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Wednesday, Nov. 4, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
NADA to Dealers: Urge U.S. House Reps Today to Sign 'Miller Floorplan Letter' to Extend Interim Inventory Financing
Auto Sales Show Industry Beginning to Stabilize
GM Throws Opel Deal Into Reverse
Chrysler Set to Unveil Five-Year Plan to Profitability
Cash for Clunkers: Real Stimulus or Political Boondoggle?
Red Flags Rule Delayed for 4th Time
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
NADA to Dealers: Urge U.S. House Reps Today to Sign 'Miller Floorplan Letter' to Extend Interim Inventory Financing

NADA, Congress weigh in on Chrysler floorplan transfer and expiration
WASHINGTON -- The letter from Rep. Candice Miller, R-Mich., urges GMAC and Chrysler Financial to work out any remaining intercreditor issues and requests that GMAC extend the "interim" floorplan financing for an additional six to 12 months to Chrysler dealers. Rep. Miller is circulating her letter to House colleagues to co-sign. The letter will be sent to the CEOs of both Chrysler Financial and GMAC to stress the urgency of this problem for many Chrysler dealers. Click here for the "Miller Floorplan Letter."

NADA Chairman John McEleney sent a similar letter Tuesday to Chrysler CEO Sergio Marchionne urging him to take action on the issue faced by many Chrysler dealers in the transition of their floorplan lines of credit from Chrysler Financial to GMAC. Click here for NADA's letter.

In conjunction with the automaker’s bankruptcy, GMAC granted temporary "interim" floor plan financing to all Chrysler dealers. This interim financing expires mid-November for those Chrysler dealers who have not yet qualified for permanent floorplan lines from GMAC. Without these inventory loans, many Chrysler dealerships and the thousands of jobs they provide are at risk. 

The deadline for Representatives to sign the letter is 6 p.m. EDT today, Wednesday, Nov. 4. Dealers and ATAEs are strongly urged to contact their Representatives and ask them to co-sign the "Miller Floorplan letter." Dealers should contact their Representatives immediately through the Capitol switchboard at (202) 225-3121.
Source: NADA Newswire

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Auto Sales Show Industry Beginning to Stabilize

DETROIT -- After months of roller-coaster results, the U.S. auto industry showed signs of stability in October. Total sales of cars and light trucks were unchanged at just over 838,000 compared with October of last year, but rose 12 percent from a dismal September 2009, Autodata Corp. reported Tuesday. The biggest winner among major automakers was South Korea's Hyundai Motor Co., which saw sales skyrocket 49 percent to 31,005 vehicles ... Japan's Nissan Motor Co. came next with a 5.6 percent gain, followed by GM at 4.7 percent ... It was GM's first year-over-year monthly sales increase in 21 months.
Source: The Associated Press

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GM Throws Opel Deal Into Reverse

In a dramatic change of course, General Motors Co. backed out of a deal to sell the company's European operations to car-parts supplier Magna International Inc., and now plans to spend billions to restructure the money-losing business itself. GM's change of heart reflects the car maker's increasing confidence about its outlook as well as the direction of its aggressive new chairman, Edward E. Whitacre Jr. The former AT&T Corp. chief ... Opel also is a key supplier of car designs for GM operations in the U.S., including the underpinings of the strong-selling Chevrolet Malibu sedan and small-car technology that could be important as U.S. fuel-economy standards are tightened.
Source: The Wall Street Journal

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Chrysler Set to Unveil Five-Year Plan to Profitability

AUBURN HILLS, Mich. -- Chrysler Group LLC is presenting its long-awaited five-year business plan today, outlining its vision on how it will address shortcomings and return to profitability. CEO Sergio Marchionne, who also is CEO of partner Fiat SpA, board chairman Robert Kidder and Chrysler managers will outline the company's goals and initiatives through 2014. Members of the company's national dealer council will be in attendance along with analysts, media and representatives of the United Auto Workers and Canadian Auto Workers.
Source: The Detroit News

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Cash for Clunkers: Real Stimulus or Political Boondoggle?

Those gas-guzzling, rusted jalopies that Americans ditched for new rides under the cash for clunkers program this summer were supposed to find a quiet resting place in junkyards across the country as the US economy accelerated forward into recovery. Instead, they have become the subject of increasingly heated debate over how much the cash for clunkers program cost the US taxpayer. On Tuesday, the National Automobile Dealers Association (NADA) fired the latest salvo, issuing its estimate of $4,587 per new car traded in for clunker. That’s less than a quarter of the $24,000 per new car that automotive website Edmunds.com estimated last week.
Source: The Christian Science Monitor

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Red Flags Rule Delayed for 4th Time

WASHINGTON -- The Federal Trade Commission has again postponed enforcement of the Red Flags Rule -- a regulation designed to protect consumers from identity theft. Enforcement has been delayed a fourth time -- until June 1, 2010. Paul Metrey, the National Automobile Dealers Association’s director of regulatory affairs, said the rule is written so broadly that some business owners still don’t know they have to comply with it. Auto dealers aren’t the reason for the holdup, Metrey said. “We believe a very large number of dealers have developed and implemented identity-theft protection programs required by the FTC Red Flags Rule,” he said.
Source: Automotive News

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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
 
"Clearly we're seeing improvement in the economy and in the industry. It isn't huge, but it's a good sign given that Cash for Clunkers is over."

    -- Mike DiGiovanni, General Motors Co.'s executive director of global market and industry analysis, The Associated Press, Nov. 4

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.