For optimal viewing through your web browser or PDA, click here.

SPONSORED BY
Click Here
NADA.org
Wednesday, Nov. 11, 2009 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
GMAC: More than 90% of Chrysler Dealers Who Applied Expected to Get Floor Planning Agreements
Chairman Tightens Grip as GM Rebuilds
GMAC Needs Another Cash Infusion, Fed Says
Volkswagen Targets Sales of 130,000 New U.S. Sedans
Committed to Community: Partnership to Help Children with Disabilities
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
GMAC: More than 90% of Chrysler Dealers Who Applied Expected to Get Floor Planning Agreements

DETROIT — GMAC announced Monday that it has ramped up its position as the preferred financing source for the Chrysler Group, its dealers and customers. Ultimately, more than 90 percent of Chrysler dealerships who applied for wholesaling lines are expected to be approved. Overall, the company said it received 1,474 applications for post-interim wholesale financing from the dealers who had previously been covered by Chrysler Financial. While some questions circulated about dealers who had real estate loans or capital loans with Chrysler Financial and whether they could successfully switch to GMAC, officials said most have been approved.
Source: SubPrime Auto Finance News

Editor's Note: NADA has been actively engaged for several months with GMAC, Chrysler Financial, Chrysler, Treasury and leaders on Capitol Hill in an effort to resolve the critical floorplan financing issues facing many Chrysler dealers who are moving their loans from Chrysler Financial to GMAC. After numerous conversations with NADA on the issue, GMAC issued a statement detailing the current status of these transitioning dealers. The article above reports that statement.

[back to top]

Chairman Tightens Grip as GM Rebuilds

The government-appointed chairman of General Motors Co. gave fresh signs that he is tightening his control over the auto maker, saying Tuesday the board isn't comfortable with management's forecasts for 2010 and indicating the chief executive's timetable for an initial stock offering could be too optimistic. (Chairman Edward E. Whitacre Jr.), the former AT&T Corp. chief, said instead the company aims to repay a $6.7 billion debt it owes U.S. taxpayers to prove it is making progress. "Right now we're focused on paying back the debt portion" of the bailout, he said. Mr. Whitacre said GM could start repaying the loan in 2010 "if not sooner," but the company needs to "be showing a lot of positive financial progress" to begin the process.
Source: The Wall Street Journal

[back to top]

GMAC Needs Another Cash Infusion, Fed Says

WASHINGTON -- GMAC Financial Services, which has received $12.5 billion in federal aid, is negotiating for a fresh infusion of taxpayer funds because it has not raised enough capital to survive a deepening recession, the Federal Reserve said. GMAC was ordered to raise $11.5 billion in the six months following the stress test results in early May, with a deadline of Monday. Department officials have said they knew it was likely the government would need to contribute more capital to GMAC because as a privately held firm, it had little ability to sell shares.
Source: Reuters

[back to top]

Volkswagen Targets Sales of 130,000 New U.S. Sedans

Volkswagen AG is targeting annual sales of as many as 130,000 of the new mid-sized sedan it’s developing for the U.S. beginning in 2011, when the world’s biggest auto market may rebound from recession. The car, which will be produced at VW’s new plant in Chattanooga, Tennessee, and be priced at about $20,000, may help Europe’s largest automaker become profitable again in the U.S., where it has been unprofitable since 2002, said Stefan Jacoby, chief of Volkswagen’s North America division. “Car markets will return to growth, and we’re getting ready for it,” Jacoby said by telephone from the division’s headquarters in Herndon, Virginia.
Source: Bloomberg

[back to top]

Committed to Community: Partnership to Help Children with Disabilities

The Rochester Auto Dealers Association is teaming up with the Rotary Sunshine Camp to raise money for programs for children with disabilities. The team's first major initiative is the "Sunshine Kids Gala" fundraiser in February. It will include a preview of the 2010 Rochester International Auto Show.
Source: WHEC.com (Rochester, N.Y.)

Editor's Note: If you have a story about involvement in your community, send to publicaffairs@nada.org.

[back to top]

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

[back to top]

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

[back to top]

 
Quotable
 
“We need to hurry every chance we get. This is about a turnaround, this is not business as usual. This is about a new GM, a new way of doing business.”

    --  Edward E. Whitacre Jr., the government-appointed chairman of General Motors Co. and former AT&T Corp. chief, on GM's efforts to show urgency in returning to profit and repaying federal aid, Bloomberg, Nov. 11

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.


Save Up to 40 Percent with Lenovo

Lenovo has entered into an unprecedented partnership with Microsoft that maximizes the potential of Windows® 7. Lenovo’s new PCs will boot up faster (up to 33 percent faster), have HD graphics, and will be easier to use. NADA members and their staff can save up to 40 percent on select PCs. Lenovo invites you to see how their systems are designed for the way you work. To take advantage of this offer, visit NADA's PC Purchase Program page (member login required). Offer expires Nov. 30.


Save on HP's dx9000 TouchSmart PC

HP’s dx9000 TouchSmart Business PC can transform your desktop experience with this sleek, touch-enabled PC – now only $1,287.08. To take advantage of this offer, visit NADA's PC Purchase Program site (member login required). Offer expires Nov. 30.

 
Click Here
Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
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.