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Inside this issue
Ally's U.S. Auto Lending Operations Not for Sale, CEO Says
Nissan Aims New 2013 Altima to Topple Camry as No. 1
VW Sees May U.S. Auto Sales Pace Accelerating from April
Stocks Stay Lean, But Trucks Run High, Cars Low
Buffett's Firm Buys 10M Share Stake in GM
Struggling Battery-Maker A123 Weighing Options
GM Says Facebook Ads Don't Pay Off
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Ally's U.S. Auto Lending Operations Not for Sale, CEO Says

Ally Financial's U.S. auto lending operations are "absolutely not" for sale, the company's CEO, Michael Carpenter, said Tuesday. Carpenter said the decision to place its mortgage arm, Residential Capital, into Chapter 11 bankruptcy, is designed to eliminate a business that has been a drag on Ally for years and improve Ally's ability to repay U.S. taxpayers for loans received during the recession.
Source: Detroit Free Press

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Nissan Aims New 2013 Altima to Topple Camry as No. 1

Twenty years and 4.4 million Altimas after the first one rolled off the line at Nissan's Smyrna, Tenn., plant, the first car of the redesigned fifth-generation just rolled off line [Monday.] And there was talk in the air of this version of Nissan's top seller -- and a frequent No. 2-selling car in the U.S. -- finally knocking off Toyota's Camry as America's best-selling car.
Source: USA Today

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VW Sees May U.S. Auto Sales Pace Accelerating from April

Volkswagen AG, Europe’s largest carmaker, sees the pace of U.S. auto industry sales accelerating in May from April, according to the chief executive officer of its operations in the country. “We continue to believe in a moderate pace of recovery in the economy and with the car market, and certainly May has got a better pace than April had,” Jonathan Browning, CEO of VW’s U.S. unit, said [Monday] in a telephone interview.
Source: Bloomberg

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Stocks Stay Lean, But Trucks Run High, Cars Low

Automakers are sticking with their tight-inventory discipline, starting May with an industrywide 55-day supply of vehicles. But stock levels were mixed among individual companies and models. There's a glut of trucks but few cars, especially the fuel-efficient vehicles consumers are demanding with fuel prices high. Tight car inventories likely curtailed April sales because consumers couldn't find the fuel-efficient models they wanted, says Paul Taylor, chief economist for the National Automobile Dealers Association.
Source: Automotive News

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Buffett's Firm Buys 10M Share Stake in GM

Warren Buffett's company is apparently bullish on the U.S. auto industry. Berkshire Hathaway Inc. took a new 10-million share stake in General Motors Co. in the first quarter.
Source: The Associated Press

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Struggling Battery-Maker A123 Weighing Options

A123 Systems Inc., a maker of advanced batteries for electric automobiles, has hired a strategic advisory firm to help find an investor and explore undisclosed other options after posting a first-quarter $125 million loss. The Waltham, Mass., company, which received $128.6 million in grants from the Department of Energy to build a battery plant in Michigan, is trying to raise $50 million through a private debt offering expected to close Friday
Source: The Wall Street Journal

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GM Says Facebook Ads Don't Pay Off

General Motors Co. plans to stop advertising with Facebook Inc. after deciding that paid ads on the site have little impact on consumers' car purchases, according to a GM official. The move by GM, one of the largest advertisers in the U.S., puts a spotlight on an issue that many marketers have been raising: whether ads on Facebook help them sell more products.
Source: The Wall Street Journal

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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
"When we speak to dealers around the country, the feedback is good activity in the market, good showroom traffic and our sales are pretty much at the pace that we would expect. The market is on pace with our expectations."

   
-- Jonathan Browning, CEO of VW’s U.S. unit, Bloomberg, May 15


 

NADA - National Automobile Dealers Association

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