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Top Stories
Wall Street Reform: Congress Starts to Deal
Dodd, Frank Set Plan to Finish Work on Financial Bill
After Making Changes Sought by Industry, Senate Panel to Vote on Safety Bill
Automakers Anticipate Some Wins, Some Losses at Committee Markup
General Motors Pulls Back on Dealership Cuts
Ford Aims to Wrap Mercury Dealer Talks by Year End
Fire Hazard Forces Broad G.M. Recall
Chrysler Ads Aim To Rebuild Image
New Ford Explorer to Make Debut on Facebook
Top Stories
Wall Street Reform: Congress Starts to Deal

WASHINGTON -- Wall Street reform negotiations officially kick off Thursday, when lawmakers are expected to start merging two different versions of sweeping changes to the financial system into one final bill. There's a debate over whether auto dealers should escape increased oversight from a consumer financial protection regulator created by the Wall Street reform push. The House exempted auto dealers from increased oversight. The Senate bill keeps auto dealers subject to the consumer regulator, although a majority of the Senate took a nonbinding symbolic vote advising key negotiators to advocate exempting auto dealers. The White House opposes exemptions for auto dealers. (Read more)
Source: CNNMoney.com

Editor's Note: Strong opposition from the White House, Pentagon and other groups still threatens the Brownback/Campbell language to keep unnecessary and burdensome regulations from pushing up the cost and limiting the access to auto credit. The list of conferees is expected to be finalized today. Dealers should urge conferees to keep the Wall Street reform bill focused on preventing another credit meltdown and remind them that Main Street auto dealerships had nothing to do with the credit crisis. In fact, the financial crisis greatly limited the availability of retail credit. Dealers need to continue to remind these select representatives and senators that the pro-consumer auto finance language passed the House and Senate, both on strong bipartisan votes. For the likely list of conferees and their phone numbers click here. Feedback on dealer conversations with conferees is critical to NADA’s efforts so please contact Legislative Affairs with any updates at 800-563-1556.  More information including updated talking points can be found at www.NADA.org/keepcreditaffordable.

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Dodd, Frank Set Plan to Finish Work on Financial Bill

WASHINGTON — U.S. lawmakers finalizing wide-ranging changes to U.S. financial markets will meet in a series of day-long sessions beginning Thursday and running through the end of the month as they try to finish work on the landmark legislation. (Read more)
Source: The Wall Street Journal

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After Making Changes Sought by Industry, Senate Panel to Vote on Safety Bill

WASHINGTON -- A Senate panel will vote tomorrow on a broad vehicle safety bill that has been modified to satisfy the auto industry and more closely track the House legislation crafted after Toyota's safety recalls. (Read more)
Source: Automotive News

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Automakers Anticipate Some Wins, Some Losses at Committee Markup

Gloria Bergquist, a spokeswoman for the Alliance for Automobile Manufacturers, said her group is expecting the Senate Commerce, Science and Transportation Committee to loosen provisions in a bill (S 3302) that would require vehicles to have crash data recorders, making it less prescriptive. (Read more)
Source: Congressional Quarterly

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General Motors Pulls Back on Dealership Cuts

DETROIT -- General Motors will keep open about 900 dealerships across the country that it had planned to close, a shift in corporate strategy that could preserve thousands of jobs. (Read more)
Source: The Associated Press

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Ford Aims to Wrap Mercury Dealer Talks by Year End

CHICAGO - Ford Motor Co hopes to wrap talks by year end with the dealers for the Mercury brand it is shutting to focus on its mass-market Ford and luxury Lincoln brands, Chief Executive Alan Mulally said on Tuesday. (Read more)
Source: Reuters

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Fire Hazard Forces Broad G.M. Recall

DETROIT — General Motors on Tuesday said that it was recalling 1.5 million cars and trucks from the 2006 to 2009 model years because their heated washer-fluid system could short circuit and cause a fire. (Read more)
Source: The New York Times

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Chrysler Ads Aim To Rebuild Image

DETROIT - Later this month, the auto maker will kick off a national advertising campaign to promote its redesigned Jeep Grand Cherokee, which is just now arriving in showrooms. (Read more)
Source: The Wall Street Journal

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New Ford Explorer to Make Debut on Facebook

DEARBORN, Mich. — As Ford Motor attempts to make itself more relevant to the masses, it's taking a unique marketing approach for the all-new Ford Explorer: launching it on Facebook instead of at an auto show. (Read more)
Source: USA TODAY

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Quotable
 
"The bills both the House and Senate passed will enforce the toughest protections ever against Wall Street greed, will guarantee taxpayers they will never become too big to fail."

    -- Senate Majority Leader Harry Reid, D-Nev., who said Monday he hopes to wrap up work on the final Wall Street reform bill before the end of the month, CNNMoney.com, June 9
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'
Need Help Understanding Social Media?

The NADA Information Technology Committee wants to help dealers learn what social media sites can do for them. The committee suggests dealers review any of the many publications available on nada.org.  One document from Adam Boalt titled, “Social Media Best Practices for Automotive Dealers” explains how social media sites function and what they might accomplish for a dealership. Dealers could also gain insight on the topic by reading “Six Ways to Get Business Value from Social Software” from socialtext.com. Links to both articles are at www.nada.org/Technology.


 

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. 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. 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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