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Wednesday, Dec. 2, 2009 RSSSEND TO A FRIENDPRINT
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Top Stories
GM's Chairman Seizes the Wheel
GM's CEO Search to Focus on Outsiders
Auto-Sales Rate Climbs as GM, Toyota Beat Estimates
GM to Phase Out Saab Without Deal by Year End; Potential Buyers Arise
NADA Marketplace
NADA Offers Dealers an Extra Incentive to Attend Upcoming Convention
Virtual Seminar Thursday on the 'New Reality of Financing Your Dealership'
Top Stories
GM's Chairman Seizes the Wheel

Facing increasing pressure from his board of directors, General Motors Co. Chief Executive Frederick "Fritz" Henderson resigned Tuesday, leaving the company in the hands of its chairman, Edward E. Whitacre Jr. On Tuesday, Mr. Henderson and the board agreed a change in leadership was needed, said GM spokesman J. Christopher Preuss. "There was no direction or input from the government," he said. "It was completely by the board and of the board."
Source: The Wall Street Journal

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GM's CEO Search to Focus on Outsiders

Finance chief also sought as company aims for 2010 IPO
WASHINGTON -- Now what? Or more appropriately, who? That's the question people are asking as General Motors Co. -- already searching for a new chief financial officer -- focuses on another, more important search: chief executive officer. That future is being driven by a board composed of savvy financial veterans, who are taking the Obama administration's mandate for change to heart.
Source: The Detroit News

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Auto-Sales Rate Climbs as GM, Toyota Beat Estimates

U.S. auto sales ran at a faster pace in November for the first month this year without government stimulus, signaling that buyers are returning to showrooms as the economy stabilizes. General Motors Co., Toyota Motor Corp., Ford Motor Co. and Chrysler Group LLC all posted results that beat analysts’ estimates. The seasonally adjusted sales rate was 10.93 million vehicles, up from 10.41 million a year earlier, industry researcher Autodata Corp. said. “The industry is starting to make some strides,” said Michael Robinet, analyst with CSM Worldwide Inc. in Northville, Michigan. Automakers are at a “turning point” as they focus on ensuring profitable sales, not just higher volumes, he said.
Source: Bloomberg

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GM to Phase Out Saab Without Deal by Year End; Potential Buyers Arise

DETROIT — General Motors said it will phase out its storied Swedish Saab brand if no deal is reached by the end of this month. New potential buyers have emerged, GM said, so the board put off a final decision until the end of December. GM would not identify the potential bidders.
Source: The Associated Press

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NADA Marketplace
NADA Offers Dealers an Extra Incentive to Attend Upcoming Convention

McLEAN, Va. -- As an added incentive to attend NADA's upcoming Convention & Expo, all dealers and their managers will receive a $200 voucher when they check in at the convention in Orlando. The $200 voucher can be used to purchase any product or service from any exhibitor on the expo floor during the three-day convention, February 13-15, 2010. "During these challenging times, this is our way of showing our support for dealers around the country and the future of their businesses," says Steve Pitt, NADA vice president of conventions and expositions.
Source: NADA Newswire

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Virtual Seminar Thursday on the 'New Reality of Financing Your Dealership'

The recession has changed the relationship between dealers and floorplan lenders. To develop relationships with lenders, dealers need to know what they’re looking for today. Join NADA and CPA's Jodi Kippe and David Jarrett of Crowe Horwath LLP for a Webinar addressing the subject on Thursday, Dec. 3, from 1-3 p.m. (ET). The Webinar will cover the key risk elements and ratios that floorplan lenders examine when evaluating dealership performance—and learn how to incorporate these factors into your own performance monitoring and maintenance. The Webinar will give dealerships the tools needed to monitor performance, create transparency in lender relationships, encourage feedback from lenders, and prepare a business plan for new lenders. The Webinar is offered at $199 per computer connection, with access to the archive up to six months. Q&A with the CPAs will be held after the presentation. Register online or call (800) 252-6232, ext. 2.
Source: NADA Newswire

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Quotable
 
"While momentum has been building over the past several months, all involved agree that changes need to be made."

   
-- GM Chairman Edward E. Whitacre Jr., on the resignation of GM CEO Fritz Henderson on Tuesday, adding that the company was "on the right path," but needed to move quickly under new leadership, The New York Times, Dec. 1
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?

All dealers and their managers who attend the NADA convention in Orlando, Feb. 13-15, will receive a $200 voucher at registration for the purchase of any product or service from any exhibitor on the expo floor. During these challenging times, this is NADA's way of demonstrating support for your business future. Register today! For more information or questions, contact expo@nada.org.

Be in the know
at the NADA convention Feb. 13-15.


'Black Friday' Specials from HP

The HP Compaq dx7500 Business Desktop is just $449 and the HP StorageWorks RDX320 Removable Disk Backup System is now just $319 (a savings of $110). NADA members and dealership staff can take advantage of these offers Nov. 24-Dec. 8 by visiting NADA's PC Purchase Program site (member login required).

 
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