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Top Stories
Whitacre Pushes GM to Accelerate Turnaround
Financial Regulatory Package Heads to House
U.S. Auto Sales Edge Up, Led by Hyundai Boom
Former Ford Executives Revise Volvo Bid
Ford Wants Dealers to Join 'Fiesta Movement'
Committed to Community: Holman Automotive Group Spearheads Effort to Inspire New Jersey Youth
NADA Marketplace
NADA Offers Dealers an Extra Incentive to Attend Upcoming Convention
Virtual Seminar Today on the 'New Reality of Financing Your Dealership'
Top Stories
Whitacre Pushes GM to Accelerate Turnaround

The newly installed chief executive of General Motors Co., Chairman Edward E. Whitacre Jr., plans to push the car maker to boost market share and profit despite the sour economy ... Over the past months, Mr. Whitacre made no secret that he was eager to see GM revenue and market share on the rise. People familiar with the discussions between the board and Mr. Henderson said they differed on the company's ability to move faster and increase sales and margins in a downbeat U.S. market. Mr. Henderson and other top executives have hesitated to set more aggressive revenue and market-share targets in part because GM is eliminating four of its eight automotive brands and shedding about 2,000 dealers from its retail network, these people said. "When you take brands out and cut dealers you really compromise your ability to maintain market share," said David Cole, chairman of the Center for Automotive Research.
Source: The Wall Street Journal

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Financial Regulatory Package Heads to House

Frank gets measures through committee despite boycott of vote
A key congressional committee approved the final pieces of sweeping legislation Wednesday to overhaul the nation's financial regulatory system, setting the stage for a vote in the House of Representatives next week on one of President Obama's top priorities. The committee previously approved a series of measures dealing with financial regulation, including bills to establish oversight of the vast derivatives market, enhance investor protections, and create an agency to regulate credit cards, mortgages and other forms of loans to consumers. Frank faced stiff opposition from Republicans, conflicting pressures from industry lobbyists and consumer advocates, and occasional conflicts among members of his own party. He succeeded in part by making concessions. On the new consumer agency, for example, Frank secured a majority by allowing partial exemptions for community banks, auto dealers and various non-financial businesses. On the systemic risk bill, he agreed to support a proposal that financial companies pay into a fund that would be tapped in the event of a major failure.
Source: The Washington Post

Editor’s note: Changes to the CFPA legislation are expected to be made prior to the bill coming to the House floor next week. NADA has been aggressively opposing efforts by consumer advocacy groups to nullify the Campbell amendment. This amendment, which would not subject auto dealers to CFPA regulation, passed the House Financial Services Committee on Oct. 22 by an overwhelming bipartisan vote of 47-21. NADA's legislative office says dealers should stand ready for grassroots mobilization with their Representatives next week on the Campbell amendment and other aspects of the CFPA bill.

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U.S. Auto Sales Edge Up, Led by Hyundai Boom

DETROIT -- U.S. auto sales edged higher in November, led by an outsized gain for Hyundai Motor Co and mixed results for rivals in a trend automakers said pointed to a grudging recovery in the U.S. economy. Hyundai posted a 46 percent gain in sales for November and said it was on track to take a 4 percent share of the U.S. auto market this year, up by a third at a time when the rest of the industry has been reeling. The Korean carmaker benefited from a recent marketing push and lineup of fuel-efficient cars. Toyota Motor Corp, the world's largest automaker and the best-selling brand in the U.S. market, saw a rise of nearly 3 percent in November sales. Nissan Motor Co Ltd, the No. 6 automaker in the United States, reported a nearly 21 percent increase in sales. Honda Motor Co Ltd sales were off nearly 3 percent. "It appears that the economy and the auto sales have stabilized and that the worst is behind us," Ford U.S. sales chief Ken Czubay told a conference call.
Source: Reuters

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Former Ford Executives Revise Volvo Bid

A consortium led by two former Ford Motor Co. executives submitted a revised bid this week for Ford's Volvo unit in hopes of beating out a rival offer by China's Zhejiang Geely Holding Group Co., people familiar with the situation said. "The door isn't closed, but we're in fairly advanced talks with Geely," one of the people said. Ford picked Geely in October as its preferred bidder for Volvo, and the two sides have been working on detailed elements of an agreement, particularly over the rights to Volvo technology.
Source: The Wall Street Journal

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Ford Wants Dealers to Join 'Fiesta Movement'

DETROIT -- Ford Motor Co. is asking Ford-brand dealers to tune up their showrooms and sales staffs for the sales launch of the 2011 Fiesta next summer. Ford calls the initiative the Retail Movement, following the nomenclature of its Fiesta Movement social media marketing campaign earlier this year. The point is: Educate dealership employees on what small-car buyers want and how best to communicate with them. And then create an experience for those buyers that will have them buzzing about their Fiesta purchase among their friends.
Source: Automotive News

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Committed to Community: Holman Automotive Group Spearheads Effort to Inspire New Jersey Youth

The "Make A Promise. Keep A Promise" campaign launched (in November) aims to raise $2 million in corporate sponsorship over the next three years and encourage suburban employees to volunteer in mentoring programs. Frank Beideman, vice president of resource development for the Pennsauken, N.J.-based Holman Automotive Group, is spearheading the initiative. Beideman said he was eager to support the initiative by the nonprofit group known as UrbanPromise, which opened a small summer camp in Camden more than 22 years ago. Beideman says he's seen firsthand how it helps Camden children succeed. His family began mentoring high school students five years ago. "All the revenue that is generated really goes to the kids of Camden," Beideman said. "We really think that's a great cause." UrbanPromise has grown to include private K-12 schools, job training, outdoor clubs and a host of other recreational and educational programs -- all free or heavily subsidized for Camden youth. Now, the organization is hoping to expand even more by soliciting help from South Jersey businesses.
Source: Courier-Post (Cherry Hill, N.J.)/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
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 Today 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 today, 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
 
"When you take brands out and cut dealers you really compromise your ability to maintain market share."

    -- David Cole, chairman of the Center for Automotive Research, on GM Chairman Ed Whitacre's vision to quickly increase sales and boost market share, which differs from the view of ousted CEO Fritz Henderson and other top executives who hesitated to set aggressive targets in part because they eliminated four brands and cut about 2,000 dealers, The Wall Street Journal, Dec. 3

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).


Holiday Savings From Lenovo

Lenovo continues to provide NADA members and their employees with exceptional pricing during the holiday season. They can now save up to 42 percent on select PC products. Lenovo's systems are designed for the way you work. To take advantage of this offer, visit NADA's PC Purchase Program site (member login required.) This offer expires Dec. 17.

 
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