For optimal viewing through your web browser or PDA, click here.

SPONSORED BY
Click Here
NADA.org
Wednesday, Oct. 28, 2009 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
NADA Seeks More SBA Financing Assistance for Dealers
GMAC Asks for Fresh Lifeline
GM CEO Visits Capitol Hill to Prevent Bill Reversing Dealer Closings
Ford Leads U.S. Automaker Reliability, Magazine Says
U.S. Auto Dealers Post Profit, Outlook Cautious
NADA Marketplace
Webinar Today to Address Dealers' Commercial Credit Issues
'Red Flags' Rules Enforcement Begins Nov. 1
Nov. 18 Webinar to Address New IRS Field Directive on UNICAP and What It Means for You!
Experient, Inc. is NADA's Official Housing Bureau for the NADA Convention
Top Stories
NADA Seeks More SBA Financing Assistance for Dealers

WASHINGTON -- The National Automobile Dealers Association urged the Obama administration to more than double to at least $5 million the maximum size of dealer floorplan loans it will guarantee, as Congress considers similar action. “Hundreds of small car and truck dealerships have lost their floorplan lines and are having difficulty replacing them, and others may soon lose their floorplan financing, due not to their own financial situation,” NADA regulatory executive Douglas Greenhaus said in (Monday's) letter. The NADA recommendations mirror the details of legislation introduced last week by Sens. Mary Landrieu, D-La., and Olympia Snowe, R-Maine, for SBA loans in general. A similar bill that is due to be considered on the House floor on Thursday would increase the loan limit to $3 million. (Click here for the letter.)
Source: Automotive News

[back to top]

GMAC Asks for Fresh Lifeline

Lender in Advanced Talks for Third Slug of Taxpayer Cash -- at Least $2.8 Billion More
The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008 ... The new capital would help firm up GMAC's balance sheet and solidify its auto-loan business. GMAC provides the vast majority of wholesale financing for GM dealerships across the country, meaning scores of local distributors would be unable to bring new vehicles onto their lots if GMAC were to collapse.
Source: The Wall Street Journal

[back to top]

GM CEO Visits Capitol Hill to Prevent Bill Reversing Dealer Closings

WASHINGTON -- General Motors Co. president and CEO Fritz Henderson is on Capitol Hill today, meeting with key members of Congress in an effort to head off legislation to reverse the closing of 2,000 GM and Chrysler Group dealerships. But the issue drew heaps of protests from members of Congress and several hearings. On Sept. 30, House Majority Leader Steny Hoyer, D-Md., met with about 20 dealers and officials from four groups representing dealers, including the National Automobile Dealers Association and the top lobbyists for GM and Chrysler, for more than an hour. Since then, the automakers have held follow-up talks with dealers. The meetings are aimed at reaching a deal to head off legislation in Congress that would seek to overturn Chrysler's decision to close 789 dealers in June -- or about a quarter of its dealers. GM spokesman Greg Martin said recently the company hopes to "reach a nonlegislative solution that preserves our dealer consolidation plan as approved by the bankruptcy court and allows us to help dealers wind-down in an orderly manner."
Source: The Detroit News

[back to top]

Ford Leads U.S. Automaker Reliability, Magazine Says

Ford Motor Co., the only major U.S. automaker to avoid bankruptcy, ranks higher than its domestic competitors in reliability, with average or above ratings on 90 percent of its models, Consumer Reports magazine said. Ford’s Fusion and Mercury Milan sedans also did better than Toyota Motor Corp.’s Camry and Honda Motor Co.’s Accord, the top sellers in that segment, the magazine said (Tuesday) in releasing its annual auto-reliability survey. Ford seems to have really differentiated itself from the other domestic automakers,” said Tom Libby, an independent automotive analyst based in Birmingham, Michigan. “If they can continue that trend, it will give them a huge advantage.”
Source: Bloomberg

[back to top]

U.S. Auto Dealers Post Profit, Outlook Cautious

DETROIT - Group 1 Automotive Inc, the No. 4 U.S. auto dealership, posted a quarterly profit on Tuesday that was double the year-earlier figure, but its cautious outlook for the current quarter sent its shares down 12 percent. Sonic Automotive Inc, the No. 3, dealership, also reported a third-quarter profit compared with a year-earlier loss after refinancing its debt in late September. AutoNation Inc, the largest U.S. auto retail group is scheduled to announce quarterly results on Thursday.
Source: Reuters

[back to top]

NADA Marketplace
Webinar Today to Address Dealers' Commercial Credit Issues

NADA will present “Credit in Crisis: Dealership Commercial Credit Concerns and Possible Solutions” today, Oct. 28, from 1-3 p.m. EDT. The Webinar is 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 the Webinar, visit www.nada.org/seminars or call (800) 248-6232, ext. 7222#.
Source: NADA Newswire

[back to top]

'Red Flags' Rules Enforcement Begins Nov. 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:

[back to top]

Nov. 18 Webinar to Address New IRS Field Directive on UNICAP and What It Means for You!

NADA will present IRS Motor Vehicle Technical Advisor Terri Harris in a Webinar on the Uniform Capitalization Rules (UNICAP) directive on Wednesday, Nov. 18, from 1-3 p.m. EST. Here’s the background: On Sept. 15, the IRS Director for the Heavy Manufacturing and Transportation (HMT) Industry issued a memo that provides direction to IRS field examiners on how to conduct UNICAP audits at car and truck dealerships. The unofficial directive contains an audit toolkit and announces the suspension of new UNICAP audits through Dec. 31, 2010 to provide dealers with an opportunity to change their accounting methods in order to comply with a September 2007 Technical Advice Memorandum [TAM 200736026] that involved a franchised car dealer. The Industry Director issued the field directive to address the "high level of taxpayer noncompliance on this issue" and because it represents "the highest compliance risk" to the industry. So what does this mean for dealers?

NADA will tackle this issue in an interactive Webinar that will feature a powerpoint presentation by the IRS' Terri Harris. The program will be moderated by Paul Metrey, director of NADA's Regulatory Affairs. Thirty to 60 minutes of the Webinar will be devoted to Q & A. Cost of the Webinar is only $199 per computer connection. Registrants will have access to the Webinar recording for up to six months. Register online at www.nada.org/seminars or call (800) 248-6232, ext. 7273.
Source: NADA Newswire

[back to top]

Experient, Inc. is NADA's Official Housing Bureau for the NADA Convention

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

[back to top]

 
Quotable
 
"Hundreds of small car and truck dealerships have lost their floorplan lines and are having difficulty replacing them, and others may soon lose their floorplan financing, due not to their own financial situation."

   
-- Douglas Greenhaus, NADA's regulatory executive, in a letter to the SBA seeking more financial assistance for dealers, Automotive News, Oct. 27
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?

As a bonus for attending the NADA convention, you’ll receive Steve Miller’s Marketing Stimulus Package, which includes the seven-part video series, “Introduction to the Seven Foundational Concepts for a Successful Marketing Strategy” and once a week for 12 weeks you’ll also receive valuable marketing tips, tactics or tools designed to help generate more prospects and customers.

Already registered? Check your e-mail for instructions to access these marketing tips. For more information or questions, contact
expo@nada.org.


Be in the know
at the NADA convention Feb. 13-15.

 
Click Here

Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to media@nada.org.