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Inside this issue
Chrysler Talking to Banks About Auto-Lending Venture
Auto and Student Loans Drive Borrowing Surge
US Auto Industry Made Stronger by Increase in Exports
Commentary: California Air Board Tightens Screws on the Automakers
Chicago Auto Show Creates More Buzz For Industry
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Top Stories
Chrysler Talking to Banks About Auto-Lending Venture

Chrysler Group LLC is in discussions with banks about establishing an in-house lending arm through a joint-venture to better compete in the U.S. auto market, according to people familiar with the matter. Chrysler, which gave up its struggling finance unit in its 2009 bankruptcy, has used government-owned Ally Financial Inc. as its preferred lender for customer loans and leasing, and for the loans that dealers use to finance vehicle purchases from the manufacturer. "Chrysler likes the relationship they have with Ally, but they also want options," said Chuck Eddy, who sells Chrysler, Dodge, Jeep, Ram and Fiat brand vehicles from his Youngstown, Ohio, dealership.
Source: The Wall Street Journal

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Auto and Student Loans Drive Borrowing Surge

In another sign that the credit freeze is thawing, the Federal Reserve said Americans ramped up their borrowing at the end of 2011. Household borrowing through credit cards, car loans, student loans and other installment debt—which excludes mortgages—rose at a seasonally adjusted 9.3% annual rate in December, following a 9.9% rise in November, the Fed said Tuesday. Already, the surge in car loans has boosted auto sales, which helped drive the economy's 2.8% annual growth rate in the final three months of 2011.
Source: The Wall Street Journal

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US Auto Industry Made Stronger by Increase in Exports

When you look at the surge in hiring for the auto industry in the U.S. one factor overlooked is the fact America has become a huge auto exporter. In fact, the U.S. is on track to set a record for auto exports. Why the surge in exports? Overall, it’s because the U.S. auto industry is more competitive. U.S. built cars and trucks are in demand around the world because we’ve long excelled at building trucks, SUV’s and large sedans. This is why BMW exported more than 87,000 X3 SUV’s from its South Carolina plant last year.
Source: CNBC

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Commentary: California Air Board Tightens Screws on the Automakers

A scant seven months after the Obama administration proposed a 54 miles-per-gallon fuel economy average for cars and light trucks sold in the U.S. by 2025, the state of California has countered with an even more draconian set of mandates for the auto companies. This time, the California Air Resources Board (CARB) isn't setting fuel economy targets per se. Rather, it's telling the companies what kinds of technologies will be acceptable. The trouble with government picking technology winners is that it forces the companies to direct scarce resources to what's been mandated, rather than new concepts and innovations that could render today's stuff obsolete.
Source: The Detroit News

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Chicago Auto Show Creates More Buzz For Industry

The big Chicago Auto Show getting underway with hopes for better sales and more auto industry jobs. “This is really all about getting people into cars, selling vehicles to them, and building off of the buzz that we’ve seen at other shows,” says Aaron Bragman, an analyst with IHS Automotive. New products unveiled include a new 650 horsepower Shelby GT-500 Mustang, coupe and GT variations on the Hyundai Elantra, and an updated GMC Acadia crossover. GM also rolled out a high end “Denali” trim of the Acadia.
Source: CBS News (Detroit)

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The NADA Story

The NADA story began in 1917 when 30 auto dealers traveled to the nation’s capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealerships with 32,500 franchises, both domestic and international. For more information, visit

"... Competition is good, it keeps everyone honest and the rates where they need to be."

-- Chuck Eddy, a Chrysler dealer in Youngstown, Ohio, on the automaker's discussions with banks about establishing an in-house lending arm, The Wall Street Journal, Feb. 7


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