For optimal viewing through your web browser or PDA, click here.

SPONSORED BY
Click Here
NADA.org
Monday, April 6, 2009 RSSSEND TO A FRIENDPRINT
Home | AdvocacyAffiliates | Convention | Jobs | Programs | Publications | Training | Services
At a Glance...
Top Six Stories
U.S. Sales 'Open Up' as Aid Flows to GM, Chrysler Credit Units
Giving Buyers a Green Light
GM CEO Henderson Says Bankruptcy Not Inevitable
Henderson's GM Speeds Up Dealer Cuts
Saab Restructuring Clears Hurdle; As Many As 20 Bidders Seen
Opinion: Getting Fuel Economy Right
Top Six Stories
U.S. Sales 'Open Up' as Aid Flows to GM, Chrysler Credit Units

U.S. sales are “starting to open up” as $7.5 billion in aid to the lending arms of General Motors Corp. and Chrysler LLC eases a loan logjam for buyers that helped drag the industry to its worst slump since 1981. While it’s too soon to expect a robust recovery, dealers and others say, the federal support is helping stabilize the industry. GMAC approved about 62 percent of the loan requests from GM buyers in March, “much higher” than in recent months, Mark LaNeve, the automaker’s U.S. sales chief, said last week.
Source: Bloomberg

[back to top]

Giving Buyers a Green Light

The automakers and President Obama were busy last week devising plans they hoped would entice reluctant consumers to buy new vehicles. Though the strategies varied, the goal was the same: changing the consumer mindset. “Consumer confidence is the biggest hurdle,” said John McEleney, the owner of a multibrand dealership in Clinton, Iowa, and chairman of the National Automobile Dealers Association.
Source: The New York Times

[back to top]

GM CEO Henderson Says Bankruptcy Not Inevitable

WASHINGTON – Bankruptcy is not inevitable for General Motors Corp, said the automaker's new chief executive on Sunday ... Asked on NBC's "Meet the Press" if bankruptcy was inevitable, [Fritz] Henderson replied, "No." He said he intended to meet the administration's demand to move more rapidly and to cut more deeply. Henderson, also appearing on CNN's "State of the Union," said there would be more job cuts and plant closings. "You can't really afford to take anything off the table," he said.
Source: Reuters

[back to top]

Henderson's GM Speeds Up Dealer Cuts

DETROIT — General Motors will lean much harder on its strongest brands — Cadillac and Chevrolet — as it accelerates the reduction of dealerships. "We know where our dealer issues are," [New CEO Fritz Henderson] said in an interview Friday, April 3. "It's basically in metro areas, Cadillac and Chevrolet. That's where we have a lot of work to do." But Henderson said GM's consolidation of dealerships will not be completed within the 60-day period that the Obama administration gave GM to restructure and clean up its upside-down balance sheet.
Source: Automotive News

[back to top]

Saab Restructuring Clears Hurdle; As Many As 20 Bidders Seen

VANERSBORG, Sweden -- A Swedish court on Monday granted General Motors' money-losing Saab unit an extension of the period it is protected from creditors, giving the carmaker further time to restructure. A court-appointed administrator, Guy Lofalk, said about 20 "actively interested parties" were eyeing Saab and that a deal is expected in June. The U.S. parent ... has said it will cut its ties with Saab after 20 years by Jan. 1, 2010.
Source: Reuters

[back to top]

Opinion: Getting Fuel Economy Right

The Obama administration has before it a rare opportunity to establish an aggressive — and unified — national standard for automobile fuel economy that could save consumers money at the pump, reduce oil dependency and greenhouse gases and help make America’s car companies ... more competitive. Doing so will require overcoming bureaucratic obstacles and harmonizing state and federal mandates. And that will mean intervention by the White House, specifically Carol Browner, the president’s coordinator on energy and environmental matters, whose job description includes unraveling just this kind of knot. At first glance, the situation looks impossibly tangled, with three different governmental entities involved. Officials from California and the Obama administration are already talking about a unified-tailpipe-emissions standard (without, however, undercutting California’s historic right to set its own clean-air laws).
Source: The New York Times

[Editor's Note: NADA supports a single, national standard and strongly opposes a 'patchwork' of state-based regulations, which would negatively impact consumer choice and places a disproportionate burden of compliance on new-car and -truck dealers for little to no environmental benefit. The structure of California’s program – with its exemptions for major automakers, its 'patchwork' design and its loopholes – is unworkable as a national policy.]

[back to top]

 
Quotable
 
"Consumer confidence may have bottomed out and we might be finally shaking this off."

   
-- Art Spinella, president of CNW Marketing Research in Bandon, Ore., which tracks buyer habits, Bloomberg, April 6


"We are planning to get the job done. Our preference would be to do it outside of the bankruptcy process."

   
-- GM's Chief Executive Fritz Henderson in a national television interview on NBC's "Meet the Press," April 5


"The Obama administration has before it a rare opportunity to establish an aggressive — and unified — national standard for automobile fuel economy that could save consumers money at the pump, reduce oil dependency and greenhouse gases and help make America’s car companies ... more competitive."

   
-- The New York Times (opinion), April 4
Video Highlights
 
 
GM Bankruptcy Not Inevitable (msnbc.com)

 
Senate Testimony on Floorplan Loans (NADA-TV)



 
Banks Turning on American Car Dealers? (WTNH-TV)

 
NADA and the Obama Auto Task Force  (NADA-TV)


 
EPA Hearing on Fuel Economy (NADA-TV) 


 NADA Tackles Industry Crisis
 NADA Chairman Speaks at the Convention in New Orleans
NBC: "Demise of Local Dealerships Leaves Big Dent"
2009 Convention in New Orleans
NADA on the Front Lines


Click here for more video reports.

 
Click Here
Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to media@nada.org.