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Wednesday, Feb. 3, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
LaHood Says Comment on Toyota Was 'Misstatement'
US Jan. Auto Sales Rise; Safety Fears Trip Toyota
Transport Sec: 'We're Not Finished With Toyota'
Lawmakers Ask Toyota to Prove Fix Solves Problem
Analyst: Recalls, Rivals Erode Prices of Used Toyotas
NADA Used Car Guide Adds Auction Values to Lineup
Forget Wind. Pickens Turns Focus to Gas.
Top Stories
LaHood Says Comment on Toyota Was 'Misstatement'

U.S. Transportation Secretary Ray LaHood said he misspoke today when he said owners of recalled Toyota Motor Corp. vehicles should stop driving them until the company fixes a defect causing sudden acceleration. LaHood sought to clarify his remarks in comments to reporters after a congressional hearing. He said that if owners are in doubt, they should take their cars to the dealership.

In earlier comments to a House Appropriations panel hearing in Washington, LaHood advised drivers to “stop driving it and take it to a Toyota dealer.”  “What I said in there was obviously a misstatement,” LaHood told reporters. “If you own one of these cars, take it to the dealer. If you are in doubt, take it to the dealer and have them fix it.”
Source: Bloomberg

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US Jan. Auto Sales Rise; Safety Fears Trip Toyota

DETROIT -- Last month, U.S. sales of cars and light trucks rose 6 percent from a year earlier, thanks to increases in fleet sales and strong demand for newly redesigned vehicles such as the Hyundai Tucson SUV and Buick LaCrosse sedan. But Toyota's sales slipped 16 percent, and they could fall further as its sales stoppage drags into February. John McEleney, who operates a Toyota dealership in Clinton, Iowa, expected January sales to be up 40 percent over last year until the automaker halted them. "It died off last week because of the stop sale," he said. "It comes at a tough time for dealers coming out of the recession."
Source: The Associated Press

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Transport Sec: 'We're Not Finished With Toyota'

A two-front U.S. government investigation of unintended acceleration in Toyota Motor Co vehicles intensified on Tuesday, despite the automaker's belief that it has solved the problem. "We're not finished with Toyota," Transportation Secretary Ray LaHood said in an e-mailed statement to Reuters ... LaHood's comments referred to renewed efforts at the National Highway Traffic Safety Administration (NHTSA) to recheck files from past investigations that found no problems with Toyota's electronic throttle control system. Such a finding could mean more serious problems for Toyota than it has experienced over the past several weeks.
Source: Reuters

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Lawmakers Ask Toyota to Prove Fix Solves Problem

In a letter to James E. Lentz III, the president of Toyota Motor Sales U.S.A., Representatives Henry A. Waxman and Bart Stupak asked the automaker to provide documents showing that the computer systems on its cars were not at fault — something Toyota has vigorously denied. But lawyers, safety advocates and consumers continue to raise questions about the cars’ electronic systems, which they say could cause a car’s throttle to stick. The Energy and Commerce Committee plans a hearing late this month to explore two recalls of Toyota vehicles related to reports of cars speeding up unexpectedly.
Source: The New York Times

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Analyst: Recalls, Rivals Erode Prices of Used Toyotas

Jonathan Banks, senior director of editorial and data services at NADA Used Car Guide, says he doesn't think the prices of used Toyota cars and trucks will suffer a free fall in the near term. But he sees a gradual price decline. "I see Toyota falling into the pack," Banks says. "I expect it to be gradual. I don't expect them to fall off a cliff because they are still Toyota, and we still expect a demand for Toyota models. "We assume they are going to fix this issue fairly quickly. But with the improvements the domestics have made in quality, I think Toyota's resale performance will fall more in line with their competitors'."
Source: Automotive News

Editor's Note: Jonathan Banks will present his insights and key data on used-vehicle pricing and market trends, as well as an outlook for the year ahead, during a news conference with NADA Chief Economist Paul Taylor at NADA's 93rd annual Convention & Exposition in Orlando on Sunday, Feb. 14, at 12 p.m. Taylor will also deliver his new-vehicle sales forecast and economic outlook for the year ahead.

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NADA Used Car Guide Adds Auction Values to Lineup

McLEAN, Va. — NADA Used Car Guide announced Tuesday that it has enhanced its electronic product line by adding auction values. Basically, these values will be updated each week so that customers have a clear picture of pricing activity for the disposal or purchase of a vehicle in the auction marketplace. "Thanks to AuctionNet, NADA's partnership with the National Auto Auction Association, our analysts are reviewing approximately 80 percent of total auction sales volume on a weekly basis to produce the new auction benchmarks," stated Mike Stanton, vice president and chief operating officer for NADA Used Car Guide.
Source: AutoRemarketing

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Forget Wind. Pickens Turns Focus to Gas.

DALLAS — (Texas oilman T. Boone Pickens) spent much of the last two years, and $62 million of his fortune, on an advertising and public relations offensive in which he tried to persuade Americans to embrace his Pickens plan. It called for a vast expansion of wind energy to displace natural gas, freeing the natural gas for use in vehicles, thus displacing foreign oil. But somehow, a mass conversion to natural gas cars failed to ensue. So now Mr. Pickens is turning up the volume, and changing his pitch with some extra alarm bells. For the new effort, he has developed three television commercials with a toughened emphasis on national security. He is preparing to tour the country again to inspire his “army” of citizens to lobby Congress for tax incentives.
Source: The New York Times

Editor's Note: T. Boone Pickens will discuss his energy plan during a speech to the general session of NADA's 93rd annual Convention & Exposition in Orlando Feb. 15. On-site registration for the convention begins Friday, Feb. 12, at 10 a.m. Click here for more information.

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Quotable
 
"What I said in there was obviously a misstatement. If you own one of these cars, take it to the dealer. If you are in doubt, take it to the dealer and have them fix it." 

   
-- U.S. Transportation Secretary Ray LaHood said he misspoke today at a House hearing when he said owners of recalled Toyota vehicles should stop driving them until the company fixes a defect causing sudden acceleration, Bloomberg, Feb. 3


"I don't expect them to fall off a cliff because they are still Toyota, and we still expect a demand for Toyota models."

    -- Jonathan Banks, senior director of editorial and data services, NADA Used Car Guide, on prices of used Toyota cars and trucks, Automotive News, Feb. 1


"Thanks to AuctionNet, NADA's partnership with the National Auto Auction Association, our analysts are reviewing approximately 80 percent of total auction sales volume on a weekly basis to produce the new auction benchmarks."

    -- Mike Stanton, vice president and chief operating officer for NADA Used Car Guide, referring to the enhancement of its electronic product line by adding auction values, AutoRemarketing, Feb. 3

Video Highlights
 

NADA Launches Trucks for Haiti Campaign
(NADA-TV)

Chairman McEleney: Dealers Prepared to Repair Toyota Accelerators (Fox Business)
2010 Convention
 


NADA Chairman: Convention is the 'Must-Attend Event'

On-Site Convention Registration Opens Feb. 12

On-site registration for the NADA convention opens at 10 a.m., Friday, Feb. 12 in the Registration Concourse of the West Building, Orange County Convention Center. Keep in mind that three hours of “bonus” workshops, beginning at 1:30 p.m. on Friday, Feb. 12, have also been added, so plan to arrive early. NADA will provide dealers and their managers with a $200 voucher at registration to spend on goods and services on the expo floor. Click here for more information.


CLICK HERE FOR MORE CONVENTION STORIES.


 

DealerTrack Ramps Up Incentive on Its Leading Inventory Management Solution at NADA Expo 

Dealers who use NADA’s $200 voucher to subscribe to DealerTrack AAX inventory management software solution and services at the NADA Convention & Expo will receive an additional $800 bonus from DealerTrack for a total savings of $1,000. DealerTrack AAX helps dealers manage their inventory while accelerating turns and increasing profits. Visit www.dealertrack.com/NADA for more information or call (888) 600-8760.


REGULATORY UPDATES


Enter to Win a New HP Laptop at NADA Convention



Register for a chance to win a new HP laptop at the NADA convention in Orlando! Just stop by the NADA Pavilion (Booth #1801) to register. While you're there take a look at the other HP products offered at a discount to NADA members. To take advantage of this discount, visit NADA's PC Purchase Program site (member log in required).

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