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Thursday, June 16, 2011 RSSSEND TO A FRIENDPRINT
Top 5 Stories
Honda Rolls Out New Incentive Policy
Ford Expects a Lower Profit in 2nd Half of 2011
Chrysler to Partially Reopen Michigan Engine Plant
GAO Report Critical of Auto Recall Process
Volvo Eyes U.S. Captive Finance Unit
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Top 5 Stories
Honda Rolls Out New Incentive Policy

Honda Motor Co. on Wednesday told its U.S. dealers it is starting a new incentive policy aimed at convincing customers to purchase cars even if the models they are seeking are out of stock. In a memo to dealers, Honda said it will honor current incentives even if customers have to wait weeks until the exact models they buy become available. Honda launched the new effort – called the Honda Promise -- on Wednesday, along with other incentives, in an attempt to boost sales and slow a decline in market share.
Source: The Wall Street Journal

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Ford Expects a Lower Profit in 2nd Half of 2011

Ford expects to earn a smaller pretax profit in the second half of this year than the first half as more expensive raw materials squeeze profit margins, the company's controller said Wednesday. "The second quarter (profit) could actually be very close to the first quarter. The second half is usually a bit weaker than the first half," said Bob Shanks, Ford controller, speaking to a Deutsche Bank investor conference in Chicago. "We said earlier that our commodity and structural costs would each be up about $2 billion and that appears as of today to be on track to occur," Shanks said.
Source: Detroit Free Press

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Chrysler to Partially Reopen Michigan Engine Plant

Chrysler Group LLC said on Wednesday it will invest $114 million and partially reopen a Michigan engine plant, retaining 268 jobs. Chrysler will repurpose about one-fifth, or 400,000-square feet, of the Trenton North engine plant to make parts for the Pentastar engine made at the Trenton South plant. The plant was closed last month, but the need for these parts has increased as Chrysler replaces seven V-6 engines with the new Pentastar V-6 engine, Brian Harlow, head of powertrain manufacturing said in a statement.
Source: Reuters

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GAO Report Critical of Auto Recall Process

The Government Accountability Office released a new report [Wednesday] critical of how automobile recalls are conducted in the United States. The GAO found that despite recalls being more prevalent than ever – in 2010, automakers recalled more vehicles than any other year on record – many recalled vehicles "are never fixed, posing a risk to vehicle operators, other drivers, and pedestrians.” The government’s watchdog arm called on the National Highway Traffic Safety Administration to improve its recall process, saying that while automakers themselves felt good about the current way things are done, there was notable room for improvement.
Source: Detroit Free Press

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Volvo Eyes U.S. Captive Finance Unit

Volvo may form a captive finance arm in the United States as part of a push to expand U.S. sales, Volvo CEO Stefan Jacoby said last week. "We're investigating creating a captive finance arm in the U.S.," Jacoby said Thursday, June 9, in an interview after a Washington conference co-sponsored by Volvo. "We're committed to increasing sales here." Jacoby added that the company plans to strengthen its dealer network but didn't provide details. He met with Volvo dealers in Miami last week.
Source: Automotive News

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More articles

June 15, 2011 - Study: Fuel Rules to Hike Car Costs

June 14, 2011 - Honda Forecasts Profit to Drop 63% After Earthquake Disrupts Production

June 13, 2011 - Ally Partners with TIME on Prestigious Dealer of the Year Honor

June 10, 2011 - GM Expands Chevrolet Volt Orders to All 50 States, Lowers Price

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

 
Videos

Mercedes Enrolls in NADA U (NADA-TV)

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

 Disaster Relief for Dealership Employees (NADA-TV)

Quotable
"What we don't want to do is just send those people on their way without taking care of them."

    -- Honda spokesman Gary Robinson, on the company's decision to honor discount offers, even on cars they do not have in stock, such as the popular Civic, Reuters, June 16

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
Boston Dealer Creates 'Family Ambassadors of Distinction'

NADA Foundation Program Reaches 500th Ambassador

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