Word: detroit
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NASCAR is also tethered to the U.S. auto industry, which has required a massive bailout to save it from destruction. The Detroit Three sponsor teams and races and offer engineering support for the drivers and their crews. General Motors and Ford are among NASCAR's biggest television advertisers. Even Toyota, which controversially entered stock-car racing two years ago, expects a nearly $3.9 billion full-year loss, its first since 1950. An auto failure would be catastrophic for the sport. "The uncertainty of it all is what keeps you up at night," says NASCAR chairman and CEO Brian France...
...East door. It was the biggest door I had ever gone through. It also was the biggest chamber I had ever seen. Remember, I was six years of age. I had never been in a place like this. I was a working-class kid from a Polish neighborhood in Detroit, and this was quite an event for me. I've only begun in later years to appreciate what it all meant...
...Although it seems Detroit cannot cut enough in an effort to drive out the costs necessary to become profitable, the process will reach a tipping point where the U.S. industry will not have enough people to take any real advantage of a recovery of U.S. vehicle sales when that happens. While Toyota and other Japanese companies are cutting back some capacity, they are not going through a process which would essentially gut much of its production ability. As a recovery takes shape, the Japanese company will be able to meet demand without a colossal struggle to get plant after plant...
...Detroit may be forced to bring its production structure to a level where it can eventually do without financial help when the domestic market is only supporting 11 million or 12 million sales a year. However, the by-product of this process is that at 16 million unit sales, which is the level from just three years ago, Detroit may be forced to give up market share because it cannot replace its old plants and labor infrastructure fast enough to take advantage of a modest but rapid sales recovery. At a 20% market share, GM will only have to produce...
...effect, labor and credit costs, along with the costs of the parts needed to keep Detroit running, will rob the U.S. car companies of any chance at all that they can take advantages of a better market when it returns. The auto firms are in the process of completely undermining their future, and may end up destroying themselves in order to remain in business...