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Top Stories
Dealers Cry Foul Over Senators' Attempt to Insert Some Oversight into Bill
Big Job Looms for New Consumer Protection Agency
Chief Executives in U.S. Turn More Optimistic on Sales, Jobs
GM Seeks Partners for Car Loans
Ford Americas Chief Says Auto Market 'Flat-lined'
Hyundai Dealers Unite for Childhood Cancer Research Fundraiser
Top Stories
Dealers Cry Foul Over Senators' Attempt to Insert Some Oversight into Bill

WASHINGTON -- The dealer lobby accused Senate negotiators of trying to slip an expansion of dealer oversight into a bill to create a consumer finance agency on the eve of a conference committee vote. The National Automobile Dealers Association (yesterday) urged the 43 House and Senate negotiators to oppose the Senate version and vote for the House approach. (Read more)
Source: Automotive News

Editor's Note: It is urgent that dealers and their employees call their Representatives and Senators today to urge them to contact the conferees and request that they reject the Senate language on the dealer provision. Conferees must reject the Senate’s language, which puts Main street auto dealers in the Wall Street reform bill. When calling Congressional offices stress that the Senate’s offer:

  • Is not an exclusion from the CFPB and it introduces sweeping new powers for the Federal Trade Commission (FTC) over auto dealers.
  • Jeopardizes dealers’ ability to sell cars and provide affordable auto financing.
  • Does not reflect the will of the majority of Congress.

For more information, visit www.nada.org/keepcreditaffordable. Click here for a list of phone and fax numbers of conferees. If you find out information on a conferee’s position on the Senate offer, please e-mail legislative@nada.org.

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Big Job Looms for New Consumer Protection Agency

Congress is about to loose another new regulatory agency on the business world: The Consumer Financial Protection Bureau, being created as part of a massive legislative response to the financial meltdown of 2008, will police the market for money on behalf of savers and borrowers. But critics warn that the new regulator, which will oversee everything from mortgages and credit cards to payday loans and gift cards, will run amok. (Read more)
Source: USA TODAY

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Chief Executives in U.S. Turn More Optimistic on Sales, Jobs

Chief executive officers in the U.S. turned more optimistic in the second quarter, expecting stronger sales and additional hiring in the next six months, a survey showed. (Read more)
Source: Bloomberg

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GM Seeks Partners for Car Loans

General Motors Co. is in talks with financial institutions to broaden the availability of auto loans, a strategy that for now sets aside any plans to acquire its own lending arm, people familiar with the situation said. (Read more)
Source: The Wall Street Journal

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Ford Americas Chief Says Auto Market 'Flat-lined'

Ford Motor Co., introducing six new models this year, faces a “flat-lined” U.S. auto market because consumers are reluctant to make big purchases, Mark Fields, the company’s president of the Americas, said today. “The consumer is feeling a bit better, but not enough to go out and go back to the old ways of spending,” Fields told analysts in a presentation that was webcast from Dearborn, Michigan. (Read more)
Source: Bloomberg

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Hyundai Dealers Unite for Childhood Cancer Research Fundraiser

FOUNTAIN VALLEY, Calif. — Hyundai Motor America and its network of franchise dealers in the United States recently rolled out a new initiative to raise funds to fight childhood cancer. (Read more)
Source: AutoRemarketing

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Quotable
 
"This is an unnecessary and harmful effort that will hurt auto dealers on Main Street, and I urge my Senate colleagues to fight against these changes."

    -- Sen. Sam Brownback, on a Senate counteroffer in the financial reform bill, which would allow the new consumer protection agency to regulate auto dealers under four major laws and would give the Federal Trade Commission new powers, The Detroit News, June 23

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)

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. 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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