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Wednesday, Sept. 23, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
Frank Set to Scale Back Plans For Consumer Financial Agency
Bills to Reverse GM, Chrysler Dealer Closings Gain Steam
G.M. to Call Back 2,400 Factory Workers
Filing Deadline Approaches for Rejected Dealers in Chrysler Bankruptcy
New IRS Memo Addresses UNICAP Compliance
NADA Sponsors Dealer Day at SEMA
Top Stories
Frank Set to Scale Back Plans For Consumer Financial Agency

Rep. Barney Frank said he's prepared to make key changes to the Obama administration's proposed new consumer financial protection agency in an effort to head off some the main criticisms about its power and scope. Frank (D-Mass.) wrote to members of the House Financial Services Committee, which he leads, that he intends to exempt certain non-financial businesses from oversight by the new agency ... He added that doctors and other businesses that bill customers after a service is provided, including telephone and cable companies, also will be excluded, as will auto dealers, lawyers, providers of certain retirement and pension plans, accountants, and real estate brokers.
Source: The Washington Post

Editor's Note: NADA is pleased that Chairman Frank has indicated that auto dealers are not to be regulated by this new agency. The Chairman’s decision reflects the fact that dealers are already subject to numerous federal and state financial regulations.

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Bills to Reverse GM, Chrysler Dealer Closings Gain Steam

The House's No. 2 Democrat said lawmakers may try to revive stalled legislation to reverse dealer terminations if General Motors Co., Chrysler Group and dealer groups don't sit down soon to begin negotiating a settlement. Also [Tuesday], Sen. Charles Grassley asked Senate Judiciary Committee Chairman Patrick Leahy to conduct hearings on legislation he introduced to reverse Chrysler's 789 dealership closures and halt GM's plans to shutter 1,350 stores. [House Majority Leader Steny Hoyer, D-Md.,] told reporters that he and other lawmakers were “working very hard on getting to a point where we can sit down to see whether or not there is a possibility of reaching accommodation between the parties.” He added: “And failing that, we will continue to look at the status of the legislation which we passed here through the House.”
Source: Automotive News

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G.M. to Call Back 2,400 Factory Workers

DETROIT — General Motors said on Tuesday that it would call 2,400 hourly workers back to three factories in Michigan, Indiana and Kansas so that it could meet higher demand for some vehicles, but most of the workers will have to move from other states. G.M. says many of its dealers have been running out of popular models like the Buick LaCrosse and Chevrolet Malibu, particularly after the government’s cash-for-clunkers program caused a surge in sales last month.
Source: The New York Times

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Filing Deadline Approaches for Rejected Dealers in Chrysler Bankruptcy

Rejected Chrysler dealers are reminded that they have until Sept. 28 to file proofs of claims with the U.S. Bankruptcy Court. For information from NADA regarding the filing of claims, click here. Examples of the types of claims dealers may file are provided in the attached document.
Source: NADA Newswire

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New IRS Memo Addresses UNICAP Compliance

The IRS Industry Director, Heavy Manufacturing and Transportation, Large and Mid Size Business Division has issued a Sept. 15, 2009 memorandum entitled Tier III - Field Directive on the Planning and Examination of IRC § 263A issues in the Auto Dealership Industry. The memo and its attachments, which pertain to uniform capitalization (UNICAP) audits that IRS field examiners conduct at franchised car and truck dealerships, are available at www.nada.org/regulations (see the lead item). Dealers should consult with their tax practitioner concerning this development.
Source: NADA Regulatory Affairs

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NADA Sponsors Dealer Day at SEMA

NADA is co-sponsoring a special "Dealer Day" event on Wednesday, Nov. 4 during the annual Specialty Equipment Market Association (SEMA) show in Las Vegas. Attendees will discover recession-busting solutions to stimulate new- and pre-owned vehicle sales and boost profits—and earn a share of the nearly $32 billion accessory market—through vehicle accessorizing. The one-day conference is designed to give dealers the knowledge to successfully integrate an accessory sales program at the dealership. Advance registration is $75, which includes "Dealer Day" and SEMA show registration. For more information or to register for the SEMA Dealer Day conference, click here.
Source: SEMA

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Quotable
 
"It's important for Congress to get an explanation from the manufacturers as to how they determined which dealers would be terminated and which would be retained."

    -- Sen. Charles Grassley, who has asked for hearings on a bill he introduced to reverse Chrysler's 789 dealership closures and halt GM's plans to shutter 1,350 stores, Automotive News, Sept. 23

Video Highlights
 

Crisis Timeline: NADA in High Gear (NADA-TV)


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



NADA's New Buy Now Campaign


 Senate Testimony on Floorplan Loans (NADA-TV) 
 NADA Tackles Industry Crisis (NADA-TV) 
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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