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Tuesday, Oct. 11, 2011 RSSSEND TO A FRIENDPRINT
Inside This Issue
House to Hold Hearing on 54.5 MPG Plan
Why Auto Sales Will Outpace Economy
Dealers Predict Sales Boost with Ford-UAW Deal
Obama, South Korean Leader to Visit GM Plant, Tout Trade Pact Friday
World's Oldest Car Sells for $4.6 Million
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Top Stories
House to Hold Hearing on 54.5 MPG Plan

A House panel will hold a hearing Wednesday reviewing the Obama administration's plans to double fuel efficiency standards to 54.5 miles per gallon by 2025. On Friday, the House Oversight and Government Reform committee said its panel that oversees regulatory affairs will hold a hearing on the standards — as some Republicans in Congress have raised concerns about the economic impacts of the new requirements. The panel, chaired by Rep. Jim Jordan, R-Ohio, "will examine fuel economy standards for light and heavy duty vehicles, and the Obama Administration's recent agreement to raise fuel economy standards for model years 2017-2025," the committee said. Top officials from the National Highway Traffic Safety Administration and Environmental Protection Agency will testify, according to a committee memo released Friday. Automakers have not been asked to testify at the hearing.
Source: The Detroit News

Editor's note:
The House Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending will hold a hearing entitled, "Running on Empty: How the Obama Administration's Green Energy Gamble Will Impact Small Business & Consumers" on Wednesday, Oct. 12 at 10:00 a.m. The hearing will be streamed live at Oversight.House.Gov.

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Why Auto Sales Will Outpace Economy

Automakers expect new-car sales to outperform the lousy overall economy in the coming months -- just as they did in a surprisingly strong September. Auto executives say dramatic changes have occurred in the four months since vehicle shortages and troubling economic indicators derailed a budding auto recovery. "Things are already changing -- and in a very big way," Toyota brand boss Bob Carter said last week. With resumed full production, larger dealership stocks and five new models this autumn, he pledged that September's 18 percent decline would be the last year-over-year loss this year for Toyota Motor Sales U.S.A.
Source: Automotive News

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Dealers Predict Sales Boost with Ford-UAW Deal

Ford Motor Co.'s tentative UAW contract would create 5,750 U.S. hourly jobs and put more cash in the pockets of Ford workers. And dealers, who look for any reason to be optimistic about selling more cars, see that as good news. "Good news is good news," says Ed Witt, owner of Witt Lincoln in San Diego. "Good news at Ford means the stock goes up, Ford can invest more, and people feel good about Ford and Lincoln products."
Source: Automotive News

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Obama, South Korean Leader to Visit GM Plant, Tout Trade Pact Friday

President Barack Obama and South Korean President Lee Myung-bak will visit General Motors Co.'s Orion Assembly Plant on Friday to tout the U.S.-South Korea Free Trade Agreement. The White House said the pair will travel to the Oakland County plant for a tour and will "give remarks on the trade agreement with South Korea that will open up economic opportunities and support jobs on both sides of the Pacific." South Korea has one of the world's most closed auto markets. Last year, U.S. automakers exported 7,450 vehicles to Korea, valued at about $600 million and accounting for less than 1 percent of all vehicles sold there. All imports accounted for 7 percent of total vehicle sales in Korea. By comparison, Korean automakers exported 560,000 vehicles to the United States. 
Source: The Detroit News

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World's Oldest Car Sells for $4.6 Million

A steam-powered car, billed as the oldest car in the world that still runs, was sold at a Hershey, Pa. auction late Friday for $4.6 million. The auction company, RM Auctions, had estimated that the car would sell for about half that much. It represents the highest price ever paid for an early automobile at auction. Fueled by coal, wood and bits of paper, the car takes about a half-hour to work up enough steam to drive. Top speed is 38 miles per hour.
Source: CNNMoney.com

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More articles

Oct. 7 - Toyota Warns Parts Makers to Slash Prices or Be Replaced

Oct. 6 - Ford, GM May Qualify for Higher Credit Ratings

Oct. 5 - Auto Makers Now Import Jobs

Oct. 4 - Chrysler, Nissan, GM Lead Industry to 10% Sales Gain

Oct. 3 - Chrysler Says US Sales Jump 27 Pct in September

 
Quotable
"There is a lot of pent-up demand. Consumers are being cautious, but they are not out of the market. We think that will continue the rest of the year."

    -- Don Johnson, General Motors sales chief, referring to new-car sales over the coming months, Automotive News, Oct. 10
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Chairman's Column
Economic Fears May be Rising, But New-Car Sales are Still Expected to Rise

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Convention News
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Registration for the 2012 NADA-ATD Convention & Expo, Feb. 3-6, remains brisk. For the first time, both conventions will be held together. Top hotels in Las Vegas are filling up quickly. Click here to register.
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