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Monday, June 29, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
Always Eager, Dealers Wait for Answers on 'Cash for Guzzlers'
NADA, NHTSA Experts to Present Cash-for-Clunkers Webinars
GM Accepts Liability for Car Defects in Bid to Speed Bankruptcy Exit
Report: China Likely to Reject Hummer Acquisition
VW Denies It Issued Ultimatum to Porsche
Chevrolet Races to Meet Demand for 2010 Camaro
At Saturn, a Split Over Relying on the Penske Name
Top Stories
Always Eager, Dealers Wait for Answers on 'Cash for Guzzlers'

Brian Benstock is so pumped up about the federal government's cash-for-guzzlers program that he ordered 80 extra Honda Civics and 40 extra Accords last week for customers he thinks will trade in junkers. Benstock is among the many franchised dealers eagerly anticipating the start of the Car Allowance Rebate System initiative ... also known as cash for guzzlers or cash for clunkers. The National Automobile Dealers Association endorses cash for guzzlers but cautions dealers to wait until the Department of Transportation spells out the rules before registering for the program.
Source: Automotive News

Editor's Note: "NADA strongly supported passage of the cash-for-clunkers bill, but cautions dealers to wait until the transportation department issues the rules before starting the program," said David Regan, NADA vice president of legislative affairs. More information on the cash-for-clunkers program, including "frequently asked questions," is available at www.nada.org/cashforclunkers.

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NADA, NHTSA Experts to Present Cash-for-Clunkers Webinars

The Consumer Assistance to Recycle and Save (CARS) Act of 2009, also known as “Cash for Clunkers” will be covered in detail in two upcoming NADA Webinars. The Act, which was signed into law by President Obama on June 24, allows for credits of up to $4,500 for eligible used vehicles toward the purchase certain new vehicles. Staff from the National Highway Traffic Safety Administration (NHTSA) and NADA will provide an expert overview of the CARS Act in the first upcoming NADA Webinar, to be held July 7 from 1–3 p.m. (EST). A second CARS webinar is planned for later in July, in which NHTSA’s final CARS guidance will be reviewed in detail. Participants can attend both webinars for the combined registration fee of $199. For more information or to register, visit www.nada.org/seminars or call NADA at (800) 252-6232, ext. 2.
Source: NADA Newswire

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GM Accepts Liability for Car Defects in Bid to Speed Bankruptcy Exit

DETROIT -- A group of nine state attorneys general, including Ohio and Connecticut, had objected to the GM reorganization brokered by the Obama administration because it would have robbed consumers of protections against product defects under state laws. In response, GM said it would continue to pay "lemon law" claims so that consumers would be entitled to a refund or replacement for defective vehicles.
Source: Reuters

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Report: China Likely to Reject Hummer Acquisition

BEIJING — China's planning agency is likely to reject a Chinese company's bid to acquire General Motors' Hummer unit, in part because its gas-guzzling vehicles conflict with Beijing's conservation goals, state radio reported. The National Development and Reform Commission is also likely to say Sichuan Tengzhong Heavy Industrial Machinery, a maker of construction machinery, lacks expertise to run Hummer, China National Radio said late Thursday.
Source: The Associated Press

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VW Denies It Issued Ultimatum to Porsche

FRANKFURT -- German weekly Der Spiegel reported Saturday that VW and the German state of Lower Saxony had issued an ultimatum to Porsche to make a decision on a planned merger by [today]. Porsche responded that it rejected such an ultimatum, citing a declaration. But a Volkswagen spokesman said Sunday that "there is no ultimatum. This declaration doesn't exist."
Source: The Wall Street Journal

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Chevrolet Races to Meet Demand for 2010 Camaro

General Motors says it's struggling to meet demand for its new 2010 Chevrolet Camaro, with some buyers paying $500 to $2,500 more than the sticker price. Dealer Mike Martin of Dudley Martin Chevrolet in Manassas, Va., says the Camaro has "hit the sweet spot." The 14 people on his waiting list up to 10 months ago have their cars and he has another seven ordered for new customers. He expects to get them within three months.
Source: USA TODAY

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At Saturn, a Split Over Relying on the Penske Name

DETROIT -- Though its fortunes soured further in December, when GM said it would sell or close Saturn, they got a boost June 5 when Penske Automotive Group Inc. -- the big chain of auto dealerships owned by motor-racing mogul Roger Penske -- struck a deal to buy the brand. But at least for now, GM has asked Saturn not to trumpet the Penske connection -- even though some dealers think it is the biggest thing the brand has going for it -- lest it overshadow the Saturn brand name.
Source: The Wall Street Journal

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Quotable
 
"This is a wonderful program that will drive people in the market and into the showroom."

    -- Brian Benstock, general manager of Paragon Honda in New York City, referring to the cash for clunkers program, Automotive News, June 29


"NADA strongly supported passage of the cash for clunkers bill, but cautions dealers to wait until the transportation department issues the rules before starting the program."

    -- David Regan, NADA vice president of legislative affairs, NADA Newswire, June 29.

Video Highlights
 

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


NADA's New Buy Now Campaign



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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