Word: buyer
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...running the vehicle through a 92-item checklist, which includes the obvious, like turn signals and wiper blades, and the not-so-obvious, like axle seals and cover gaskets. The mechanic will even take the car on a test drive. Armed with the results, the would-be buyer can renegotiate or reconsider. Says Patrick Ludwick, founder and president of the Dallas-based company: "Normally the engine or the transmission doesn't fall out. It's the smaller items that will nickel and dime a person to death." A poll of Ludwick's first 1,000 customers found an average saving...
Some 56% of the art in the Sotheby's auction failed to find a buyer, despite the house's pre-sale efforts to get sellers to lower their reserves. The "star" offering, Robert Rauschenberg's Third Time Painting, 1961, sold for $3.08 million after its low estimate had been reduced by $1 million on the eve of the sale, to a range of $3 million to $4 million...
Once America's flagship carrier, Pan Am has lost $2 billion over the past decade. After two fruitless years of seeking a buyer or merger partner, the airline has begun to raise cash by selling off its prize assets: international routes. Last month the carrier agreed to sell its U.S.-to-London routes to United for $400 million. Still trying to sell off its Northeastern shuttle, Pan Am is fast running out of marketable assets...
...Nowadays in Tokyo showrooms, 1 car in 10 is an import. More than 300,000 Japanese drive Volkswagens; owners of the popular Golf model even have their own club. The import phenomenon signals a change in Japanese society toward greater individualism and more venturesome personal taste, for the typical buyer of a foreign car is a 37-year-old salaried employee. The enthusiasm of young Japanese career women for the Rover Group's Mini has given that venerable model a new lease on life...
...heavy investment. BMW has gone furthest in putting down roots. It has built from scratch its own network of 120 dealerships and committed serious money to a big spare-parts center. At its vehicle-preparation facility, the imports are tuned and polished to the perfection that the finicky Japanese buyer demands. Says Hans-Peter Sonnenborn, president of BMW Japan: "Japanese customers are extremely image-, service- and quality- oriented, but if you meet their requirements, they are very loyal." Surveys show that 90% of foreign-car owners intend to buy the same make again...