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Tuesday, Oct. 13, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
Consumer Groups Want New Agency to Oversee Dealer Financing
GM Chief Says Opel Sale May Come This Week
GM Finalizes Deal To Sell Hummer To Tengzhong
Having Lost Hope in Chrysler, Sheehy Closing Location
Top Stories
Consumer Groups Want New Agency to Oversee Dealer Financing

A consortium of 38 nonprofit groups urged the House Financial Services Committee to ensure that dealer-assisted financing is among the financial products to be covered in legislation due to be considered Wednesday. It sought to counter lobbying by the National Automobile Dealers Association, which seeks an exemption for dealer-assisted financing from the draft legislation. “Dealer-assisted financing provides greater access to less-expensive credit to the greatest number of people, including those who don't have relationships with banks,” said NADA spokesman Bailey Wood. “There's no need for additional regulation.”
Source: Automotive News

Editor's Note: With a mark-up scheduled on the Consumer Financial Protection Agency (CFPA) legislation beginning tomorrow, dealers need to let their Representatives know IMMEDIATELY that dealer-assisted financing was not part of the problem which led to the meltdown of the credit industry. Because financing at dealerships is already effectively regulated at the state and federal level, more can be accomplished by enforcing existing laws instead of creating a massive new agency. Auto retailers provide greater access to credit at competitive rates for consumers particularly for those who do not have existing banking relationships. Dealers are urged to call their Representatives TODAY to tell them that there are enough federal and state laws governing dealer-assisted financing and that the CFPA with its new rules and fees could lead to less access to credit at higher costs for consumers. House members can be reached through the Capitol switchboard at (202) 225-3121.

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GM Chief Says Opel Sale May Come This Week

SHANGHAI -- General Motors could finalize the sale of its German auto unit Opel as early as this week, the U.S. automaker's CEO said Tuesday. Despite labor union objections over possible job losses, the sale of GM's Opel and Vauxhall units to Canadian autoparts supplier Magna International Inc. is expected to go ahead, [Fritz] Henderson told reporters.
Source: The Associated Press

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GM Finalizes Deal To Sell Hummer To Tengzhong

General Motors Co. said it has finalized an agreement to sell its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery Co., four months after the companies reached a preliminary deal. Terms weren't disclosed, but people close to the talks told the Wall Street Journal earlier Friday the price tag was $150 million.
Source: Dow Jones Newswires

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Having Lost Hope in Chrysler, Sheehy Closing Location

[Maryland] Dealership Earlier Hit by Chevy's Woes
Sheehy Chrysler Jeep Dodge is among about 2,000 dealerships across the country expected to go out of business by the end of 2009, making it one of the worst years ever for the industry, according to the National Automobile Dealers Association. "New-car departments were unprofitable from 2006 to last year, and it's unlikely they'll be profitable this year," said Paul Taylor, chief economist for the dealers association.
Source: The Washington Post

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Quotable
 
"Dealer-assisted financing provides greater access to less-expensive credit to the greatest number of people, including those who don't have relationships with banks. There's no need for additional regulation."

   
-- NADA spokesman Bailey Wood, Automotive News, Oct. 12
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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