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Inside this issue
GM, Ford Move Up Fortune 500
Consumer Borrowing Rose 10.2% in March
Ally Gets Nod for ResCap Filing as U.S. Seeks Repayment
Toyota Seen Exceeding GM's Profit This Fiscal Year
U.S. Road Deaths Fell 1.7 Percent in 2011
BMW Pushes Solar Power With New Partnership
Self-Driving Cars Set for Test Drive in Nevada
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
GM, Ford Move Up Fortune 500

General Motors and Ford moved higher this year on the list of the 2012 Fortune 500 companies, as a recovery in North America and GM's growth in Asia boosted revenue. GM ranked fifth, up from eighth on last year's list, while Ford edged up to ninth from 10th last year. Companies are ranked by annual revenue, which for GM was $150.3 billion and for Ford, $136.3 billion.
Source: Detroit Free Press

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Consumer Borrowing Rose 10.2% in March

Americans are stepping up their borrowing, possibly a good sign for the economy as households become less determined to whittle debt and more willing to spend. Consumer borrowing on credit cards, car loans, student loans and other types of installment debt grew at a seasonally adjusted 10.2% annual rate to $2.54 trillion in March from February, the Federal Reserve said Monday. Mortgages aren't included in the tally. The new borrowing largely reflects many Americans buying cars after postponing such purchases for years, as well as a surge in college enrollment amid the weak jobs market.
Source: The Wall Street Journal

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Ally Gets Nod for ResCap Filing as U.S. Seeks Repayment

Ally Financial Inc., the auto lender majority-owned by taxpayers, received U.S. Treasury Department approval to put its Residential Capital unit into bankruptcy as the government seeks to recover bailout funds. The Treasury will support directors at Ally and ResCap if they decide that filing for court protection from creditors is the best course for the mortgage unit, said an Obama administration official, who asked for anonymity because the arrangements haven’t been made public. The approval is conditioned on a review of terms, the person said yesterday. “Treasury wants its money back,” Jody Lurie, a corporate credit analyst at Janney Montgomery Scott LLC in Philadelphia, said in a telephone interview. “This sign-off is an indication that Ally has a good-enough plan to prove they can eventually pay back the government. The only feasible opportunity for them to get their money back is to split up or sell Ally.”
Source: Bloomberg

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Toyota Seen Exceeding GM's Profit This Fiscal Year

Toyota Motor Corp.’s profit may climb to a five-year high and exceed General Motors Co.’s earnings this year, signaling Asia’s biggest carmaker is close to full force after reeling from natural disasters and a recall crisis. Net income at the Camry-sedan maker, which reports financial results tomorrow, may triple to 817.7 billion yen ($10 billion) in the fiscal year ending March 2013, according to the average of 21 analyst estimates compiled by Bloomberg. That’s more than Detroit-based GM’s estimated profit over the next four quarters.
Source: Bloomberg

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U.S. Road Deaths Fell 1.7 Percent in 2011

Road deaths in 2011 fell 1.7 percent, their lowest number since 1949, the National Highway Traffic Safety Administration said Monday. Preliminary numbers show an estimated 32,310 people died in motor vehicle traffic crashes last year, down 1.7 percent over the 32,885 road deaths in 2010.
Source: The Detroit News

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BMW Pushes Solar Power With New Partnership

BMW has taken another step in what is shaping up to be a multifaceted electric vehicle initiative that focuses on spurring infrastructure and lifestyle changes among consumers, as much as touting the vehicles themselves. A new partnership between BMW and Real Goods Solar, a Louisville, Colo.-based provider of residential and commercial solar technology, will allow owners of current BMW ActiveE experimental electric vehicles and future buyers of the i3, BMW’s first full-production EV scheduled to launch in 2013, to buy solar panels for their homes at up to a 35% discount. They must live in California, Connecticut, New Jersey, New York and Massachusetts.
Source: Forbes

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Self-Driving Cars Set for Test Drive in Nevada

Nevada drivers could soon be sharing the road with vehicles that don't need them. Department of Motor Vehicles officials said Monday they've issued Google the nation's first license to test self-driving cars on public streets, after conducting demonstrations on the Las Vegas Strip and in Carson City that show the car is as safe -- or perhaps safer -- than a human.
Source: The Associated 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.

 
Quotable
"Treasury wants its money back."

   
-- Jody Lurie, a corporate credit analyst at Janney Montgomery Scott LLC in Philadelphia, referring to the Treasury Department's approval of Ally's plan to put its Residential Capital unit into bankruptcy, Bloomberg, May 8


 "Now that we've moved into a more normal marketplace and credit is flowing a little more freely, there definitely is a lot of competition for the dealers' wholesale business."

   
-- John McEleney, a GM dealer based in Iowa, referring to the increased competition that Ally is facing in floorplan financing, Reuters, May 7
 


 

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