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Big 3 Automakers Come to Aid of Destitute Detroit

U.S. automakers joined other Michigan businesses on Monday in donating $8 million for new ambulances and police cars to Detroit as state-appointed emergency manager Kevyn Orr took over running the destitute city.General Motors Co, Ford Motor Co, Chrysler Group LLC, which have their headquarters in the Detroit area, joined Blue Cross Blue Shield of Michigan, Quicken Loans and other area companies in the effort, Mayor Dave Bing announced."This is an unprecedented collaboration between the business community and the mayor's office," said Bing.The effort to fund the ambulances and police cruisers was led by Roger Penske, chief executive of Penske Automotive Group Inc, who appeared with Bing at a press conference.The donation came as bankruptcy lawyer Orr started the job of Detroit emergency financial manager on Monday. He was recruited by Michigan Republican Governor Rick Snyder to clean up the finances of the city, which according to a state government report is running a $100 million bud...

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  1. Penske Net Up 1.9% on Stronger Car Sales

    Penske Automotive Group's (NYSE:PAG) earnings edged up 1.9% in the fourth quarter amid stronger vehicle and same-store sales.Its profit during the latest period was ...

  2. Opportunities for Investors in Auto Dealers, Parts Makers

    Stephen’s auto analyst Rick Nelson on the investment opportunities in the auto sector beyond the automakers.

  3. Penske's Big Profit Year

    Penske Automotive CEO Roger Penske on the company's most profitable year ever, and the state of the auto industry.

  4. Three Questions Investors Must Ask

    Foxhall Capital Management CIO Paul Dietrich on what investors need to consider in a volatile market in order to make money.

  5. Helio Castroneves's Life in the Fast Lane

    Indy Car Driver Helio Castroneves discusses what the circuit is doing to make up ground in the racing game.

  6. Roger Penske on NASCAR, Sponsors

    Penske Automotive Group Chairman Roger Penske on how being involved in NASCAR has helped the company.

  7. Tengzhong Near Deal to Buy Hummer Brand

    FBN's Jeff Flock on GM's deal to sell its Hummer brand.

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