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Tuesday, July 7, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
NADA, NHTSA Experts to Present Cash-for-Clunkers Webinar Today
Dealers Urged to Get Lenders to Sign Up for SBA Pilot Program Webinar Tomorrow
Franchise Protection Bill Has Almost Half of House in Support
Post-Bankruptcy GM Will Have Work Cut Out for It
What GM, Chrysler Need to Speed Ahead
White House Says it Won't 'Micromanage' GM
Lear Corp. Files for Bankruptcy
Toyota to Mass Produce Plug-in Hybrids from 2012 - Nikkei
GM Product Chief Says No Delay for Plug-in SUV
Top Stories
NADA, NHTSA Experts to Present Cash-for-Clunkers Webinar Today

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 of 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 NADA Webinar, to be held today, 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. The Webinar is a preliminary briefing on the current state of the program and provides dealers an excellent opportunity to provide input to NHTSA on how to structure the program. Until the final rules of the program are set at the end of the month, dealers are urged to not undertake any “clunkers” transactions. 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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Dealers Urged to Get Lenders to Sign Up for SBA Pilot Program Webinar Tomorrow

Dealers are urged to reach out to prospective lenders and have them sign up for the Webinar, Understanding the New SBA Dealer Floor Plan (DFP) Loan Guarantee Pilot Program, which will provide an in-depth overview of the new program for current Small Business Administration lenders and current and past floorplan lenders. Speakers from the SBA, NADA, National Association of Government Guaranteed Lenders and the floorplan administration industry will review the SBA’s new Dealer Floor Plan (DFP) loan guarantee pilot program tomorrow, Wednesday, July 8 from 11:30 a.m. to 1:30 p.m. The Webinar will cover details of the new pilot program, why and how lenders should get involved, key program and floorplan issues of concern, and how floorplan administration services may help lenders participate. For more information, visit www.nada.org/sbaloan. The cost to register is $125 per computer connection. Click here to register online for the Webinar or call (800) 252-6232, ext. 2.
Source: NADA Newswire

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Franchise Protection Bill Has Almost Half of House in Support

With the addition of just a few more co-sponsors, the House bill intended to restore dealers’ rights will have strong bipartisan support from more than half of the House of Representatives. Dealers were busy over the July 4 congressional recess reaching out to their Representatives and Senators asking them to add their names to both the House (H.R. 2743) and Senate (S. 1304) bills. With the House in session later today, additional co-sponsors are expected to be added.

NADA continues to support H.R. 2743 & S. 1304, "the Automobile Dealer Economic Rights Restoration Act,” which helps dealers by restoring the protections of state motor vehicle franchise laws as they existed prior to the bankruptcies of Chrysler and GM. The bills reinstate fairness and balance to the dealer-manufacturer relationship. Furthermore, the legislation benefits consumers because dealers provide consumers a reliable, convenient and competitive auto retail market. Fewer dealers mean less competition and higher prices for consumers. Most importantly, the two bills help protect jobs. The forced closure of almost 3,000 dealerships puts almost 150,000 jobs at risk. With unemployment at more than 9 percent, it doesn’t make sense to eliminate these well-paying jobs.

H.R. 2743 currently has 202 co-sponsors and the Senate bill, S. 1304, has 12 co-sponsors. Dealers need to put even greater pressure on both of their Senators and their Representative to co-sponsor the bills. All federal legislators can be reached through the capitol switchboard at (202) 224-3121. A list of current co-sponsors can be found here.
Source: NADA Newswire

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Post-Bankruptcy GM Will Have Work Cut Out for It

Carmaker faces stiff competition with fresh start
General Motors won permission from a bankruptcy judge late Sunday night to sell its most-prized assets -- including the Buick, Cadillac, Chevrolet and GMC brands -- to a new government-backed company ... But analysts said the "new GM" will still have to deal with the same challenge as its century-old predecessor: Designing quality cars consumers want to buy at a price that will make the company profitable. "Success is not just measured by cost cutting but by making a product that people want to pay for," said Sean McAlinden, chief economist of Center for Automotive Research.
Source: The Washington Post

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What GM, Chrysler Need to Speed Ahead

Auto restructuring was fast but U.S. recovery lags
WASHINGTON -- For the past five months, President Barack Obama has taken control of General Motors Corp. and Chrysler Group LLC through two of the largest industrial bankruptcies in U.S. history ... Yet if GM emerges from bankruptcy as expected on Friday, the fate of the Detroit automakers will rest on a U.S. economy whose job losses, sluggish auto sales and lack of recovery have resisted Obama's attempts at revival so far.
Source: Detroit Free Press

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White House Says it Won't 'Micromanage' GM

WASHINGTON -- The White House [on Monday] praised the decision of a bankruptcy judge to approve the sale of General Motors Corp.'s good assets, saying it expects to GM to "expeditiously" exit bankruptcy in the coming days. Steve Rattner, a top advisor to President Barack Obama's auto task force, said the administration would not "micromanage" GM. "We are here to get the government out of the auto business," Rattner said.
Source: The Detroit News

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Lear Corp. Files for Bankruptcy

DETROIT -- Seating and electronics supplier Lear Corp. [today] put its U.S. and Canadian operations into Chapter 11 bankruptcy protection. Lear, No. 11 in 2008 global auto parts sales, is the largest supplier to go under this year. Its bankruptcy has loomed since it missed a $38 million bond payment June 1.
Source: Automotive News

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Toyota to Mass Produce Plug-in Hybrids from 2012 - Nikkei

TOKYO -- Toyota Motor Corp. plans to start mass producing plug-in hybrid vehicles in 2012, with a projected first-year output of about 20,000 to 30,000 units, the Nikkei business daily reported on Saturday. Toyota wants to price its plug-in hybrids at a comparable price to Mitsubishi Motors Corp's all-electric car, which debuts this month to fleet customers in Japan at 4.59 million yen ($47,800) before government subsidies, the Nikkei said, without citing sources.
Source: Reuters

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GM Product Chief Says No Delay for Plug-in SUV

DETROIT -- General Motors is on track to launch a plug-in sport-utility vehicle in 2011 despite scrapping its Saturn brand as part of a sweeping reorganization in bankruptcy, according to the automaker's product chief. "I can tell you that I won't lose one day in terms of customers being able to walk into dealerships and actually purchase a plug-in," GM Vice Chairman Tom Stephens said in an interview.
Source: Reuters

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Quotable
 
"Success is not just measured by cost cutting but by making a product that people want to pay for."

    -- Sean McAlinden, chief economist of Center for Automotive Research, The Washington Post, July 7


"It's possible the economy will stay weaker for longer than any of us will hope or expect, so we have given these companies plenty of runway."

    -- Steven Rattner, the Wall Street financier at the center of the Obama administration's efforts to revive GM and Chrysler, Detroit Free Press, July 7

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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