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Tuesday, Nov. 17, 2009 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
De Molina Resigns as GMAC Chief, is Replaced by Carpenter
Saab Dealers Running Out of Cars as Plant Cuts Output
Opinion: Time to Lobby...Again
Credit Unions, Car Dealers Team Up to Boost Sales
Committed to Community: Auto Dealers United for Kids
NADA Marketplace
Webinar Tomorrow to Address New IRS Field Directive on UNICAP and What It Means for You!
NADAPerks: Nov. 19 Webinar 'Detecting and Preventing Fraud in Dealerships'
Experient Inc. is NADA's Official Housing Bureau for the NADA Convention
Top Stories
De Molina Resigns as GMAC Chief, is Replaced by Carpenter

Alvaro de Molina resigned (Monday) as CEO of GMAC Financial Services after less than two years on the job, as the GMAC board asked the U.S. Treasury Department to delay a third round of financial assistance for the lender. GMAC directors replaced de Molina, 52, with Michael Carpenter, a board member with an extensive background as a finance executive.
Source: Automotive News

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Saab Dealers Running Out of Cars as Plant Cuts Output

Saab Automobile AB dealers in the U.S. are running out of new cars after the Swedish carmaker cut production to conserve cash and prepare for its first new model in seven years. Saab, which General Motors Co. is selling to an investor group led by Swedish sports-car maker Koenigsegg Automotive AB, has slowed assembly to retool its Swedish factory to build the new 9-5 sedan starting next year, spokesman Eric Geers said. The company said last week it will eliminate more than a third of its U.S. dealers.
Source: Bloomberg

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Opinion: Time to Lobby...Again
By Cliff Banks

Once again, car dealers are under attack. The threat, this time, comes in the form of the Consumer Financial Protection Agency (CFPA) being proposed by the U.S. Treasury Department. If the agency – as currently proposed – becomes reality, critics say fewer people will have access to less credit. And the credit they do have access to will cost more. That means some bureaucrat in Washington who knows nothing about the auto industry is going to determine which products – and what you can charge for those products – your finance and insurance department can offer. There will be less competition because it’s likely fewer banks will offer automotive financing -- because we all know increased oversight from Big Brother in Washington means more arcane and inane rules to follow, adding to the cost of servicing the customer.

The bill is well-intentioned. Who doesn’t want to protect the consumer? But the problems it is attempting to correct resulted from abuses in the subprime mortgage industry, not in automotive financing. We can argue strongly that automotive financing is the most efficient marketplace out there. It’s a commodity product because of the increased competition. Thousands of credit unions, local banks and large financial institutions have made credit relatively easy and cheap. Led by ... AWARE (Americans Well-informed on Automobile Retailing Economics), the industry has gone above and beyond making readily available to consumers information that helps them not get taken advantage of.
Source: Dealer Communications

Editor's Note: Cliff Banks is the vice president and editorial director of Dealer Communications, Inc.

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Credit Unions, Car Dealers Team Up to Boost Sales

What (is) better than a coordinated sales event to get things back on track? "We can both use the business," said Steve Renock, head of the county's largest financial institution, Kern Schools Federal Credit Union. Cooperation has long been key to the sales, which typically take place twice a year and involve several Kern credit unions and new car dealers. For a period of usually about two weeks, credit unions lower their interest rates on new vehicle loans, and in exchange, dealers pay for advertising. In some cases, dealers also offer special discounts to credit union members. Renock ... met (last week) with members of the Bakersfield New Car Dealers Association to work out a cooperative agreement. For its part, Kern Schools intends to offer rates as low as 4.25 percent, Renock said, adding that the credit union would list the names of association dealers in its newsletter to members. Association President John Pitre, general manager of Motor City Auto Center, said individual dealers likely will offer discounts to the credit union's members. "It's a win-win for them and for us," he said.
Source: The Bakersfield Californian (Bakersfield, Calif.)

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Committed to Community: Auto Dealers United for Kids

TOLEDO, Ohio – Seven years ago, the Toledo Automobile Dealers Association created the "Auto Dealers United for Kids" and annual auto show fund-raiser, "The Cars are the Stars." Over the years, the event has grown to become one of Toledo's largest benefits raising money for local children’s charities. The beneficiaries this year are the University of Toledo Medical Center’s Pediatric Obesity Program, Make-A-Wish Foundation and the "Auto Dealers United for Kids" Scholarship Program for future automotive technicians.
Source: NADA Newswire

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

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NADA Marketplace
Webinar Tomorrow 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 tomorrow, 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 IRS Harris. The program will be moderated by Paul Metrey, director of NADA's Regulatory Affairs. About 30 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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NADAPerks: Nov. 19 Webinar 'Detecting and Preventing Fraud in Dealerships'

The complimentary NADAPerk for November is the mini-Webinar, "Detecting and Preventing Fraud in Dealerships," at 1 p.m., Thursday, Nov. 19. Dan Cheyney and Nancy Young of Moss Adams, LLP will discuss common examples of fraud, the fraudster employee and the internal control system—and they will provide practical advice for dealing with fraud. Complimentary monthly NADAPerks are a members-only benefit. Membership has its advantages. Click here to register.
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
 
"I came to GMAC thinking that it was a short-term assignment working through a liquidity crisis. That crisis lasted two years. With the help of government support and the incredible efforts of our team, we are now on stable footing, positioned for profitability in 2010 and beyond."

   
-- Alvaro de Molina, former CEO of GMAC Financial Services, who resigned Monday, Automotive News, Nov. 16
Video Highlights
 

Crisis Timeline: NADA in High Gear (NADA-TV)


Media Coverage: The Tragedy of Dealer Closings (NADA-TV)



NADA's 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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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.

 
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