Daily Briefing

DAILY BRIEFING

August 11, 2009

GM to test selling cars online through eBay

General Motors is unloading its new cars online today in an experiment to see whether computers can replace car lots. The Detroit-automaker is partnering with eBay, the online auction site, to sell new Chevrolets, Buicks, Pontiacs and GMCs. The test, which runs through Sept. 8, is the latest attempt by the automaker to connect with consumers following its exit from bankruptcy protection. The trial is limited to California, said Susan Garontakos, a GM spokeswoman, but could be extended nationwide. About 225 of California's 250 GM dealers have signed on, allowing consumers to bid online for new vehicles.

- Los Angeles Times

Banks to collect record overdraft fees this year

BOSTON - U.S. banks are positioned to reap a record $38.5 billion from customer overdraft fees this year, nearly double the figure reported for 2000, according to a report. The biggest chunk of the fees is coming from the most financially stretched consumers as banks increase charges on overdrafts and credit cards, the Financial Times reported. Overdraft fees represented more than 75 percent of service fees charged on consumer deposits, according to the FT.

- MarketWatch

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