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Monday, May 17, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
Auto Dealers Campaign to Fend Off Regulation
Brownback Clashes With Defense Department on Auto Dealer Exemption
Endgame On Financial-Overhaul Bill
NADA Issues Video Call-to-Action on Brownback Amendment
GM Posts $865 Million Q1 Profit
Treasury Said to Consider Advisers on General Motors Offering
Volkswagen Sales Rise 11% in April as China, U.S. Demand Grows
Car-Safety Bill May Be Tamed
Opinion: Senate Bill Can Only Hurt Vehicle Dealers
Top Stories
Auto Dealers Campaign to Fend Off Regulation

WASHINGTON — After nearly a quarter-century of selling pickup trucks and cars in North Dakota, Donovan Berscht had to shut one of his dealerships last year as Chrysler downsized. Now he is worried that a second financial jolt — this time the push for toughened economic oversight in Washington — could batter his remaining Chevrolet-Buick dealership. (Read more)
Source: The New York Times

Editor's Note: NADA Legislative Affairs continues to strongly urge dealers to contact their senators in support of the bipartisan Brownback amendment to the financial reform bill-S.3127. "Dealers need to have direct conversations with senators and their key staff to explain that, contrary to media reports, the Brownback amendment does not repeal or alter any existing consumer protection law regulating auto dealers," says David Regan, NADA vice president for Legislative Affairs. "All auto loans will continue to be fully regulated under the Brownback Amendment." Any dealer, bank, or other finance company that actually underwrites and funds auto loans would be subject to the new agency, Regan explains. Auto dealers who simply assist customers to find auto financing would still be regulated by federal and state consumer protection laws. "Despite what opponents suggest, unfair and deceptive practices are currently illegal and would remain so if the Brownback amendment is passed," Regan says. A vote on the Brownback Amendment could occur as early as tonight. Senators can be reached through the Senate Switchboard at 202-224-3121. Brownback amendment background information can be found at www.NADA.org/Brownback.

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Brownback Clashes With Defense Department on Auto Dealer Exemption

Sen. Sam Brownback (R-Kan.) is fighting back against a Defense Department push to regulate auto dealers under the Wall Street overhaul bill. In a letter to Undersecretary of Defense Clifford Stanley and Defense Secretary Robert Gates, Brownback is seeking specific information about how auto dealers and auto-loan financing impact members of the military. (Read more)
Source: The Hill

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Endgame On Financial-Overhaul Bill

A spokesman for Senate Majority Leader Harry Reid said the Nevada Democrat was “likely” to file cloture on the financial-overhaul bill Monday, which means the Senate could vote as soon as Wednesday on its final passage. (Read more)
Source: The Wall Street Journal

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NADA Issues Video Call-to-Action on Brownback Amendment

Click here for a video call-to-action on the Brownback amendment.


Source: NADAFrontPage.com

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GM Posts $865 Million Q1 Profit

DETROIT -- General Motors Co. says it rode cost cuts and strong sales of new models to an $865 million first-quarter net profit, boosting its plans to go public. (Read more)
Source: Automotive News

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Treasury Said to Consider Advisers on General Motors Offering

The U.S. Treasury, 61 percent owner of General Motors Co., is talking with several banks about advising the department on the company’s return to public trading, said a person with direct knowledge of the matter. (Read more)
Source: Bloomberg

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Volkswagen Sales Rise 11% in April as China, U.S. Demand Grows

Volkswagen AG, Europe’s largest carmaker, said global sales increased 11 percent in April, helped by growing demand in China and the U.S. (Read more)
Source: Bloomberg

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Car-Safety Bill May Be Tamed

Auto Makers Say Timing of Changes is Unrealistic; Lawmakers Agree to Rethink
WASHINGTON—Congressional Democrats may scale back some provisions of an auto-safety bill after car makers criticized the measure for mandating rapid and costly rollouts of new technology and eliminating their right to question government-imposed vehicle recalls. (Read more)
Source: The Wall Street Journal

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Opinion: Senate Bill Can Only Hurt Vehicle Dealers

Representing more than 400 new-vehicle dealers in Missouri, I see these businesses continue to feel the crunch of the financial crisis. (Read more)
Source: The Columbia Tribune (Columbia, Mo.)

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Quotable
 
“I’m not a political guru by any means, but there’s a real urgency to get this amendment in there on this major bill and to provide some relief for the auto dealers.”

    -- Donovan Berscht, North Dakota dealer, on financial reforms being debated in the Senate, The New York Times, May 16


“The way the White House is portraying us as evil, it’s just wrong."

    -- Michelle Primm, general manager of Cascade Auto Group, responding to the Obama administration's assertion that the Brownback amendment to the Senate financial reform bill would allow dealers to engage in "misleading sales tactics" and other predatory practices, The New York Times, May 16

Video Highlights
 

Car Dealers and Wall Street Reform? (CNN)


Call-to-Action on Brownback Amendment (NADA-TV)


Sen. Brownback Press Conference (NADA-TV)


NADA Chairman Says Dealers Are Not Banks (CBS Evening News) 


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

NADA Marketplace
 

NADA University: 'We Build Champions'


Wage & Hour, Healthcare Reform, and the Internet: May Webinars from NADA University

NADA University has three important webinars coming up this month. The first two, which are scheduled back-to-back, concern dealers' legal obligations. The third webinar is another in the MarketINSIGHT mini-webinar series: “Leveraging the Internet as an Influencing Medium." (Read more)

Red Flags Deadline Draws Near

With the revised June 1, 2010 enforcement date for the FTC "Red Flags" Rule rapidly approaching, NADA University has three ways you can find out if your dealership is adequately prepared. (Read more)


 
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).

 

Only $549 for HP’s ProBook 4415s Notebook

Isn't it time to replace your worn-out PC? NADA members can save $388 on HP’s ProBook 4415s Notebook PC while supplies last. Included are the new Windows® 7 Professional, a full 14.0-inch display and a full-sized keyboard. To see this promotion and all discounted products from HP, visit NADA's PC Purchase Program site (member log in required).

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