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Top Stories
U.S. Finance Bill Heads For Final Votes With Bank Fees Removed
US Auto Sales Seen Slowing With Recovery in Doubt
U.S. Consumer Confidence Plummets on Job Worries
GM Touts New Cars, Growth Markets in Investor Session
Ford Slashes Debt by More Than $4 Billion
GM to End Year With 4,500 U.S. Dealers
Last Year's Auto Dealership May Be This Year's Grocery
Who Will Rule the Auto World of the Future?
Top Stories
U.S. Finance Bill Heads For Final Votes With Bank Fees Removed

Democratic lawmakers cleared the way for final votes in the House and Senate on the U.S. financial-regulatory bill after reconvening to make a fix requested by Republican senators, who objected to charging banks and hedge funds $19 billion to help pay for the measure. (Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat) said it was “probably doubtful” the Senate would vote this week because of the death of Senator Robert Byrd, a West Virginia Democrat. The delay means that final passage of the bill and the signature of President Barack Obama will likely take place in the middle of July. (Read more)
Source: Bloomberg

Editor's Note: The revised conference report addressed the bank tax/fee, which was added by the conferees but was not in either the House or Senate versions of the bill. The auto dealer language was not addressed or modified by the conferees. The expectation is that the House will vote on the final conference report today and the Senate will follow suit, likely the week of July 12 after the July 4 recess. The bill will then be sent to the president for approval.

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US Auto Sales Seen Slowing With Recovery in Doubt

DETROIT -- When it comes to car shopping, Americans are tapping the brakes. Forecasters think U.S. sales of cars and light trucks have slowed in June after months of improvement. (Read more)
Source: The Associated Press

Editor's Note: The following is a statement by Paul Taylor, NADA chief economist, on the auto sales outlook: “Consumer confidence and spending are being affected by uncertainty about the outlook for economic growth and the environmental disaster unfolding in the Gulf of Mexico. A few analysts suggest a ‘double-dip’ in the economy may be on the way. NADA estimates that the economy will continue to recover at a modest pace with the probability of a double-dip in economic growth at only 15 percent. News on home prices stabilizing in the second quarter will help boost car sales, since a majority of households have most of their net assets represented by home equity. Measured unemployment remains high, despite the creation of new jobs, because people who are trying to re-enter the labor force are counted as unemployed. Optimism on the jobs front is a positive sign for long-term economic growth. The other bit of good news is that inflation remains extremely low."

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U.S. Consumer Confidence Plummets on Job Worries

U.S. consumers are increasingly worried about jobs and the economy, the Conference Board said Tuesday, as it reported that its consumer confidence index plummeted to 52.9 in June -- the lowest level since March -- from a downwardly revised 62.7 in May. (Read more)
Source: MarketWatch

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GM Touts New Cars, Growth Markets in Investor Session

DETROIT - In the first face-to-face meeting between GM's top executives and the investment community since its emergence from bankruptcy a year ago, the company cast itself as a leaner, simpler company positioned to win market share from rivalsacross the globe. (Read more)
Source: The Wall Street Journal

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Ford Slashes Debt by More Than $4 Billion

Ford Motor Co. said Wednesday it is reducing its debt by more than $4 billion, a sign that the auto maker remains confident in its own turnaround despite a softening car market in the U.S. (Read more)
Source: The Wall Street Journal

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GM to End Year With 4,500 U.S. Dealers

General Motors Co. will wind up with about 4,500 dealers in the U.S. later this summer following arbitration hearings mandated by Congress -- about 500 fewer than previously disclosed. (Read more)
Source: The Detroit News

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Last Year's Auto Dealership May Be This Year's Grocery

WHITEHALL, Mich. — The Ford dealership in this town of 2,800 closed nearly two years ago, one more victim of the recession in a state that was among the hardest hit in the economic downturn. Yet the 30-acre site is once again filled with cars and trucks, as the home of a Save-A-Lot discount grocery store that opened in March. (Read more)
Source: The New York Times

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Who Will Rule the Auto World of the Future?

Like few other industries, auto companies measure their output in number of vehicles built and then report that data publicly. Besides contributing to a "mine's bigger than yours" mentality, the availability of these production numbers has created a cottage industry in massaging the figures and analyzing the results. But the numbers don't always tell the same story. (Read more)
Source: Fortune

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Quotable
 
"We're introducing a new GM, because we are a new and much different company than we were 12 months ago."

    -- GM Chairman and Chief Executive Ed Whitacre, during a business meeting with bankers and financial analysts at the company's Warren Technical Center, The Detroit News, June 29

NADA Marketplace
 

NADA University: 'We Build Champions'

NADA University Expands On-Site Seminars to West Coast; Announces Updated Webinar Schedule

NADA University, the new comprehensive education and training resource for dealers and their staffs, has expanded its on-site seminars to the West Coast, and has announced its schedule of training webinars for the second half of 2010. The new West Coast home for NADA University’s on-site seminars is Cerritos College in Long Beach, Calif. The recently opened Automotive Partners Building, a state-of-the-art, 10,000 sq. ft. training facility, was funded in part by the Southland Motor Car Dealers Association and Greater Los Angeles New Car Dealers Association. (Read more)


 

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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