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

SPONSORED BY
Click Here
NADA.org
Thursday, Oct. 1, 2009 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
Collapse of Penske Deal Spells End For Saturn
NADA Issues Statement on Saturn
Saturn Dealers Plot a Future Without GM -- Again
GM, Chrysler Meet With Dealers Over Closings
Chrysler Dealer Talks Said to be 'Constructive'
Congressman Seeks New Federal Floorplan Lending
Top Stories
Collapse of Penske Deal Spells End For Saturn

A deal to save General Motors Co.'s Saturn brand fell through after former race-car driver Roger Penske unexpectedly abandoned a bid to buy its network of dealers, prompting GM to say it would shut the operation down. The sudden collapse of the sale puts at risk 13,000 more jobs in the auto sector. It also likely will add Saturn's 350 dealers to the thousands of U.S. auto retailers that are closing in the car industry's worst downturn since World War II.
Source: The Wall Street Journal

[back to top]

NADA Issues Statement on Saturn

McLEAN, Va. -- The following is a statement from NADA Chairman John McEleney in response to the news that the Penske Automotive Group has canceled its plans to buy Saturn from GM:

"This is extremely disappointing news. The Penske-Saturn deal held such promise for the future of the Saturn brand. For it to fall through at the last minute is especially disappointing. This impacts more than 13,000 employees at the 340 Saturn dealerships around the country. We fully expect GM to honor its warranty and other commitments to the affected Saturn dealers and their millions of customers."
Source: NADA Newswire

[back to top]

Saturn Dealers Plot a Future Without GM -- Again

Options include shutting down, selling imports
Some Saturn dealers say they will look for other franchises now that Penske Automotive has canceled its plans to buy Saturn from GM, while others say they'll wait and see whether Penske revives the deal. “I guess I'll be selling the competition,” said George Nahas, who owns Saturn stores in Alabama and Florida. GM said [Wednesday] it would wind down the Saturn brands and its 350-franchise dealer network through a process to be spelled out in the near future.
Source: Automotive News

[back to top]

GM, Chrysler Meet With Dealers Over Closings

General Motors and Chrysler met Wednesday on Capitol Hill with dealers and lawmakers as talks began on the companies' plans to close around 3,000 dealerships as part of the automakers' restructuring following bankruptcy. After the meeting, lawmakers said the dealers and automakers had agreed to seek a solution on their own, but stressed that Congress could still get involved if the two can't resolve their differences. "We prefer a negotiated solution, but if negotiations don't bear fruit, we are going to proceed on a legislative track," said Chris Van Hollen, D-Md., a sponsor of a House bill that would force GM and Chrysler to reverse their closure decisions.
Source: The Associated Press

[back to top]

Chrysler Dealer Talks Said to be 'Constructive'

WASHINGTON -- Chrysler Group's first talks with dealer groups over a possible compromise on store closings broke up without any agreement but left dealers and lawmakers feeling encouraged. “We had a constructive dialogue,” John McEleney, chairman of the National Automobile Dealers Association, said in an interview [Wednesday]. McEleney said he hopes a second meeting between companies and dealer groups will be held in the next few days.
Source: Automotive News

[back to top]

Congressman Seeks New Federal Floorplan Lending

WASHINGTON -- A key congressman has asked the Obama administration, General Motors Co. and Chrysler Group to consider expanding floorplan financing. Rep. Dan Maffei, D-N.Y., made the appeal [Wednesday] at the first meeting between car companies and dealer groups to consider alternatives to 2,100 closures of Chrysler and GM stores.
Source: Automotive News

[back to top]

 
Quotable
 
"This is extremely disappointing news. The Penske-Saturn deal held such promise for the future of the Saturn brand. For it to fall through at the last minute is especially disappointing. This impacts more than 13,000 employees at the 340 Saturn dealerships around the country. We fully expect GM to honor its warranty and other commitments to the affected Saturn dealers and their millions of customers."

    -- NADA Chairman John McEleney, in response to news that the Penske Automotive Group has canceled plans to buy Saturn from GM, Oct. 1

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?

Orlando is rated No. 2 out of the top 200 event destinations, attracting more than 4 million attendees for conventions and meetings each year. So why not plan a family vacation before or after the NADA convention? Convention delegates can purchase discounted tickets to nearly 100 attractions, such as SeaWorld, Universal Orlando, Walt Disney World, Kennedy Space Center, and dinner theaters. Click here for more details.

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

 
Click Here

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.