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Wednesday, Oct. 7, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
GM CEO to Give Progress Report
GM's Top Sales Executive Leaving
Only Weeks Remain to Take Advantage of Consumer and Business Auto Tax Incentives
GM's Saab Closer to Sale as Sweden Seeks EU Approval
Feds Probe Toyota Tundras
Committed to Community: Charity Gives CPR Unit to High School
Top Stories
GM CEO to Give Progress Report

General Motors Co.'s chief executive [today] plans to deliver an update on the company's progress since it emerged from bankruptcy in July. In a conference call with reporters, Frederick "Fritz" Henderson is expected to highlight such moves as naming new managers and releasing new models. In recent months, GM has shed scores of executives and eliminated regional-president posts in favor of one international team.
Source: The Wall Street Journal

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GM's Top Sales Executive Leaving

Mark LaNeve, vice president of U.S. sales, is leaving GM on Oct. 15 “to pursue another opportunity outside of the industry,” according to a message sent to dealers by GM CEO Fritz Henderson that was obtained by the Free Press. A replacement will be named at a later date, he added. “In the interim, Jim Bunnell and his team will continue to follow through with GM's dealer network plans."
Source: Detroit Free Press

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Only Weeks Remain to Take Advantage of Consumer and Business Auto Tax Incentives

With the ‘cash for clunkers’ sales frenzy over, now is a great time to remind consumers that they can still take advantage of the generous tax deduction for state sales taxes (and some other state fees) on the purchase of a qualifying new vehicle before Dec. 31. NADA was instrumental in the passage of this provision. These savings will not be available after Dec. 31, so remind consumers that now is a great time to buy.

With the economy slowly recovering, it is also the perfect opportunity to point out to your small business customers that they have just a few weeks left in 2009 to take advantage of generous accelerated depreciation and expensing tax incentives on the purchase of certain qualifying vehicles (extended in the February stimulus bill, The American Recovery and Reinvestment Act of 2009).

The links below provide quick reference guides of the tax incentives from the stimulus bill, but do not provide a comprehensive reference for all tax situations. As always, note that the guides are simply summaries, and NADA encourages dealers, consumers and businesses to contact their preferred tax professionals for further details.

To view IRS guidance on the consumer vehicle sales tax deduction, including income and other restrictions, click here.

To view a summary of accelerated depreciation and expanded small business expensing rules from the stimulus bill, click here.

For a summary of these and other potentially relevant tax provisions in the stimulus bill, click here.
Source: NADA Newswire

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GM's Saab Closer to Sale as Sweden Seeks EU Approval

General Motors Co.’s Saab Automobile division moved closer to receiving state backing for its sale to Koenigsegg Group after Sweden sought European Union approval for the terms of a proposed loan guarantee. Saab’s sale depends in part on the division receiving a $600 million European Investment Bank loan backed by the government.
Source: Bloomberg

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Feds Probe Toyota Tundras

2000-01 models face inquiry into corrosion, brake, spare tire issues
WASHINGTON -- The National Highway Traffic Safety Administration on Tuesday opened a preliminary investigation into corrosion on 218,000 Toyota Tundra pickups -- the latest safety issue to dog the Japanese automaker. The government said it has "received 20 reports on the subject vehicles that relate to spare tire separation and brake system failures as a result of severe frame corrosion." "This is just more bad news for Toyota at a time when they are getting hit on all sides," [said Sean Kane, president of Massachusetts-based Safety Research & Strategies.]
Source: The Detroit News

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Committed to Community: Charity Gives CPR Unit to High School

WILLIAMSTOWN, W.Va. -- Williamstown High School has received a CPR training unit courtesy of the National Automobile Dealers Charitable Foundation. The training unit "Little Anne Four Pack," which contains four CPR dolls, was presented to the school [last month] by Daniel Wharton of Wharton Cadillac in Parkersburg. Wharton is a member of the NADCF board. The National Automobile Dealers Charitable Foundation and the West Virginia Automobile and Truck Dealers Association have donated Resusci Anne training kits to schools throughout Wood County and to the Mid-Ohio Valley chapter of the American Red Cross.
Source: News and Sentinel (Parkersburg, W.Va.)

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Quotable
 
"This is just more bad news for Toyota at a time when they are getting hit on all sides."

    -- Sean Kane, president of Massachusetts-based Safety Research & Strategies, responding to NHTSA's preliminary investigation into corrosion on 218,000 Toyota Tundra pickups, The Detroit News, Oct. 7

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 more. Click here for details.

Be in the know
at the NADA convention Feb. 13-15.

 
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