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Auto blog

Minivan market not what it used to be, but margins make up for it

Residual values for last year's minivans are higher than they were in 2000.
Much like the station wagon was the shuttle of Baby Boomer generation, the minivan has been the primary means of transport for Generations X and Y. Just as the boomers abandoned the Country Squire, though, those kids that were toted around in Grand Caravans and Windstars are adults, and they certainly don't want to be seen in the cars their parents drove.

Toyota restructuring US operations, possibly moving to Texas

According to multiple sources familiar with the matter, Toyota is poised to announce Monday that it is restructuring its US operations, which may include plans to relocate some of its operations to Texas. Toyota Motor Sales has been located in California since 1957, and is responsible for North American sales, marketing, and distribution for Toyota, Lexus and Scion. According to Toyota literature, its Torrance operations presently employs 6,156 workers and represents a $2.3-billion investment.
Workers in Toyota's Torrance offices were abuzz about the possible relocation to Texas. One young offspring of a Toyota employee even posted to Twitter that her parents warned about the upcoming move, and she said she's refusing to go.
Rumors at one point had Toyota settling in Richardson, TX, just outside Plano. But Autoblog talked to Richardson Mayor Laura Maczka, who said she would be thrilled if that were true, but has not heard anything on the subject. Autoblog also emailed with Bill Sutherland, a city councilman in Torrance, CA, who said, "To date the only info I have is what I have read in the paper expecting a press release Monday."

Toyota nearing $1B settlement of unintended acceleration criminal probe

According to those all-too-nebulous "people familiar with the matter," Toyota is close to a settlement with the US federal government to end a criminal probe over its long-running unintended acceleration fiasco. Though Toyota has never admitted guilt, the deal could reportedly crest a billion dollars and would likely include a criminal deferred prosecution agreement, and while we're not legal experts, The Wall Street Journal explains that such a deal would "[force Toyota] to accept responsibility while avoiding the potentially crippling consequences of federal criminal convictions."
The report from WSJ also suggests that Toyota is facing charges that it "made false or incomplete disclosures" to various government agencies regarding possible defects to its cars. Such charges may include mail and wire fraud violations. Toyota has already paid out fines totaling $66.2 million to the National Highway Traffic Safety Administration because it failed to report safety defects in a timely manner.
This deal with the federal government is not related to the billion-dollar class-action settlement reached with Toyota owners over falling vehicle values, and it's also different from the roughly 400 lawsuits still in courts alleging personal injury of wrongful death due to cases of unintended acceleration. In other words, don't expect to hear the end of such courtroom verdicts and settlements anytime soon...