Market Wire - CheapAutosInsurance.com Tracks Auto Bailout Developments
Since its inception in 2003, CheapAutosInsurance.com has
cultivated a reputation for presenting accurate and comprehensive
information. Over the past few weeks, as General Motors, Chrysler, and Ford
have failed to gain support from Congress for a federal bailout to stave
off bankruptcy, the site has assumed the responsibility of answering
consumers’ questions about how things got to this point. In a new section
titled ” Is the Auto Industry Bailout-Worthy? ,”
CheapAutosInsurance’s writers critically assess the state of the industry
and look to the future of American car manufacturing.
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“This is a story you can’t escape,” said CheapAutosInsurance CEO Brian
Severson. “People want to know how this happened, what the companies are
going to do to warrant receiving taxpayer dollars, and now why the Senate
decided to say no even though Chrysler, in particular, says it could run
out of cash by the end of the year. We felt it was our responsibility to
step forward with a succinct analysis of the situation.”
After initially being chastised on Capitol Hill for arriving, hat in hand,
aboard corporate jets begging for federal dollars, the automakers were
forced to admit that in order to receive help, they had to prove they were
worthy. “They had some explaining to do,” said Severson. “Not just to
Congress, but to the average American taxpayer. And they had to come up
with a plan and timetables to show when they would be viable again and how
they’d get there.”
Unfortunately, after presenting their financial plans in a second round of
hearings and asking for $14 billion in federal loans, the Senate rejected
the request. This refusal put GM and Chrysler in the position of either
going under, getting help from the Bush White House, or waiting for Barack
Obama. Ford, for its part, wanted a $9 billion line of credit, but said it
can survive through 2009.
“When the Senate said no,” Severson said, “things ratcheted up and people
started getting scared. We’re waiting now to hear what the Bush White House
will do. That’s why we have our writers posting up-to-date news reports
while the administration debates using funds from the $700 billion
financial bailout fund for the carmakers. We don’t want to leave our
readers hanging until a decision is made.”
Both the detailed industry analysis and the news updates illustrate
CheapAutosInsurance’s commitment to providing material that is useful to
their readers. “It may not be strictly in the realm of insurance,” Severson
said, “but you can’t buy insurance for the car you don’t own and right now,
a lot of our readers are wondering if they’ll ever buy a new car again.”
This coverage complements CheapAutosInsurance’s main mission: frank advice
on discount auto
insurance plans. Side-by-side with rate quotes, readers will find these
articles and more on topics like traffic
accidents , anti-theft devices and the pros and cons of having more than
one vehicle on a policy. The content of CheapAutosInsurance.com is
constantly refreshed to reflect the latest developments in the insurance
industry. The editors welcome and invite your questions, comments, and
ideas. Send email to: editor@cheapautosinsurance.com .
Corporate Summary
CheapAutosInsurance.com, based in San Jose, California, offers direct,
accessible information on obtaining and maintaining car insurance that is
both comprehensive and inexpensive. The site, launched in 2003, includes a
straightforward request engine for auto
insurance quotes coverage.
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Contact Information
Brian Severson
CEO and President
CheapAutosInsurance.com
Santana Towers
3031 Tisch Way, 7th Floor
San Jose, CA 95128
Ph. 408 516 4544
Email: Email Contact
