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Friday, Sept. 9, 2011 RSSSEND TO A FRIENDPRINT
Inside This Issue
Buyer Beware: Flooded Cars Flood the Market
Ford Says U.S. Auto Sales May End Year Below 13 Million Seen as Minimum
NADA Reminds Dealers to Ensure Compliance with Federal Lease and Credit Advertising Requirements
Volkswagen Says Porsche Merger Delayed Beyond 2011
Car Makers Fight European Gloom in Frankfurt
Click here for NADA's online newsroom at NADAFrontPage.com. .
Top 5 Stories
Buyer Beware: Flooded Cars Flood the Market

Recent storms have given used car buyers nationwide a new reason to be cautious. Vehicles damaged by floodwaters — as seen recently on the East Coast with hurricanes Irene and Lee, and earlier this year with record rains along the Mississippi — often turn up for sale within weeks. It’s not just a local problem either. Unscrupulous middlemen may knowingly buy the damaged cars from consumers or insurers and move them to other states to find unsuspecting buyers, warns Phil Reed, consumer advice editor for Edmunds.com.
Source: The Wall Street Journal

Editor's note: In addition to checking vehicle history reports, such as Experian’s Auto Check, dealers can access the National Motor Vehicle Title Information System (NMVTIS), a Department of Justice website (www.vehiclehistory.gov), that provides information to supplement vehicle history reports. In addition, the National Insurance Crime Bureau's website (www.nicb.org/theft_and_fraud_awareness/vincheck) allows for VIN checks of flooded/salvaged vehicles. For more information from NADA on tips to spot a flood damage vehicle in English and Spanish, click here.

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Ford Says U.S. Auto Sales May End Year Below 13 Million Seen as Minimum

U.S. auto sales this year may not reach 13 million that was the low end of Ford Motor Co.'s range of estimates, Chief Financial Officer Lewis Booth said. “We see signs of pent-up demand,” Booth said today, speaking at a UBS conference in London. “What it’s going to take for that pent-up demand to emerge is some confidence in what the future will look like.” Dearborn, Michigan-based Ford anticipated a modest U.S. recovery, “but we didn’t expect it to be quite as slow as it’s been.”
Source: Bloomberg

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NADA Reminds Dealers to Ensure Compliance with Federal Lease and Credit Advertising Requirements

Dealers are reminded that there are several important federal regulations that govern the advertising of leases and credit. Dealers, their advertising agencies and others responsible for the content of dealer advertisements must be familiar with these regulations. However, dealers are ultimately responsible for ensuring that all of their advertisements comply with the applicable rules. If you advertise consumer leases, then your ads must comply with the rules for lease advertising found in the Consumer Leasing Act and Regulation M (“Reg M”). If you advertise consumer credit, then your ads must comply with the rules for credit advertising under the Truth in Lending Act (“TILA”) and Regulation Z (“Reg Z”). All required disclosures under Regs M and Z – not only the trigger terms, but also the required follow-on disclosures – must be made “clearly and conspicuously” to be compliant. For more information, click here.
Source: NADA Regulatory Affairs

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Volkswagen Says Porsche Merger Delayed Beyond 2011

Volkswagen AG said it would delay a merger with Porsche Automobil Holding SE beyond 2011 because of legal issues and examine other ways of creating an integrated auto group. The Wolfsburg, Germany-based maker of the Beetle said it would now examine other ways to create "an integrated automotive group" with Porsche and present any findings to the supervisory board before the end of the year. The main causes of uncertainty are legal actions brought against Porsche SE in Germany and the United States for alleged market manipulation, Volkswagen added.
Source: Reuters

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Car Makers Fight European Gloom in Frankfurt

The global car industry descends on Frankfurt next week to show off the latest models it hopes will fend off an economic slowdown in some of its biggest markets, as government spending cuts chip away at consumer confidence in Europe. European car makers may have scrambled to increase their presence in China and other new regions but they still rely on Europe for the bulk of their sales and tough austerity measures threaten consumer spending power. The Frankfurt show, which opens to the media on Sept. 13, is traditionally a chance for premium German car makers to show off their new models.
Source: Reuters

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More articles

Sept. 8 - Auto Dealers Pressured to Spiff Up Showrooms

Sept. 7 - Are You Worried About the Health of the Auto Industry? Watch China

Sept. 6 - Toyota to End Camry Imports from Japan

Sept. 2 - Chrysler, Nissan, GM Lead Industry to 8% Gain

Sept. 1 - Carmakers to Report August Sales

 
Quotable
"We see signs of pent-up demand. What it’s going to take for that pent-up demand to emerge is some confidence in what the future will look like."

    -- Lewis Booth, Ford chief financial officer, predicting that U.S. auto sales this year may not reach 13 million units, Bloomberg, Sept. 9
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NADA U Webinars
-- Sept. 21 at 1 p.m., EDT: “Implementing the Four Essentials to 100% Absorption,” presented by Don Reed, NADA U Partner and CEO, DealerPro Training Solutions

Call 800.557.6232 to learn more and register.

Convention News
Discounted Registration Rates End Sept. 9

Discounted registration rates for the 2012 NADA/ATD Convention & Expo in Las Vegas end at midnight (EDT) Friday, Sept. 9. After that, rates will increase $25 in each registration category. (Children under 18 are free). Hotels are also filling up fast. The Encore at Wynn, the Wynn and Bellagio have already sold out. Register today to take advantage of early registration discounts and to reserve a room at any of the 11 remaining hotels in NADA's block. Convention registration is now open online.

Foundation News
NADA Foundation Program Reaches 500th Ambassador
Marketplace
Seats Available in Five Remaining Academy Classes of 2011

NADA 20 Groups for Fixed Ops Managers Meeting this Fall; Controllers/CFO Groups Now Forming

HP's Small but Mighty PC

Save More Than 50% on Lenovo in September

   
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