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nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
Chrysler Touts Profitability, Plans to Pump Life into Lineup
37 Congress Members Urge GMAC-Chrysler Financing Fix
Unemployment Bill, With Extras, Passes Senate
NADA Opposes House Health Care Bill
GM Likely to Outperform Viability Plan Estimates, Henderson Says
Kia Motors Aims for 17% U.S. Sales Growth in 2010
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
Chrysler Touts Profitability, Plans to Pump Life into Lineup

Chrysler Group talked about some jazzy vehicles in the long-winded rollout of its five-year plan Wednesday, but the biggest shock came not from styling and interiors, but from dollar signs: The company said it is solvent and profitable. The automaker gave assurances that it will post ongoing profits by 2011. And in a radical departure from the industry's usual secrecy, laid out its product intentions through 2014. The moves were meant to keep Chrysler out of the obituary columns until it can boost sales and earnings and regain momentum.
Source: USA TODAY

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37 Congress Members Urge GMAC-Chrysler Financing Fix

A bipartisan group of 37 members of Congress have sent a letter to GMAC and Chrysler Financial urging them to work to settle "an impasse in financing terms" that has some Chrysler Group LLC dealers concerned they will have to close because they cannot secure the financing they need to operate. The letter signed by U.S. Rep. Candice Miller, (R-Mich.), and 36 other members of Congress, expresses concern that thousands of jobs are at stake. "We have heard that at least 100 dealers have yet to be approved for floor plan financing by GMAC and that as many as 300 could be affected," she said in a release. "It is time for common sense to prevail and for these two companies to get together to find a solution. The members who signed this letter share my concern and will be vigilant to make certain a solution is found," Miller said.
Source: The Detroit News

Editor's Note: The following House Members signed the Miller Floorplan Letter: Rep. Candice Miller, R-Mich.; Rep Tim Murphy, R-Pa.; Rep. Robert Brady, R-Pa.; Christopher Lee, R-N.Y.; Joe Sestak, D-Pa.; Steve Cohen, D-Tenn.; Roscoe Bartlett, D-Md.; Solomon Ortiz, D-Texas; Ted Poe, R-Texas; Don Young; R-Alaska; David Scott, D-Ga.; Michael McCaul, R-Texas; Jack Kingston, R-Ga.; Mike Rogers, R-Mich.; Bobby Bright, D-Ala.; Tom Latham, R-Iowa; Eric Massa, D-N.Y.; Paul Broun, R-Ga.; G.K. Butterfield, D-N.C.; Eric Paulsen, R-Minn.; John Barrow, D-Ga.; Susan Davis, D-Calif.; Betty Sutton, D-Ohio; Sheila Jackson-Lee, D-Texas, Don Manzullo, R-Ill.; Jerry Moran, R-Kan.; Steve LaTourette, R-Ohio, Bill Pascrell, D-N.J.; Tim Holden, D-Pa.; Thaddeus McCotter, R-Mich.; Mike Doyle, D-Pa.; Ralph Hall, R-Texas; Corrine Brown, D-Fla.; Joe Baca, D-Calif.; Bob Latta, R-Ohio; Fred Upton, R-Mich.

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Unemployment Bill, With Extras, Passes Senate

Bill to extend jobless benefits also includes a homebuyers' tax-credit expansion and loss-carryback provisions for businesses
After weeks of political wrangling, the Senate finally put the Unemployment Compensation Act of 2009 to bed. The bill now goes to President Obama, where he is expected to sign it into law (Saturday). While the bill has two consumer-friendly provisions ... it also caters to U.S. businesses that have been scarred by the recession. A provision to extend net-operating-loss carrybacks from two years to five for businesses of all sizes ... will allow companies, namely homebuilders, to offset the past two years' losses and refrain from cutting tens of thousands of jobs.
Source: BusinessWeek

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NADA Opposes House Health Care Bill

NADA is extremely concerned that the health care bill currently before the U.S. House (H.R 3962) fails to address the most important problem for small business owners and their employees: the exploding cost of health care. NADA opposes an employer mandate to offer and pay for health care coverage (known as “pay or play”), which would strap small businesses with penalties of as much as 8 percent of payroll if their health plan does not meet the coverage requirements of a government-appointed board or their employees opt for a public option.

The House is expected to vote on H.R. 3962 tomorrow evening. NADA has joined with the Small Business Coalition for Affordable Healthcare in sending a letter to the House of Representatives, which strongly encourages Members of Congress to oppose H.R. 3962 and support solutions that will reduce costs for small businesses. Dealers should contact their Member of Congress and urge them to vote against H.R. 3962 (Click here for arguments against the bill). To find the contact information for your Representative, enter your ZIP code at www.house.gov. For any further questions, contact NADA's legislative office at 202-547-5500 or legislative@nada.org.
Source: NADA Newswire

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GM Likely to Outperform Viability Plan Estimates, Henderson Says

DETROIT -- General Motors Co. is outperforming the targets set in its earnings viability plan outlined in April, CEO Fritz Henderson said (Thursday). The plan assumed GM would have a 19.5 percent share in 2009, with that share stabilizing in the 18.4 to 18.9 percent range in subsequent years. The viability plan also assumed that due to cost cuts, GM's North American structural costs would decline 25 percent from $30.8 billion in 2008 to $23.2 billion in 2010. “We didn't know what was going to happen when we went into bankruptcy,” Henderson said. “Some might argue that we set the bar exceptionally low.”
Source: Automotive News

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Kia Motors Aims for 17% U.S. Sales Growth in 2010

Kia Motors Corp., South Korea’s second-biggest carmaker, aims to increase U.S. sales as much as 17 percent next year as it rolls out new models and predicts a recovery in industrywide demand. The automaker is targeting 350,000 retail sales of models including the Forte and Soul small cars in the U.S. on a preliminary basis, compared with a projection of about 300,000 for 2009, said Executive Vice President Thomas Oh, who heads Kia’s business in the Americas. “Kia far outpaced the auto industry in terms of sales this year,” Oh said ... “We turned the economic recession into an opportunity to sell more cars. We’re very much prepared to grow and expand not only in the local market, but also overseas.” Kia aims to increase its U.S. dealerships 15 percent from last year to 715 in 2010...
Source: Bloomberg

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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
 
“We turned the economic recession into an opportunity to sell more cars. We’re very much prepared to grow and expand not only in the local market, but also overseas.”

    -- Kia Executive Vice President Thomas Oh, who heads the company's business in the Americas, Bloomberg, Nov. 6. Kia aims to increase its U.S. dealerships 15 percent from last year to 715 in 2010.

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.