For optimal viewing through your web browser or PDA, click here.

NADA.org
Thursday, July 23, 2009 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top 10 Stories
Cash for Clunkers Program Starts Monday
Small Business Advocates Weigh in on Dealer Rights Bill
GM Discloses Aid to Dealers Set to Close
Chrysler and G.M. Defend Dealer Cuts to Congress
Ford Posts $2.3 Billion Profit
Hyundai Motor Profit Unexpectedly Rises to Record
GM to Name Dewar as Chevrolet Chief in Brand Shake-Up
GM's eBay Plans Include Dealers
Porsche CEO Steps Down, Making Way for VW Merger
Online Registration for 2010 Convention in Orlando Opens Monday
Top 10 Stories
Cash for Clunkers Program Starts Monday

Sign Up Now for Clunkers Webinar Part Two
The National Highway Traffic Safety Administration (NHTSA) will officially launch the new Cash-for-Clunkers program, also known as the Car Allowance Rebate System (CARS), on Monday when dealers will be allowed to begin sending in reimbursement claims. Final rules are expected tomorrow. NHTSA will join NADA for Part Two of the jointly-sponsored Webinar series on Monday, July 27, from 1-3 p.m. EST. NADA members are strongly encouraged to participate in the second Webinar. While the first Webinar was an opportunity for NHTSA to provide an overview of the program and to hear dealers’ questions, Part Two will provide the information dealers need to engage in clunkers transactions.

The special rate of $199 includes both Part Two and Part One of the Webinars. All participants in the first Webinar (and those who purchased the archive) will be emailed login information for the second Webinar automatically. Registrants for the second Webinar will receive a link to the archive of the first Webinar, which they’ll be able to view and hear in its entirety, as well as login instructions for the second. Visit www.nada.org/seminars or call (800) 252-6232, ext. 2 for more information and to register.
Source: NADA Newswire

Editor's Note: NADA Chairman John McEleney wrote a July 21 letter to U.S. Transportation Secretary Ray LaHood regarding NADA’s concerns with the expected final rule. Specifically, NADA is concerned over requirements for dealers to “kill the engine” before the trade-in vehicle leaves the dealership, and have consumers provide a motor vehicle title for the trade-in before a dealer can be reimbursed. Neither of these requirements is explicitly found in the Cash for Clunkers law. Click here for a copy of the letter.

[back to top]

Small Business Advocates Weigh in on Dealer Rights Bill

A powerful voice on behalf of small business in Washington, the National Federation of Independent Business (NFIB), threw its support behind the dealer rights bill in the Senate. NFIB has asked Senators to add their names to the growing number of co-sponsors of S. 1304, the Automobile Dealer Economic Rights Restoration Act. Currently, there are 29 co-sponsors for S. 1304 and 263 co-sponsors for the House version, H.R. 2743. The bill would restore dealers' rights under state franchise laws. NFIB’s letter highlights the importance of dealerships to local communities. “The owners of these independent dealerships risk millions of dollars on land, inventory and buildings to bring automobile choices to the American consumer. During a time of economic difficulty, the closing of these dealerships threatens thousands of jobs and could further hamper the economic recovery,” the July 22 letter states. Click here for a copy of the letter.
Source: NADA Newswire

[back to top]

GM Discloses Aid to Dealers Set to Close

WASHINGTON -- General Motors Co. is providing an average of $462,000 in financial assistance to dealerships slated to be shut as part of the car maker's government-backed restructuring, the company disclosed Wednesday. The assistance is being given to about 1,300 dealerships that have signed "wind down" agreements with the company ... GM spokesman Greg Martin said. GM disclosed the figure in a broad effort to blunt growing criticism from U.S. lawmakers that the company is not doing enough to help rejected dealers, who hold considerable sway on Capitol Hill.
Source: The Wall Street Journal

[back to top]

Chrysler and G.M. Defend Dealer Cuts to Congress

A Chrysler executive told members of Congress on Wednesday that legislation to reopen the 789 dealerships that the company cut last month could force it out of business. But Chrysler and General Motors dealers urged the lawmakers to undo decisions that they said had made no sense and were destroying people’s livelihoods. Two dealers said they were facing the prospect of personal bankruptcies. [House Judiciary Committee] members from both parties repeatedly demanded that executives from Chrysler and G.M. explain how the dealership cuts would lead to more profits for the companies and reacted skeptically to the answers they heard. After more than six hours of testimony this week, Representative Robert C. Scott, Democrat of Virginia, concluded Wednesday’s hearing by summing up the sentiments of many colleagues: “This just isn’t right.”
Source: The New York Times

[back to top]

Ford Posts $2.3 Billion Profit

DETROIT -- Ford's profit came largely from a $3.4 billion gain it received related to debt-restructuring actions in April. This is the first quarterly profit for the Dearborn, Mich.-based auto maker after posting four consecutive quarterly losses. "On our debt, we are right following on plan exactly," Chief Executive Alan Mulally said on the sidelines of Ford's product event on Tuesday. "We have a sufficient amount of liquidity to finance our entire transformation."
Source: The Wall Street Journal

[back to top]

Hyundai Motor Profit Unexpectedly Rises to Record

Hyundai Motor Co., South Korea’s largest automaker, reported record quarterly profit, helped by higher earnings at affiliates including a joint-venture in China and Kia Motors Corp. Net income gained 48 percent to 811.9 billion won ($650 million) in the three months ended June, from 546.9 billion won a year earlier, the Seoul-based carmaker said in an e-mailed statement today.
Source: Bloomberg

[back to top]

GM to Name Dewar as Chevrolet Chief in Brand Shake-Up

DETROIT -- Brent Dewar, General Motor Co.’s European sales chief, today will be named head of Chevrolet as part of a leadership shake-up at two of the four surviving U.S. brands... Bryan Nesbitt, currently chief of GM’s North American design, will become head of Cadillac on Aug. 1, Automotive News reported last night. Susan Docherty will remain vice president of Buick and GMC, the sources said. All three brand leaders will report to Bob Lutz, 77, who was named vice chairman of marketing as GM emerged from bankruptcy two weeks ago.
Source: Automotive News

[back to top]

GM's eBay Plans Include Dealers

When General Motors said two weeks ago that it was working on a plan to put new vehicles on eBay, the automaker quickly assured dealers that they still will do the selling. In other words, GM says it has no intention of bending state franchise laws and selling directly to consumers. GM spokesman John McDonald says details are being worked out with eBay for how new vehicles will be presented. "We see this as a lead generator for dealers," he says. "It will expose dealers' new-vehicle inventory to a wide audience."
Source: Automotive News

[back to top]

Porsche CEO Steps Down, Making Way for VW Merger

STUTTGART, Germany -- Porsche chief executive Wendelin Wiedeking is leaving the luxury sports car maker after 16 years at the helm ... The move -- along with the announcement that Porsche will seek to raise funds, possibly from a Qatar investor -- is expected to make it easier for Volkswagen and Porsche to merge given that Wiedeking, who had been CEO since 1992, opposed such a move.
Source: The Associated Press

[back to top]

Online Registration for 2010 Convention in Orlando Opens Monday


Registration and housing for NADA’s Convention & Exposition in Orlando, Fla., Feb. 13-15, 2010, opens Monday, July 27. In light of the tough economic environment, NADA is offering an “early bird” special to attendees who register online before Sept. 18. A selection of moderately priced hotels is also available on a first-come-first-served basis. All convention activities, including two full workshop tracks on Friday, Feb. 12, will take place at the Orange County Convention Center in downtown Orlando, unless otherwise noted. For more information about the 2010 convention or to register, visit www.nada.org/convention.
Source: NADA Newswire

[back to top]

 
Quotable
 
"This just isn't right."

    -- Rep. Robert C. Scott, D-Va., concluding Wednesday’s House Judicial Committee hearing on dealership closures, The New York Times, July 23


"While the business environment remained extremely challenging around the world, we made significant progress on our transformation plan."

    -- Ford President and Chief Executive Alan Mulally, referring to the automaker's net income of $2.3 billion in the second quarter, The Wall Street Journal, July 23

Video Highlights
 

GM Still Government Motors? (Fox Business)


Helping Dealers Left Out of New GM (Fox Business)



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)



Fighting the Dealers' Fight (CNBC)



Cutting Dealers a Mistake (Fox Business)



Vice Chairman Tonkin on Chrysler Closures (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.

 


Orlando 2010 - Go to Know

Save Instantly on HP Laptops

Cash-for-Clunkers Webinar, Part Two, Scheduled for July 27

NADA Insurance Gives Dealers Thousands in Hole-in-One Coupons


Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to media@nada.org.