NHRA Tour de Force Storms Detroit
Legendary hot-rodder and storyteller John Force wants a major drag racing strip in the Detroit area, and he’s willing to invest time and money to make it happen. Force, the king of funny cars and one-liners, was in town last week for the Society of Automotive Engineers World Congress at Cobo Center, in Detroit. His job: to chat with engineers and shake hands with backers, including Ford Motor Co. executives, who support his passion to go fast over a quarter-mile.
SEMA Spring Expo Reaches New Level Of Success
Organizers for the 2004 Specialty Equipment Market Association (SEMA) Spring Expo, have reported that this year’s show was the biggest regional show the association has held to date. The Expo took place March 5-6 at the Indiana Convention Center, Indianapolis. A day of seminars preceded the actual exhibit. Although attendance figures have not yet been audited, show organizers said preliminary reports show an increase of approximately 65 percent in buyer attendance, and 30 percent in total attendance from the SEMA Spring Expo in Nashville last February.
Collins & Aikman Ends Inquiry, Shares Rise
Collins & Aikman Corp. on Thursday said it completed an internal accounting inquiry and will not restate previously issued financial statements, sending its shares up 18 percent. The company also said its fourth-quarter loss more than tripled to nearly $10 million. Last August, the Troy, Mich., company said it was investigating business transactions between the company and two of its directors, just days after its CEO resigned.
Intermet Reports Losses
Intermet Corp. revised its fourth quarter and full-year financial results and reported a loss of $95.4 million, or $3.40 per share, on sales of $183.3 million in the fourth quarter. The Troy manufacturer of cast-metal automotive components earned $430,000, or 3 cents per share, on sales of $180.47 million in the same quarter of 2002. For the year, Intermet lost $98.9 million, or $3.22 per share, on sales of $731.16 million. It earned $9 million, or 41 cents per share, on sales of $755.73 million for 2002.
CRC Industries to Sponsor NED NHRA King of the Track Program
John Robinson of CRC Industries, a Pennsylvania-based automotive chemicals manufacturer, has agreed to sponsor the NED King of the Track program beginning in 2004. The program will encompass all NHRA Division One member tracks.
Industry Veteran Bob Hall Loses Battle with Cancer
Industry veteran Bob Hall lost his battle with cancer on Monday, March 8, at his home in Carlisle, PA. He was 56 years old. Hall began his career as a sportswriter before moving on to MotorWeek and then becoming publicist for the Las Vegas Motor Speedway and later the Imperial Palace Auto Collection. In conjunction with those duties, he became host of “Las Vegas Motor Speedway on the Air,” a show that eventually evolved into “All About Cars,” the program he hosted until his death.
German Auto Parts Makers Tour Southern U.S. Sites
Ten executives from German companies that serve the automotive industry are in Charlotte, N.C., and upstate South Carolina this week to investigate expansion sites. While rushing to expand in China, German automotive companies still consider the U.S. the most attractive market, in large part because BMW, Mercedes-Benz, Porsche and Audi continue to increase sales here.
Linamar to Buy Out Wescast in Joint Venture; Reports Fourth Quarter Loss of $1.3 Million
Wescast Industries Inc. plans to sell its 50 percent stake in its European joint venture with Linamar Corp. to Linamar, the auto-parts makers announced Wednesday. The two companies were still negotiating the sale of Weslin Industries Inc., and did not provide any financial details of the transaction. In a conference call to discuss quarterly results, Linamar chief executive Linda Hasenfratz did not expect Weslin — a joint venture established in 1999 to manufacture iron automotive castings for the European market — would become profitable soon.
AASA Creates New Aftermarket Council Forum for European Market Issues; Elects Leaders
The Automotive Aftermarket Suppliers Association (AASA) has established the European Automotive Aftermarket Manufacturers Council, a new discussion group for aftermarket executives heading their businesses’ European operations. The European Automotive Aftermarket Manufacturers Council will provide a forum for AASA members’ senior executives in Europe. The members will meet quarterly to discuss industry issues and solutions, share best practices and network with peers.
Champion Motorsport Named Exclusive Dealer for Porsche Tubi Style Exhaust Systems
Champion Motorsport, a subsidiary of Champion Motors, has been named the exclusive authorized dealer in North America for Tubi Style hand-crafted stainless steel exhaust systems for Porsche models.