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Top Stories
Economy Grows in 3Q, Signals End of Recession
GM Shows Signs of Progress as its Trucks, New Vehicles Drive Up Sales
GM to Draw Down More U.S. Funds
Toyota: U.S. Dealers Step Up Investments
AutoNation Profit Spurs Spending on Store Upgrades, Acquisitions
NADA Marketplace
'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
Economy Grows in 3Q, Signals End of Recession

WASHINGTON -- The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. "We're beginning to crawl out a very deep hole," said economist Ken Mayland, president of ClearView Economics. Consumer spending on big-ticket manufactured goods soared at an annualized rate of 22.3 percent in the third quarter, the most since the end of 2001. The jump largely reflected car purchases spurred by the government's Cash for Clunkers program that offered a rebate of up to $4,500 to buy new cars and trade in old gas guzzlers.
Source: The Associated Press

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GM Shows Signs of Progress as its Trucks, New Vehicles Drive Up Sales

For the first time in 21 months, General Motors Co. is on track to see its first monthly sales increase, compared with the same time period a year ago, thanks, in part, to new products and strong pickup sales. General Motors Co. is expected to be the big winner when October sales results are announced Tuesday. "We expect GM to largely outperform the overall market and post its strongest market share of 2009," Brian Johnson, industry analyst with Barclays Capital, said in a note to investors Wednesday.
Source: Detroit Free Press

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GM to Draw Down More U.S. Funds

General Motors Co. by the end of the week will outline plans to draw down more U.S. government money it will use to aid Delphi Automotive LLP and also give an update on a closely watched escrow account of its bailout funds, according to several people familiar with the matter. The car maker by Friday plans to file a statement with the Securities and Exchange Commission disclosing its plan to use additional funds from the $30.1 billion in loans the Treasury Department committed to GM when it filed for bankruptcy protection in June.
Source: The Wall Street Journal

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Toyota: U.S. Dealers Step Up Investments

TORRANCE, Calif. -- Toyota Motor Corp.'s U.S. dealers have invested $3.3 billion in their businesses over the past five years and have committed themselves to spending $2.2 billion in the next two years, the automaker's U.S. sales subsidiary said Wednesday. "An investment of this magnitude is a strong indication of our dealers' confidence in Toyota products, as well as their long-standing commitment to meet customer expectations," said Ernest Bastien, vice president of retail market development at Torrance-based Toyota Motor Sales.
Source: The Detroit News

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AutoNation Profit Spurs Spending on Store Upgrades, Acquisitions

AutoNation Inc., the largest U.S. dealership group, posted its biggest profit of the year and said it would boost spending by 65 percent next year to update and buy stores. “We are optimistic for the long-term prospects of the auto industry based on the successful restructuring of the domestic auto industry, the move to a demand-pull system and the rationalization of the dealer network,” CEO Mike Jackson said today in a statement. “We expect to be well-positioned to capitalize on these trends.”
Source: Automotive News

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NADA Marketplace
'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:

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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

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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

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Quotable
 
"We're beginning to crawl out a very deep hole."

   
-- Economist Ken Mayland, president of ClearView Economics, on the U.S. economy's 3.5 percent growth in the third quarter, its best showing in two years, The Associated Press, Oct. 29
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
 


NADA Chairman: Convention is the 'Must-Attend Event'


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.

 
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