Fiat Chrysler Reaches Settlement With Government and Receives Large Fine - Fx Report Daily
“ Fiat Chrysler does not have the deep pockets General Motors has, or Toyota”, says Michelle Krebs of Autotrader, referring to two other auto companies slapped with large civil penalties for recall violations. Now FCA is also offering an increase in trade-in allowance to be applied toward the purchase of another FCA product for those owners that would prefer buying a new Jeep rather that installation of the trailer hitch. The decision of NHTSA also coincided with Fiat Chrysler’s recent recall of more than 1. 4 million units of Jeep Cherokee after the vehicle’s software that operates its built-in entertainment system has encountered security breaches. “Today’s action holds Fiat Chrysler accountable for its past failures, pushes them to get unsafe vehicles repaired or off the roads and takes concrete steps to keep Americans safer going forward”, Transportation Secretary Anthony Foxx said in the... According to Kelly Blue Book, a 2010 Dodge Ram 1500 – one of the smaller, less-expensive trucks involved in the recalls – could fetch $20,000 in a dealer trade-in, assuming the truck has 60,000 miles on it and is in “good” condition. Chrysler reported its first quarterly profit since filing bankruptcy in 2009 earning a profit of $116 million for the first quarter compared to a loss of $197 million one year ago. Source: forexreportdaily.com
