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Inside this issue
Transportation Futurist and Former GM Executive Lawrence Burns to Address NADA/IHS Automotive Forum 2012
Consumer Confidence in U.S. Rose Last Week to Four-Year High
Ford Extends $9 Billion Revolving Credit Line by Two Years
VW's 10 Million Magic Number Looks Easily Within Reach
Judge to Weigh Honda Settlement Over Gas Mileage
Chevy Working on New Car for 2013 NASCAR Entry and for Public
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Transportation Futurist and Former GM Executive Lawrence Burns to Address NADA/IHS Automotive Forum 2012

Nissan-Renault CEO Carlos Ghosn and key automotive manufacturing executives also on the agenda
Lawrence Burns, a global transportation futurist and former vice president of research and development and strategic planning at General Motors, will discuss the outlook for diversified transportation energy, connected vehicles and autonomous driving at the Automotive Forum on April 3 sponsored by NADA and IHS, and hosted by the New York International Auto Show. The day-long event at the Grand Hyatt New York, “Defining Success in the Automotive Industry: Staying Competitive in an Uncertain World,” brings together industry thought leaders for discussions of critical issues facing the automotive industry and the effect those issues will have on the industry's key stakeholders, including manufacturers, suppliers and dealers. To register or for more information about the forum, visit www.autoforumny.com. And follow the forum on Facebook (www.facebook.com/AutoForumNY) and Twitter (https://twitter.com/#!/AutoForumNY). The hashtag is #NADAIHS.
Source: NADA Newsroom

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Consumer Confidence in U.S. Rose Last Week to Four-Year High

Consumer confidence rose last week to the highest level in four years as job gains put more Americans in the mood to spend. Clothing stores and auto dealers were among those showing improving demand last month. The bounce in sentiment coincides with gains in employment and a pickup in incomes that are giving households the means to withstand rising fuel bills. A rally in stock prices also bodes well for consumer spending, which accounts for about 70 percent of the economy. A buying-climate gauge reached the highest level since November 2007, and a measure of the state of the economy had its best showing since September 2008. Cars and light trucks sold last month at the fastest pace in four years, according to Ward’s Automotive Group.
Source: Bloomberg

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Ford Extends $9 Billion Revolving Credit Line by Two Years

Ford Motor Co., which borrowed $23 billion in 2006 to survive, extended the maturity of a revolving line of credit by two years and increased its size. The $9 billion revolving credit line, which originated with the 2006 borrowings, will now mature on Nov. 30, 2015, instead of Nov. 30, 2013, the Dearborn, Michigan-based automaker said today. The credit line grew by $400 million to $9.3 billion. About $300 million in commitments on the credit facility still mature on Nov. 30, 2013, Ford said. The renegotiated revolver “was significantly oversubscribed,” Neil Schloss, Ford’s treasurer, said in the statement. “This support from our global banking partners represents an important source of committed liquidity and financial flexibility.”
Source: Bloomberg

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VW's 10 Million Magic Number Looks Easily Within Reach

When Volkswagen first talked about its goal to sell 10 million cars a year by 2018, it seemed too big and too far away to mean a whole lot. Now, VW’s magic number seems within reach — and sooner than the German carmaker might have you believe. VW laid out its Strategy 2018 two years ago, when it released its 2009 annual report. At the time, Toyota had a firm grip on leadership in the global auto industry, and General Motors was picking itself back up from bankruptcy. Now, Toyota is in third place, GM is back in first place and VW has a solid grip on second place among the world’s biggest automakers.
Source: Forbes

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Judge to Weigh Honda Settlement Over Gas Mileage

A Southern California woman who challenged the legal status quo with a victory in small claims court against Honda Motor Co. will be back in court before another judge to address the automaker's inflated claims about fuel economy in its Civic hybrids. This time, Heather Peters wants to derail a class-action settlement between the Japanese company and owners of about 200,000 of its cars, spanning from model years 2003 to 2009. Superior Court Judge Timothy Taylor will consider Friday whether to accept the class-action settlement.
Source: The Associated Press

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Chevy Working on New Car for 2013 NASCAR Entry and for Public

Chevrolet is developing a new car with a new name for its 2013 NASCAR entry, replacing the Impala used by Team Chevy, and plans to eventually market and sell the new model to consumers. The dealership and racing versions of the car will be unveiled this year, after the New York auto show in April, spokesman Monte Doran said. The new car will use a nameplate not currently in Chevy's lineup. Neither the car nor its name will be a derivative of another model in Chevy showrooms, such as the new Malibu or the upcoming redesigned Impala, Doran said. General Motors wouldn't reveal details.
Source: Detroit Free Press

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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 www.nada.org.

 
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"We are making steady progress on our way to the pole position in the automotive industry."

   
-- Volkswagen Chairman Martin Winterkorn, Forbes, March 13


 

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