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Top 10 Stories
Obama Signs Sweeping Finance Bill Into Law
TARP Inspector General Testifies on GM, Chrysler Dealership Closures
GM to Buy AmeriCredit as 'Core' of New Captive Finance Arm
Bills May Electrify Green Car Growth
New Auto Safety Rules Pushed in Congress, But Automakers Stall
Chrysler Posts 2nd Straight Operating Profit
AutoNation's Q2 Profits Increase 28% as Sales Climb
Ford May Earn $1.62 Billion on Mulally’s Higher-Priced Models
Ford Will Offer Hybrid at Same Price as Gas Model
Credit Matters More When Seeking Best Car Deals
Top 10 Stories
Obama Signs Sweeping Finance Bill Into Law

President Barack Obama signed the most sweeping set of financial rules since the Great Depression (yesterday). The legislation spared auto dealers from oversight by a new Bureau of Consumer Financial Protection while increasing scrutiny of auto lending practices. (Read more)
Source: Automotive News

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TARP Inspector General Testifies on GM, Chrysler Dealership Closures

Yesterday, Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) testified before the Senate Finance Committee on the TARP program. The hearing discussed SIGTARP’s recent report on the Auto Task Force’s role in the accelerated pace and scope of the dealership closures of auto companies who received TARP funds. (Click here for the SIGTARP report.) Barofsky testified that the report looked at the accelerated dealer closure process and found that there was insufficient Auto Task Force consideration and analysis of the cost of thousands of lost dealership jobs and the actual benefit to the companies’ viability. He outlined how the Auto Task Force encouraged the use of the bankruptcy process to “get around the state franchise laws to terminate [dealerships] all at once.” While the companies selected the dealerships for termination, the report criticizes the Task Force for the lack of transparency, accountability, and oversight of the dealership closure process. To view Barofsky's testimony, click here. To watch him answer questions about the report on MSNBC, click here.
Source: NADA Legislative Affairs

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GM to Buy AmeriCredit as 'Core' of New Captive Finance Arm

DETROIT -- General Motors Co. is going back into the captive finance business. The automaker will acquire auto-finance company AmeriCredit Corp. in an all-cash deal valued at $3.5 billion. (Read more)
Source: Automotive News

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Bills May Electrify Green Car Growth

WASHINGTON -- The Senate Energy Committee approved a pair of bills Wednesday that would boost the development of vehicles powered by electricity and other alternative sources of energy. (Read more)
Source: The Detroit News

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New Auto Safety Rules Pushed in Congress, But Automakers Stall

WASHINGTON -- A sweeping overhaul of the nation's auto safety laws is stalled -- and faces an uncertain fate when Congress returns after its August recess. (Read more)
Source: The Detroit News

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Chrysler Posts 2nd Straight Operating Profit

Chrysler Group posted its second straight operating profit as the automaker continues to recover from its 2009 bankruptcy. The announcement was made (Wednesday) by CEO Sergio Marchionne in a call with analysts. (Read more)
Source: Bloomberg

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AutoNation's Q2 Profits Increase 28% as Sales Climb

AutoNation Inc., the country's biggest automotive retailer, posted a 28 percent gain in second-quarter profit on rising vehicle sales. Net income rose to $47.2 million from $36.7 million a year earlier, the company said today. (Read more)
Source: Automotive News

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Ford May Earn $1.62 Billion on Mulally’s Higher-Priced Models

Ford Motor Co. may report adjusted second-quarter profit of $1.62 billion tomorrow as Chief Executive Officer Alan Mulally’s overhaul of the lineup lets the company charge more for new models. (Read more)
Source: Bloomberg

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Ford Will Offer Hybrid at Same Price as Gas Model

DEARBORN, Mich. -- For the first time, an American automaker plans to sell a hybrid car for the same, lower price as its gas-powered counterpart, removing at least one obstacle for drivers who want a greener ride. (Read more)
Source: The Associated Press

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Credit Matters More When Seeking Best Car Deals

DES MOINES, Iowa -- It's getting easier to get a car loan. "A couple of months ago, it was horrible," says George Magliano, an automotive research analyst with IHS Global Insight. (Read more)
Source: The Associated Press

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Quotable
 
"The new law balances strong consumer protections and affordable access to auto credit."

    -- NADA Chairman Ed Tonkin, arguing that subjecting dealer-assisted financing operations to the new rules would drive up the cost of auto loans, Dow Jones Newswires, July 21

Video Highlights
 

Tonkin: Dealers Made the Difference on Financial Reform

TARP Inspector General Barofsky on Dealer Closures (MSNBC) 


NADA University: 'We Build Champions'

NADA Marketplace
 


Online Registration for 2011 Convention & Expo Opens Monday!

Mark your calendars. Registration and housing for the 2011 Convention & Expo Feb. 5-7 in San Francisco will open next Monday, July 26. Be among the first to register and  take advantage of our “early bird" rates and assure your pick of hotels! This year's event promises to be unsurpassed. For daily updates, find us on Facebook, Twitter, and LinkedIn!


 

Pay Only $499 for the HP Pro 3005

The HP Pro 3005 is designed to change with your business. Available ports, slots, and bays allow you to configure your PC to meet your needs today and then expand your capabilities when the time is right.  To see this promotion and all discounted products from HP, visit NADA's PC Purchase Program site (member log in required).


Hot Summer and Hot Savings from Lenovo

The ThinkPad Edge 14" laptop with Intel processor reduced from $984 is now only $591.89 using eCoupon USXSUMMERSAVINGS. NADA Members and their staff can also save an additional 5 percent off the award-winning ThinkPad T410, the Thin and light ThinkPad X201 and the New ThinkPad Edge 14. This offer ends July 31. 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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