Wall Street - Automotive: UBER rich

Tuesday, October 13, 2009

UBER rich

And now the Wall Street automotive report, sponsored by Country Saab.

Al Gore started it, Bush approved it and Obama signed it.

Last week, the US government approved a $528 million loan from the U.S. Energy Department to Fisker Automotive Group, a start up automotive company based in California.

The car Americans are investing in costs $89,000, reach top speeds over 150MPH and go 330 miles without a charge.

A Toyota Prius for the UBER rich.

Production is being planned in Finland some 4200 miles away from Washington DC.

But no worries folks, the 528 million are part of the billions in TARP funds we put on the coffee table sometime last November.

They say good things happen to those that show up... Fisker wasted no time, with check in hand even Walt Disney couldn’t top the joy Fisker executives experienced on their way home.

This is Robb LoForese

No comments:

Subscribe to: Post Comments (Atom)

Editor's Bio

In 1983, Robert LoForese and partner Richard Lentinello began importing Mercedes-Benz performance parts from AMG of West Germany, launching an automotive career that would encompass both wholesale and retail leadership.

Volvo

In 1990, Robert started his career at Volvo Cars of North America. As Special Sales Manager, Robert was responsible for daily rental sales, commercial fleet sales, tourist/diplomat sales, and US military sales in Germany.

In 1993, Robert was appointed Car Line Manager for the Volvo 940/960 platforms. Following an unsuccessful Renault-Volvo merger, Robert worked with Volvo AB Sweden to develop US specifications for the P2 Platform (which would become the Volvo S80 and XC90). Following the completion of the P2 Project, Volvo's President appointed Robert as General Manger for the Metro New York Market (NY, NJ and Fairfield, CT).

As General Manager, Robert mobilized key people resources and produced consistently strong results—earning him a reputation for welcoming and succeeding in difficult assignments. Receiving high grades in a Volvo International human resource assessment, his appraisal noted that, “[w]hile some people work out of the box, Robert doesn’t see the box at all. He is strong across all metrics.” These results ranked Robert in the 99^th percentile among Volvo's global leadership.

Vice President

In 1999, the Board of Volvo Cars named Robert Vice President of the Northeast region—Volvo's largest global business unit, ahead of Sweden and UK markets. Leading 157 retailers and directly responsible for 74 employees, Robert was accountable for business unit profit and loss, including all revenue opportunities (vehicle wholesale and parts sales) and expense controls (fixed regional expenses and variable sales expenses).

Retail Ownership

In 2003, Robert amicably departed Volvo to pursue an equity ownership in a number of new vehicle franchises; his ownership included; Volvo (4), Volkswagen (2), Land Rover (2), Jaguar, Audi and (most currently) a Saab franchise.

A frequent public speaker, Robert has appeared live on CNBC’s Morning Squawk Box and is the host and producer of Wall Street Automotive on WTBQ Radio 1110 AM, New York.

Robert is a graduate of the City University of New York and resides in Warwick, New York with his wife and three children.