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Wednesday, Oct. 14, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
NADA Issues Legislative Alert Opposing the Creation of a New Agency to Regulate Auto Financing
Lobbyists Dig in for Financial Markup
LaHood: U.S. Automakers 'Back'
Retail Sales in the U.S. Decrease Less Than Forecast
Ford Recalls 4.5 Million Vehicles for Faulty Switch
Committed to Community: Subaru Dealership Partners with Local Schools for Reading Event
Top Stories
NADA Issues Legislative Alert Opposing the Creation of a New Agency to Regulate Auto Financing

WASHINGTON -- With the mark-up of legislation to create the Consumer Financial Protection Agency beginning today, NADA's legislative office is strongly urging dealers to call their Representatives and ask them to oppose the bill, H.R. 3126. NADA wants dealers to help make Congress aware that: 

(1) Financial reform legislation should focus on what led to an economic crash last year. Auto dealers did not cause the credit meltdown;
(2) There are already effective federal and state laws governing dealer-assisted financing; and
(3) In light of the recession and the lowest auto sales in a generation, a dramatic restructuring of auto finance would create unintended consequences, increasing consumer costs that could further depress auto sales. 

Dealers should tell their Representatives that unless auto dealers are not subject to CFPA regulation, members of Congress should oppose H.R. 3126, the Consumer Financial Protection Agency Act. Representatives can be reached through the Capitol switchboard at (202) 225-3121.
Source: NADA Newswire

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Lobbyists Dig in for Financial Markup

Lobbyists on both sides of a new consumer financial protection agency are digging in for [today's] mark up. A group of 17 trade associations, including the U.S. Chamber of Commerce, Financial Services Roundtable and Business Roundtable, sent a letter on Tuesday to House members in opposition. [House Financial Services] Committee Chairman Rep. Barney Frank (D-Mass.) had scaled back the legislation to ... assuage concerns among non-financial businesses that they would not fall under the new agency's power. But some of those industries that Frank intended to exempt, such as car dealerships, remain concerned. The National Automobile Dealers Association signed the letter in opposition.
Source: The Hill

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LaHood: U.S. Automakers 'Back'

Transportation head drives new models, talks up rail service
DETROIT -- U.S. Transportation Secretary Ray LaHood came away encouraged by the energy and enthusiasm he found when he visited Detroit's automakers this week. "After spending a day and a half with the three American automakers, I can tell you they are back. They get it," LaHood told the Detroit Economic Club on Tuesday. "They're building cars that Americans want to drive."
Source: The Detroit News

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Retail Sales in the U.S. Decrease Less Than Forecast

The 1.5 percent decrease in purchases followed a 2.2 percent gain the prior month, figures from the Commerce Department showed today in Washington. The report helps ease concern that consumers will retrench as government stimulus, such as the “cash-for-clunkers” plan, fades and joblessness mounts. Sales at automobile dealerships and parts stores plunged 10 percent, the most since August 2005, after the Obama administration’s incentive program expired.
Source: Bloomberg

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Ford Recalls 4.5 Million Vehicles for Faulty Switch

Switch is linked to at least 550 fires, 1,500 complaints, several suspicious deaths
WASHINGTON -- Ford Motor Co. moved to close the books on the largest recall in its history, agreeing to call back 4.5 million vehicles for a faulty switch linked to hundreds of vehicle fires. The automaker will notify customers of the recall beginning Oct. 26. Owners of the recalled vehicles will be instructed to take their vehicles to a Ford or Lincoln/Mercury dealer for installation of a fused wiring harness to eliminate the potential fire risk.
Source: The Detroit News

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Committed to Community: Subaru Dealership Partners with Local Schools for Reading Event

JACKSONVILLE, Fla. — Subaru of Jacksonville is working with several elementary schools throughout Duval County, Fla., to encourage reading among young, grade-school students. The dealership is partnering with Martin Luther King Elementary, Sadie Tillis Elementary and Arlington Heights Elementary for "A Lot to Love about Reading," which will reward those who read the most books by the end of November.
Source: AutoRemarketing

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Quotable
 
"There are already effective federal and state laws governing dealer-assisted financing."

   
-- An NADA Statement opposing a bill that would regulate auto financing by the creation of the Consumer Financial Protection Agency, NADA Newswire, Oct. 14


"After spending a day and a half with the three American automakers, I can tell you they are back. They get it. They're building cars that Americans want to drive." 

    -- U.S. Transportation Secretary Ray LaHood, in a trip to Detroit during which he drove several new models, including Ford Motor Co.'s Taurus and a prototype of GM's Chevrolet Volt, The Detroit News, Oct. 14

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.
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