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Friday, July 22, 2011 RSSSEND TO A FRIENDPRINT
Inside This Issue
Michigan Delegation Calls White House Fuel Proposal 'Not Reasonably Feasible'
U.S. Concludes Chrysler Rescue with Sale to Fiat
Forecast: July Auto Sales Grow But Remain Sluggish
NADA: Used Small Car Prices Past Peak, But Still Strong
House Votes to Overhaul Consumer Agency
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Top 5 Stories
Michigan Delegation Calls White House Fuel Proposal 'Not Reasonably Feasible'

Michigan's two senators and 12 U.S. House members sent a harsh message to President Barack Obama late Thursday, warning the White House's starting proposal on fuel efficiency standards of 56.2 miles per gallon by 2025 are "overly aggressive and not reasonably feasible." The letter — signed by Sens. Carl Levin, D-Detroit, Debbie Stabenow, D-Lansing, and House members including Reps. Fred Upton, R-St. Joseph, Dave Camp, R-Midland, John Dingell, D-Dearborn, and Mike Rogers, R-Brighton — said the administration's initial proposal is too aggressive. "We are deeply concerned that the Administration's 'starting' proposal of a five percent annual increase for cars and light trucks — to reach a goal of 56.2 miles per gallon in 2025 — is overly aggressive and not reasonably feasible," the letter said. "Such a proposal would push beyond the limits of reasonably feasible technology development and would have significant negative ramifications for U.S. jobs and competitiveness."
Source: The Detroit News

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U.S. Concludes Chrysler Rescue with Sale to Fiat

The Treasury Department announced on Thursday that it has closed on the sale of its stake in Chrysler, bringing to an end the government’s multi-billion rescue of the Detroit automaker. In all, the government has recovered $11.2 billion of the $12.5 billion it committed to the Chrysler rescue, the Treasury said, or about 90 percent of the money. “This is a major accomplishment and further evidence of the success of the administration’s actions to assist the U.S. auto industry, which helped save a million jobs during the worst economic crisis since the Great Depression,” Assistant Secretary for Financial Stability Tim Massad said in a statement.
Source: The Washington Post

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Forecast: July Auto Sales Grow But Remain Sluggish

According to a forecast by industry researcher J.D. Power and Associates, retail light-vehicle sales for July are expected to total 913,900 units, up 4.1% from 878,168 a year earlier and up 9.5% from 834,556 units in June. The projected July figure represents a seasonally adjusted annualized rate, or SAAR, of 9.8 million units. “While July’s selling rate is slated to finish higher than June, consumers continue to face obstacles in their willingness and ability to purchase a new vehicle,” said Jeff Schuster, executive director of global forecasting at J.D. Power.
Source: The Wall Street Journal

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NADA: Used Small Car Prices Past Peak, But Still Strong

Your three to five year old Toyota Prius or Ford Focus may not be worth what it was in June, at the recent peak of gasoline prices, but it’s still likely worth 10% to 30% more than it was at the beginning of the year, according to the latest projections from the NADA Used Car Guide due out Friday. A Toyota Prius valued at $12,225 in January could be worth as much as $15,925 in August, according to the NADA guide’s projections. That’s down from the peak of $17,275 in June. A Chevrolet Aveo that was worth $5,275 in January could be worth 21% more, or $6,375, in August. Among other popular small cars, three to five year old Honda Civic values are up an average 14%, Ford Focus values are up 15% and Hyundai Accents are trading at 17% more than in January. Jonathan Banks, senior analyst with NADA Used Car Guides, says in a statement that used small car prices will likely decline slightly in the fall. The recent drop in gas prices, and new discount deals from manufacturers on new cars could cool demand for used cars.
Source: The Wall Street Journal

Related article

 
Prices of Fuel-Efficient Used Cars Still High in August (NADA Newsroom)

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House Votes to Overhaul Consumer Agency

The new Consumer Financial Protection Bureau officially opened for business Thursday during rancorous political debate over the structure of the agency and who should lead it. The House approved a bill Thursday that would ... install a five-member commission rather than a single director to head the agency and delay transfer of powers to the new agency. “Is it possible consumer protection ... could trump safety and soundness? Absolutely,” said Rep. Sean P. Duffy (R-Wisc.), who sponsored the bill. “We want to make sure there’s that balance.” The proposal stands little chance of survival in the Democrat-controlled Senate.
Source: The Washington Post

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More articles

July 21, 2011 - Automakers Try to Stall Higher MPG Standards, Ask Obama for Review

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

 
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Quotable
"Such a proposal ... would have significant negative ramifications for U.S. jobs and competitiveness."

   
-- Michigan's two senators and 12 U.S. House members, in a letter to President Obama warning that the White House's proposal on fuel-efficiency standards are "overly aggressive and not reasonably feasible," The Detroit News, July 21
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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.

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