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Tuesday, April 7, 2009 RSSSEND TO A FRIENDPRINT
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Top Six Stories
Poll Finds New Optimism on Economy Since Inauguration
Ford Motor Cuts Its Automotive Debt by $9.9 Billion
GM Projected to be Passed by VW as World's No. 2
Bankruptcy Buzz: Bad for Business
GM Bondholders 'Misguided' on Bankruptcy, Levin Says
Auto Dealer Defies Odds in Launching New Car Outlet
Top Six Stories
Poll Finds New Optimism on Economy Since Inauguration

Americans have grown more optimistic about the economy and the direction of the country in the 11 weeks since President Obama was inaugurated, suggesting that he is enjoying some success in his critical task of rebuilding the nation’s confidence, according to the latest New York Times/CBS News poll. ... the number of people who said they thought the country was headed in the right direction jumped from 15 percent in mid-January, just before Mr. Obama took office, to 39 percent today ...
Source: The New York Times

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Ford Motor Cuts Its Automotive Debt by $9.9 Billion

The debt reduction, which Ford estimates will reduce its annual cash interest expense by more than $500 million, is the latest evidence that Ford is moving ahead of its domestic rivals General Motors and Chrysler in revamping to survive the weakest United States auto sales in three decades. Ford, the only American automaker that has not sought emergency federal loans, is using $2.4 billion in cash and 468 million shares of its common stock to reduce its outstanding automotive debt by $9.9 billion, from $25.8 billion at the end of 2008.
Source: Reuters

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GM Projected to be Passed by VW as World's No. 2

FRANKFURT -- General Motors will be overtaken by Volkswagen AG this year and fall to the world's third-largest automaker by production volume, market research company R.L. Polk Germany said Monday. GM, surviving with the aid of U.S. loans, will suffer a 31 percent drop in production this year, Polk said. VW will likely only see a slide of some 15 percent, thanks in part to its low exposure to the U.S. auto market, where sales have dropped 38.4 percent through March.
Source: Reuters

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Bankruptcy Buzz: Bad for Business

Chrysler, General Motors and their dealers are wrestling with a huge problem: The threat of bankruptcy — amplified by nonstop news coverage — is chilling sales. Dealers report that Obama's promise to back GM and Chrysler warranties is helping, but most are convinced that the bankruptcy frenzy is bad for business. Dealers said other concerns also discourage car buyers. In the Automotive News survey, lack of available credit ranked as the biggest problem.
Source: Automotive News

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GM Bondholders 'Misguided' on Bankruptcy, Levin Says

General Motors Corp. bondholders have been holding back from talks on the company’s restructuring and are “terribly misguided” if they think they will get a better deal through a bankruptcy filing, U.S. Rep. Sander Levin said. “Bankruptcy would wipe them out,” Levin, a Michigan Democrat, said [Monday] in an interview on Bloomberg Television. Bondholders are “holding back” on the assumption that bankruptcy would be better for them, while “labor is back at the table, making concessions,” Levin said.
Source: Bloomberg

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Auto Dealer Defies Odds in Launching New Car Outlet

BURLINGAME, Calif. – In an economy constantly assailed with tales of woe, no arena has been more beleaguered than the country’s once-proud automobile industry. That’s what makes the opening of the new Putnam Subaru outlet in Burlingame all the more remarkable. The dealership, located at 85 California St., will employ about 15-20 people, said [Kent Putnam, who owns the new dealership — along with 10 other General Motor franchises in Burlingame and Redwood City.]
Source: The San Francisco Examiner

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Quotable
 
“President Obama has turned around the negative feeling in this country. He’s given everything an impetus because he’s very upbeat, like Roosevelt was. It’s too soon to tell if the spending stuff works, but some things have improved.”

    -- Arthur Gilman, a Republican from Ridgewood, N.J., in a follow-up interview to the latest New York Times/CBS News poll, which shows Americans have grown more optimistic about the economy since President Obama was inaugurated, The New York Times, April 7

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.

 
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