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Friday, June 3, 2011 RSSSEND TO A FRIENDPRINT
Top 5 Stories
Chrysler to Sever US Government Ties
Obama, Detroit on Collision Course
Auto Bailout in the Balance: Was it Worth It?
Survey: Auto Shows Have Powerful Effect on Car Sales
NADA Exec Bruce Kelleher Retiring After 45-Year Career
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Top 5 Stories
Chrysler to Sever US Government Ties

Chrysler Group LLC, newly profitable and confident in its revamped products, will soon sever its ties with the U.S. government after most - but not all - of the bailout loans it got two years ago are repaid. Italian automaker Fiat SpA agreed late Thursday to buy the U.S. Treasury's 6 percent interest in Chrysler for $500 million. Once the deal closes, the government will no longer hold a stake in the auto company. Treasury officials said it could take up to three months to make sure the agreement meets regulatory approvals, but it will likely close more quickly than that. President Barack Obama is expected to announce the agreement Friday during a trip to a Chrysler facility in Toledo, Ohio.
Source: The Associated Press

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Obama, Detroit on Collision Course

Detroit’s major automakers are ready for Round Two in their battle with the Obama administration over fuel economy standards, and this time, they’re hoping new leverage will give them the punching power they need. In 2009, President Barack Obama pushed through the first increase in gas mileage standards in decades, signing a rule that will raise fuel economy standards to 35.5 miles per gallon by 2016. Now the companies are inching back into the black, and they’re pressing on everyone from White House chief of staff Bill Daley to House Speaker John Boehner (R-Ohio) and California Democratic Gov. Jerry Brown in a late lobbying blitz to make their voices heard in any new rulemaking process. EPA and the National Highway Traffic Safety Administration, the two federal agencies leading the rulemaking, are expected to get the fuel economy package to the White House for Obama’s approval by the end of June. That should allow enough time for an Office of Management and Budget review and public release by the end of September.
Source: Politico

NADA Statement: The Obama administration, prodded by California regulators, is seeking to finalize 2017-2025 fuel economy regulations three years before the rule is required. With the auto industry just beginning to absorb last year’s $51.7 billion fuel economy rule, it is unwise to rush to another expensive rule and to force manufacturers to speculate on what types of vehicles people will want to purchase in 14 years.

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Auto Bailout in the Balance: Was it Worth It?

Though possibly necessary, federal aid for the auto industry has never been terribly popular, whether offered by George W. Bush or Barack Obama. So President Obama is bold to tout the 2009 bankruptcy-cum-bailout of General Motors and Chrysler as a success in his 2012 reelection campaign. Would a disinterested observer be equally bullish?
Source: The Washington Post

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Survey: Auto Shows Have Powerful Effect on Car Sales

A survey of nearly 7,500 new-car buyers indicated that 23 percent of them shopped for a new vehicle at an auto show, according to Foresight Research in Rochester, Mich. Out of the 23 percent (or 1,725 new-car buyers) who shopped at an auto show, 60 percent said they decided what brand to buy upon leaving the show, says Steve Bruyn, CEO of Foresight Research, who presented its “2011 Auto Show Strategy Report” to industry executives at the Motor Trend Auto Shows’ Client Summit in Las Vegas on June 2. “State and regional auto shows are extremely effective in helping sell cars,” said John Marriott, senior vice president, Source Interlink Media Events Group. “The Foresight Research study quantifies the impact of auto shows on the new car purchasing process, and should help automotive manufacturers and new car dealers to better understand the value of participating in these annual events.”
Source: Motor Trend Auto Shows

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NADA Exec Bruce Kelleher Retiring After 45-Year Career


Kelleher

After a 45-year career with the National Automobile Dealers Association, Bruce Kelleher, the organization's executive vice president and chief administrative officer, is retiring. Kelleher, 71, will step down effective July 1. Before Kelleher became executive vice president in 1986, he was assistant editor of NADA's used car guide, manager of the association's western office and assistant to the executive vice president. "It's impossible to overstate Bruce's great contributions to NADA and to America's new car and truck dealers," NADA President Phil Brady said in a statement. NADA said its board of directors will honor Kelleher at its annual meeting this month in Williamsburg, Va.
Source: Automotive News

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More articles

June 2, 2011 - GM Financial to Offer Floorplan Loan Program for Dealers

June 1, 2011 - Ford CEO Mulally Urges One Fuel Standard

May 31, 2011 - Sales Slowdown in May Won't Prevent Biggest Year Since 2008

May 27, 2011 - Lenders Warm Up to Subprime Auto Loans

May 26, 2011 - Honda To Resume Full North American Auto Production In August

 
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Quotable
"It's impossible to overstate Bruce's great contributions to NADA and to America's new car and truck dealers."

    -- NADA President Phil Brady, in a statement about Bruce Kelleher, the organization's executive vice president and chief administrative officer, who is retiring after a 45-year career, Automotive News, June 2

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Webinar: “Dealership Valuation for Estate and Succession Planning,” June 16, at 1 pm (Eastern)

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Lenovo's June Savings

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