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Thursday, April 9, 2009 RSSSEND TO A FRIENDPRINT
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Top Five Stories
Small-Business Agency Prodded to Spur Lending
GM Meeting With Treasury Team on Deeper Cost Cuts
Chrysler Says Talks With Banks, UAW Are 'Productive'
U.S. Releases Aid to Auto Suppliers
Toyota's Lentz Says U.S. Auto Sales May Rise in Second Quarter
Top Five Stories
Small-Business Agency Prodded to Spur Lending

Lawmaker Stresses Urgency of Programs
The chairman of the House Committee on Small Business yesterday urged the new head of the Small Business Administration to try to jump-start lending by using provisions in the economic stimulus bill that so far have sat idle. "It has now been fifty-one days since the President signed these measures into law," [Rep. Nydia M. Velázquez (D-N.Y.) wrote in a letter to SBA Administrator Karen Gordon Mills]. "Given the current economic climate, it is critical that these programs get underway."
Source: The Washington Post

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GM Meeting With Treasury Team on Deeper Cost Cuts

General Motors Corp., facing a potential June 1 bankruptcy without new debt cuts, is meeting this week and next with a team from the U.S. Treasury to craft a revised plan to save the company. “It underscores that they are trying to find an alternative to bankruptcy even if that’s difficult to achieve,” said John Casesa, managing partner of Casesa Shapiro Group in New York and former auto analyst at Merrill Lynch.
Source: Bloomberg

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Chrysler Says Talks With Banks, UAW Are 'Productive'

Chrysler LLC, under an April 30 deadline to cut debt and reach a new union accord or go bankrupt, is having “productive” talks with lenders and the United Auto Workers, President Jim Press said. “There’s a dialogue; it’s productive and ongoing,” Press said [Wednesday] in an interview at the New York International Auto Show without giving details on any progress. “I’m optimistic.”
Source: Bloomberg

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U.S. Releases Aid to Auto Suppliers

Treasury Backs Payments to Firms
The Treasury Department [Wednesday] gave cash-strapped auto suppliers the green light to begin shipping parts with the promise that the government would guarantee payment. GM will initially get $2 billion in federal support, and Chrysler will receive $1.5 billion. Ford declined to participate, saying it had enough funds to support its supply base. "These efforts ... will help stabilize the auto supply base and restore credit flows in a critical sector that employs more than 500,000 American workers across the country," Treasury spokeswoman Jenni Engebretsen said in a statement.
Source: The Washington Post

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Toyota's Lentz Says U.S. Auto Sales May Rise in Second Quarter

NEW YORK -- U.S. auto industry sales are expected to be equal to or slightly better in the second quarter than the first three months of the year, Toyota Motor Corp.'s U.S. sales chief said [Wednesday]. "We will start seeing a gradual rise in car sales," Toyota Motor Sales USA President Jim Lentz said in an interview on the sidelines of the New York Auto Show. "Recovery will be in 2010."
Source: Reuters

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Quotable
 
"With every day that goes by, viable small businesses are being forced to close. Without the lifeline that this program can provide to small businesses, our economic recovery will be slowed." 

   
-- Rep. Nydia M. Velázquez (D-N.Y.), chairman of the House Committee on Small Business, in a letter urging the SBA to jump-start lending using funds from the economic stimulus bill, The Washington Post, April 8


"It underscores that they are trying to find an alternative to bankruptcy even if that's difficult to achieve."

   
-- John Casesa, managing partner of Casesa Shapiro Group in New York, referring to upcoming meetings between GM and the Treasury Department to craft a revised plan to save the company, Bloomberg, April 8


"I'm optimistic."

   
-- Jim Press, Chrysler president, referring to an effort to reach an accord with lenders and the union before the April 30 deadline, Bloomberg, April 8


"We will start seeing a gradual rise in car sales."

   
-- Jim Lentz, Toyota Motor Sales USA president, referring to an expected increase in auto sales later this year, Reuters, April 8
Video Highlights
 
 
GM Bankruptcy Not Inevitable (msnbc.com)

 
Senate Testimony on Floorplan Loans (NADA-TV)



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


 
Banks Turning on American Car Dealers? (WTNH-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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