NTWK 3.17, 0.00, 0.0%) (DIFX: NTWK), a worldwide provider of global business services and enterprise application solutions, today announced Mercedes-Benz Financial Services Taiwan (MBFSTw) has gone live with NetSol’s LeaseSoft Contract Management System (CMS), a key product offering within the NetSol Financial Suite (NFS) of products. MBFSTw is currently using NetSol’s Proposal Management System (PMS), another LeaseSoft core application. In using both PMS and CMS modules, MBFSTw’s complete retail leasing management system is now run on LeaseSoft solutions.

AUBURN HILLS, Mich., Aug 04, 2008 /PRNewswire via COMTEX/ — Chrysler LLC today named Bruce D. Coventry Chief Executive Officer of Global Electric Motor Cars LLC (GEM). He continues in his role at Global Engine Manufacturing Alliance (GEMA) serving as Non-Executive Chairman.

In addition to his responsibilities with GEMA, Coventry will continue to build on the innovation and engineering technology that are hallmark to the GEM vehicle. As well, he will focus on expanding market share in Chrysler’s mission to deliver environmentally friendly products to our customers.

Aug. 4 (Bloomberg) — Chrysler Financial’s failure to get all of the $30 billion in renewed funding it sought may further restrict the lending unit’s ability to support auto sales to Chrysler LLC customers and its dealers.

Chrysler Financial said yesterday it obtained $24 billion from a group of lenders, 20 percent below its target. The Farmington Hills, Michigan-based lender attributed the shortfall to “conditions in the credit markets and changes in the company’s retail strategy.” The finance unit stopped offering leases on Aug. 1 because of rising borrowing costs.

PORTLAND (NEWS CENTER) — Portland Police are looking for a Maroon Jeep Cherokee they say hit a man in the city Sunday morning.

Police say 51 year old Edward Storer was hit by the Jeep at the intersection of Cumberland Avenue and Preble Street around 8:45 Sunday morning.

Storer was taken to the hospital for injuries.

Jeep has launched an all new Cherokee which will be available in New Zealand soon.

A new suspension and steering system help make the Cherokee more refined on the road, while on the inside, the Cherokee moves more upmarket with a leather interior, heated front memory seats, climate control, electric windows and cruise control all as standard.

WASHINGTON: US auto sales braked hard in July, automakers said, as consumers avoided big-ticket spending in the face of rising unemployment, falling home prices and tight credit.

New vehicle sales last month crawled at a seasonally adjusted annual rate of 12.55 million units, the slowest pace since April 1992, compared with 15.48 million units a year ago, industry research firm Autodata said. “Breathtakingly weak!” said Dana Johnson, chief economist at Comerica Bank. The overall US sales figures were much lower than expected, analysts said.

After months and months of bad news about Chrysler LLC, the Auburn Hills automaker Friday celebrated its first anniversary as a privately held company with a surprising announcement: The company is cash-flow positive.
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Chrysler’s earnings before interest, taxes, depreciation, amortization, or EBITDA, and restructuring charges were $1.1 billion during the first six months of this year, according to company executives.

AUBURN HILLS, Mich., Aug 01, 2008 /PRNewswire via COMTEX/ —-The following can be attributed to Ron Kolka, Executive Vice President and Chief Financial Officer, Chrysler LLC.

“Chrysler LLC today announced that in spite of the severe economic and industry challenges, we continue to perform ahead of our financial plan for the second quarter and first half of 2008. The Company measures its financial performance against two primary financial metrics: Cash/Marketable Securities and EBITDA (earnings before interest, taxes, depreciation, amortization and restructuring charges). As of June 30, 2008, the Company had Cash/Marketable Securities of $11.7 billion, (including $2.3 billion in Restricted Cash and excluding $2.3 billion in VEBA* assets), well ahead of its plan and down slightly from year-end 2007. As well, for the six months ended June 30, 2008, Chrysler posted an EBITDA of approximately $1.1 billion, well ahead of plan.

Truck production at Chrysler’s plant in Fenton will resume at 4 p.m. Friday, after two shifts were cancelled following a train wreck Thursday night.

About 6 p.m. Thursday, two rail cars on a line that feeds parts into the North Assembly Plant detached and rolled back into the plant, striking the dock, hopping the rail and smashing a pipe, which caused a leak, said Ed Saenz, a Chrysler spokesman.

Chrysler’s financing arm last night renegotiated nearly all of a critical line of capital, enabling it to continue offering generous discounts and other incentives to finance purchases of its Chrysler, Dodge and Jeep vehicles.

The company and its lenders closed the deal, but the amount of $27bn was slightly lower than the $30bn now in place, said a person familiar with the negotiations.