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Friday, March 4, 2011 RSSSEND TO A FRIENDPRINT
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Top 5 Stories
House Votes to Repeal 1099 Provision
Chrysler Refinancing Talks Advance, Sources Say
Mazda Recalls 2009-10 Mazda6 for Spider Webs Causing Fuel Leaks
Ford: Electric Cars Just One Option
Audi Seeks to Win Over BMW's 5-Series Aficionados With A6 Sedan
For more auto industry news, visit NADAFrontPage.com
Top 5 Stories
House Votes to Repeal 1099 Provision

WASHINGTON — The U.S. House of Representatives voted to repeal an unpopular tax-reporting requirement affecting small business owners, in what would be the first substantial change to the sweeping health-care package signed into law last year. In a 314-112 vote, the House approved the measure, but the Senate is unlikely to take up the bill as it is currently drafted, adding further delay to the attempt at repealing the measure. Official estimates stated it would raise around $18 billion a year, money that would be used toward the cost of implementing the health-care law. A similar bill passed through the Senate last month, but rather than being a stand-alone piece of legislation, it was attached to a wider overhaul of the regulation of the aviation industry. [The] House-passed measure . . . would direct the federal government to more aggressively go after subsidy overpayments to people to help afford the cost of health-care insurance. The Senate-passed measure simply instructed the White House Budget Office to find the savings in unspent federal money.
Source: The Wall Street Journal

Editor's note: Several Congressional votes to repeal the 1099 provision have received broad bipartisan support, but replacing the revenue lost by eliminating the requirement remains the major sticking point that has prevented the measure from becoming law. The mandate is not slated to go into effect until 2012. NADA continues to actively support the 1099 repeal efforts along with a large coalition of small businesses.

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Chrysler Refinancing Talks Advance, Sources Say

Chrysler Group LLC is in advanced discussions with banks on refinancing about $7 billion in government debt and establishing a credit facility in a process that would help clear the way for its initial public offering later this year. Chrysler, led by Chief Executive Sergio Marchionne, is looking to refinance a little over $7 billion of debt owed to the U.S. and Canadian governments in a deal expected to include both bank term loans and bonds, six people with knowledge of the discussions said. But one person cautioned that Chrysler was considering a range of options for its financial restructuring that could take some time to resolve. "There are a lot of moving pieces, a lot of different players are involved, so it's complicated," the person said.
Source: Reuters

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Mazda Recalls 2009-10 Mazda6 for Spider Webs Causing Fuel Leaks

Mazda Motor Corp. blames an eight-legged creature for a recall of about 67,000 vehicles. The Japanese automaker is recalling 52,000 2009-10 Mazda6 vehicles over concerns the fuel tank could crack and leak — because of spider webs. Another 15,000 vehicles are being called back in Canada and Mexico. The unusual recall covers vehicles that were built at the Auto Alliance plant in Flat Rock between April 2008 and February 2010. Mazda told the National Highway Traffic Safety Administration that spiders "may weave a web in the evaporative canister vent line." That could lead to pressure in the emission control system that could stress the fuel tank and lead to a crack.
Source: The Detroit News

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Ford: Electric Cars Just One Option

Ford Motor Co. Chairman William Ford said Thursday that the auto maker is hedging its bets when it comes to electric car technology, noting uncertain demand for electric cars and other technologies could yet prove viable. "Electric is a focus of investment," Mr. Ford said during an appearance at The Wall Street Journal's ECO:nomics Conference in Santa Barbara, Calif. But he added that, "We still don't know what the winning technology is going to be...We're continuing to invest in hydrogen, we're continuing to invest in biofuels." Mr. Ford said that the company has no certainty that an electric grid will be developed that is capable of supporting droves of electric vehicles on the roads.
Source: The Wall Street Journal

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Audi Seeks to Win Over BMW's 5-Series Aficionados With A6 Sedan

Volkswagen AG (VOW)’s Audi luxury brand will target executives with a revamped A6 sedan to increase sales and lure customers from Bayerische Motoren Werke AG (BMW) and Daimler AG (DAI) at the more expensive end of the product range. “The A6 is the epitome of the top-of-the-range sedan,” development chief Michael Dick said in an interview. “I’m convinced it will attract many buyers in the business community. This is an important segment for Audi.” Audi aims to increase A6 deliveries by one-third after selling about 1 million of the model’s previous generation during its seven-year lifespan, Dick said at the carmaker’s headquarters in Ingolstadt, Germany. The overhauled version goes on sale in Europe in April starting at 38,500 euros ($53,655).
Source: Bloomberg

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For more auto industry news, visit NADAFrontPage.com

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Quotable
 
“Clearly, there is strong, bipartisan support to repeal the 1099 provisions so that small businesses can focus on what they do best — creating jobs."

    -- Rep. David Camp, R-Mich., chairman of the House Ways and Means Committee, Politico, March 3

Video Highlights
 

Ciccolo: Life's Good Fortune Instills 'Driving Desire to Give Back' (NADA-TV)


McConnell Calls for Single, National Fuel Economy Standard (NADA-TV)

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Scam Alert: Bogus Website and Fake Survey Have No Connection to NADA

Dealers and others are still receiving e-mail messages from “NADA Dealer Services,”
(nadanews@nadadealerservices
.com
) which refers to an “AdTrack” survey described as an “NADA program” that rates automotive direct mail companies. NADA did not conduct such a survey. NADA does not have an “AdTrack” program. The e-mail, Web site and survey HAVE NO CONNECTION WITH NADA. NADA’s legal affairs department is taking action to stop these misrepresentations.

GM's Dan Akerson to Keynote NADA/IHS Automotive Forum 2011
Register today for the second annual NADA/IHS Automotive Forum in New York City on April 19, 2011 hosted by the New York International Auto Show.

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Enroll Now for Spring Dealer Academy 2011 Classes
Spring 2011 classes include ATD Truck Dealer Academy, Dealer Candidate Academy and General Dealership Management Academy.

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