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Top Stories
NADA: Dealers Need to Counter Community Bankers Association's Attempt to Kill Campbell Amendment
GMAC: Most Chrysler Dealers to Qualify for New Loans
Chrysler Restarts PT Cruiser Production
New Webinar Oct. 28 to Address Dealers' Commercial Credit Issues
Committed to Community: (Md.) Fire Company Gets New CPR Aides from Auto Dealership
Top Stories
NADA: Dealers Need to Counter Community Bankers Association's Attempt to Kill Campbell Amendment

WASHINGTON – Rep. John Campbell’s (R-Calif.) amendment, which would exempt auto dealers from the broad authority of the proposed Consumer Financial Protection Agency (CFPA), is gaining momentum. However, the Independent Community Bankers of America (ICBA), which represents small local banks, and recently received their own exemption in the CFPA bill, has misguidedly told members of the House Financial Services Committee to vote against the Campbell Amendment. 

NADA’s legislative office is urging dealers to ramp up their efforts and ask their members of Congress to vote in favor of the Campbell Amendment to the CFPA bill. A committee vote is expected later today or tomorrow. Click here for the list of committee members.

Last week, ICBA pushed for and received a small banks exemption from CFPA regulation. Now they are opposed to a similar exemption for dealer-assisted financing. The NADA-backed Campbell Amendment would maintain the consumer protection regulations administered by the Federal Reserve, the FTC and other state rules. The ICBA claims that dealers are “under-regulated,” when dealers are under the same scrutiny at the state and federal level as community banks.  
 
NADA's legislative office lists these as the key points to make with lawmakers:

  • Financial reform legislation should focus on what led to an economic crash last year. Auto dealers did not cause the credit meltdown.
  • Effective federal and state laws governing dealer-assisted financing already exist.
  • CFPA jurisdiction over auto dealers is unnecessary since the banks and finance companies that originate auto loans that dealers arrange will be regulated.
  • The Campbell Amendment reflects the policy goals of Chairman Barney Frank’s Sept. 22 memo that auto dealers should not fall under CFPA regulation.

Dealers can contact their Representatives through the Capitol switchboard at (202) 225-3121.
Source: NADA Newswire

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GMAC: Most Chrysler Dealers to Qualify for New Loans

Company says most of Chrysler's 2,400 retailers will get needed financing
GMAC Financial Services President Bill Muir said Sunday that the number of Chrysler dealers expected to close because they don't qualify for new loans through the lender is likely to be small. GMAC was designated the new finance company for Chrysler Group LLC dealers after the automaker filed for bankruptcy. GMAC provided temporary floor plan loans, with the goal of approving by mid-November permanent loans to the 1,500 dealers who applied for them. "Nearly 900 have completed the process to convert from the interim to post-interim wholesale credit lines," Muir said. "It is possible that a select number may not qualify during this final step, but we expect the vast majority to be completed."
Source: The Detroit News

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Chrysler Restarts PT Cruiser Production

DETROIT — Chrysler Group LLC on Monday resumed production of its PT Cruiser for the first time since early August, as the company seeks to build inventories to help spur sales. Since Chrysler emerged from bankruptcy in June under the control of Fiat SpA, the auto maker has struggled with production set backs due to parts shortages, declining sales and market share, as well as low inventory levels on dealer lots.
Source: The Wall Street Journal

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New Webinar Oct. 28 to Address Dealers' Commercial Credit Issues

NADA will present a webinar on Wednesday, Oct. 28 from 1-3 p.m. EDT, designed to suggest possible near term-solutions to current dealership commercial credit issues. A panel of representatives from the Small Business Administration (SBA), a dealership trade association, and the commercial lending community, as well as an automotive finance consultant, will review current credit concerns and how the SBA’s dealer floorplan (DFP) loan guarantee pilot program, among other solutions, can help.

While the webinar’s emphasis will be on floorplan lending, other credit lines, including real estate loans, are expected to be discussed. Special attention will be paid to SBA’s 7(a) loan guarantee programs, including DFP loans. This webinar is offered at a special reduced rate of $125. For more information or to register for “Credit in Crisis: Dealership Commercial Credit Concerns and Possible Solutions,” visit www.nada.org/seminars or call (800) 248-6232, ext. 7222#.
Source: NADA Newswire

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Committed to Community: (Md.) Fire Company Gets New CPR Aides from Auto Dealership

Four dummies were hanging out Tuesday morning at Shockley Honda [in Frederick, Md.]. The Little Anne resuscitation mannequins were presented to Thurmont's Guardian Hose Co. by the car dealer and the Maryland Automobile Dealers Association. Katie Jones, the state association's public relations coordinator, said the organization finds local fire departments, Boy Scout troops or other community groups that can benefit from some of the 12 CPR dummies available each year. The National Automobile Dealers Association provides the mannequins through the National Automobile Dealers Charitable Foundation.
Source: The Frederick News-Post

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Quotable
 
"GMAC is hopeful for a resolution to be able to provide wholesale financing to these dealers, as we want to continue our business relationship in support of their stores and their markets."

    --  Bill Muir, president of GMAC Financial Services, on the lender's efforts to provide permanent loans to the 1,500 Chrysler dealers who applied for them after the automaker filed for bankruptcy, The Detroit News, Oct. 19

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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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.

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