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Top Stories
Senate Reform Legislation the Likely Model As House, Senate Conferees Prepare to Meet
Commentary: Financial Industry Overhaul Poses New Threat to Auto Industry
Ford Tries to Retain Mercury Owners, Satisfy Dealers
Ford's Next Challenge: Rev Up Lincoln
GM Dealers That Were Restored Must Wait to Restock
Chrysler Prevails in Most Dealer Arbitrations
Chrysler Recalls Some Dodge Calibers
Obama, Biden Praise Md. Businessman Who Rose from Stock Clerk to Employing 105
Top Stories
Senate Reform Legislation the Likely Model As House, Senate Conferees Prepare to Meet

A Senate-passed bill that would broadly overhaul U.S. financial services regulation is the most likely template for House and Senate conferees as they prepare to hammer out remaining differences on the broadest effort to restructure the banking system and the capital markets since the 1930s. The Senate-passed bill would establish a Consumer Financial Protection Bureau (CFPB), while the House bill calls for a similar unit, the Consumer Financial Protection Agency (CFPA). In a June 4 conference call with reporters, Harvard Law School Professor Elizabeth Warren, frequently mentioned as a candidate to head the consumer agency, said the new consumer protection authority must have broad independence and freedom to “partner” with state attorneys general. Among other points, Warren and other colleagues on the call said disagreements continue on an exemption for some auto finance businesses. Although the administration opposes the exemption, the Senate, in a non-binding vote May 24, instructed its conferees to partially exempt financing handled by retail auto dealerships from oversight by the consumer agency. Warren said she hopes to eliminate that provision from the final bill. (Read more)
Source: Bureau of National Affairs

Editor's Note: Dealers and employees must make a strong push with conferees from their states to keep language in the final financial reform bill that preserves dealer assisted financing, keeping auto loans and leases available and affordable. Senate conferees are: Sen. Shelby (R-AL), Sen. Lincoln (D-AR), Sen. Dodd (D-CT), Sen. Chambliss (R-GA), Sen. Crapo (R-ID), Sen. Harkin (D-IA), Sen. Gregg (D-NH), Sen. Schumer (D-NY), Sen. Reed (D-RI), Sen. T. Johnson (D-SD), Sen. Corker (R-TN) and Sen. Leahy (D-VT). Likely House conferees are: Rep. Waters (D-CA), Rep. Gutierrez (D-IL), Rep. D. Moore (D-KS), Rep. Frank (D-MA), Rep. Maloney (D-NY), Rep. Meeks (D-NY), Rep. Watt (D-NC) and Rep. Kanjorski (D-PA). Key messages to stress include: existing regulators and stiff competition keep dealer-assisted financing affordable for car buyers from all walks of life; dealerships had nothing to do with the financial meltdown; dealers are not banks and do not underwrite, fund or service loans. Finally, under the Brownback amendment, dealers would still be effectively regulated and all auto lenders and ALL auto loans will still be kept under the agency. Conferees can be reached through the Capitol switchboard at 202-224-3121. Please contact NADA Legislative Affairs with any updates or feedback at 800-563-1556. More information can be found at www.NADA.org/keepcreditaffordable.

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Commentary: Financial Industry Overhaul Poses New Threat to Auto Industry
By Tammy Darvish

Headed by the National Automobile Dealers Association, we are again visiting Congress for protection on the financial reform bill, which proposes to add burdensome rules that would eliminate dealer-assisted financing. The provision would threaten the fragile recovery of the auto industry, as profits improve and customers return to showrooms, after a tumultuous year of bankruptcies, bailouts and the dealership closures. (Read more)
Source: The Washington Post

Editor's Note: Tammy Darvish, vice president of DARCARS Automotive Group, Silver Spring, Md., represents the Washington, DC, metropolitan area new-car dealers on NADA's board of directors.
 

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Ford Tries to Retain Mercury Owners, Satisfy Dealers

DETROIT -- Ford Motor Co. will take a three-part approach to retaining Mercury customers disenfranchised by the brand's demise. (Read more)
Source: Automotive News

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Ford's Next Challenge: Rev Up Lincoln

DETROIT -- Ford Motor Co. must do with Lincoln what it has done with the Ford brand -- infuse it with new energy and sparkling product -- if it is to offset the loss of Mercury sales when that 71-year-old brand dies. (Read more)
Source: Automotive News

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GM Dealers That Were Restored Must Wait to Restock

Reinstated Cadillac dealer John Holt says his sales staff has never had to sell cars that aren't already on his lot. But that may have to change. (Read more)
Source: Automotive News

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Chrysler Prevails in Most Dealer Arbitrations

About halfway to the deadline to complete dealer arbitrations, Chrysler Group LLC continues to prevail in most cases brought by dealers who are fighting the automaker's shutdown orders. (Read more)
Source: The Detroit News

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Chrysler Recalls Some Dodge Calibers

WASHINGTON — The Chrysler Group said on Friday that it was recalling nearly 35,000 Dodge Calibers in the United States and around the world to fix a potential problem with sticky gas pedals, the same issue that has affected millions of Toyotas. (Read more)
Source: The Associated Press

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Obama, Biden Praise Md. Businessman Who Rose from Stock Clerk to Employing 105

When Stephen W. Neal was stocking shelves and cleaning up spills for Giant supermarkets more than 30 years ago, he never could have imagined what happened to him this week: President Obama and Vice President Biden dropped by to give him a pat on the back. (Read more)
Source: The Washington Post

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Quotable
 
"We have to make a very compelling case to our dealers very quickly."

    -- Mark Fields, Ford's president of the Americas, on the automaker's challenge to infuse Lincoln with new energy and sparkling product to appease Mercury dealers, especially those who currently have Lincoln-Mercury stores, Automotive News, June 7

Video Highlights
 

Senate: Exempt Dealers from Wall Street Reform Bill (NADA-TV)


Sen. Brownback at May 19 News Conference (NADA-TV)


Car Dealers and Wall Street Reform? (CNN)


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'


 

Savings from HP on a ProBook 4425s Notebook

NADA members can buy HP’s ProBook 4425s notebook for only $619. Add a 20” LCD Monitor and space-saving stand for a total of $972. This highly mobile notebook has a spill-resistant keyboard and wireless connectivity option for everyday use in or out of the office. To see this promotion and all discounted products from HP, visit NADA's PC Purchase Program site (member log in required).


Save up to $700 with Lenovo

Lenovo is offering up to $700 off select PCs with its June promotion. Just use eCoupon USXDADSGRADS at checkout. Don't forget the accessories! Lenovo has a proven track record and cutting-edge technology. To see this promotion and all discounted products from Lenovo, visit NADA's PC Purchase Program site (member log in required).


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