General Motors announced on Monday morning that it has come to terms with the United Auto Workers to purchase 120 million shares of its Series A Preferred Stock from the union’s Retiree Medical Benefits, better known as VEBA.

All in, GM will pay the UAW about $3.2 billion for the 120 million shares, netting a per unit price of about $27. GM said it expects to record a special charge of $800 million related to the purchase in the third quarter.

The UAW’s VEBA health care fund currently holds 260 million shares of Series A Preferred Stock. Canada Holdings also has 16 million shares of GM stock in its portfolio.

While GM is buying back its stock, the federal government is selling off its remaining shares in the Detroit automaker. The Treasury Department recently sold off over 110 million shares of GM stock, leaving the government with about 101 million GM shares. The United States expects to exit GM ownership by the end of 2014.

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Ford has lifted the veil off of the 2014 Transit Connect Taxi at a transportation trade show held in St. Louis, Missouri.

Based on the all-new second-gen 2014 Transit Connect, the taxi is longer and lower than its predecessor but it offers more space for passengers and their gear.  It features a low load floor that facilitates entry into the cabin and it can be easily converted into a wheelchair-accessible van if needed.

Inside, the taxi-spec Transit Connect can be ordered with high-tech equipment such as navigation, a rear-view camera, SYNC Bluetooth connectivity and MyFord Touch infotainment system.  Ford says it provides a more comfortable ride than many of its rivals because it packs a twist-beam rear suspension instead of leaf springs.

The taxi is powered by a new 2.5-liter four-cylinder engine that sends power to the front wheels via a six-speed automatic transmission.  Operators looking to trim their fuel budget can order the van with a compressed natural gas/liquefied petroleum gas engine prep package that consists of hardened valves, valve seats pistons and rings.  Once the van is built, it is sent to a Ford Certified Vehicle Modifier that installs CNG/LPG-specific fuel tanks, fuel lines and fuel injectors.  The Blue Oval has not released pricing information or fuel economy figures for the CNG/LPG conversion.

The Transit Connect Taxi is scheduled to go into production next year.  Pricing information and availability will be announced closer to its on-sale date.<![CDATA[
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Ford is doing away with a per-vehicle subsidy that it pays its dealers to teach customers how to use its Sync and MyFord Touch infotainment systems. Known as the Technology Delivery Allowance, the cash payment system was first launched in 2011.

Ford’s program current pays dealers $50 for every vehicle sold with Sync and $75 for every vehicle equipped with MyFord Touch, but those incentives will disappear for the 2015 model year. Dealers often use that cash to pay a specialist to train customers on how to use the systems, which have been panned for being overly complicated and difficult to use.

“We have an individual, and that’s all their job is. We’ve used that money to pay that individual,” Ed Joliffe, owner of Gorno Ford in Woodhaven, Michigan, told Automotive News. “That individual’s job is to show customers everything. If that goes away, that position may go away.”

MyFord Touch has been lambasted by Consumer Reports and was cited as one of the main reasons for Ford’s recent plunge in J.D. Power and Associates’ Initial Quality Study.

It remains to be seen what, if anything, will replace the program, but Ford says it will continue to support dealer training.

“We will share our future plans for this program directly with dealers,” Ford spokeswoman Elizabeth Weigandt said. “Ford remains committed to providing valuable dealer-focused programs, such as training, digital customer tools and our In-Vehicle Technology Call Center.”

Weigandt added that the Technology Delivery Allowance was setup in 2011 as “a temporary resource”.

The end of the Technology Delivery Allowance program won’t affect the Lincoln brand.<![CDATA[
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Honda says that its new Accord Hybrid sedan will be priced at $29,945 when it hits the market on October 31.

That figure puts the battery-electric Accord’s base price, which includes a mandatory $790 destination and handling charge, well above its closest rivals. By comparison, the Ford Fusion S Hybrid stickers at $26,995, while the Toyota Camry LE Hybrid is priced from $26,950.

The Accord Hybrid’s standard specification includes the automaker’s LaneWatch blind spot display system, a rearview camera, LED daytime running lamps, Bluetooth, dual-zone automatic climate control, alloy wheels and a 10-speaker audio system.Â

Two higher-spec models, the $32,695 EX-L and the $35,695 Touring, will also be available. 

The Accord Hybrid EX-L adds leather seat trim, heated front seats, driver’s seat memory, forward collision warning, lane departure warning and the automaker’s HondaLink cloud-based connectivity system. Topping the range, the Touring brings with the navigation, LED headlamps, adaptive cruise control and a hard drive for the audio system.

Rivals might be priced less, but they won’t match the Accord Hybrid’s 50 mpg city rating. The Accord Hybrid is rated at 50 mpg in the city and 45 mpg on the highway, for a grand total of 47 mpg combined. At 47/47/47 mpg, the Fusion Hybrid is the Accord’s best rival, while the 43/39/41 mpg Camry Hybrid trails its competitors. However, the Fusion Hybrid has come under some fire from owners and critics over allegations that its EPA-rated fuel economy is nearly impossible to achieve. <![CDATA[
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