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Top Stories
Toyota's President to Testify before Congress
GM Runs Ads Saying Bill to Help Terminated Dealers Would Hurt Effort to Repay Government
Car Dealers Last In, First Out of Recession
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Top Stories
Toyota's President to Testify before Congress

Toyota's president Akio Toyoda, under fire for his handling of sweeping recalls, will testify before a congressional hearing next week, appealing to U.S. lawmakers and aggrieved customers for understanding while the company fixes its safety problems. Japanese officials praised the decision by Toyoda, grandson of the company's founder, to accept a formal invitation to explain the recalls and outline plans by the world's largest automaker to ensure safety and satisfy worried car buyers. "I will be happy to attend. I will speak with full sincerity," Toyoda told reporters Friday in Nagoya, near where the company is headquartered. Earlier this week, he said he did not plan to attend the hearings unless invited. That decision drew heated criticism in the United States.
Source: The Associated Press

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GM Runs Ads Saying Bill to Help Terminated Dealers Would Hurt Effort to Repay Government

DENVER -- General Motors Co. is launching a $60,000 radio and print ad campaign against a bill aimed at reimbursing Colorado dealerships terminated by GM and Chrysler Group LLC. The bill would require carmakers to reimburse the dealers for upgrades they were required to make in the past five years. Some upgrades cost millions of dollars. The dealers also would get a right of first refusal if the manufacturers later award another franchise nearby. GM said the Colorado bill bypasses an arbitration process approved by Congress and will tie its hands as it works to become profitable and repay billions of dollars in government loans as planned in June. "This legislation threatens our ability to essentially run our business at the retail level," GM spokesman Greg Martin said. Colorado Automobile Dealers Association President Tim Jackson said 25 GM dealers in Colorado are slated to be cut off.
Source: The Associated Press

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Car Dealers Last In, First Out of Recession

When it comes to recessions, car dealers are a lagging indicator going in and a leading indicator coming out. That puts big dealerships like AutoNation, Penske Automotive, Asbury Automotive Group, Group 1 and Sonic Automotive in a position to recover from the current downturn faster than the car companies they serve. AutoNation last week reported a profit of $198 million for 2009, versus a net loss of about $1.2 billion in 2008. Other groups will report earnings in the coming weeks. ... General Motors is successfully charging higher prices for some of its newest models, an achievement it hopes to repeat as it replaces more and more cars. Chrysler and Ford hope to follow the same pattern. That benefits the dealers, too, but another trend -- rising used-car prices -- provides a much more direct benefit for the dealers.
Source: BNET (CBS Interactive)

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Did You Miss NADA Headlines Yesterday?

Because of a glitch in the distribution system yesterday, the Thursday, Feb. 18, edition of NADA Headlines was not delivered. Click here for Thursday's edition.
Source: NADA Newswire

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Click Here for More News from NADAFrontPage.com

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