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Thursday, Oct. 15, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
House Committee Considers New Regulations for Auto Dealers
Some Auto Dealers Mail Clunker Customers Refunds for Scrap Value
Ford Crossover's Sales Pick Up After Difficult Timing
GM Brings Back 'Regal' Nameplate for Next Buick Sedan
Top Stories
House Committee Considers New Regulations for Auto Dealers

WASHINGTON -- A key House committee will vote [today] on whether to include the nation's 20,000 auto dealers under a new, financial watchdog agency. Rep. John Campbell, R-Calif., a former auto dealer, has drafted an amendment to exempt dealer transactions from the oversight of the new Consumer Financial Protection Agency. David Regan, vice president for legislative affairs for the National Auto Dealers Association, wrote to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, (Wednesday) urging the committee to back the amendment. "Last year's credit meltdown, which is still severely hampering the retail auto market, was not caused by auto dealers," Regan wrote. "The carefully crafted consumer financial regulation of auto lending has protected consumer interests for decades while historically providing the most efficient and affordable auto credit market in the world."
Source: The Detroit News

Editor's Note: NADA members must clarify to lawmakers that dealers are NOT currently exempt from the Consumer Financial Protection Agency Act (H.R. 3126). NADA's legislative office is strongly urging dealers to call their Representatives IMMEDIATELY and ask them to support Rep. Campbell's amendment to H.R. 3126. Dealers should tell their members of Congress to oppose H.R. 3126, unless the Campbell Amendment passes. Representatives can be reached through the Capitol switchboard at (202) 225-3121.

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Some Auto Dealers Mail Clunker Customers Refunds for Scrap Value

Some people who bought a new car under the federal Cash for Clunkers program are getting more than the original $3,500 or $4,500 price break. They're also getting a check for the scrap value of the clunker. One Portland, (Ore.) dealership chain announced Wednesday it is sending the entire scrap value, minus $50, to people who bought new cars under the program. "A lot of our customers had no idea that a check was coming," said Brad Tonkin, vice president of The Ron Tonkin Family of Dealerships. "But we've done an awful lot of businesses during this program." Tonkin said his company is mailing out checks totaling about $200,000. Tonkin dealers are getting an average of $375 for scrapped clunkers, and sending checks averaging $325 to each customer. The program was an unexpected boom for Oregon's 253 new car dealers, which requested a total of $36.8 million from the federal government. "No one ever anticipated that it would be this successful," said Greg Remensperger, vice president of the Oregon Automobile Dealers Association. "It got people onto showroom floors. Even if they didn't qualify for the clunkers program, it often translated into a new car."
Source: The Oregonian (Portland, Ore.)

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Ford Crossover's Sales Pick Up After Difficult Timing

After more than a year on the market, the Flex is finally starting to take off with customers as the economy begins to recover and positive word of mouth grows for the boxy, seven-seat crossover. "People who have them really like them," (said Art Spinella, president of CNW Marketing research in Bandon, Ore.) His research shows the average customer satisfaction rating for the Flex is 9.3 -- on a scale of 1 to 10 -- following three months of ownership.
Source: Detroit Free Press

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GM Brings Back 'Regal' Nameplate for Next Buick Sedan

General Motors Co., focusing resources on four U.S. brands as it disposes of four others, will revive the Regal name for Buick’s next midsize sports sedan. Buick already sells a vehicle under the Regal name in China. GM didn’t say when the Regal would be sold in the U.S.
Source: Bloomberg

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Quotable
 
"The carefully crafted consumer financial regulation of auto lending has protected consumer interests for decades while historically providing the most efficient and affordable auto credit market in the world."

    -- David Regan, NADA vice president for legislative affairs, in a letter to Rep. Barney Frank, arguing against automotive financing being part of the proposed Consumer Financial Protection Agency, 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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