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Top 5 Stories
GM Expands Chevrolet Volt Orders to All 50 States, Lowers Price
Toyota Expects 31% Drop in Net Profit
Ally Financial Delaying $6 Billion IPO
NADA Economist: New Car Sales Expected to Rise in July as Gas Prices Drop
Video: New Adverse Action Notice Disclosures Take Effect July 21
Click here for NADA's online newsroom at NADAFrontPage.com.
Top 5 Stories
GM Expands Chevrolet Volt Orders to All 50 States, Lowers Price

General Motors opened up orders for the Chevrolet Volt to all 50 states today, lowering the base price for the 2012 model by about $1,000 and adding four option packages. The 2012 Volt will start at $39,995, including delivery, and customers may be eligible for a $7,500 federal tax credit. GM is expanding Volt ordering as it prepares to add two shifts worth 2,500 jobs to the Detroit-Hamtramck plant that builds the car.
Source: Detroit Free Press

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Toyota Expects 31% Drop in Net Profit

Toyota Motor Corp. on Friday released a cautious full-year earnings outlook well below market expectations, due to the impact of the March 11 disasters and the yen's strength, but the auto giant predicts greater momentum in the second half of the year as quake-induced supply problems are expected to fade. Toyota is the first of Japan's major auto makers to release its forecast for the current fiscal year, and its outlook underscores the harsh environment facing the industry amid the stubbornly strong yen and quake-induced supply constraints.
Source: The Wall Street Journal

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Ally Financial Delaying $6 Billion IPO

Ally Financial, an auto and mortgage lender majority owned by the U.S. government, is delaying a $6 billion IPO due to bad market conditions, two sources familiar with the situation told Reuters. Ally Financial's IPO is expected to raise around $6 billion, including both common stock and convertible securities, one of the sources said. It will move ahead when the market improves, that source said.
Source: Reuters

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NADA Economist: New Car Sales Expected to Rise in July as Gas Prices Drop

New-car and -truck sales will increase over the second half of the year beginning in July as inventory levels increase and gasoline prices drop, says Paul Taylor, chief economist of the National Automobile Dealers Association. “Gasoline prices are currently falling, and that will allow dealers to sell a full mix of new vehicles, ranging from small cars, crossovers to pickup trucks, despite the lack of inventory of many popular selling models resulting from the crisis in Japan,” Taylor said. Taylor expects new-car and -truck sales in June to be restrained somewhat by a shortage of inventory, similar to what happened in May, but he says the outlook for sales in July and beyond is positive as credit availability improves and lenders look to increase their loan volume.
Source: NADAFrontPage.com

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Video: New Adverse Action Notice Disclosures Take Effect July 21

A provision in last year's financial reform law requires dealers and other creditors who use a credit score in taking adverse action -- such as a credit turn down -- to include new credit score disclosures in their adverse action notices beginning July 21. (This provision also requires the disclosures to be included in risk-based pricing notices, but this does not affect dealers who issue Credit Score Disclosure Exception Notices to comply with the Risk-Based Pricing Rule.) NADA will soon release a new version of its publication "A Dealer Guide to Adverse Action Notices" explaining the new disclosure requirements and providing model adverse action notice forms that the Federal Reserve Board is developing to accommodate the new disclosures. NADA will release this publication shortly after the Federal Reserve Board finalizes its model forms. In the meantime, dealers can review a short video on the topic and participate in a comprehensive webinar on Wednesday July 6 from 1-3 p.m. Eastern. To register, call (800) 557-6232 or sign in to NADAuniversity.com, visit the NADA U Store, then select Products, then Webinars & Seminars.
Source: NADA Regulatory Affairs

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More articles

June 9, 2011 - SUVs Safer Than Ever, But Small Cars Still Perilous

June 8, 2011 - Akerson: GM Strong After 'Rebirth' in Bankruptcy, But Challenges Remain

June 7, 2011 - GM's Akerson Pushing for Higher Gas Taxes

June 6, 2011 - Texas Dealer, Former NADA President Ramsay Gillman Dies at 67

June 3, 2011 - Chrysler to Sever US Government Ties

 
Videos

Video: Disaster Relief for Dealership Employees (NADA-TV)

 Mercedes Enrolls in NADA U (NADA-TV)

 Video: Dealers Eye Consumers in 'Scramble' for Used Cars (AutoFocus)

Quotable
"I'm not in the business of helping people tweet better. I'm not in the business of helping people post on Facebook better."

    -- David Strickland, administrator of the National Highway Traffic Safety Administration, who said Thursday that he'll fight unsafe infotainment technology that tries to convert vehicles into smartphones on wheels, USA Today, June 9

Marketplace
Webinar: “Dealership Valuation for Estate and Succession Planning,” June 16 at 1 p.m. EDT

Free Webinar: “Boost Your Revenue in Today's Transparent Used Car Market,” June 21 at 12 p.m. EDT 

Dealer Executive Education at Babson College August 2011 Class Forming Now

HP's Built-in Connectivity at Your Fingertips

Lenovo's June Savings

Foundation News
NADA Foundation Program Reaches 500th Ambassador
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