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Inside this issue
Survey: US Auto Companies to Add Jobs, Expand Plants
Auto Sales Weaken a Bit in Early July
U.S. Senate Democrats Drop Estate Tax Provision from Plan
Used Vehicle Lots Loosen Up: Prices Down in Some Segments
Ford Recalls 2013 EcoBoost Escapes to Correct Faulty Fuel Line
AOL Autos, CarWoo Partner to Launch Online Car Buying Tool
TIME Is Now Accepting Nominations for Dealer of the Year
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Survey: US Auto Companies to Add Jobs, Expand Plants

U.S. auto companies will hire more people and expand plants over the next year to keep up with increasing consumer demand for vehicles to replace aging cars and trucks, according to a report released on Friday. Despite worries about declining demand in Europe caused by the debt crisis and pressures on vehicle pricing, U.S. auto executives surveyed by advisory firm KPMG are bullish about their companies' prospects.
Source: Reuters

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Auto Sales Weaken a Bit in Early July

The raft of gloomy economic news may be starting to hurt U.S. auto sales. Industry analysts and dealers said this week that sales during the first half of July slowed a bit from the robust pace in June. But they still were expected to be better than July of 2011. "It's a bit slower than where we want it to be," said Inder Dosanjh, owner of several General Motors dealerships in the San Francisco-Bay area.
Source: The Associated Press

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U.S. Senate Democrats Drop Estate Tax Provision from Plan

Faced with possible dissent in their party, U.S. Senate Democrats are dropping estate tax language backed by President Barack Obama from their proposal to extend most George W. Bush-era tax cuts through 2013. In interviews this week, Democrats Mark Pryor of Arkansas and Kay Hagan of North Carolina said they were undecided on Reid’s plan at least in part because of the estate tax proposal. Under current law, the estate tax has a $5.12 million per- person exclusion and a 35 percent top rate. The earlier version of the Democratic plan had a $3.5 million per-person exclusion and a 45 percent top rate, the parameters that were in effect in 2009. If Congress does nothing, in 2013 the exclusion would drop to $1 million and the top rate would rise to 55 percent.
Source: Bloomberg

Editor's note: NADA supports a permanent extension of current law that includes a $5.12 million per-spouse exemption (indexed for inflation) and a 35 percent top rate.

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Used Vehicle Lots Loosen Up: Prices Down in Some Segments

Strong new car and truck sales ... have forced overall used car prices downward from last summer. But the lower prices depend on what kind of vehicle you're looking for: The asking prices for trucks and luxury vehicles are actually higher than a year ago, and the reprieve may not last, some experts predict. "Compared to last year, prices are down," said Jonathan Banks, executive automotive analyst for the National Automobile Dealers Association Used Car Guide. "But what consumers need to remember is that prices were so high last July that any year-over-year comparisons are kind of irrelevant."
Source: The Detroit News

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Ford Recalls 2013 EcoBoost Escapes to Correct Faulty Fuel Line

Citing a fire hazard, Ford is recalling about 11,500 of its new 2013 Escape crossovers in North America and telling drivers to immediately stop driving them. In a media release issued on Thursday, the automaker said the problem was traced to the fuel line on the turbocharged 1.6 liter EcoBoost 4-cylinder engine. The line, Ford said, could split. Escapes with other engines are not affected by the recall.
Source: The New York Times

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AOL Autos, CarWoo Partner to Launch Online Car Buying Tool

Car dealers are doing business with increasingly educated buyers in today’s vehicle showrooms, due largely to technological tools that seem to make online shopping the new norm. And in one recent technology partnership designed to enhance the online buying experience for consumers, AOL and CarWoo this week announced their Best Offer deals, which connect buyers with 10,000-plus U.S. dealers and enable them to negotiate price on a chosen vehicle before stepping into the showroom.
Source: Auto Remarketing

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TIME Is Now Accepting Nominations for Dealer of the Year

Nominations for the TIME Dealer of the Year award are due August 2. The national award, which recognizes new-car dealers for exceptional sales performance and distinguished community service, is held in partnership with Ally Financial and in cooperation with the National Automobile Dealers Association. Nominations are submitted by the state and metro Automotive Trade Association Executives (ATAE). As part of its sponsorship, Ally will donate $10,000 to the winner's charity of choice. The ATAE who nominates the winner will also receive $5,000 from Ally to make a donation to a charity of their choice. Ally will also donate $1,000 to charitable organizations selected by each dealer nominee. The 44th annual TIME Dealer of the Year award will be presented at the NADA Convention and Expo in Orlando, Fla., on Feb. 9, 2013. For more information, visit www.timedealeroftheyear.com.
Source: NADA Newsroom

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Quotable
"Even though the overall economic recovery remains weak, that is not the case in automotive where pent-up demand for vehicles in the U.S. is expected to carry over for years."

   
-- Gary Silberg, KPMG analyst, Reuters, July 20




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