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Wednesday, Nov. 24, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
Will Congress Repeal the 1099 Expansion?
U.S. Consumer Spending Rises for Fifth Month as Incomes Rebound
Unemployment Claims Drop Sharply to 407K
Obama Promotes Auto Industry Success in Indiana
Chrysler, GM Plan Factory Investments
Democrats Revive Push for Auto-Safety Bill
Cerberus Said to Seek Buyers for Auto Lender Chrysler Financial
A Sandlot, Named After a Car Lot
Top Stories
Will Congress Repeal the 1099 Expansion?

When we last checked in on efforts in Congress to roll back the expansion of 1099 reporting that passed as part of the health care overhaul, we found the parties deadlocked. Now, Senator Max Baucus, who heads the tax-writing Finance Committee, is trying again. (Read more)
Source: The New York Times

Editor's Note: Dealers are urged to reach out to both of their Senators to strongly encourage them to vote for two amendments which would eliminate a mandate requiring businesses to file a 1099 tax form after any expenditure of $600 or greater. A part of the health care reform law, the mandate goes into effect on Jan. 1, 2012, and would create a significant paperwork burden for dealers. The two amendments, offered by Sens. Mike Johanns, R-Neb., and Max Baucus, D-Mont., could face a high hurdle, as the Senate’s procedures may require a super-majority of 67 votes. With votes expected early next week, dealers should call Senate offices on Monday. The Senate switchboard can be reached at (202) 224-3121.

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U.S. Consumer Spending Rises for Fifth Month as Incomes Rebound

Consumer spending rose in October for a fifth month as a rebound in incomes lifted the biggest part of the U.S. economy at the start of the final quarter of 2010. Auto dealers are among retailers seeing demand improve. (Read more)
Source: Bloomberg 

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Unemployment Claims Drop Sharply to 407K

WASHINGTON -- The number of people applying for unemployment benefits fell sharply last week to the lowest level since July 2008, a hopeful sign that improvement in the job market is accelerating. (Read more)
Source: The Associated Press

Editor's Note: Last week’s 34,000 drop in unemployment claims represents progress, says Paul Taylor, NADA chief economist. But Taylor sees much more work to be done, especially with unemployment averaging 450,000 consistently the past few months and  40 percent of currently unemployed workers having been out of work for six or more months. Only a marked decrease in the number of layoffs can whittle down unemployment significantly, Taylor says. He also forecasts unemployment hovering between 9.6 to 8.8 percent during the next year. Fortunately, consumer confidence seems to be shoring up--albeit very slowly--even as the foreclosure debacle has driven down home sale prices and volumes. And recent Federal Reserve action has stabilized re-finance rates.

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Obama Promotes Auto Industry Success in Indiana

KOKOMO, Ind. -- President Barack Obama promoted the revival of the U.S. auto industry Tuesday, taking his pitch to the heart of the Rust Belt where a bruising economy has taken its toll on Democrats. (Read more)
Source: The Associated Press 

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Chrysler, GM Plan Factory Investments

Chrysler Group LLC said Tuesday it plans to invest an additional $843 million at its transmission manufacturing facilities in Kokomo, Ind., to produce front-wheel-drive automatic transmissions for future vehicles. Separately, General Motors Co. on Wednesday is expected to announce an investment at a Flint, Mich., engine plant. (Read more)
Source: The Wall Street Journal

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Democrats Revive Push for Auto-Safety Bill

U.S. Senate Democrats have revived talks to push for passage of an auto-safety bill designed to respond to concerns raised by the Toyota Motor Corp. recalls. (Read more)
Source: The Wall Street Journal

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Cerberus Said to Seek Buyers for Auto Lender Chrysler Financial

Cerberus Capital Management LP is seeking buyers for auto lender Chrysler Financial, which the private-equity firm acquired as part of its takeover of Chrysler LLC in 2007, said two people with knowledge of the matter. (Read more)
Source: Bloomberg

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A Sandlot, Named After a Car Lot

Texas Toyota dealership pays to put its brand on a public park

The Los Angeles Lakers have the Staples Center, the New York Mets have Citi Field and the Pittsburgh Steelers have Heinz Field -- all named for large corporate sponsors. Now a Dallas suburb has a public park for amateur sports leagues called Toyota of Lewisville Railroad Park -- named after an auto dealership. (Read more)
Source: Automotive News

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Quotable
 
“It really looks like a recovery here. Wages and salaries are strengthening, and we have really good momentum going into the holiday season.”

    -- Mark Vitner, a senior economist at Wells Fargo Securities LLC, on news that consumer spending rose in October for a fifth month, Bloomberg, Nov. 24

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Seminar: New “6H” EPA Air Quality Regulations for Auto Body Shops

Thursday, Dec. 9, 2010

Is your dealership or auto body shop ready to comply with new federal air quality regulations by the Jan. 10, 2011, compliance date? Join us for free online training on the new EPA “6H rule," covering paint stripping and surface coating at auto body shops and other area sources. Click here to register. 


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