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Top Stories
GM, Chrysler Dealer Closings to be Audited by U.S. Treasury
NADA Elects Oregon Dealer Ed Tonkin as 2010 Chairman
Clunker Payment Approval Rate Reaches 94%
AutoNation Sees U.S. Rebound, Goes 'On Offense'
Filing Deadline Approaches for Rejected Dealers in Chrysler Bankruptcy
New IRS Memo Addresses UNICAP Compliance
NADA Sponsors Dealer Day at SEMA
Top Stories
GM, Chrysler Dealer Closings to be Audited by U.S. Treasury

WASHINGTON -- The dealership terminations by General Motors Co. and Chrysler Group will be audited by the inspector general for the U.S. Treasury Department's financial bailout, the inspector is expected to say in congressional testimony. In written testimony due to be delivered today before the Senate Banking Committee, Barofsky says his dealer audit "will examine the process used by General Motors and Chrysler to identify which automotive dealerships should be maintained or terminated."
Source: Automotive News

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NADA Elects Oregon Dealer Ed Tonkin as 2010 Chairman

WASHINGTON – NADA has elected Edward C. Tonkin as chairman for 2010. Tonkin is vice president and general counsel of Ron Tonkin Dealerships in Portland, Ore. “It’s humbling to be elected by your peers to such an important position,” says Tonkin. “It’s an honor.”


Ed Tonkin


Stephen Wade

Tonkin, who earned a Juris Doctor degree from the University of Washington, says his knowledge of the law will help lead the association through a myriad of legislative and regulatory challenges in 2010. Tonkin will be the second NADA chairman in as many years to follow his father in the position. Ron Tonkin led the association in 1989.

The NADA board of directors also elected Stephen W. Wade as 2010 vice chairman. Wade is president of Stephen Wade Auto Center in St. George, Utah. The election was held last week at NADA’s legislative conference in Washington. Tonkin and Wade will officially take office at the NADA Convention & Exposition in Orlando, Feb. 13-15.
Source: NADA Newswire

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Clunker Payment Approval Rate Reaches 94%

WASHINGTON -- The U.S. Transportation Department has paid or approved 94 percent, or $2.7 billion, of dealers’ cash-for-clunkers claims, according to federal data released [Wednesday]. The latest figures show that the Transportation Department still has as many as 67,768 claims for $282.9 million to pay by Sept. 30 if it is to meet Secretary Ray LaHood’s deadline for reimbursing properly submitted deals.
Source: Automotive News

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AutoNation Sees U.S. Rebound, Goes 'On Offense'

FT. LAUDERDALE, Florida - AutoNation Inc, the top U.S. auto dealership chain, is ready to go "on offense" by acquiring new stores and buying more vehicles as it bets that the battered U.S. auto market is headed for a long and steady recovery, the company's chief executive said. "We're through the abyss. We're through the trough. There's no question in my mind," AutoNation Chief Executive Mike Jackson said in an interview with Reuters.
Source: Reuters

Editor's Note: Jackson will deliver the industry address at NADA's 93rd annual convention in Orlando, Fla., on Feb. 13. To register for the convention, click here.

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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
 
"From my time in the auto business, I have never been more optimistic about the long term. The sword hanging over the industry is gone."

   
-- AutoNation Chief Executive Mike Jackson, in an interview with Reuters, Sept. 23. Jackson is an industry speaker at the upcoming NADA convention in Orlando.
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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