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Monday, April 12, 2010 RSSSEND TO A FRIENDPRINT
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Top 10 Stories
NADA Says Dealer-Assisted Financing Under Attack as White House Sets Sights on Auto Finance for New Consumer Agency
GM Works to Restore Relationships with Dealers
U.S. Regulators Consider 2nd Fine Against Toyota
Chrysler Restructuring Showing 'Positive' Results, CEO Says
Ford Ups Forecast for New Engines
Logjam Threatens Arbitration Deadline
GM's CEO Ed Whitacre Works to Calm Employees' Nerves
Ford Uses Profit to Chase Rivals in Emerging Markets
U.S. Looking into Brake Failure Possibility in 6 Million Older GM Trucks
Truckers Urge NHTSA to Set Fuel Standards
Click Here for More News from NADAFrontPage.com
NADA Marketplace
NADA University Opens Free Enrollment
Skywerks Integrates NADA Used Car Guide's Values into New Software and Mobile Application
NADA University's Dealer Management Seminars Underway
Top 10 Stories
NADA Says Dealer-Assisted Financing Under Attack as White House Sets Sights on Auto Finance for New Consumer Agency

WASHINGTON – With legislation to reform the nation’s financial system soon to be considered by the full Senate, President Obama has indicated that he wants to overturn a provision in the House-passed bill that excludes auto dealers from a newly proposed consumer financial protection agency.

The Senate is to take up legislation creating a Bureau of Consumer Financial Protection (BCFP) in late April. The agency would have sweeping powers to fundamentally alter or even potentially regulate out of existence auto financing at dealerships. The new bureau would also have the authority to reduce or eliminate dealer compensation for arranging a loan or lease, and could even limit a salesperson’s commission connected to a sale if the vehicle is financed.

Sen. Sam Brownback, R-Kan., has agreed to offer an amendment to exclude auto retailers from the bureau’s jurisdiction. The amendment faces a steep uphill battle as consumer groups and the Obama administration have come out in full-force against the idea of exempting auto dealers from the jurisdiction of this bureau. 

“Dealer-assisted financing is under attack and dealers should be calling their Senators to ask them to support the Brownback amendment,” warns David Regan, NADA vice president of legislative affairs. “With the bill already out of committee, the financial reform bill is likely to move very quickly. Dealers, their sales team and their financing staff should immediately weigh in with both of their Senators.” (Read more)
Source: NADAFrontPage.com

Editor’s note: NADA’s legislative office is asking dealers to make appointments with their Senators to discuss this issue, or call their Senators at (202) 225-3121 and urge them to support the Brownback auto dealer amendment to the financial reform bill. Click here for key points when talking to Senators about the Brownback amendment.

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GM Works to Restore Relationships with Dealers

General Motors Co. says it's working to restore relationships with its dealers and will comply with a Colorado law that aims to help dealers dropped by carmakers. (Read more)
Source: The Associated Press

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U.S. Regulators Consider 2nd Fine Against Toyota

DETROIT -- U.S. safety regulators may seek a second penalty against Toyota Motor Corp for knowingly delaying a massive recall over defective accelerator pedals, after imposing a record $16.4 million fine against the automaker on Monday. (Read more)
Source: Reuters

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Chrysler Restructuring Showing 'Positive' Results, CEO Says

Fiat SpA Chief Executive Officer Sergio Marchionne, who is trying to turn around Chrysler Group LLC after it came out of bankruptcy, said the restructuring of the U.S. automaker is showing “positive results.” (Read more)
Source: Bloomberg

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Ford Ups Forecast for New Engines

Ford is to announce today that it expects to be producing 1.5 million of its direct-injection, turbocharged EcoBoost engines globally by 2013. (Read more)
Source: Detroit Free Press

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Logjam Threatens Arbitration Deadline

The group organizing dealer arbitrations is starting to worry about how to meet the summer deadlines set by Congress in light of massive scheduling bottlenecks. (Read more)
Source: Automotive News

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GM's CEO Ed Whitacre Works to Calm Employees' Nerves

General Motors' Ed Whitacre has been working in the past month to soothe employee concerns about further turmoil at the automaker. (Read more)
Source: Detroit Free Press

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Ford Uses Profit to Chase Rivals in Emerging Markets

Ford Motor Co., profitable last year for the first time since 2005, is stepping up spending in fast-growing markets in South America and South Africa to help catch up to General Motors Co. and Toyota Motor Corp. (Read more)
Source: Bloomberg

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U.S. Looking into Brake Failure Possibility in 6 Million Older GM Trucks

Complaints prompt NHTSA to investigate whether corrosion caused by the use of salt in snowy and icy Northern states is damaging brake controls.
The National Highway Traffic Safety Administration has launched a preliminary investigation into brake failure in 6 million older-model Chevrolet and GMC full-size pickup trucks. (Read more)
Source: Los Angeles Times

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Truckers Urge NHTSA to Set Fuel Standards

WASHINGTON -- With fuel efficiency and tailpipe emissions standards in place for passenger cars and light trucks, attention has turned to regulating the nation's heaviest trucks. (Read more)
Source: The Detroit News

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Click Here for More News from NADAFrontPage.com

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NADA Marketplace
NADA University Opens Free Enrollment

Sign up today and receive free services and discounts
McLEAN, Va. -- For automobile and commercial truck dealerships looking for a competitive edge to improve business operations in today’s complex marketplace, NADA University’s new online training and educational resources are designed to prepare dealers and their employees for the challenges ahead. (Read more)
Source: NADA-ATD University

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Skywerks Integrates NADA Used Car Guide's Values into New Software and Mobile Application

Skywerks, a leading provider of high-tech Dealership Management Systems (DMS) software, has integrated NADA Used Car Guide vehicle values into its new iPhone product and soon-to-be-released Deliverance (Independent Dealers) DMS. Click here for more information.
Source: NADA Used Car Guide

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NADA University's Dealer Management Seminars Underway

McLEAN, Va. -- NADA University's four on-site, week-long management seminars on fixed operations and financial management are underway. (Read more)
Source: NADAFrontPage.com

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Quotable
 
"Dealer-assisted financing is under attack and dealers should be calling their Senators to ask them to support the Brownback amendment."

   
-- David Regan, NADA vice president of legislative affairs, says with the financial reform bill moving quickly in the Senate, dealers, their sales team and their financing staff should immediately contact both of their senators, NADAFrontPage.com, April 12


Dealers Urged to Take Floorplan Survey

NADA remains focused on expanding the availability of financing for dealers to purchase vehicle inventory. All dealers are strongly encouraged to take a few moments to participate in a brief, yet important, online survey. The data will be used to provide federal officials with a clear view of the state of wholesale lending to dealerships, the availability floorplan lines of credit and its impact on dealers. Click here to take the survey.

Video Highlights
 

What About the Dealers?(CNBC)


Auto Dealers Forecast Higher Sales (CNNMoney.com)


Future of the American Auto Industry (Fox Business)


NADA University: 'We Build Champions'


NADA Launches New Online Magazine 

NADA Marketplace 
 
 
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NADA members can receive special pricing and great discounts on a wide range of HP business products. And now, through April 30, save $361 on the HP ProBook 5310m – the notebook named Editor’s Choice by NotebookReview.com, PCMag.com, Computer Shopper and Laptop Magazine. To learn more about these and other HP specials, visit NADA's PC Purchase Program site (member log in required).


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