Word: southfield
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...longer-term worry is that the Great Recession seems to have put a crimp in Americans' long-standing love affair with the automobile. R. L. Polk & Co., of Southfield, Mich., reported this week that the number of cars and light trucks scrapped in the 15 months from July 1, 2008, to Sept. 30, 2009, "substantially outnumbered" new vehicle registrations. Polk's tally for the 15-month period shows that 14.8 million vehicles were scrapped, while registrations of new vehicles totaled 13.6 million. That suggests that families may be downsizing from three cars to two or even fewer and escaping...
Cerberus insists it is willing to stand behind the troubled automaker, but will that be enough? "Chrysler as we know it will cease to exist very soon," Kimberly Rodriguez, principal of the management consulting group Grant Thornton of Southfield, Mi., has flatly predicted...
...Some industry experts are not optimistic about Chrysler's prospects. "I think (Chrysler) is going to have to merge," says Alicia Masse, managing director of BBK, a consulting firm-based in Southfield, Mi. that has done extensive work in the automobile industry...
...changes in VEBAs and the jobs bank, he does not have the same authority to change other aspects of the existing contract without a vote by active workers. For example, according to William C. Andrews, managing director of the automotive advisory group at the consulting firm of BBK in Southfield, Mich., the UAW membership holds an effective veto over any "prepackaged" bankruptcy - which must be approved by all parties before it is filed, as opposed to a regular bankruptcy, in which the judge can change labor contracts - while the union retains the right to strike...
Much of the automakers' argument hinges on the notion that the collapse of any of the key industry players would aggravate an already troubled economy. Fully one-third of automotive industry suppliers were deemed at risk of bankruptcy, according to a study earlier this year by Grant Thornton, a Southfield, Michigan, consulting firm. If General Motors files for bankruptcy, it will further impede its ability to pay its suppliers in full, on time. Many suppliers are already saddled with debt. So the extra burden will likely obliterate suppliers' operating budgets - and, in turn, cripple their ability to deliver goods...