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Top Stories
Lawmakers Pass Amendment to Exclude Auto Dealers from New Federal Agency
U.S. Auto Sales Will Rise More Than 15% Next Year, Forecaster Says
Hyundai Motor Profit Surges Amid Sales Jump
NADA Marketplace
Experient, Inc. is NADA's Official Housing Bureau for the 2010 Convention in Orlando
Reminder: Red Flags Enforcement to Begin on November 1
New Webinar Oct. 28 to Address Dealers' Commercial Credit Issues
Top Stories
Lawmakers Pass Amendment to Exclude Auto Dealers from New Federal Agency

WASHINGTON — The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective state and federal laws which govern vehicle financing. The amendment, sponsored by Rep. John Campbell, R-Calif., will not subject auto retailers to the regulations of the proposed Consumer Financial Protection Agency (CFPA) but will continue the full range of consumer protection rules of the Federal Reserve, the Federal Trade Commission and state laws.  

The National Automobile Dealers Association (NADA) led a grassroots campaign in support of the Campbell Amendment. 

“NADA and dealers across the country applaud the overwhelming bipartisan support for the Campbell Amendment,” said David Westcott, chairman of NADA’s Government Affairs Committee and a multi-franchise dealer from North Carolina.  “It makes sense to exclude dealers.  Dealers had absolutely nothing to do with the credit crisis.” 

H.R. 3126, the Consumer Financial Protection Agency Act, later passed the full committee with the Campbell Amendment included.  However, the bill still has a number of other hurdles before reaching the White House for final approval.  The House Energy and Commerce Committee, which also has partial jurisdiction over the new agency, will have an opportunity to consider the bill before a House vote.  The Senate will have to go through a similar process.  

NADA’s legislative office, as well as dealers across the country, will continue to be involved throughout the process.  “We will continue to work on behalf of consumers and dealers to maintain dealer-assisted financing as an efficient and competitive credit-delivery system,” Westcott said.

“We applaud Rep. Campbell for his leadership in building strong bipartisan support in the financial services committee,” Westcott said.  “The overwhelming majority of committee members clearly understand that CFPA jurisdiction over dealers is unnecessary and that increased uncertainty in the auto marketplace would limit consumer finance options and increase car buyers’ costs.”
Source: NADA Newswire

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U.S. Auto Sales Will Rise More Than 15% Next Year, Forecaster Says

DETROIT -- U.S. auto sales are projected to rise nearly one-fifth to 11.8 million units in 2010, influential industry tracking firm CSM Worldwide said (Wednesday), citing signs that the worst of the economic downturn had passed. "The move reflects cautious optimism that we will see gradual improvement in core market fundamentals following the first quarter of next year," CSM analyst Joe Barker said.
Source: Reuters

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Hyundai Motor Profit Surges Amid Sales Jump

SEOUL, South Korea -- Hyundai Motor Co., South Korea's largest automaker and a growing force in the global industry, said third-quarter net profit more than tripled to a record high amid sharply higher sales. Hyundai Motor said in a regulatory filing Thursday that it earned 979.2 billion won ($827.3 million) in the three months ended Sept. 30. Hyundai spokesman Ki Jin-ho said the figure was an all-time quarterly high.
Source: The Associated Press

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NADA Marketplace
Experient, Inc. is NADA's Official Housing Bureau for the 2010 Convention in Orlando

NADA has made arrangements with Experient, Inc. to book hotel rooms for the upcoming NADA Convention & Expo in Orlando. NADA has NOT authorized any other organization or company to make hotel reservations for the convention. E-mails, phone calls or other communications from “Expo Marketing” or “Expo Housing” or any other third party are not being sent by NADA or on behalf of NADA. To register and reserve a hotel room for the convention, visit www.nada.org/convention.
Source: NADA Newswire

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Reminder: Red Flags Enforcement to Begin on November 1

The FTC's "Red Flags Rule" became effective Jan. 1, 2008, and after several delays, the FTC will begin enforcing the Red Flags Rule against all entities subject to the enforcement authority of the FTC, including all auto dealers on Nov. 1, 2009. Many dealers have already implemented their Red Flags programs, but those who have not should review the NADA Guide "A Dealer Guide To The Red Flags and Address Discrepancy Rules: Protecting Against Identity Theft." Dealers should ensure compliance no later than Nov. 1, 2009 with all aspects of the Red Flags Rule, including the drafting and implementation of a written Identity Theft Prevention Program tailored to their dealership operations. Visit the sites below for more information:

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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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Quotable
 
"We applaud Rep. Campbell for his leadership in building strong bipartisan support in the financial services committee. The overwhelming majority of committee members clearly understand that CFPA jurisdiction over dealers is unnecessary and that increased uncertainty in the auto marketplace would limit consumer finance options and increase car buyers' costs."

   
-- David Westcott, chairman of NADA’s Government Affairs Committee, NADA Newswire, Oct. 22
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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