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Thursday, July 21, 2011 RSSSEND TO A FRIENDPRINT
Inside This Issue
Automakers Try to Stall Higher MPG Standards, Ask Obama for Review
USA Today Opinion: 56 MPG Could be a Bridge Too Far
New Rule Requires Lenders to Provide Credit Scores to Consumers
Consumer-Finance Watchdog Agency Launches [Today]
Tech Boom Revs Up Demand for Luxury Cars
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Top 5 Stories
Automakers Try to Stall Higher MPG Standards, Ask Obama for Review

The auto industry is pressing the Obama administration for a promise to reevaluate rules that may more than double U.S. fuel economy standards by 2025 before they become final. The White House agrees that a review during the transition period is needed, said Ellen Gleberman, a vice president of trade group Global Automakers who has participated in talks between the government and industry on the proposed rule, which will set new mileage standards starting in 2017. A review midway through the 2017-2025 program would give regulators a chance to reassess assumptions that the needed engine technology will exist, Gleberman said. “It’s very difficult if not impossible to know where the industry will be in terms of technology or what the market conditions will be this far in the future,” said Gleberman, whose group represents Toyota Motor Corp., Honda Motor Co., Nissan Motor Co. and 11 other Asian and European automakers.
Source: Bloomberg

Related article

Michigan Congressional Delegation Questions '25 Fuel Economy Requirements (The Detroit News)

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USA Today Opinion: 56 MPG Could be a Bridge Too Far

Have you ever done the financial calculations on whether to buy the hybrid version of a car or its conventionally powered twin? It's hard to justify the investment. But now the Obama administration wants to alter the calculus. In a few days, the administration is expected to propose that the average vehicle on the road get significantly higher mileage. The first question these mandates pose is whether they would be technologically feasible. The second, more difficult question, is whether consumers would want to buy these vehicles.
Source: USA Today

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New Rule Requires Lenders to Provide Credit Scores to Consumers

Starting today, lenders who deny a borrower credit or offer a higher-than-normal interest rate are required to show the borrower his credit score. The new rule is part of an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act that passed exactly one year ago. Introduced by Sen. Mark Udall, D-Colo., it requires creditors to provide additional information in adverse action notices if a credit score was used in making a credit decision. "Your credit score can skew the terms of your car loan or even prevent you from being approved for a home mortgage. With such important financial decisions hanging in the balance, you ought to be able to see the score that is being used against you," Udall said.
Source: ABC News

Editor's note: To help dealers meet today's deadline for the new credit-disclosure rules, NADA has issued a new "Dealer Guide to Adverse Action Notices" and a new "Dealer Guide to the Risk-Based Pricing Rule." The guides are now available at www.nadauniversity.com. To access the guides, sign in or sign up for NADA University; once you have logged in, visit the Resource Toolbox, select “Driven Management Guides,” then “Legal/Regulatory.”

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Consumer-Finance Watchdog Agency Launches [Today]

The consumer-protection agency that was created in the wake of the financial crisis launches [today] lacking key powers that Congress had intended to give it. The Consumer Financial Protection Bureau will begin this week to enforce dozens of rules that Congress lumped together as part of last year's overhaul of financial regulations. Yet without a confirmed director, the agency can't write or enforce new rules for nonbank financial companies ... President Barack Obama's choice for the job is former Ohio Attorney General Richard Cordray. Republicans say they will block him or any other nominee until the power of the agency and its director are scaled back.
Source: The Associated Press

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Tech Boom Revs Up Demand for Luxury Cars

Apple Inc. employees are Brendan Harrington's best customers. Mr. Harrington is president and general manager of Lexus of Stevens Creek in Santa Clara, which he said is the largest luxury car dealership in Northern California. Like many luxury auto dealerships here and across the country, Mr. Harrington's business took a nosedive when the recession hit. But as the tech industry in Silicon Valley has bloomed back to life, so has Mr. Harrington's dealership. "It is directly related to the tech boom," Mr. Harrington said. "[Our customers] tell us on a regular basis, our stock's up, we're buying. Our bonuses are good, we're buying."
Source: The Wall Street Journal

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More articles

July 20, 2011 - Michigan Delegation to Meet, Consider Joining Fuel Economy Fight

July 19, 2011 - Auto Makers, White House Spar on Fuel-Economy Goal

July 18, 2011 - Automaker Ads to Protest Obama 56 m.p.g. Goal

July 15, 2011 - White House Offers Auto Makers Concession to Win Mileage Support

July 14, 2011 - Auto Dealers Add Shine to Showrooms to Create Buyer 'Experience'

 
Videos

 
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Quotable
"Those who understand the importance of the auto industry have to stand up and fight."

    -- Rep. Sander Levin, D-Mich., who is part of Michigan's congressional delegation planning to send a letter as early as today to the White House raising concerns about proposed hikes in fuel efficiency standards, The Detroit News, July 21



"It's very difficult if not impossible to know where the industry will be in terms of technology or what the market conditions will be this far in the future."

    -- Ellen Gleberman, a vice president of Global Automakers, an association that represents Toyota, Honda, Nissan and 11 other Asian and European automakers, Bloomberg, July 20

Marketplace
HP's Built-in Connectivity at Your Fingertips

July Specials from Lenovo

Convention News
Online Registration for 2012 Convention Opens July 25

Registration for the 2012 NADA and ATD Convention and Expo, Feb. 3-6 in Las Vegas, will open online July 25 at 9 a.m. EDT. The 2012 convention will mark the first time the NADA and ATD conventions will be held together. Dealers are urged to register early to take advantage of early-bird pricing and reduced hotel rates. Click here to register.

Foundation News
NADA's Bruce Kelleher and Wife Honored as 'Family Ambassadors of Distinction'

Boston Dealer Creates 'Family Ambassadors of Distinction'


NADA Foundation Program Reaches 500th Ambassador
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