three miles round trip, without too much elevation gain, and with plenty of interesting rock formations and great views. You can also climb Pikes Peak from the trailhead.

Camping: The Crags Campground at the trailhead, $12 a night, is first-come, first-served and fills up on weekends. There is pull-off camping along the road, just make sure you aren’t on private property.

GET ABOVE TREELINE

Location: Guanella Pass

Getting there: From Woodland Park, take Colorado Highway 67 northwest to Deckers. Turn left on County Road 126 to U.S. 285. Take that west to Grant, and take a right on the road to Guanella Pass, a good dirt and gravel road passable by any car, and start scoping out your campsite.

Reason to go: The road tops out at 11,669 feet, so a lot of your hiking work has been done. From the east side of the road you can hike to the top of fourteener Mount Bierstadt, and from the west side you can hike to Square Top Lakes.

Camping: Roadside camping is available on the south side of the pass, and you can make reservations for the Geneva Park Campground.

RAFT THE ARKANSAS RIVER

Location: East of Salida

Getting there: Take Colorado Highway 115 to Cañon City, then U.S. Highway 50 west.

Reason to go: The Arkansas River is Colorado’s most-rafted river, and trips like Browns Canyon, Bighorn Sheep Canyon and the Royal Gorge can thrill even in late summer when the spring runoff has long since washed to points east.

Camping: Who wants to drive all the way back home after a day on the river? The stretch of highway between Leadville and Parkdale is full of roadside campgrounds. There are five Colorado State Parks campgrounds, where you’ll find reservable campsites (and fees) and bathrooms, and there are many more free camping areas along the river on U.S. Bureau of Land Management land. What they lack in quiet they make up for in proximity to the river and civilization. Fire pans are required to keep campfire debris out of the river.

CLIMB FOUR FOURTEENERS

Location: North of Buena Vista, San Isabel National Forest

Getting there: Take U.S. Highway 24 west to Buena Vista, then 14.5 miles north to Chaffee County Road 390, a good dirt road. Turn left and follow it past Clear Creek Reservoir — there is a fee camping area on the left, but this is where the RVs stop. Go a few more miles to the national forest boundary.

Reason to go: Four fourteeners, mountains higher than 14,000 feet, can be accessed from this road: Mounts Belford and Oxford (usually climbed together in a day), Missouri Mountain and Huron Peak, as well as a back-door approach to La Plata Peak. It’s in the majestic heart of the Sawatch Mountains in the center of Colorado, with summit views of mountains in every direction.

Camping: Free roadside camping is plentiful for miles along Chaffee County Road 390, and it gets better the farther in you go. Not far past the ghost town of Winfield the road becomes four-wheel-drive, where the best campsites hide. If it’s Saturday night and not much is available, there’s a large field at Winfield that serves as an overflow camping area.

JUST RELAX IN THE WOODS

Location: Rampart Range

Getting there: From Colorado Springs, turn right on Baldwin Street as you come into Woodland Park and follow that to Rampart Range Road.

Reason to go: If all you need to be happy is a shady spot in the woods, the Rampart Range northwest of Colorado Springs is your closest bet. These arid foothills are full of roadside sites with fire rings, and you’re close enough to Colorado Springs to make it home for lunch.

Camping: Free sites are all around Rampart Range Road and the side roads, many of which can be navigated in passenger vehicles. Camping around Rampart Reservoir is limited to two reservable campgrounds, Thunder Ridge and Meadow Ridge.

BRING THE KIDS

Location: Mount Princeton Road near Buena Vista

Getting there: Take U.S. Highway 24 west and turn south on U.S. Highway 285 at Johnson Village. Go right on Chaffee County Road 162 (Chalk Creek Drive) at Nathrop, and follow it into San Isabel National Forest.

Reason to go: There are five national forest campgrounds along this good road, with easy access to town, rafting, hiking trails, fishing and the Mount Princeton Hot Springs.

Camping: No dispersed camping is allowed along the road, but three of the campgrounds, Mount Princeton, Chalk Lake and Cascade, are reservable at www.recreation.gov, a good idea if you are heading out to this popular area on a weekend. If you get there and can’t find a campsite, try going back to Buena Vista and taking Chaffee County Road 306 (West Main Street) toward Cottonwood Pass. Turn left toward Cottonwood Lake and look for free campsites past the lake.

RIDE AN ATV

Location: Rainbow Falls off-highway-vehicle park, Pike National Forest

Getting there: From Woodland Park, head north on Colorado Highway 67 about 10 miles. Pull into the Rainbow Falls area on the right.

Reason to go: An extensive network of singletrack trails, ATV paths and rough four-wheel-drive roads make this one of the most popular OHV areas in the state, within an hour’s drive of home. Stay on existing trails.

Camping: Roadside campsites are everywhere, so if the sites at the bottom of the road are taken, keep driving. But don’t expect solitude or quiet — this is a heavily used area.

TAKE A SWIM

Location: Pueblo Reservoir

Getting there: Take Interstate 25 south to Pueblo and exit onto U.S. Highway 50 west. Drive four miles to Pueblo Boulevard, turn south and go four miles to Thatcher Boulevard. Turn west and go four miles to the south park entrance. For the north entrance, stay on U.S. 50 for seven miles to McCulloch Boulevard. Turn south and go four miles to Nichols Road. Turn south and go one mile to the north park entrance.

Reason to go: There aren’t many places to swim comfortably in Colorado — most lakes are frigid mountain pools — but Pueblo Reservoir is an exception. With summertime water temperatures in the mid-70s and a swimming beach, it’s a great place to take a dip and appreciate Colorado’s brief summer. The swimming beach is closed Tuesdays and Wednesdays.

Camping: There are three campgrounds with 400 campsites in Lake Pueblo State Park, but on summer weekends they are certain to be full, so make reservations at www.parks.state .co.us.reservations.

CLIMB SOME ROCKS

Location: Shelf Road

Getting there: Take Colorado Highway 115 south to U.S. Highway 50 and head west to Cañon City. Turn right onto Field Avenue, which turns into Shelf Road. The road turns rough, so four-wheel-drive may be needed.

Reason to go: The limestone cliffs of Shelf Road are among the most popular in Colorado, known for solid rock and a wide variety of technical climbing routes (1,000 and counting).

Camping: It’s a stunningly beautiful area for camping, with two campgrounds run by the U.S. Bureau of Land Management, The Bank and Sand Gulch, 29 campsites between them.

TAKE A SHORT BACKPACKING TRIP

Location: Buffalo Peaks Wilderness

Getting there: Take U.S. Highway 24 west, head north on U.S. Highway 285. For the Weston Pass Campground, where most people begin the wilderness loop trail, turn left on Weston Pass Road.

Reason to go: This wilderness area is dominated by the Buffalo Peaks, humped 13,000-foot mountains. But the real gem here Buffalo Meadows, a serene network of open meadows at the high point of an 11-mile loop trail.

Camping: Choose a campsite in the trees around Buffalo Meadows — plenty are available with established fire rings — and enjoy the solitude.

TAKE A LONG BACKPACKING TRIP

Location: Lost Creek Wilderness

Getting there: Take U.S. Highway 24 west to Lake George. Go north on Park County Road 77 to the trailhead you have chosen for your trip.

Reason to go: The closest wilderness area to Colorado Springs abounds with backpacking opportunities, from one night in-and-back trips to epic multiday loops. It’s temperate, compared with many of the higher mountain ranges, with hidden valleys that protect bizarre rock formations, and pinnacles and barren mountaintops that can be reached without snow gear well into fall.

Camping: Too many great backpacking campsites to mention. Some of the best are along the McCurdy Park Trail. If day hiking, the most accessible campgrounds from Colorado Springs are Twin Eagles and Goose Creek — first-come, first-served — and Spruce Grove, where reservations are accepted. There is also ample free car camping along the many dirt roads off Park County roads 77 and 31.

GO FLY-FISHING

Location: Elevenmile Canyon (not Elevenmile State Park)

Getting there: Take U.S. Highway 24 west to Lake George, turn left onto Park County Road 96 to the entrance of the canyon. There is a fee to enter.

Reason to go: The narrow canyon lined with high cliffs is a hidden gem of the area, just over an hour’s drive from Colorado Springs, and that stretch of the South Platte River is said to rank among the best fly fishing in the state.

Camping: There are five designated campgrounds in the canyon, all reservable at www .recreation.gov. They fill up on weekends, so reservations are recommended.

McLEAN, Va. — For the second quarter, Capital One recently announced that auto loan originations climbed 31.4 percent over the previous quarter to hit $1.8 billion.

In the first quarter, Capital One posted about $1.3 billion in auto originations. In the second quarter of last year, this figure was $1.3 billion as well.

Moreover, the company said the net charge-off rate was 2.09 percent, a decrease of 88 basis points from the prior quarter. In the first quarter, the charge-off rate was 2.97 percent. Meanwhile, in the second quarter of 2009, the rate came in at 3.65 percent.

On a company wide basis, Capital One announced net income of $608 million, or $1.33 per common diluted share, compared to $636 million, or $1.40 per common diluted share in the prior quarter.

According to management, the second quarter figure compares to a loss of $277 million, or a loss of $0.66 per diluted share, in the second quarter of last year.

Continuing on, income from continuing operations came in at $812 million, up $92 million, or 12 percent, from $720 million in the first quarter of 2010. Income from continuing operations was $229 million in the second quarter of 2009.

Talking about overall results, Richard Fairbank, chairman and chief executive officer, said, "Capital One has demonstrated considerable resilience through the recession and the ongoing legislative and regulatory changes reshaping the financial services industry.

"While economic and regulatory uncertainty remains, those same forces are creating attractive opportunities for Capital One. We continue to be well-positioned to take advantage of emerging opportunities and deliver significant shareholder value over the long-term," he added.

Source:SubPrime Auto Finance News

LILONGWE, Aug 12 (IPS) - Small-scale importers of used cars in Malawi are crying foul over a government decision to introduce higher duties on second-hand passenger vehicles aged eight years and older.

In recent years, Malawi has seen an influx of used cars, mostly imported from Japan. The vehicles are sold at low prices, some as cheap as 2,500 dollars apiece.

Used car dealer Amanda Kwada explained to IPS the route that the car imports follow into Malawi: from Japan, the vehicles are brought in via Durban in South Africa or Dar es Salaam in Tanzania.

Kwada employs three people to manage different parts of the business. A driver collects the vehicles at either one of the ports and brings them to Lilongwe, Malawi’s capital.

Kwada displays the vehicles on the roadside to attract potential customers. She has a guard overseeing the vehicles and a sales person who seeks out new customers.

Car vendors such as Kwada are up in arms over the new tax measures, announced in May 2010, which they say will destroy their businesses or result in much higher prices.

Kwada has been importing second-hand cars from Japan for the past four years but now fears that her business will be destroyed, following the decision by government.

She worries that the new duties are too high for her business to show a profit and that she may have to abandon the trade. The people she employs will lose their livelihoods.

Kwada (42) supports an extended family with the profits she makes: "I am not sure if I could continue doing that now that the business is becoming complicated."

Some customers of second-hand car dealers are also opposed to the measures. Patricia Kalilombe (23) works as a secretary at a company in Lilongwe. She told IPS that she was able to afford a car using savings from her salary.

"I only paid about 4,000 dollars for the vehicle because it was second-hand. I never dreamt I would own a car at this age. The decision by government to increase taxes on old cars will be an impediment for all the people who do not have much money but still want to own a vehicle," said Kalilombe.

Malawian finance minister Ken Kandodo explained the reasons behind the new tax regime by referring to the declaration of the United Nations Climate Change Conference in December 2009. The conference, he said during his budget statement in May 2010, called for countries to take action against climate change.

"Government is committed to taking bold steps towards the reduction of pollution in the environment and avoid dumping, particularly of motor vehicles," Kandodo told the Malawian parliament.

The new duties are as follows: an additional 20 percent duty will be charged on passenger vehicles aged between eight and 12 years, while those older than 12 years would attract an additional 50 percent duty.

Regarding passenger vehicles aged up to eight years, current rates of duties would continue to apply.

Goods vehicles exceeding 10 tons and that are older than 15 years would attract a 20 percent duty. There was no duty on such vehicles until this announcement.

Car vendors started fighting the tax measure even before the national budget was passed. They staged a protest march to the national assembly building where they presented a petition against the budget.

But the demonstration did not deter parliamentarians from endorsing the new tax measures and they proceeded to pass the budget.

The dealers continued the fight in court on Jun 16 by obtaining an injunction stopping the Malawi Revenue Authority, a government agency responsible for the collection of tax revenues, from enforcing the new duties.

The car traders have since asked the court to carry out a judicial review of the taxes. The vendors are describing the new tax as "draconian" and claim it will kill small-scale dealers who depend on vehicle sales for their livelihood.

The car traders have the backing of the Consumers Association of Malawi (CAMA), an influential nongovernmental organisation that promotes consumer rights.

CAMA executive director John Kapito told the local media that taxes should be formulated to contribute to national development, and not as "punishment".

The Indigenous Business Association of Malawi (IBAM) – a grouping of local traders – added that the new tax measures are contrary to government efforts to promoting local entrepreneurship in the country.

Meanwhile, the vendors wait for the court to rescue them from the new tax measures.

Source:Inter Press News Agency

A couple years ago, automakers were flooding dealers with far more cars than they felt they could sell. They were only able to move them off the lots by offering steep discounts. Now some dealers say they have the opposite problem: they can't get enough of the hottest models.

Beau Boeckmann, vice president of Galpin Ford in Los Angeles, behind the wheel of a Spyker, one of the cars that his dealership sells.

CAPTION

By Dan MacMedan, USA TODAY

Beau Boeckmann, vice president of the family-run Galpin Ford in Los Angeles, asked for 100 Fusion sedans in July, yet received only seven, Bloomberg News reports.

"I am begging for inventory across the board," Boeckmann, whose dealership is Ford's top seller, tells Bloomberg. "I couldn't sleep a year ago because I thought, 'We have a year's supply of these cars!' And now I'm worried about our inventory again because we don't have enough."

The hot demand isn't across the board. It's mostly centered on certain models that buyers crave. Chevrolet's Equinox has been in short supply for months, for instance, because it's a crossover that's the right size and has the right features. But the phenomenon represents such a complete turnaround from the past:

Just five years ago, automakers kept factories running rather than shutting them down, even when demand wasn't there for the cars they produced. Detroit's Big 3 shut dozens of plants and lost thousands of jobs in a bid to "right size" their production with demand. Now buyers lack the kind of choice they used to have.

Automakers aren't deaf to dealers' requests. They have added shifts to plants with hot models. But in many cases, it's not enough to fill depleted inventories.

Ford had 349,100 vehicles of inventory at the end of July, 30% fewer than two years earlier. GM's stock dropped 43% to 424,000 and Chrysler's dropped 53% to 191,000, according to the companies.

Source:USA Today

Aside from being a member of GM’s board since July 2009, Dan Akerson has little experience in the auto industry, leading some Detroit insiders to question whether or not he is the right man for the job.

Aside from being a member of GM’s board since July 2009, Akerson has little experience in the auto industry, leading some Detroit insiders to question whether or not he is the right man for the job. 

“Why have another guy who is not even an industrialist run the country’s biggest industrial company?” said Dale Buss, a contributing editor at Edmunds.com who has followed the auto industry since 1981. “Everything is aligned for this guy to have a bit of an ease-in period, but I’m just not sure if it’s the best choice. I wonder if it’s time to dip back into the pool of management talent that definitely exists in the auto industry.”

Akerson, a managing director at private-equity giant Carlyle Group, is taking the torch from Ed Whitacre, who despite his lack of auto experience has been credited with steering GM out of bankruptcy and back to profitability. GM on Thursday posted its biggest quarterly profit since 2004. And like Akerson, Whitacre made a name for himself in the telecommunications sector by leading AT&T (NYSE:T)

David Cole, chairman of the Center for Automotive Research, said he isn’t concerned about Akerson’s lack of auto experience, especially given GM's bench of Detroit-savvy executives. 

“A leader knows what they don’t know and has people around them that do know. That is key. That is the model we’re seeing at General Motors,” said Cole. “What is necessary in a leader today is someone who acts and thinks like a coach. From what I understand, he’s very good at that.”

While he has little auto experience aside from his brief tenure at GM, Akerson does know something about turning around struggling companies. During his four-year tenure as CEO at Herndon, Va.-based XO Communications, he helped lead the communications service provider’s successful restructuring.

Some were surprised that GM wouldn’t look to someone who at least had some experience in the manufacturing world as the U.S. did when it awarded rival Chrysler to Italian auto maker Fiat and its leader, Sergio Marchionne.

“I just think the skill sets are not necessarily the skill sets that I would have expected for Mr. Whitacre’s successor. I would have expected someone that at least had much greater depth in either automotive or manufacturing experience,” said Sheldon Stone, a turnaround expert at Amherst Partners. “But maybe they feel the right people are in the right spot and you don’t have to be an ‘auto guy’ or ‘auto gal’ to be successful.”

There are others in Detroit that GM could have turned to, including Mark Fields, a rising star at Ford (NYSE:F) and that company’s Americas president, and Mark Hogan, a former GM and Magna International exec (NYSE:MGA).

GM also could have looked inside its own offices at several Detroit veterans, including Mark Reuss, its North American president, or Joel Ewanick, its vice president of U.S. marketing who came over from Hyundai and now leads GM’s rebranding mission. Others expected GM to tap former Microsoft (NYSE:MSFT) exec Christopher Liddell, who currently serves as the auto maker's chief financial officer. GM also could have looked to Stephen Girsky, its vice chairman of corporate strategy and business development, who has 25 years of auto experience. 

“I guess they are thinking they still need to have a marked departure from the GM of old,” said Buss, alluding to the decision to tap outsiders Whitacre and Akerson.

Akerson is best known for his five-year tenure as CEO and chairman at Nextel Communications, which was eventually acquired by Sprint (NYSE:S). He also served as the chairman and CEO of General Instrument Corporation and during the 1980s worked in a variety of positions at MCI Communications.

His background suggests a strong knowledge of international markets, which will be key as GM attempts to tap into emerging economies in China and elsewhere and it looks to turnaround its struggling European operations.

It’s not at all without precedent for an auto maker to tap someone without Detroit experience. Ford famously brought in outsider Alan Mulally as its new CEO and under his leadership the company avoided bankruptcy and has emerged as the preeminent American auto brand.

“Mulally has done an outstanding job at Ford and he didn’t really know the auto industry. He brought in leadership qualities that were excellent. Instead of being a king he’s been a coach,” said Cole.

Then again, Mulally did have experience in manufacturing as he served as an executive vice president at aerospace giant Boeing (NYSE:BA) and CEO of Boeing Commercial Airplanes. 

In addition to his evolving role at GM, Akerson is managing director and head of global buyouts at Carlyle. In 2007, Carlyle acquired Allison Transmission from GM for $5.6 billion. It’s possible Akerson will be able to put his investment-banking experience to work as GM eyes strategic acquisitions and readies its initial public offering, which is expected later this year and will consumer a great deal of the new CEO’s time.

It’s not clear if Akerson will be forced to give up any of his other positions as he currently sits on the boards of directors at American Express (NYSE:AXP), Booz Allen Hamilton and Freescale Semiconductor.

Source:FoxNews.com

AURORA, Colo. — Authorities say a 14-year-old girl faces several charges after a nearly 100-mile chase at speeds reaching more than 100 mph at times.

The Colorado State Patrol says the girl, whose name wasn't released, led officers on a chase Tuesday from Arriba in eastern Colorado to Aurora. State Patrol spokeswoman Health Cobbler says the chase started at about 7 a.m. when the teen allegedly failed to pay for $35 in gas.

Cobbler says the girl's car was stopped when "stop sticks" put down by the State Patrol punctured the tires.

Authorities say the girl was reported missing the previous night and the car she was driving was reported stolen out of Westminster.

She faces charges of eluding, speeding and theft. Her hometown wasn't available.

Source: The Huffington Post

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