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Monday, Nov. 2, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
Ford Surprises with $1B Profit; Sees Profit in '11
Lawmakers: Agency Will Oversee Lenders, Not Dealers
Marchionne: Man with the Plan to Rescue Chrysler
U.S. Turns Screws on Bailed-Out GMAC
Analyst Cole Tells Feds Dealer Cuts 'Didn't Make Any Sense'
NADA Used Car Guide Names Senior Director of Editorial, Data Services
NADA Marketplace
FTC Again Delays Enforcement of Red Flags Rule
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
Ford Surprises with $1B Profit; Sees Profit in '11

DEARBORN, Mich. -- Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011. The automaker said Monday earnings were fueled by U.S. market share gains, cost cuts and the Cash for Clunkers program, which drew flocks of buyers to showrooms this summer. Ford also has benefited from consumer goodwill after it declined government bailout money and didn't go into bankruptcy over the summer as GM and Chrysler did.
Source: The Associated Press

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Lawmakers: Agency Will Oversee Lenders, Not Dealers

WASHINGTON -- In the wake of last year's financial meltdown, the House Financial Services Committee cleared a bill last month to create the Consumer Financial Protection Agency to oversee financial products such as subprime mortgages and credit and debit cards. The bill exempts auto dealerships from the new agency's oversight because the committee approved an amendment by Rep. John Campbell, R-Calif. But questions arose among lawmakers, including committee Chairman Barney Frank, D-Mass., about whether the lenders also would be exempt. "Barney asked me about the lenders, and I said, 'Yes, I think they're covered,'" said Campbell, a former dealer himself. "But he said he'd rather have them covered twice than not at all." Frank and Campbell are now working on a clarification to specify that banks and captive finance companies would be covered by the legislation. "We want to exempt dealers, but the moment the loan moves from the dealer to the captive financing company, then it will become regulated," committee spokesman Steve Adamske said. "It may be tricky, but that's the goal." Campbell, who held 11 franchises in nine Southern California locations, said he and Frank are in agreement. "The whole point of my amendment was that dealers don't loan money; they're essentially just conduits," he said.
Source: Automotive News

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Marchionne: Man with the Plan to Rescue Chrysler

CEO to unveil his 5-year strategy Wednesday
From the dark rumpled sweaters he wears most days to his modest, fourth-floor command post at the Chrysler Tech Center in Auburn Hills, Sergio Marchionne has said that he is intent on debunking the "Great Man" theory of leadership. Maybe so. But Wednesday, Marchionne will be in the spotlight for six hours, presenting Chrysler's long-awaited 5-year plan to several hundred journalists, analysts and dealers. And many will be wondering: Is he the man to save Chrysler?
Source: Detroit Free Press

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U.S. Turns Screws on Bailed-Out GMAC

For GMAC, getting rescued by the federal government has been no picnic. In the 10 months since the consumer-finance company received its first dose of rescue financing, it has wrangled repeatedly with the FDIC over its turnaround plans. Currently the company is locked in debate with the Federal Reserve about the adequacy of its capital levels, with the Fed pushing GMAC to take billions more in federal aid from the Treasury Department.
Source: The Wall Street Journal

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Analyst Cole Tells Feds Dealer Cuts 'Didn't Make Any Sense'

WASHINGTON -- David Cole, chairman of the nonprofit Center for Automotive Research in Ann Arbor, Mich., said he was interviewed Tuesday by the special inspector general's office for the federal bailout. Cole said he told auditors that the automakers are cutting into their strengths, which are in rural areas and modest-sized markets rather than large metropolitan areas. He wrote a letter to the Obama administration's auto task force (last) month making similar points and calling for a review of dealer cutbacks. “The dealer is the face of the manufacturer to the average customer,” his Oct. 12 letter said. “I would suggest that the distribution network for these manufacturers be revisited by the automotive task force.”
Source: Automotive News

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NADA Used Car Guide Names Senior Director of Editorial, Data Services

McLEAN, Va. — The NADA Used Car Guide announced today that a new executive is now on board as senior director of editorial and data services. Joining the company (in) this role is Jonathan Banks. Banks comes to NADA from Automotive Lease Guide, where he served as a senior director for 13 years. "We're delighted that someone with such outstanding credentials and market knowledge as Jonathan will join our team in a high-visibility role," said Mike Stanton, vice president and chief operating officer for the NADA Used Car Guide.
Source: AutoRemarketing

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NADA Marketplace
FTC Again Delays Enforcement of Red Flags Rule

On Oct. 30, the Federal Trade Commission announced that it is delaying its enforcement of the Red Flags Rule until June 1, 2010. For more information, see the FTC Press Release.
Source: NADA Newswire

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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
 
"Imagine being the fifth guy to try to resuscitate what appeared to most people to be a cadaver."

    -- Sergio Marchionne, CEO of Chrysler, who wrote last December in the Harvard Business Review about becoming Fiat's fifth CEO in three years and returning the company to profitability, Detroit Free Press, Nov. 2

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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