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Top Stories
Toyota Says Company Is 'Grasping for Salvation'
U.S. Sales May Rise as GM, Toyota See End to 'Clunkers' Letdown
Ford Sales a Bright Spot
Hyundai U.S. Sales Rise for 3rd Month; Toyota's Fall
GM, Dealers Begin the End to Saturn
Saturn Dealers Feel Pain of Deal's Collapse
Top Stories
Toyota Says Company Is 'Grasping for Salvation'

Toyota Motor Corp., the world’s biggest automaker, is “grasping for salvation” as it predicts a second straight annual loss, President Akio Toyoda said. The automaker is one step away from “capitulation to irrelevance or death,” Toyoda said, citing a study of how companies fail. Toyota has forecast a record loss of 450 billion yen ($5 billion) in the year ending March after the worldwide recession pummeled car demand.
Source: Bloomberg

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U.S. Sales May Rise as GM, Toyota See End to 'Clunkers' Letdown

General Motors Co. and Toyota Motor Corp., the biggest automakers in the U.S., said fourth-quarter sales may rise after a letdown from the “cash-for-clunkers” rebates dragged the industry to its second-worst month of 2009. September U.S. sales fell 23 percent as the incentive program left dealers’ inventory depleted. With the government cash boosting demand in July and August, third-quarter sales ran at an annualized pace of 11.5 million cars and trucks, the strongest in a year. “We’ve reached the crossroads where the recovery meets the downward slide from last year,” said Jeff Schuster, a Detroit- based analyst at researcher J.D. Power & Associates. “We’re on the upside now, but it will be a fairly slow ascent.” Economists surveyed by Bloomberg in September projected the economy will expand at an average 2.6 percent pace in the second half. Consumer confidence also reached its highest level since January 2008 in the University of Michigan-Reuters index.
Source: Bloomberg

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Ford Sales a Bright Spot

Carmakers encouraged by traffic in late September
Ford Motor Co. -- whose 5% sales decline in September outperformed the industry's 23% plummet -- picked up 3 percentage points of market share last month, the 11th straight month Ford captured more showroom customers. "This was an extremely volatile 3-month period," said Ken Czubay, Ford's top U.S. sales chief. "It really put Ford to the test. We believe Ford passed." Ford was one of the few bright spots during September, as the expected hangover from the federal cash-for-clunkers sales boon, which depleted car and truck inventories nationwide, was far worse than many expected.
Source: Detroit Free Press

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Hyundai U.S. Sales Rise for 3rd Month; Toyota's Fall

Hyundai Motor Co. bucked a U.S. slump in September, increasing vehicle sales for the third month in a row while Toyota Motor Corp. and Honda Motor Co. saw demand drop after “cash for clunkers” rebates ended. Hyundai, South Korea’s largest automaker, posted a 27 percent sales increase while affiliate Kia Motors Corp. had a 24 percent gain. That compared with declines of 13 percent for Toyota, Japan’s largest carmaker, 20 percent for Honda and 7 percent at Nissan Motor Co. Hyundai also had more vehicles at U.S. dealerships, allowing it to take advantage of tight supplies at competitors.
Source: Bloomberg

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GM, Dealers Begin the End to Saturn

A day after a Saturn deal with Roger Penske fell through, General Motors Co. proceeded with plans to shutter 350 dealerships and there was little indication a deal could be salvaged or another suitor found. Dealers have until the end of October 2010 to close, but many will be gone by January because inventory is low, dealers said.
Source: The Detroit News

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Saturn Dealers Feel Pain of Deal's Collapse

For Saturn dealers, the news came without warning: a deal to sell the brand to racing legend Roger Penske had collapsed at the 11th hour, leaving their futures in doubt. “It’s like getting the ball down to the one yard-line,” said Stuart Lasser of his three Saturn car dealerships in New Jersey. “And then you get in the end zone and there is no ball in your hands.”
Source: The Star-Ledger (Newark, N.J.)

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Quotable
 
The automaker is one step away from "capitulation to irrelevance or death."

   
-- Toyota Motor Corp. President Akio Toyoda citing a study of how companies fail, Bloomberg, Oct. 2


"I've been in the auto business for 39 years, and I've never seen a roller-coaster year like this."

   
-- Ken Czubay, Ford's vice president of marketing, sales and service, reacting to September's sales, which were down 23% compared with September 2008, USA TODAY, Oct. 1


"It's like getting the ball down to the one yard-line. And then you get in the end zone and there is no ball in your hands."

   
-- Stuart Lasser, owner of three Saturn dealerships in New Jersey, on the deal to sell the brand that collapsed at the 11th hour, The Star-Ledger (Newark, N.J.), Oct. 2

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
 
 

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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.

 
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