For optimal viewing through your web browser or PDA, click here.

NADA.org
Monday, May 3, 2010 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
Opinion: Exempt Dealers from Bill
To Protect Consumers, Who Will Be Regulated?
Chrysler Fights Colorado Law
Auto Sales Rose in April
GM Sales Up 6.4% in April
Ford Revenue Rebounds, and Future Looks Promising
Chrysler May Boost U.S. Car Sales With Biggest Gain Since 2005
Spending Gains Outpace Income
Regulators Look Into Possible Accelerator Problem on Dodge Calibers
NADA Marketplace
NADA University Offers Red Flags Help as June 1 Enforcement Date Draws Near
Top Stories
Opinion: Exempt Dealers from Bill

Dealer-assisted retail financing must be exempt from oversight by a proposed consumer protection agency that's part of the financial regulation bill in Congress.

The Obama administration, consumer advocates and the Pentagon -- which says some soldiers have been victims of unscrupulous dealers -- want to subject dealers to another layer of superfluous regulation. There already is sufficient oversight of dealer finance practices by the Federal Trade Commission, Federal Reserve and state agencies.

Dealers didn't cause the financial meltdown on Wall Street. Dealers don't lend money. Dealers are middlemen who only help their customers arrange financing. Dealers don't belong in the financial regulation bill.
Source: Automotive News

Editor’s note: Contrary to some reports, the Wall Street reform bill on the Senate floor does cover all automobile dealers, not just "buy here, pay here" dealers. Bipartisan commitments for Sen. Sam Brownback's (R-Kan.) amendment, which will preserve the ability of consumers to find affordable and competitive financing for their vehicle purchases, continues to grow. With a vote quickly approaching, NADA's legislative affairs office is urging dealers to call their senators TODAY and ask their support for the Brownback auto dealer amendment. Senators can be reached through the Capitol switchboard at (202) 224-3121. For more information, visit www.nada.org/Brownback or call (202) 547-5500.

[back to top]

To Protect Consumers, Who Will Be Regulated?

WASHINGTON -- An unlikely new tenant in the halls of the Federal Reserve would set out sweeping rules on a wide swath of consumer transactions, possibly making it one of the most powerful new federal agencies in a generation. (Read more)
Source: The New York Times

[back to top]

Chrysler Fights Colorado Law

WASHINGTON -- Chrysler Group is asking the U.S. Bankruptcy Court to block a Colorado dealer reinstatement law, arguing the law is pre-empted by bankruptcy laws. (Read more)
Source: Automotive News

[back to top]

Auto Sales Rose in April

DETROIT — U.S. auto sales continued to rise in April as the stabilizing economy and attractive discounts brought more consumers into showrooms. (Read more)
Source: The Wall Street Journal

[back to top]

GM Sales Up 6.4% in April

General Motors Co. last month increased its sales 6.4 percent — fueled by more purchases of pickup and crossover vehicles. (Read more)
Source: The Detroit News

[back to top]

Ford Revenue Rebounds, and Future Looks Promising

DETROIT -- After years of cost cutting, Ford Motor Co. finally has higher revenues to brag about. (Read more)
Source: Automotive News

[back to top]

Chrysler May Boost U.S. Car Sales With Biggest Gain Since 2005

U.S. auto sales strengthened a year after bankruptcies began to batter the auto industry, with Chrysler Group LLC forecast to post its biggest monthly gain since 2005. (Read more)
Source: Bloomberg

[back to top]

Spending Gains Outpace Income

U.S. consumer spending rose twice as fast as income in March as saving dropped to its lowest level in 18 months and a closely watched indicator of inflation remained stable. (Read more)
Source: The Wall Street Journal

[back to top]

Regulators Look Into Possible Accelerator Problem on Dodge Calibers

DETROIT—Chrysler Group LLC said the National Highway Traffic Safety Administration is investigating a potential "sticky accelerator pedal" problem on some of its 2007 Dodge Calibers. (Read more)
Source: Automotive News

[back to top]

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

[back to top]

 
Quotable
 
“There is growing concern that in an effort to hold Wall Street accountable, this bill could catch the little guys up in the same net as the big banks."

    -- Senator Mitch McConnell of Kentucky, on the new proposed financial oversight agency that is causing concern among owners of small businesses who fear that by allowing any customers to buy on credit, their businesses could be subject to significant new regulations, The New York Times, May 1

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).


Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to media@nada.org.