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Top Stories
Lawmaker Asks GMAC to Extend Chrysler Dealer Floorplans
Chrysler's Chief Says Recovery Under Way
All Dealerships Will Have 3 Brands by 2011, Chrysler VP Says
GMAC Financial Services 3Q Loss Narrows
Toyota Posts Profit, Raises Outlook
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
Lawmaker Asks GMAC to Extend Chrysler Dealer Floorplans

WASHINGTON -- Rep. Candice Miller, R-Mich., is circulating a letter among lawmakers that says GMAC agreed to provide interim floorplan financing to Chrysler dealers for six months as part of a May pact with Chrysler Financial and the U.S. Treasury Department. Miller's letter, to be sent to GMAC and Chrysler Financial as early as today, says GMAC should extend the interim period for dealers who have not yet been approved for floorplan financing for an additional six to 12 months. "With additional time, credit markets will likely improve, and other issues like the recent changes to the Small Business Administration loan guarantee program can help many of these dealers,” Miller's letter says.
Source: Automotive News

Editor's Note: 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. For additional information, contact NADA Legislative Affairs at legislative@nada.org.

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Chrysler's Chief Says Recovery Under Way

Chrysler Group LLC vowed to return to profitability by 2011 and pay back billions of dollars in U.S. bailout loans by 2014, an ambitious set of targets for a company that exited bankruptcy protection just months ago. At the end of a day-long presentation of its long-awaited turnaround plan Wednesday, the company said it is counting on a slew of new models to spark a surge in sales over the next five years and drive its revival. "Today is the first day of a new Chrysler. We have laid out our plans and we have become publicly accountable for the delivery," Chief Executive Sergio Marchionne said at corporate headquarters in Auburn Hills, Mich.
Source: The Wall Street Journal

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All Dealerships Will Have 3 Brands by 2011, Chrysler VP Says

DETROIT -- As it consolidates its network under Project Genesis -- a process accelerated in bankruptcy this summer by the rejection of 789 dealer franchises -- Chrysler wants to dramatically increase the number of vehicles each store sells so dealers can be more profitable and financially healthy. Grady said the average Chrysler dealership is on pace to sell 342 vehicles in 2009. The company wants to increase that to about 785 per year by 2014, he said.
Source: Automotive News

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GMAC Financial Services 3Q Loss Narrows

NEW YORK -- GMAC, the main lender for GM and Chrysler customers and dealers, reported another quarterly loss Wednesday as bad loans continued to haunt its mortgage lending unit. Although its third-quarter loss narrowed from a year ago and its auto lending division made money, the results indicate the GMAC still has work to do at its mortgage unit. A bright spot in the latest report was the company's auto-financing unit, which earned $395 million compared with a year-ago loss of $379 million.
Source: The Associated Press

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Toyota Posts Profit, Raises Outlook

TOKYO — The maker of the Corolla, the Prius hybrid and the upscale Lexus brand reported a net profit of 21.84 billion yen ($241.1 million) in the fiscal second quarter ended Sept. 30, down 84% from 139.81 billion yen a year earlier, as the yen's strength and slack sales in most major markets dented its bottom line. Still, Toyota managed to finish the quarter in the black despite market expectations of a quarterly loss. The company attributed the profit to reduced provisions for its car leasing business.
Source: The Wall Street Journal

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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
 
"With additional time, credit markets will likely improve, and other issues like the recent changes to the Small Business Administration loan guarantee program can help many of these dealers.”

    -- Rep. Candice Miller, R-Mich., in a letter to GMAC and Chrysler Financial, which says GMAC should extend the interim period for dealers who have not yet been approved for floorplan financing for an additional six to 12 months, Automotive News, 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.