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07-18-2016, 09:36 PM | #1 |
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Fiat Chrysler sales numbers probed by Feds
Fiat Chrysler is under investigation for allegedly inflating its sales figures. The automaker confirmed Monday that both the Justice Department and the Securities and Exchange Commission are conducting probes. Fiat Chrysler (FCAU) has been reporting some of the industry's best sales growth in the seven years since it emerged from bankruptcy. So far this year it has reported U.S. sales are up 6% compared to a year earlier. But in January two car dealers filed a federal lawsuit against Fiat Chrysler, accusing it of paying dealers to falsely report sales of dozens of vehicles on the last day of the month, and then to "back-out," or undo the sales on the first day of the next month, according to the suit. "FCA directly benefits from this practice as it results in the inflation of the number of year-over-year sales which, in turn, create the appearance that [Fiat Chrysler's] performance is better than, in reality, it actually is," according to the lawsuit. At the time the automaker denied the allegations, and accused the dealers of filing suit because they were failing to meet sales obligations. The dealerships' attorney denied they were missing any sales target set by Fiat Chrysler. In its statement Monday, Chrysler said its recorded annual and quarterly sales reports and revenues are based on shipments to dealers, not on the sales to the consumers who eventually buy the cars and trucks. It said it cooperating with the investigations. The probe is the latest example of a major automaker being charged with deceiving the public and federal regulators. The biggest case involves Volkswagen, which has agreed to pay up to $15 billion to settle charges that its diesel cars contained software designed to pass emissions tests by cheating. In addition Japanese automaker Mitsubishi has admitted it has been cheating on fuel economy tests for the last 25 years. http://money.cnn.com/2016/07/18/news...obe/index.html
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07-18-2016, 09:42 PM | #2 |
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I'm not surprised. Marchionne has been trying to peddle the whole thing to whoever wants it. My guess he sees the light at the end of the tunnel and expects the house of cards to inevitably collapse.
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07-18-2016, 11:07 PM | #3 |
Papi Chulo
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Unfortunately it's not uncommon for a company to say "units shipped" instead of "customers purchase / vehicles sold." It's a deceitful way to spin your numbers to investors so they look better although you're not technically "lying."
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07-18-2016, 11:36 PM | #4 |
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Like recording artists going "platinum".
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07-18-2016, 11:55 PM | #5 |
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It's all just a simple misunderstanding. Dealers are swimming in 3 model years of new product, what's the crime? Nothing to see here...
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07-19-2016, 06:30 AM | #6 |
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What's the crime! You own stock in anything?
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07-19-2016, 08:29 AM | #7 |
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Who narced them out?
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07-19-2016, 09:36 AM | #8 |
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I really feel bad for Jeep and Dodge. They have to keep putting water in this leaky bucket that is fiat.
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07-19-2016, 12:26 PM | #9 |
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That's not true for automotive. Automotive sales are only vehicles reported as sales to retail customers, businesses, fleet units, and corporate marketing/test vehicles. Vehicles shipped to dealers do not count as sales. FCA can book revenue on units shipped to a dealer, but not sales. They were doing it illegally on purpose.
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07-19-2016, 01:14 PM | #10 | |
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For instance, almost the entire line-up is running ZF 8-speed or ZF 9-speed trannies; awesome for both acceleration and highway fuel economy (some hate 'em, some love 'em, I'm in the love 'em camp). Some models got significantly improved chassis in 2011 (Charger and Durango for instance, I'm sure I'm missing others). Also staring in 2011, they deployed the fuel-saving 3.6L Pentastar in the entire line-up, although, I'm sure Chrysler had been working on it for a while. They're also deploying the 3.0L turbo Diesel as fast as they can. Last, but not least, Fiat 500 sales suck today but without a fully electric vehicle like Fiat 500e in the line-up of the group, it would have been costly to do business in states like California. Now, Pacifica is getting a PHEV treatment and I'm sure other vehicles will follow suit. I'm probably in the minority here, but I like post-Fiat Chrysler group better than pre-Fiat Chrysler. I'm more likely to buy a Dodge/Jeep today than 5+ years ago. |
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07-19-2016, 01:17 PM | #11 |
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I read that Ram/Jeepby themselves make up 60% of the total profit of all of FCA.
The trucks and jeeps are keeping all of FCA afloat. Alfa is not going to help and as you stated Fiat sales suck. Best thing that could ever happen is Jeep gets bought out or goes along solo. Ram can vanish and I am not sure anybody would care. It is always a third tier truck anyway compared to GM/Ford. But Jeep, not that I have owned one, they have proven they have the legs to go the distance. |
07-19-2016, 01:20 PM | #12 |
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Wait, so there are Hellcats available after all?
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07-19-2016, 01:21 PM | #13 |
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Kind of sad too. The new Pacifica really looks like a nice package. I'm shocked that Chrysler of all companies beat Toyota to releasing a hybrid minivan. I mean, they have the Prius, they created the Prius 5 so clearly there was a demand for a Sienna based Prius 8...
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07-19-2016, 01:21 PM | #14 |
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Fiat sales could soon to be bolstered by the Fiata.
--kC |
07-19-2016, 01:48 PM | #15 | |
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I'd personally would like to see Dodge shape up so we can get an improved Charger platform. |
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07-19-2016, 01:50 PM | #16 | |
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Personally I don't want to touch anything FCA, Fiat hasn't helped or hindered the situation for me (least reliable American brand working with the least reliable non-american brand available in America). as for the fiata; I don't know that it will be a volume seller for them, as cars like that typically aren't, but time will tell. |
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07-19-2016, 02:03 PM | #17 |
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A little off topic, but what is it about the Jeep look that people like so much?
I have a Wrangler and I love the damn thing, but I live in Utah and it sees either dirt or snow weekly. On a recent trip to southern Utah I noticed that 1 in 5 cars around the national parks was a Jeep Patriot, so I looked into them and their sales numbers. In '09 Jeep sold 31,432 Patriots in the US. In '15 they sold 118,464. It's the same vehicle, they just squared the body more in 2011 and made it look more "Jeep". By all logic sales should be going down, not up. |
07-19-2016, 07:54 PM | #18 |
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07-20-2016, 09:13 AM | #19 | |
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If anything, I guess it shows how good of a platform Mercedes made back in the day if it's still usable and can be adapted to meet the standards 20 years later. |
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07-20-2016, 09:47 AM | #20 |
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That was an epically terrible movie.
But after the first Jurassic Park, there was zero chance a sequel could ever touch it. From the effects, to the casting, to the musical score, it was a milestone of a blockbuster. |
07-20-2016, 12:06 PM | #21 | |
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For instance, if you compare crash ratings of 2010 and older Charger vs 2011+ Charger, the improvements are significant (other things like front suspension geometry and windshield rake have been improved, 2011+ Charger are also easier to see out overall). Besides, the old E Class never had a 120" wheelbase (barely 112" at the time) and was never this wide, so, IMO, at this point, Dodge/Chrysler have hacked up and stretched that old E Class platform so much they definitely made it their own :-). I'm hoping FCA will put the platform on a diet without sacrificing wheelbase and rear legroom too much. |
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07-27-2016, 09:49 AM | #22 | |
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http://www.autoblog.com/2016/07/26/f...investigation/
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