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Inside this issue
July U.S. Sales Exceed Year-Ago, But Miss Expectations
U.S. Makers: GM, Ford Sales Fall but Chrysler is Up
Toyota Posts 26% Gain, Adds Incentives to Keep Momentum
Mercedes Lead Over BMW Narrows to 104 Deliveries in U.S.
U.S. House Tax Cut Vote Continues Partisan Staredown
Ally's Auto Business Rises in Q2, but Mortgage Losses Put Company in Red
VW Completes Purchase of Porsche Car Business
Toyota Recalls 878K Vehicles
Honda Helping Dealers Go Green
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
July U.S. Sales Exceed Year-Ago, But Miss Expectations

U.S. light-vehicle deliveries in July failed to meet industry expectations mainly due to weaker-than-expected results from General Motors. LV sales totaled 1.151 million for a daily selling rate of 47,991 units over the month's 24 selling days. The result was up 18.1% compared with year-ago's 40,634 deliveries over 26 days.
Source: WardsAuto

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U.S. Makers: GM, Ford Sales Fall but Chrysler is Up

General Motors kicked off the second half of the sales year with a whimper, reporting a 6% decline in sales in July compared with a year ago. GM blamed lower sales to rental fleets. Ford's sales slumped 4% in July and like GM, it blames lower sales to rental and corporate fleets.
Source: USA Today

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Toyota Posts 26% Gain, Adds Incentives to Keep Momentum

Toyota Motor Sales U.S.A. continued to rebound from last year's earthquake-related vehicle shortages by posting a 26 percent increase in July sales. The automaker plans to keep its momentum with a range of August incentives, including zero percent financing and discounted leases.
Source: Automotive News

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Mercedes Lead Over BMW Narrows to 104 Deliveries in U.S.

Bayerische Motoren Werke AG's namesake BMW brand, posting its first year-over-year sales decline in more than two years, managed to outsell Daimler AG's Mercedes-Benz in the U.S. last month, narrowing the distance between the two competitors to 104 deliveries for the year.
Source: Bloomberg

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U.S. House Tax Cut Vote Continues Partisan Staredown

The U.S. House of Representatives voted to extend tax cuts through 2013 for all income levels, defying a veto threat from President Barack Obama and setting up a partisan showdown on fiscal policy after the Nov. 6 election. The bill passed on a 256-171 vote yesterday, mostly along party lines. It won’t advance in the Democratic-led Senate, and a Senate-passed proposal failed in the House. To prevent a tax increase in 2013, one or both sides must give ground this year, and who concedes may depend on which party senses a political advantage after the election. Republicans said Congress needs to keep the estate tax from increasing. The Senate bill wouldn’t address the estate tax, a decision Democrats in that chamber made because of divisions within their party. If Congress doesn’t act, the per-person tax exemption for estates would drop to $1 million in 2013 from this year’s $5.12 million, and the top rate would increase to 55 percent from 35 percent.
Source: Bloomberg

Editor's note: NADA is a co-director of the Family Business Estate Tax Coalition, which earlier this week sent a letter to House leaders supporting the House’s action on the estate tax.

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Ally's Auto Business Rises in Q2, but Mortgage Losses Put Company in Red

Ally Financial Inc. reported yesterday higher auto originations and higher pre-tax income for its North American auto business, but the company posted an overall net loss of $898 million for the second quarter, due to its failed mortgage business, Residential Capital LLC.
Source: Automotive News

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VW Completes Purchase of Porsche Car Business

Deal adds 12th nameplate to automaker's portfolio

Volkswagen Group finalized the purchase of the Porsche auto business, ending a seven-year saga that saw VW turn the tables on the maker of the 911 sports car. VW paid Porsche Automobil Holding SE 4.49 billion euros ($5.52 billion) and one common share for a 50.1 percent stake in Porsche AG, assuming full ownership of the brand, the Wolfsburg-based company said Wednesday in a statement.
Source: Automotive News

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Toyota Recalls 878K Vehicles

Toyota Motor Corp. said Wednesday it is recalling 878,000 vehicles because some drivers say the rear suspension has failed, causing them to lose control. The recall includes 760,000 2006-2011 RAV4 SUVs and 18,000 2010 Lexus HS 250h cars in the U.S., and comes less than two months after the government opened an investigation into reports of failures in rear tie rods.
Source: The Detroit News

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Honda Helping Dealers Go Green

Honda is hoping to imbue its dealers with its eco-minded corporate philosophy via a new program that helps them reduce their carbon footprint as well as save money. The “Green Dealer” initiative rolled out late last year and is being spearheaded by American Honda’s Environmental Business Development Office.
Source: WardsAuto

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Quotable
"Signs of a housing recovery and good news on consumer confidence and household income should help keep the light vehicle selling rate in the 14-million range and drive seasonally higher truck sales as we move toward fall."

   
-- Kurt McNeil, vice president of U.S. Sales for General Motors, in a statement predicting sales for the remainder of 2012, USA Today, August 1


 




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