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Top Stories
GM to Sell 55% Stake in Opel to Magna and Sberbank
Aftermath of Clunkers Program: Less Supply is Good News
GM's New Chairman Whitacre to be Featured in TV Ad Campaign
GM to Lay Off About 1,000
100 Jobs? It Looks Good to Michigan
NADA Convention: Only 9 Days Left to Save Money on Advance Registration
Top Stories
GM to Sell 55% Stake in Opel to Magna and Sberbank

MUNICH -- General Motors said today it plans to sell a 55 percent stake in Opel to Magna International Inc. and its Russian banking partner Sberbank while continuing to work closely with the European unit. “The hard work over the past two weeks to clarify open issues and resolve details in the German financial package brought GM and its board of directors to recommend Magna/Sberbank,” GM CEO Fritz Henderson said in a statement. GM will “continue to closely collaborate with Opel and Vauxhall to develop and produce more great cars, such as the new Insignia and the new Astra,” Henderson said. Details of the Magna transaction were not immediately available and sources said there would be strings attached.
Source: Automotive News

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Aftermath of Clunkers Program: Less Supply is Good News

But shoppers face fewer incentives
After struggling with historically low auto sales for much of the past year, automakers are confronting a more-welcome problem: some of the lowest inventory levels in about three decades. The number of cars and trucks on dealership lots across the United States has dipped to the lowest level since at least 1975, according to WardsAuto.com ... While that has left dealers and consumers craving scarce products, which could cost automakers some sales, it has brought many autoworkers back to work and stimulated some optimism after a long recession.
Source: Detroit Free Press

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GM's New Chairman Whitacre to be Featured in TV Ad Campaign

DETROIT -- General Motors Co. will launch a broad post-bankruptcy advertising campaign next week with an introductory TV spot featuring new Chairman Ed Whitacre, sources familiar with the plan said. The idea is to showcase GM's best products, with Whitacre urging consumers to take a look at what the automaker has to offer. Whitacre, 67, the former CEO of AT&T Corp., came to GM with no auto industry experience. He was installed as chairman during GM's U.S.-orchestrated bankruptcy in June to safeguard the government's investment in the automaker.
Source: Automotive News

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GM to Lay Off About 1,000

White-collar jobs across the board targeted; most cuts expected to be completed by Oct. 1
General Motors Co. needs to lay off about 1,000 white-collar workers this month because only 1,900 accepted early retirement and buyout offers, the automaker said Wednesday. GM will start notifying the 1,000 workers in coming weeks and the job cuts will reach across the automaker's operations, spokesman Tom Wilkinson said. GM started the year with 29,650 white-collar workers and wants to end it with 23,500.
Source: The Detroit News

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100 Jobs? It Looks Good to Michigan

DETROIT — The announcement of a new plant employing just 100 workers might seem like a long shot to attract the chief executive of General Motors, two senators and a raft of state and local officeholders from across Michigan. But in a state that has lost 800,000 jobs this decade, 18 percent of its work force, the Aug. 13 official opening of a G.M. factory to build electric-car batteries in Brownstown, about 20 miles southwest of Detroit, was a can’t-miss event. “The phrase ‘new plant’ isn’t one we’re used to hearing these days,” said John Cherry, Michigan’s lieutenant governor as he stood inside the sprawling, empty building in this industrial town about 20 miles south of Detroit.
Source: The New York Times

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NADA Convention: Only 9 Days Left to Save Money on Advance Registration

There are only 9 days remaining to take advantage of the money-saving “early bird” registration rates for the NADA Convention & Exposition in Orlando, Fla. from Feb. 13-15. Fees will increase after Sept. 18, so don’t delay. Did you know a brand new Executive Track of speakers has been slated for the NADA convention? They will cover topics on the economy, financial markets, organizational change and managing the new generation and business growth. It’s another reason for you to “go to know!” Click here to register today.
Source: NADA Newswire

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Quotable
 
"The phrase ‘new plant’ isn’t one we’re used to hearing these days."

    -- John Cherry, Michigan’s lieutenant governor, at the official opening of a G.M. factory to build electric-car batteries in Brownstown, Mich., about 20 miles southwest of Detroit, The New York Times, Sept. 9

Video Highlights
 

NADA Chairman on Success of 'Clunkers' (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)



NADA on Floorplan Credit Crisis (NADA-TV)


 Senate Testimony on Floorplan Loans (NADA-TV)
 Banks Turning on American Car Dealers? (WTNH)
 NADA Tackles Industry Crisis (NADA-TV) 
 Demise of Dealerships Leaves Big Dent (NBC)
NADA on the Front Lines  (NADA-TV)


Click here for more video reports.
2010 Convention
 
 

Did you know?

As a bonus for attending the NADA convention, you can attend two workshop sessions on Friday afternoon before the convention starts at no extra charge!

Click here for more money saving ideas or visit www.nada.org/convention and click the $$$ Savings icon. And for airline discounts, check out our airfarewatchdog in the money saving section.

Be in the know at the 2010 NADA Convention & Expo in Orlando, Fla., Feb. 13-15.

 
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Take Advantage Now of 'Early Bird' Discounts on Advanced Registration for the 2010 NADA Convention & Expo

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