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Wednesday, Nov. 18, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
GM Rebound Pivots on Sales After Henderson Cuts Costs
Auto Business Remains GMAC's Top Priority, New Chief Says
Ford Among Safety Leaders
Correcting the Chatter: For Consumers, No Federal Tax Due on Clunkers Rebate
EPA Reconfirms SPCC Qualified Facility Rule; Compliance Date Remains Nov. 10, 2010
NADA Marketplace
Today's Webinar to Address New IRS Field Directive on UNICAP and What It Means for You!
NADAPerks: Webinar Tomorrow on 'Detecting and Preventing Fraud in Dealerships'
Experient Inc. is NADA's Official Housing Bureau for the NADA Convention
Top Stories
GM Rebound Pivots on Sales After Henderson Cuts Costs

General Motors Co. Chief Executive Officer Fritz Henderson, buoyed by $50 billion in U.S. bankruptcy aid, slashed debt and operating costs without returning to profit. His challenge now is to sell more cars. “They still have to bring people into the showrooms,” said Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management in Grand Rapids, Michigan. “The loss of market share still hasn’t stopped. They haven’t really made a U-turn yet.”
Source: Bloomberg

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Auto Business Remains GMAC's Top Priority, New Chief Says

Although GMAC's board ousted Alvaro de Molina as CEO (on Monday), de Molina's vision for the auto business remains intact, successor Michael Carpenter told Automotive News. “The first priority is to support the auto industry within the bounds of reasonable credit decisions,” said Carpenter, who also is a GMAC board member. He said he is flying to Detroit immediately to solicit feedback from executives at General Motors Co. and Chrysler Group. Carpenter then intends to arrange meetings with car dealers and said he is considering attending the National Automobile Dealers Association convention in Orlando, Fla., in February.
Source: Automotive News

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Ford Among Safety Leaders

WASHINGTON -- The Virginia-based Insurance Institute for Highway Safety awarded its "top safety pick" on Wednesday to 19 passenger cars and eight sport utility vehicles for the 2010 model year. Ford Motor Co. and its Volvo unit received the most awards with six, followed by five awards apiece for Japanese automaker Subaru and German automaker Volkswagen AG and its Audi unit. Ford's recipients include the Ford Taurus and Lincoln MKS passenger cars and the Volvo S80 and C30 passenger cars and the XC60 and XC90 SUVs.
Source: The Detroit News

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Correcting the Chatter: For Consumers, No Federal Tax Due on Clunkers Rebate

As we draw closer to the end of the year, there’s a bit of chatter on the Internet about whether the “cash for clunkers” rebates are taxable income. Some Web sites say you do indeed have to pay federal taxes on the rebates, but that’s not true. You do not. But things are not so clear when it comes to state taxes. The program’s rules say “the credit is not income for the consumer." That means no federal income tax, Peggy Riley, a spokeswoman for the Internal Revenue Service, said. As for the dealers, they pay taxes on their income and that would include money from the program, Bailey Wood, a spokesman for the National Automobile Dealers Association, said.
Source: The New York Times

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EPA Reconfirms SPCC Qualified Facility Rule; Compliance Date Remains Nov. 10, 2010

The U.S. Environmental Protection Agency (EPA) issued a final Spill Prevention, Control and Countermeasure (SPCC) rule on Nov. 13, keeping intact a 2008 amendment designed to provide regulatory relief for small facilities, including dealerships. EPA has confirmed that “Tier 1” qualified facilities may use a simple, self-certified SPCC plan template in lieu of a complex written plan.

Tier 1 qualified facilities are those that:

(1)  Have 10,000 or fewer gallons in aggregate aboveground oil storage capacity and a maximum individual oil storage container capacity of 5,000 gallons, and

(2)  For the three years preceding SPCC plan certification, have no single discharge of oil to navigable waters exceeding 1,000 gallons, or two discharges of oil to navigable waters each exceeding 42 gallons within any 12-month period.

In 2006, EPA designated most facilities storing fewer than 10,000 gallons of oil and related fluids to be "qualified facilities" eligible to prepare and self-certify their own written facility SPCC plan, thereby avoiding the expense of hiring a professional engineer to do so. The new option for Tier 1 facilities is even less burdensome.

NADA Regulatory Affairs intends to publish further guidance on this issue in early 2010. Click here for a copy of the self-certification SPCC plan template.
Source: NADA Newswire

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NADA Marketplace
Today's 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 today, 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: Webinar Tomorrow on '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., tomorrow, 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
 
"We'll spend whatever it takes to get the message out, and that's a big number."

   
-- General Motors' Chairman Ed Whitacre, on the challenge of selling more cars, Bloomberg, Nov. 17
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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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.

 
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