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Inside this issue
Chicago Fed Letter: Economy to Keep Rolling Along in 2012 and 2013
NADA Opposes OT Plan for Service Advisers
Ford Pilot Will Help Dealers Buy, Finance Stores
Cadillac Faces Marketing Dilemma
BMW Making Olympian Mini Global Strategy Defending Share
Tennessee Auto Dealer Establishes Family Legacy of Giving through NADA Foundation
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Chicago Fed Letter: Economy to Keep Rolling Along in 2012 and 2013

According to participants in the Chicago Fed’s annual Automotive Outlook Symposium, solid economic growth is forecasted for the nation this year and in 2013. Inflation is expected to fall in 2012 and remain unchanged in 2013, and the unemployment rate is anticipated to move lower but remain high by historical standards through the end of 2013. Light vehicle sales are forecasted to improve in 2012 and 2013. Paul Taylor, NADA chief economist, presented the light vehicle sales outlook from the dealers’ perspective. Taylor said that auto dealerships have continued to improve their performance this past year as light vehicle sales recover from the recession; e.g., in the first quarter of 2012, average net pretax profit for dealerships grew 8% relative to its year-ago value. Click here for the Chicago Fed Letter (August 2012).
Source: The Federal Reserve Bank of Chicago

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NADA Opposes OT Plan for Service Advisers

In a shift of a long-standing policy, the U.S. Labor Department wants to make most dealership service advisers eligible for overtime pay, a move that the National Automobile Dealers Association says could increase dealerships' costs and record-keeping hassles. For more than three decades, service advisers have been classified as sales staff, meaning that dealerships weren't required under federal law to pay overtime if the service advisers worked more than 40 hours a week. But last year the Obama administration's Labor Department changed the policy. A provision in the federal funding law for 2012 passed by Congress and signed by President Obama late last year blocks the Labor Department from enforcing the policy change. That law is set to expire at the end of September, but Congress is likely to extend it until it can pass another funding bill. NADA is fighting the change and has backed a legislative provision that would stave it off through September 2013. NADA estimates that about 45,000 service advisers work in the United States.
Source: Automotive News

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Ford Pilot Will Help Dealers Buy, Finance Stores

Ford Motor Co. and its captive finance arm will pilot a program to help dealers buy and finance Ford dealerships, a Ford executive said during a conference for minority auto dealers. But unlike the dealerships bought under Ford's dealer development program, which was discontinued in 2009, the automaker will not take a stake in the stores, dealers who have been briefed on the program say.
Source: Automotive News

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Cadillac Faces Marketing Dilemma

The best car in Cadillac's recent history may be facing its worst couple of years, as the luxury brand adds new models that could squeeze the CTS from above and below. "It's a challenge," said analyst Rebecca Lindland of IHS Automotive. "The CTS was the sexy newcomer a couple of years ago. It was the darling of the Cadillac showroom. Suddenly it's the middle sister, easy to overlook."
Source: Detroit Free Press

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BMW Making Olympian Mini Global Strategy Defending Share

Bayerische Motoren Werke AG (BMW), which posted its first earnings drop in almost three years in the second quarter, is featuring Mini in its sponsorship of the Olympics as part of a bid to burnish the brand's sporty image and defend its profit from mounting competition.
Source: Bloomberg

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Tennessee Auto Dealer Establishes Family Legacy of Giving through NADA Foundation


Randall O’Brien (right), president of Carson-Newman College, presents Ted Russell with an honorary Doctorate in Business Administration during spring commencement in May 2010. In addition to his NADA Foundation Ambassadors gifts, Russell, NADA's director from Tennessee, has donated millions of dollars to the college. The business building was named Ted Russell Hall in 2010.

Ted Russell names his wife and five grandchildren as Ambassadors of National Automobile Dealers Charitable Foundation

Ted Russell leads by example when it comes to supporting his community and giving to others. Since 2007, Russell has named seven Ambassadors of the National Automobile Dealers Charitable Foundation. They include his wife, Drama, their five grandchildren, Joshua, Andrew, Ashley, Phillip and Katherine, and one for himself. Russell, a new-car dealer in Knoxville, Tenn., wants his grandchildren to get in the giving spirit, develop an attitude of giving to others and make a decision on a worthwhile cause where to contribute the money. Russell, NADA's director from Tennessee, chose his alma mater, Carson-Newman College in Jefferson City, Tenn., to receive his annual $2,000 gift from the NADA Foundation’s Ambassadors program. The money will be used for maintenance and repair of the business school, which was built in 2010. Click here for the full story.
Source: NADAFrontPage.com

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More Articles
 
Quotable
"I feel that every person wants to make a contribution in life. They want to leave this world feeling that they've made the world a better place. The Ambassadors program is a good way to give back, especially to the community that you've lived and worked in all your life."

   
-- Tennessee new-car dealer Ted Russell, referring to the NADA Foundation's Ambassadors program, NADAFrontPage.com, August 6


 




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