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Friday, April 30, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
Senate to Start Debate on Wall Street Reform Bill
NADA Leader Declines to Testify for Chrysler in Arbitration Hearing
GM Prepares Affidavit from Former CEO Henderson for Arbitration
April U.S. Auto Sales Expected Up Double-Digits
Bills in Michigan House Would Protect Auto Dealers
U.S. Economy Grows 3.2 Pct in Q1
Auto Dealers Ready for New Cars - And New Hires
House Dems Want $9 Car Fee to Fund Safety Law
Toyota Offers a Fix for S.U.V.'s Control Problems
Congress Extends COBRA Subsidy to May 31
NADA Marketplace
NADA University Offers Red Flags Help as June 1 Enforcement Date Draws Near
Top Stories
Senate to Start Debate on Wall Street Reform Bill

WASHINGTON – Senate Democrats and Republican leaders late Wednesday agreed to start debate on S. 3217, the bill that would create the Bureau of Consumer Financial Protection (BCFP). (Read more)
Source: NADA Legislative Affairs

Editor’s note: With the Senate moving to consider amendments to the Wall Street reform bill on Tuesday, NADA legislative affairs is urging dealers to call both of their senators and ask them to support the Brownback amendment to the Wall Street reform bill. Senators can be reached through the Capitol switchboard at (202) 224-3121. The Brownback amendment will preserve the ability for consumers to find affordable financing for a vehicle purchase. Dealers are also urged to provide their Senators and NADA with examples of how they have helped their customers, particularly military personnel, find reasonably priced financing. Send these anecdotes to NADA at legislative@nada.org. For more information on the Brownback amendment, visit www.nada.org/brownback or call (202) 547-5500.

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NADA Leader Declines to Testify for Chrysler in Arbitration Hearing

WASHINGTON -- The vice chairman of the National Automobile Dealers Association said today that he refused an invitation from Chrysler Group to testify in arbitration against a rejected Utah dealer who was his neighbor and competitor. (Read more)
Source: Automotive News

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GM Prepares Affidavit from Former CEO Henderson for Arbitration

WASHINGTON -- General Motors Co. has prepared for use in arbitration an affidavit from former CEO Fritz Henderson that says the dealer cuts initiated in 2009 could save the company $2.6 billion — an assertion widely challenged when Henderson made it in congressional testimony last year. (Read more)
Source: Automotive News

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April U.S. Auto Sales Expected Up Double-Digits

DETROIT - Automakers expect to see a double-digit increase in April U.S. auto sales over the same period a year ago when the recession roiled the industry. (Read more)
Source: Reuters

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Bills in Michigan House Would Protect Auto Dealers

Two state legislators have introduced bills in the Michigan House that would strengthen franchise laws to better protect automotive dealers. (Read more)
Source: Detroit Free Press

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U.S. Economy Grows 3.2 Pct in Q1

WASHINGTON -- The U.S. economy grew at a slightly slower-than-expected pace in the first quarter, held back by inventories and exports, but resurgent consumer spending offered evidence of a sustainable recovery, a government report showed on Friday. (Read more)
Source: Reuters

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Auto Dealers Ready for New Cars - And New Hires

NEW YORK -- Tom Allen's General Motors dealership used to employ 49 people. Now in the final stages of finalizing his franchise reinstatement, Allen is already lining up interviews to start hiring again. (Read more)
Source: CNNMoney.com

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House Dems Want $9 Car Fee to Fund Safety Law

Washington -- Two House Democratic leaders want to impose a $9 fee on each new car to bankroll a major increase in auto safety programs, as part of a massive rewrite of auto safety laws. (Read more)
Source: The Detroit News

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Toyota Offers a Fix for S.U.V.'s Control Problems

Toyota said Thursday it had resumed sales of the Lexus GX 460 after fixing a problem with the stability control system that could cause the luxury sport utility vehicle to roll over. (Read more)
Source: The New York Times

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Congress Extends COBRA Subsidy to May 31

The 2009 stimulus bill included a provision that provided a 65 percent subsidy on COBRA insurance premiums for certain workers who lost their jobs in late 2008 and 2009. This benefit has been extended, and as a result workers involuntarily terminated between Sept. 1, 2008, and May 31, 2010, may be eligible for the subsidy. Click here for more information about COBRA Continuation Coverage Assistance under the American Recovery and Reinvestment Act of 2009. Click here for the NADA/COBRA fact sheet.
Source: U.S. Department of Labor

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NADA Marketplace
NADA University Offers Red Flags Help as June 1 Enforcement Date Draws Near

With the revised June 1, 2010 enforcement date for the FTC Red Flags Rule rapidly approaching, dealers should ensure their required Identity Theft Prevention Programs (ITPPs) incorporate all of their covered accounts, include all relevant Red Flags, contain effective response and detection procedures, address all of the Rule’s other requirements, and are appropriately tailored to their particular operations. (Read more)
Source: NADA University

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Quotable
 
"We are up against very powerful forces, with the Obama administration, Department of Defense and consumer groups attempting to give senators the impression that dealer-assisted financing is detrimental to consumers."

    -- David Regan, NADA vice president of legislative affairs, on Senate Bill 3217, which seeks to create a Bureau of Consumer Financial Protection to limit or eliminate dealer-assisted financing, April 29
Video Highlights
 

CBS Evening News: NADA Chairman Says Dealers Are Not Banks


C-SPAN: Sen. Brownback on Need to Exclude Auto Dealers from Financial Reform

NADA Marketplace 
 

NADA University: 'We Build Champions'

 
Think Speed. Think Savings. Think Lenovo!

NADA members may now use eCoupon USXMAYSAVINGS for an additional 5 percent off the sale price of the T410, X201, Y Series IdeaPad and K Series IdeaCentre. To see this promotion and all discounted products from Lenovo
, visit NADA's PC Purchase Program site (member log in required).



Save on the HP Compaq 6000 Pro Business

Empower your business with a new HP Compaq 6000 Pro Business PC. With auto sales continuing to improve it’s important that your "power PC" in your F&I department and business office have the resources to keep up with growing demand. And – just as in automotive retail, HP is offering you 0% financing when you purchase any PC. To learn more about these and other HP specials, visit NADA's PC Purchase Program site (member log in required).


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