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Top Stories
NADA Call-to-Action: Oppose Watt Amendment to Financial Reform Bill in House
Legislation Offers Arbitration to Former Auto Dealers
GMAC Could Benefit from Bailout Extension
Chevrolet, Buick to Get New Leaders
Ford Officials Ask Mich. Lawmakers for Tax Credits
NADA Marketplace
NADA Offers Dealers an Extra Incentive to Attend Upcoming Convention
Follow NADART on Twitter
Top Stories
NADA Call-to-Action: Oppose Watt Amendment to Financial Reform Bill in House

WASHINGTON -- NADA mobilized a nationwide grassroots effort today to oppose an amendment, offered by Rep. Mel Watt, D-N.C., which would eliminate an exemption for auto dealers from the soon-to-be created Consumer Financial Protection Agency (CFPA). CFPA is currently part of financial reform legislation moving quickly through the U.S. House of Representatives.

The Watt amendment would "nullify" the auto dealer exclusion language, not just "revise" it. Every auto dealer would be subject to CFPA regulation under the Watt amendment. The auto dealer exclusion language was carefully considered by members of the House Financial Services Committee and was approved by a strong vote of 47-21. Under the committee-passed bill, banks and finance companies that fund and service auto loans arranged by dealers for their customers would be regulated by CFPA. 
 
A vote could occur as early as today. NADA’s legislative office is strongly urging dealers to contact their House members as soon as possible and ask them to oppose the Watt amendment. (Click here for NADA's letter to House members.) Representatives can be reached through the Capitol switchboard at (202) 225-3121.
Source: NADA Newswire

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Legislation Offers Arbitration to Former Auto Dealers

Auto dealers shed during the bankruptcies of General Motors Co. and Chrysler Group LLC would have the chance to appeal their terminations under a ... plan set for a vote (today). Negotiators from the House and Senate agreed (Tuesday) night to a bill funding the government through Sept. 30, 2010, that includes provisions establishing a binding arbitration process to determine whether dealerships ought to be reinstated. Dealers who sold discontinued brands wouldn’t be eligible. The plan replaces a proposal approved earlier this year by the House that sought to force the companies to reinstate dealers as a condition of receiving federal aid. Lawmakers had complained the automakers had ended dealer agreements with little notice or explanation.

Sen. Dick Durbin of Illinois, the Senate’s No. 2 Democrat, called the arbitration proposal a “balanced and responsible” compromise. “Closed dealerships across the country deserve a transparent review of their termination and the right to get back in business if they were terminated on faulty grounds,” he said. GM spokesman Greg Martin said “we will continue to work constructively with congressional members and dealers on a resolution that balances the interest of GM and its dealers.” Chrysler Group, in a statement, said “we agree with Congress that arbitration is the best way to resolve the issues involving discontinued dealers.” The House is slated to vote on the funding bill (today).
Source: Bloomberg

Editor's note: Congress released the text of the final conference report of H.R. 3288, "The Consolidated Appropriations Act of 2010." Included is a revised version of Rep. Steve LaTourette's, R-Ohio, amendment to the Financial Services Appropriations Bill on dealer rights. This development makes it very likely that the revised language will pass Congress and be signed into law. See the documents below:

1) The current Status and Summary of the revised LaTourette amendment/appropriations bill and its provisions.
2) The Legislative Text of the revised LaTourette amendment (Sec. 747 of H.R. 3288)
3) The Conference Committee's Explanatory Text of the revised LaTourette amendment.

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GMAC Could Benefit from Bailout Extension

Auto finance company can try for increased aid to make more auto loans to consumers
WASHINGTON -- The Obama administration's decision to extend the life of the $700 billion Wall Street and auto bailout fund until October means auto finance company GMAC has more time to negotiate for additional aid. Detroit-based GMAC Inc. has received $13.5 billion in government support and has been in talks with the White House about an additional infusion of up to $5.6 billion. The money would be used to help make additional vehicle loans, which General Motors Co. and Chrysler Group LLC say is crucial in their comeback effort.
Source: The Detroit News

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Chevrolet, Buick to Get New Leaders

Campbell replacing Dewar; Richards leaves
GM said in a statement that Brent Dewar, who had served as vice president of the global Chevrolet brand since July and has been with GM for 31 years, has "elected to retire effective April 1, 2010, to dedicate more time to his family and to pursue personal interests." Dewar is to be replaced by Jim Campbell, who will take the title of Chevrolet brand manager. Additionally, Michael D. Richards is leaving GM after joining the automaker Dec. 1 as the head of the Buick and GMC brands, two people familiar with the matter told Bloomberg News.
Source: Detroit Free Press

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Ford Officials Ask Mich. Lawmakers for Tax Credits

LANSING, Mich. -- Ford Motor Co. officials are asking Michigan legislators to give the automaker around $120 million in tax credits earmarked for companies that develop batteries for hybrid and electric vehicles. Ford has been assembling batteries from auto supplier Delphi Corp. in Mexico. It plans to start producing its own battery systems beginning next year.
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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Follow NADART on Twitter

Did you know that NADA Retirement Administrators, Inc. (NADART) is on Twitter? NADART provides its followers with the latest information that will benefit the administration of any type of retirement plan, as well as assist plan participants as they save for their future. Join in on the latest discussions concerning 401(k) and retirement savings plans and follow recent updates involving DOL and IRS regulations, new government initiatives, savings tips, available plan features and industry news by visiting www.Twitter.com/NADART.

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Quotable
 
"We will continue to work constructively with congressional members and dealers on a resolution that balances the interest of GM and its dealers."

   
-- GM spokesman Greg Martin, on a House proposal establishing a binding arbitration process to determine whether dealerships shed during the bankruptcies of GM and Chrysler ought to be reinstated, Bloomberg, Dec. 9


"We agree with Congress that arbitration is the best way to resolve the issues involving discontinued dealers." 

   
-- Chrysler Group, in a statement on the dealer rights legislation, Bloomberg, Dec. 9

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.


Holiday Savings From Lenovo


Lenovo continues to provide NADA members and their employees with exceptional pricing during the holiday season. 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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