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PENSKE POWERS SATURN ?
Roger Penske has always been ambitious in his business pursuits and this week it has been announced that 'The Captain' is set purchase all of Saturn. However after being told that he could not legally purchase the hydrogen filled luminous body, he decided to simply to turn his attention to the defunct GM brand of the same name. General Motors is in the midst of a fire sale, yes thats right, all the big brands, Saab, Hummer, Pontiac and more, have all got to go! As the automotive giant remains on a $15.4billion government subsidised life support system, its restructure has meant bargains are to be had!. Considering their dire financial situation, the announcement made last week of GM's brand restructure, surprised noone. The move will see GM offload several brands in a move to focus their attention to their 'core four', Chevrolet, Buick, Cadillac and GMC. Saturn is one of the brands that didn't make the cut. Saturn Corporation was established in 1985 to combat the success of Japanese imports in the small car market. First dubbed as 'The different kind of car company', it was always the poor cousin to GM's more premier brands such as Chevrolet and Cadillac. Like much of the US Automotive industry, Saturn suffered heavily from mismanagement and the imports it was designed to compete with, eventually accounted for its demise. Saturn spokesman Steve Janisse has revealed that several bids for the company have been made, however they wouldn't be revealing any of the interested parties until early June. A cautious Tony Porson, spokesman for Penske Automotive Group has stated they are considering the Saturn purchase, “It's very premature to assume anything will be done. I can confirm to you that we are looking at it”. Roger Penske has achieved virtually everything in the automotive world, however resurrecting a car company may be too much even for 'The Captain'. Saying that, Roger Penske's motorsport interests are as vast as they are succesful, with teams running in IndyCar, NASCAR and ALMS. His stint into Formula One in the mid 70's recorded a victory and he has more Indy 500 than any other team owner. Off the track the Penske Empire also includes the world's second largest automotive dealer network, Penske Automotive, representing over 250 franchises. If anyone can do what General Motors couldn't, It'd be Roger Penske to do it.
Continue reading...FERRARI SEES RED
Monday, May 4, 2009
Ferrari has raised serious doubts over the FIA's new voluntary 'Budget Cap' system, with President Luca di Montezemolo questioning the path Formula One is headed, even alluding that the Scuderia's involvement in Formula One is 'not a never ending story' The World Motorsport Council ratified the new £40 million 'Budget Cap' at a meeting in Paris last week, a move to stem unnecessary spending from teams. Parties who sign onto the budget cap will gain exclusive technical benefits (See previous story), benefits which are not available to those who remain 'free spenders' It is this 'two tiered' approach that has upset di Montezemolo, as he believes fans are likely to be confused and that the regulations may simply be a knee jerk reaction to the global climate.“Any controversy [regarding] the actual respect of the cost cap would undermine the image of Formula 1 and could seriously damage any involved team”, said the Italian in a letter to FIA Presdient, Max Mosely. The letter, sent on the April 28th, two days before the details of the 'Budget Cap' were announced, declared that Ferrari's powerful status within F1 allowed them the right to air the grievances, something that the FIA should not take likely.
Continue reading...FORMULA ONE: PUT A CAP ON IT ?
Friday, May 1, 2009
The FIA has announced Formula One's sweeping new financial changes at The World Motorsport Council. Most notably, the FIA has introduced a £40 million 'budget cap' program to guarantee the future of current teams, while creating financial intensives to entice potential new teams into Formula One. The penny pinching goes so far as to also include the banning of re-fuelling and tyre warmers for the 2010 Championship. While not compulsory, those teams who do sign up to the program will receive numerous technical freedoms. These include unlimited wind tunnel testing and pre-season track time, along with movable front and rear wings as well as their engines being free of rev-limits. FIA President Max Mosely is quoted as saying “I think they may find it attractive because like everybody else they need to save money. They've got to think of their shareholders' money, and not just spend like in the old days.” Supporter of the concept of a budget cap, Sir Frank Williams, has raised concerns over the optional implementation of the initiative. “We would like to see all the teams operating to one set of regulations and under a budget cap in 2010 and that is the position we will be advocating within FOTA when we meet next week”. The Q&A media release on the FIA's website, stated that “There is one set of technical regulations and as always there are choices for all teams as to how they decide to attack the championships,”
Continue reading...WHINCUP GOING GLOBAL ?
Wednesday, April 29, 2009
Jamie Whincup is well on his way to becoming a modern great of Australian Motorsport. He currently sits 12th on the all time round winners list, and if his current form continues he may jump to 7th by seasons end. If that occurs only the likes of Brock, Skaife, Lowndes and Co. stand in front of him. So far in 2009, he has proven to be fast, precise and virtually mistake free. If you trace his results back to Bathurst last year, Whincup has won 14 out of 17 championship races contested, a winning percentage of over 80%. While domination isn't exactly a new concept to motorsport, V8 Supercars Australia had invested in a variety of changes to prevent the curse of predictability. After the Holden Racing Team's domination of the mid 90's, Project Blueprint and a raft of format and championship points changes were implemented. Yet in the face of this, Team Vodafone and Whincup have been in a league of their own. Not even his much fancied teammate Craig Lowndes has been able to keep up with the 26year old. In fact Whincup has proven to be the only teammate to consistently outpace Lowndes for over two seasons and with both Team Vodafone drivers out of contract at years end, Lowndes may be the only one feeling any pressure to perform. But for Whincup, V8 Supercars may not be his only choice...
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