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New car sales down, M&T profits way up, Municipalities coming together to compete

From Business Today:

New car sales in Buffalo Niagara dropped 8 percent last month, due mainly Economy Next Six Months to production problems associated with the Japanese earthquake and tsunami. Toyota's five local dealers moved 509 vehicles last month. That's down 47 percent from June 2010. Overall, the area's new car franchises sold 4,113 vehicles, down from 4,465 the previous year. Dealers said they knew a rough patch would come once the Japanese tragedy hit, and expect the numbers to recover.

Wilmers  M&T Bank's profits were up dramatically for the second quarter. The bank reported net income of $322 million, or $2.42 per share, up from $189 million, or $1.46 per share, a year ago. Profits were also up 56 percent from $206 million, or $1.59 per share, in the first quarter of 2011. Reflected in those numbers is M&T's purchase of Wilmington Trust Corp. in Delaware, which added $10.8 billion in assets, $6.4 billion in loans and $8.9 billion in deposits.


Gov. Andrew M. Cuomo has a plan to create 10 regional advisory councils that would compete for state money for job creation. The yet-to-be-created councils will compete for $130 million in approved money from the 2011 state budget. They will also have a crack at another $870 million in existing state funds in the form of things such as housing grants and wind energy tax credits. The governor hopes the money will encourage towns and counties to unite as cohesive regions working together to create jobs.

Who is getting hired, promoted and honored?

The not-so-good news about local car sales is offset by the good news that these Cars are still rocking:


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