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Wednesday, Nov. 10, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
IRS Creates UNICAP Safe Harbor Methods for Dealers
GM Posts $2 Billion Profit as Production Picks Up
Ford Offers Mercury Dealers a Chance to Cash-Out Early
When Used Costs More Than New
Tata Motors' 2Q Profit Up 100-Fold
Vehicle Finance Conference to Focus on Evolving Marketplace
Chrysler Joins Ford Against Korean Pact
Editorial: Is Jump in Car Sales the First Robin of Spring?
Top Stories
IRS Creates UNICAP Safe Harbor Methods for Dealers

NADA Advocacy Leads to Revenue Procedure 2010-44

In a major victory for car and truck dealers, the IRS has created uniform capitalization (UNICAP) "safe harbor" methods of accounting that favorably resolve several contentious and potentially very costly income tax issues that have arisen during IRS audits of franchised dealers over the past five years. The new safe harbor methods, which the IRS issued following numerous meetings with NADA, generally allow car and truck dealers to be classified as retailers who are not required to capitalize handling, storage, or production costs incurred at their retail sales facilities. A brief summary of the new safe harbor methods will be posted at www.nada.org/regulations. In addition, NADA will host a Webinar on Revenue Procedure 2010-44 with IRS Motor Vehicle Technical Advisor Terri Harris and NADA outside tax consultant and former IRS Motor Vehicle Industry Specialist Bob Zwiers on Tuesday, Nov. 30, at 1 p.m. Eastern (additional details to be announced). Dealers are encouraged to consult with their tax professionals concerning this significant development.
Source: NADAFrontPage.com

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GM Posts $2 Billion Profit as Production Picks Up

General Motors Co posted a $2 billion third quarter profit on Wednesday amid increased production and planning for an IPO that could be completed later this month. (Read more)
Source: Reuters

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Ford Offers Mercury Dealers a Chance to Cash-Out Early

DETROIT -- Ford Motor Co., moving to wind down Mercury, is offering dealers the chance to be guaranteed that their cash settlement is paid out by year end. The catch is dealers must report their Mercury vehicles as sold by Nov. 12 and then sell those remaining vehicles as used. (Read more)
Source: Automotive News 

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When Used Costs More Than New

Do you think buying a used car will keep your monthly auto payment down? In a rare reversal, you now could pay less for a new one. Values for late-model used cars and trucks—especially trucks and SUVs—have jumped during the past year to the point that in some cases, the monthly payment on a one-year-old vehicle could cost you more than a new one. (Read more)
Source: The Wall Street Journal

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Tata Motors' 2Q Profit Up 100-Fold

Tata Motors, the Mumbai-based owner of Jaguar Land Rover, boosted second-quarter profit more than 100-fold as a global economic recovery spurred demand for luxury sedans and SUVs. (Read more)
Source: Detroit Free Press

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Vehicle Finance Conference to Focus on Evolving Marketplace

WASHINGTON — To help industry executives anticipate and deal with changes in the vehicle finance marketplace, the American Financial Services Association’s (AFSA) said its 15th Annual Vehicle Finance Conference and Exposition will focus on evolving with the changing market. (Read more)
Source: F&I Magazine 

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Chrysler Joins Ford Against Korean Pact

WASHINGTON – Chrysler (on Tuesday) voiced its opposition – along with Ford – to passage of a free trade agreement between the U.S. and Korea as written in 2007. (Read more)
Source: Detroit Free Press

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Editorial: Is Jump in Car Sales the First Robin of Spring?

Consider the reports that automobile sales in America are on the rise to be like the return of the robin. We know we’re still in for some tough sledding, but the weather is bound to improve. (Read more)
Source: The Republican (Springfield, Mass.)

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Quotable
 
"A robust automobile industry produces waves that ripple throughout the economy."

    -- The Republican (Springfield, Mass.), Nov. 10

Video Highlights
 

NADA Chairman Ed Tonkin Speaks to the Automotive Press about Fuel Economy


NADA Convention Chairman Jack Caldwell: Registration Numbers Ahead of Last Year

NADA Convention
 


 


UPCOMING SEMINARS

"Managing Your Four Vital Cash Accounts" (Nov. 10)

MarketINSIGHT Webinar on Social Media ROI (Nov. 16)

To register for NADA U training, sign in to NADA U, then go to the NADA U Store, select “Webinars & Seminars” under “Products,” and follow the ordering instructions.


Used Car Guide

 
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Save on HP’s Mini 5103

Need to stay connected to your dealership while you're away? At only $399, the HP Mini 5103 is a cost effective way to stay connected. It has a durable all-metal case and a 95 percent full-size, spill-resistant keyboard. Windows 7 and Microsoft® Office 2010 are preloaded. To learn more about this offer and other discounted HP products go to NADA's PC Purchase Program site (member log in required)

  
Lenovo's PC Discounts

NADA members and their staff can save an additional 10 percent off the sale price of all ThinkPad T series and ThinkPad X series PCs by using eCoupon USX10TX1104 at checkout. This offer expires Nov. 30. To learn more about this offer and other discounted Lenovo products go to NADA's PC Purchase Program site (member log in required)

 
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