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Friday, Oct. 28, 2011 RSSSEND TO A FRIENDPRINT
 
Inside this issue
Chrysler's Slow And Steady Rebound Continues
Moody's Upgrades Ford, GM
China's Pang Da, Youngman Agree to Buy Saab
Thai Floods Force Toyota to Suspend U.S. Production
Porsche Upbeat as Profit and Sales Rise
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Top Stories
Chrysler's Slow And Steady Rebound Continues

It’s been a good week for Chrysler Group. On Tuesday, Consumer Reports said all three of the car maker’s brands are more reliable, including Jeep, the best of any domestic brand. Then on Wednesday, the United Auto Workers union said its members had ratified a new four-year contract with Chrysler, ensuring the company’s fixed costs will remain fairly stable. As icing on the cake, Chrysler today posted net income of $212 million for the third quarter, reversing a year-ago loss. “This house continues to be fully focused on financial performance and making outstanding cars and trucks by fully leveraging its alliance with Fiat,” said [Chief Executive Sergio Marchionne.]
Source: Forbes

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Moody's Upgrades Ford, GM

Moody's Investors Service raised the corporate debt ratings for General Motors Co. and Ford Motor Co. on Thursday, citing new labor agreements and improvements in their finances. Moody's said new contracts with the United Auto Workers union will give the companies a more competitive and flexible cost structure. Both companies said the deals will hold their labor costs steady and have only a small impact on profits through 2015. Moody's assigned a positive outlook to both companies and said it will consider further ratings increases.
Source: The Associated Press

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China's Pang Da, Youngman Agree to Buy Saab

Chinese firms Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. have agreed to buy Saab for 100 million euros ($142 million). Saab owner, Swedish Automobile, said on Friday that it has entered into a memorandum of understanding to sell 100 percent of the shares of Saab to the Chinese companies. Swedish Automobile Chairman Victor Muller said the deal has "secured the future of Saab." He told Sweden's Sverige Radio that Saab would now be able to pay its creditors, restart production, launch new models and expand in China.
Source: Automotive News

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Thai Floods Force Toyota to Suspend U.S. Production

Toyota Motor Corp. extended ongoing production cutbacks at its Japanese and Southeast Asian factories to cope with a shortage of parts from Thailand, where flooding has affected operations. Japan's largest auto maker also said work at its Thailand facilities will be halted through Nov. 5, affecting production in Japan, the U.S., Canada, South Africa, the Philippines, Vietnam and Indonesia. In North America, it is implementing a one-day stoppage, on Saturday, and halting overtime at assembly plants in Indiana, Kentucky and Ontario, Canada, along with an engine factory in West Virginia.
Source: The Wall Street Journal

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Porsche Upbeat as Profit and Sales Rise

Porsche Automobil Holding SE's sportscar unit Friday posted higher operating profit, revenue and vehicle sales for the first nine months, the latest sign that demand for luxury cars remains unaffected so far by economic concerns in Europe and the U.S., and said it expects a significant increase in earnings this year. "We expect revenue and operating profit to exceed last year's level significantly," the unit's chief financial officer, Lutz Meschke, said Friday in a statement.
Source: The Wall Street Journal

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Quotable
The deal has "secured the future of Saab."

   
-- Saab CEO Victor Muller, referring to an agreement to sell 100 percent of Saab shares to Chinese firms Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., Automotive News, Oct. 28
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Study Takes a Look at ROI of Factory Image Programs

Economic Fears May be Rising, But New-Car Sales are Still Expected to Rise

Dodd-Frank Law Takes Effect with Implications for F&I Office

Convention News
Read NADA's Blog for Latest Convention News

NADA recently launched a new blog for the 2012 NADA/ATD Convention & Expo in Las Vegas. Visit the blog to receive updated convention and expo information, give-aways and contest opportunities and find blog entries from the workshop speakers. Registration for the convention is brisk. Six hotels have already sold out. Click here to register.

Marketplace
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Foundation News
NADA Foundation: Ambassador Supports American Red Cross

NADA Foundation: Ambassador Supports Reading Program in Michigan

NADA Foundation Program Reaches 500th Ambassador

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