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Friday, Oct. 9, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
NADA Takes Issue with Financial-Protection Legislation
GM Board to Help Update Strategy
CEO: Chrysler Profitable by 2011
GM Said Near $150 Million Hummer Sale to Tengzhong
Car Buyers Pay 2% More
Top Stories
NADA Takes Issue with Financial-Protection Legislation

WASHINGTON -- Rep. Barney Frank's legislation to create a consumer financial-protection agency doesn't go nearly far enough to exempt auto dealers from new regulation, the National Automobile Dealers Association said today. [Frank] listed businesses that would not be subject to regulation under his draft bill and included auto dealers along with accountants, real estate brokers, lawyers and others. But in a letter [Thursday] to Frank, NADA said his draft bill excludes only car brokers, the people who buy vehicles on behalf of customers. Without “a clear exclusion” for dealers, NADA “will have no choice but to oppose the bill as currently drafted and support alternative amendments,” the dealer group's letter said.
Source: Automotive News

Editor's Note: Click here for NADA’s letter that urges Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, to provide auto dealers with a clear "exclusion" from the proposed Consumer Financial Protection Agency regulations.

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GM Board to Help Update Strategy

CEO will consult with new directors to shape business plan; cutting incentives a goal
FORT LAUDERDALE, Fla. – General Motors Co. Chief Executive Frederick "Fritz" Henderson said the company's management team will work with the company's new board of directors over the next two months to revise GM's business plan for 2010. Mr. Henderson, speaking Thursday during an interview after hosting a meeting ... with local car dealers, business executives and students, said ... the effort will focus on ... market share and costs, and that it represents the first time the board will get a chance to actively influence management's operating plans. During Thursday's meeting, which was jointly conducted with AutoNation Inc. Chief Executive Mike Jackson ... Mr. Henderson vowed to remake the image of Chevrolet, GM's highest-volume brand, so that it is no longer viewed as "being a brand that is known for having the most demented incentive programs." Mr. Jackson has been a chief critic of GM's overreliance on incentives, and said Thursday that GM's government-backed restructuring has laid the groundwork for a "fundamental" change in how the company approaches the market. 
Source: The Wall Street Journal

Editor's Note: Mike Jackson, chairman and CEO of AutoNation, is one of the speakers at NADA’s 93rd annual convention in Orlando, Fla. on Saturday, Feb. 13. For more information on the convention or to register, visit www.nada.org/convention.

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CEO: Chrysler Profitable by 2011

Marchionne says 5-year plan coming Nov. 4, with public stock offers
After a four-month deep dive into the workings of Chrysler Group LLC, Chief Executive Sergio Marchionne remains convinced the automaker can be profitable in two years. Chrysler is hoping to offer public stock in the company as early as 2011, with stakeholders such as a United Auto Workers health care trust fund eager to divest their shares as soon as possible.
Source: The Detroit News

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GM Said Near $150 Million Hummer Sale to Tengzhong

General Motors Co., seeking to shed brands after emerging from bankruptcy, is near an agreement to sell its Hummer sport-utility vehicle business to China’s Sichuan Tengzhong Heavy Industrial Machinery Co. for about $150 million, three people familiar with the deal said. The parties are trying to reach a deal today ... Tengzhong would assume Hummer’s dealer accords and a senior management team and plans to use GM for contract assembly.
Source: Bloomberg

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Car Buyers Pay 2% More

'09 data is good news for makers
Consumers are paying 2% more this year for new cars and trucks than they were a year ago, according to data from the consumer automotive Web site Edmunds.com ... Some automakers have done better than others, however. The average price consumers paid for a Buick has increased 9.5%, Edmunds.com said. Toyota's average transaction price, meanwhile, has slipped 0.6% while its luxury Lexus brand has slipped 3.9%.
Source: Detroit Free Press

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Quotable
 
"In light of the current credit crisis and the lowest auto sales in a generation, a dramatic restructuring of the laws governing auto finance would create uncertainties, unintended consequences and increase consumer costs that could further depress sales."

   
-- David Regan, NADA vice president for legislative affairs, on Rep. Barney Frank's legislation to create a consumer financial-protection agency, which NADA contends doesn't go far enough to exempt dealers, Automotive News, Oct. 9
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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