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Top Stories
White House, Edmunds in War of Words Over 'Clunkers'
No More U.S. Aid Needed, Says GM Chief
Politicians Butt In at Bailed-Out GM
US House Votes To Boost Federal Loans To Small Businesses
Committed to Community: NADA's New Orleans Project is Completed
NADA Marketplace
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
White House, Edmunds in War of Words Over 'Clunkers'

WASHINGTON - The White House said the influential automotive news Web site Edmunds.com's harsh analysis of the impact of "cash for clunkers" was "faulty" and "implausible." Edmunds said cash for clunkers cost taxpayers $24,000 per vehicle sold. "This is the latest of several critical 'analyses' of the cash for clunkers program from Edmunds.com, which appear designed to grab headlines and get coverage on cable TV," the White House said on its blog Thursday afternoon.
Source: The Detroit News

Editor's Note: Dealers were key to making the cash-for-clunkers program a success, which boosted auto sales and the overall economy. NADA is interested in hearing positive stories from dealers about how the ‘clunkers’ program was helpful to your dealership, employees, customers and community. Send these stories to clunkers@nada.org.

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No More U.S. Aid Needed, Says GM Chief

General Motors chief executive Fritz Henderson was in Washington on Wednesday visiting with the company's major shareholder -- that is to say, the U.S. government. Under "any reasonable planning scenario," General Motors will not request more federal aid, Henderson said. "The amount of financing provided was sufficient." His comments came in a meeting with Washington Post reporters and editors in which he expounded on the role of the government in the automaker, the chances that the company will return the $50 billion in government aid, the role of the United Auto Workers, and the future of electric and hydrogen cars. (Click here for excerpts from the interview.)
Source: The Washington Post

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Politicians Butt In at Bailed-Out GM

Montana Rep. Denny Rehberg was no fan of the $58 billion federal rescue of General Motors Co., saying he worried taxpayer money would be wasted and the restructuring process would be vulnerable to "political pressure." Now the lawmaker says it's his "patriotic duty" to wade into GM's affairs. Federal support for companies such as GM, Chrysler Group LLC and Bank of America Corp. has come with baggage: Companies in hock to Washington now have the equivalent of 535 new board members -- 100 U.S. senators and 435 House members. Since the financial crisis broke, Congress has ... also pushed GM and Chrysler to reverse core decisions designed to cut costs, such as closing facilities and shuttering dealerships.
Source: The Wall Street Journal

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US House Votes To Boost Federal Loans To Small Businesses

WASHINGTON -- The U.S. House of Representatives voted Thursday to increase federal loan programs to small businesses in a bid to ensure they can get access to financing necessary to grow. The maximum size of what are known as 7(a) loans would rise to $3 million from $2 million currently, helping businesses to invest in machinery, equipment, land and buildings. The administration had sought an increase to $5 million.
Source: Dow Jones Newswires

Editor's Note: While increasing the loan guarantee limit to $3 million is a good first step, NADA will continue to urge Congress to increase the amount to cover floorplan financing, since dealers have an average of $5 million in inventory. The bill now proceeds to the Senate where there is interest from Sen. Mary Landrieu, D-La., chair of the Senate Small Business Committee, to meet the president's $5 million request. NADA is working with a coalition to urge the Senate to increase the loan guarantee limits and to create an environment where banks are more comfortable lending.

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Committed to Community: NADA's New Orleans Project is Completed

NEW ORLEANS – The Lusher Charter School, in the festive spirit and tradition of the Big Easy, dedicated its newly-renovated athletic fields, which were destroyed by Hurricane Katrina, to one of its hometown heroes during a two-hour ceremony last week. New Orleans Saints quarterback Drew Brees led the effort to renovate the fields, which will be used for competitive football, soccer, baseball, softball and physical education classes. The renovation was made possible by a $400,000 gift from the National Automobile Dealers Charitable Foundation (NADCF) to the Brees Dream Foundation (in May 2008), which was established by Drew Brees and his wife Brittany in 2003.

“The generosity of the National Automobile Dealers Association and its foundation helped make the restoration of the athletic fields at Lusher Charter School a reality,” Brees said in a written statement. “They stepped forward when needed, and the fields will make an impact for years not only on young people in the Lusher school family, but also children throughout that neighborhood.” “Everyone at the dedication ceremony knew about NADA. And they were aware of our contribution to the school,” says Marshall Hebert, NADA’s director from Louisiana, who represented NADA at the Oct. 20 event. “Drew Brees thanked NADA on stage, and I was thanked nearly 20 times at the reception by the school faculty.”
Source: NADA Newswire

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NADA Marketplace
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
 
"The generosity of the National Automobile Dealers Association and its foundation helped make the restoration of the athletic fields at Lusher Charter School a reality. They stepped forward when needed, and the fields will make an impact for years not only on young people in the Lusher school family, but also children throughout that neighborhood."

    -- Drew Brees, New Orleans Saints quarterback, regarding the $400,000 donation by NADA's Charitable Foundation to renovate the fields destroyed by Hurricane Katrina, NADA Newswire, Oct. 30
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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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.