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Thursday, Nov. 19, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
Chrysler May Drop 145 Dealers on Lack of Inventory Financing
Congress Has Little Time to Get Resolution Done for Auto Dealerships
Obama Says Government Won't Try to Help Run GM, Chrysler
U.S. Wants to Fast-Track GM IPO
Economy 101: The Post-Clunker Rise in Car Prices
NADA Marketplace
NADAPerks: Webinar Today on 'Detecting and Preventing Fraud in Dealerships'
NADA Convention: Experient Inc. Is the Official Housing Bureau
Top Stories
Chrysler May Drop 145 Dealers on Lack of Inventory Financing

Chrysler Group LLC may have to terminate as many as 145 more U.S. dealers unless the retailers can find lenders to finance their new-vehicle inventory. If dealers can’t get the financing from GMAC, they may lose their franchise agreement unless they can find another lender, said Kathy Graham, a Chrysler spokeswoman. GMAC said it has asked some dealers for more collateral as a condition for financing.
Source: Bloomberg

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Congress Has Little Time to Get Resolution Done for Auto Dealerships

WASHINGTON -- More than four months after the House voted to reverse the closing of more than 2,000 auto dealerships, time is running short to get a deal done this year. On Tuesday, House Majority Leader Steny Hoyer, D-Md., held an hour-long meeting with about a dozen members of Congress to update the status of talks between General Motors Co. and Chrysler Group LLC and their dealers. He held a separate meeting with dealers.
Source: The Detroit News

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Obama Says Government Won't Try to Help Run GM, Chrysler

President Obama, on his Asian trip Wednesday, told Fox News, "We have specifically said that we are not in the business of running a car company. We're not getting involved in day-to-day management." Meanwhile, Ron Bloom, head of the government auto task force, told Reuters that the administration was surprised when GM this month scrapped plans to sell Germany-based Opel but was not tempted to intervene. "We were completely surprised," Bloom said. "But the (GM) board of directors is an independent board of men and women. ... They made their own decision, and we're not going to try to get them to change it."
Source: Reuters

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U.S. Wants to Fast-Track GM IPO

WASHINGTON -- An IPO for GM could come as soon as the fourth quarter of 2010 if the automaker is meeting its recovery targets and the financial markets are receptive, Ron Bloom, the head of the U.S. government's autos task force told Reuters. He cited a forecast by Deutsche Bank analyst Rod Lache that estimated a $42 billion equity value for GM based in part on the price of GM bonds, which will be converted into stock in the new company. A GM valuation in that range would allow the Obama administration to recover potentially all of the $30 billion in bankruptcy financing it extended to the automaker.
Source: Reuters

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Economy 101: The Post-Clunker Rise in Car Prices

The government's Cash for Clunkers program offered a lot of Americans great deals on new cars. Now, those falling prices have shifted into reverse. The Labor Department reported Wednesday that consumer prices for new cars rose 1.6 percent, the largest monthly increase since May 1981. Used cars also saw a price hike of 3.4 percent in October -- their largest increase since September 1980. Economists and analysts said the steeper prices reflected a combination of factors in the new and used car market.
Source: The Associated Press

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NADA Marketplace
NADAPerks: Webinar Today 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., today, 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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NADA Convention: Experient Inc. Is the Official Housing Bureau

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
 
Chrysler Financial "is playing chicken to force us to find other mortgages so they can cash out."

   
-- Mike Wolcott, owner of two Chrysler-Dodge-Jeep dealerships in Pittsburgh, who has been unable to convert interim vehicle financing with GMAC into permanent funding, Bloomberg, Nov. 19
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.


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.

 
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