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Tuesday, Dec. 7, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
Obama Announces Accord on Taxes
Dealers Optimistic About 2011 Sales Surge
More Auto Loans Going to Subprime Buyers
Chrysler May Pay Back Loans From U.S., Canada Before 2013, Marchionne Says
Chrysler Financial Bidding Begins
U.S. to Require Rear-View Video on Cars
Committed to Community: Chrysler, Mich. Franchised Dealers & Red Wings Team Up to Offer Donations for Each Test Drive
Top Stories
Obama Announces Accord on Taxes

Less than a week after House and Senate leaders met with Obama and other White House officials, the president announced a "framework for a bipartisan agreement" that includes a two-year extension of the Bush-era tax cuts for all taxpayers, a 13-month extension of unemployment benefits, a 35 percent estate tax with a $5 million exemption and a 2 percent across-the-board payroll tax cut. (Read more)
Source: The Hill

Editor's Note: NADA issued the following statement regarding the bipartisan tax agreement: "We are greatly encouraged by the framework for a bipartisan tax agreement outlined by the president. This will help restore consumer confidence and speed economic recovery. Anything that boosts consumer confidence will also help the auto industry. We are particularly pleased with two provisions: 1) the NADA-supported 35 percent estate tax rate and the $5 million per-spouse exemption; and 2) the proposal to allow businesses to expense 100 percent of their investments in 2011. If Congress approves the estate tax proposal, this would avoid the draconian snap-back 55 percent rate and $1 million exemption, which is due to go into effect at the end of the year. It’s important to note that the president recognizes failure to act this year is not an option. We look forward to seeing the specifics of the legislation as it moves through the House and Senate." NADA's Legislative Office will inform dealers as more details on the proposed legislation become available.

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Dealers Optimistic About 2011 Sales Surge

Morgan Stanley’s auto analysts are calling for light-vehicle sales of 14 million in 2011 after a survey of U.S. dealers. A common factor cited in this and other reports: A current U.S. vehicle fleet that is more than 10 years old. (Read more)
Source: Automotive News 

Editor's Note: NADA Chief Economist Paul Taylor says the aging U.S. fleet is just one of several economic factors helping sustain new-vehicle sales. Strong trade-in values and an improving stock market also are driving sales. "Today’s new-vehicle market remains largely about the ‘needs’ of consumers, while it was about the ‘wants’ of consumers during the boom years of 2002 through 2007,” Taylor says. For more analysis from Taylor, click here.

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More Auto Loans Going to Subprime Buyers

DETROIT — Consumers with less than stellar credit are getting car loans again as lenders loosen their standards, and the trend is likely to continue as more lenders get into the business. (Read more)
Source: The Associated Press

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Chrysler May Pay Back Loans From U.S., Canada Before 2013, Marchionne Says

Chrysler Group LLC, the U.S. automaker operated by Fiat SpA, may repay its U.S. and Canadian government loans before 2013, allowing the Italian automaker to take a 51 percent stake, the companies’ top executive said. (Read more)
Source: Bloomberg

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Chrysler Financial Bidding Begins

Two International Banks Negotiating With Owner Cerberus for Auto Lender

ING Group and Toronto-Dominion Bank are among several parties in talks with Cerberus to purchase Chrysler Financial. (Read more)
Source: The Wall Street Journal

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U.S. to Require Rear-View Video on Cars

WASHINGTON—The Obama administration moved Friday to effectively require all passenger cars and buses to be equipped with rear-view video cameras to help prevent fatalities caused when drivers back over a child hidden in the blind spot behind a vehicle. (Read more)
Source: The Wall Street Journal

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Committed to Community: Chrysler, Mich. Franchised Dealers & Red Wings Team Up to Offer Donations for Each Test Drive

A holiday fundraiser by Chrysler and the Metro Detroit Chrysler Jeep Dodge, Ram Truck Superstores means a test drive can generate more than just a potential sale. (Read more)
Source: Auto Remarketing

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Quotable
 
"Tonight’s announcement marks an important first step in giving all American families and businesses the certainty that their taxes will not increase on Jan. 1."

    -- Sen. Jon Kyl, R-Ariz., who expressed satisfaction with the preliminary agreement reached Monday to extend the Bush-era tax cuts at all income levels for two years, The New York Times, Dec. 6

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Happy Holidays From Lenovo!

Invest in a Lenovo ThinkPad with rock-solid reliability. NADA members and their staff can now save up to 40 percent on select ThinkPads using eCoupon USXDECSAVINGS at checkout. This offer expires Dec. 31. To learn more about this offer and other discounted Lenovo products go to NADA's PC Purchase Program site (member log in required). Check the site often for weekly specials!

 
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