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Thursday, June 25, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
President Obama Signs 'Cash for Clunkers' Legislation
Dealers Decide Who Gets Discounts as 'Guzzlers' Bill is Signed
Some Chrysler Dealers See Lending for Car Inventories Cut Off by GMAC
NADA Advocates for Affordable Health Care
Toyota, Honda Slash Production as Car Demand Falls
Toyota President Says Product Lineup Under Review
G.M. to End Pontiac Vibe Production in August
Chrysler to Idle St. Louis Plant
Top Stories
President Obama Signs 'Cash for Clunkers' Legislation

Incentive to buy fuel-efficient cars
WASHINGTON -- Legislation to boost the auto industry and improve the environment by subsidizing sales of fuel-efficient vehicles was signed into law Wednesday by President Barack Obama. The "cash for clunkers" measure authored by [Ohio] Democratic Rep. Betty Sutton was part of a broader funding package that Congress approved last week.
Source: The Plain Dealer (Cleveland)

Editor's Note: When more details on the cash for clunkers program become available from the Department of Transportation, NADA will notify dealers and conduct webinars on how best to comply with the program. To ensure compliance and payment from the government, dealers are urged to wait until the rules of the program are finalized, which is expected in late July. Click here for FAQs on the cash for clunkers program.

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Dealers Decide Who Gets Discounts as 'Guzzlers' Bill is Signed

WASHINGTON -- U.S. auto dealers will determine whether consumers receive markdowns on new vehicle purchases under the $1 billion "cash for guzzlers" program President Barack Obama signed into law on Wednesday. The signature kicks off a 30-day period in which the Transportation Department will prepare regulations for the program. The National Automobile Dealers Association is advising dealers to wait until the rules are out late next month before participating. "It's complex and not like anything we've ever run before," said Rae Tyson, spokesman for the National Highway Traffic Safety Administration. "We're starting from scratch."
Source: Reuters

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Some Chrysler Dealers See Lending for Car Inventories Cut Off by GMAC

GMAC LLC is suspending wholesale financing for certain Chrysler Group LLC dealers it considers to be too risky to lend to, GMAC and Chrysler confirmed Wednesday. About 60% of the roughly 2,400 dealers who survived Chrysler's bankruptcy applied for interim wholesale financing with GMAC, according to Chrysler. So far about 6% -- more than 80 -- have been informed that their wholesale financing has been temporarily suspended, the company said.
Source: The Wall Street Journal

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NADA Advocates for Affordable Health Care

The debate over health-care reform is heating up on Capitol Hill. NADA is working with the Small Business Coalition for Affordable Healthcare to ensure any comprehensive health-care reform legislation lowers costs for dealers, expands access to care, improves quality and allows dealers and their employees to keep the coverage they have if they are satisfied. With Congress returning to their home states for the July 4 recess from June 27 through July 5, NADA is urging dealers to invite their lawmakers to visit their dealerships. Dealers should inform their Members of Congress about their own challenges providing affordable health care for employees and the struggles the thousands of families affected by Chrysler's and GM’s rapid dealership cuts will face in finding quality health care. For more information, contact the NADA Legislative Office at legislative@nada.org.
Source: NADA Newswire

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Toyota, Honda Slash Production as Car Demand Falls

Japanese automakers slashed production in North America last month to reduce inventories as overall sales in the U.S. plunged 34 percent. Sliding demand in the U.S. has led Nissan Motor Co. to cut 20,000 jobs this fiscal year and pushed General Motors Corp. and Chrysler LLC into bankruptcy. “Recovery will come only after the U.S. returns to health because Japanese carmakers rely on that market,” said Masatoshi Nishimoto, an analyst at CSM Worldwide in Tokyo.
Source: Bloomberg

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Toyota President Says Product Lineup Under Review

Akio Toyoda promised a nimbler Toyota that will be more responsive to regional needs in his first public appearance as head of the Japanese automaker his grandfather founded. Toyoda, the automaker's first president from the founding family in 14 years, said Thursday the company's entire product lineup will be reviewed to better focus its offerings to each global region. "This ship is setting sail in a storm," he told reporters at a Tokyo showroom. "We are making our start from rock bottom."
Source: The Associated Press

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G.M. to End Pontiac Vibe Production in August

Pontiac had planned to continue building the Vibe through next year. But now G.M. has confirmed that production of the Vibe will cease this August. Sales of the compact wagon are down 35 percent through May. No plans have been announced for a replacement G.M. model. And it is unclear whether the joint venture will survive G.M.’s bankruptcy restructuring.
Source: The New York Times

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Chrysler to Idle St. Louis Plant

DETROIT -- One week after announcing it would open the St. Louis Dodge Ram plant, Chrysler Group LLC said [Wednesday] that it would idle the plant July 10 and keep it closed "contingent upon volumes." The Ram factory in Fenton, Mo., will open June 29 as scheduled, along with six other Chrysler plants. Chrysler had previously said it would close the factory in the third quarter.
Source: Automotive News

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Quotable
 
"It's complex and not like anything we've ever run before. We're starting from scratch."

    -- Rae Tyson, spokesman for the National Highway Traffic Safety Administration, on the "cash for clunkers" program, Reuters, June 24

Video Highlights
 

Media Coverage: The Tragedy of Dealer Closings (NADA-TV)


NADA's New Buy Now PSA, 'No Kidding'



No Dent in Demand for Some U.S. Cars (NBC)



Car Dealers Trying to Buy More Time (NBC)



Fighting the Dealers' Fight (CNBC)



Cutting Dealers a Mistake (Fox Business Network)



Vice Chairman Tonkin on Chrysler Closures (Bloomberg)



Should Government Decide Dealers' Fate? (CNBC)



The Case Against Closing Dealerships (CNBC)



In-Depth Look - Pent Up Auto Demand (Bloomberg)



NADA on Floorplan Credit Crisis (NADA-TV)


John McEleney's Testimony to Senate Committee (CNBC)
 Senate Testimony on Floorplan Loans (NADA-TV)
 Banks Turning on American Car Dealers? (WTNH-TV)
 NADA Tackles Industry Crisis (NADA-TV)
 McEleney Speaks at NADA Convention (NADA-TV)
 Demise of Dealerships Leaves Big Dent (NBC)
NADA on the Front Lines  (NADA-TV)


Click here for more video reports.

 


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