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Inside this issue
GM's First-Half Global Sales Rise 4% on U.S., China Demand
Goldman Likes GM but Not So High on Tesla
NADA: Used Prices for Full-Size Pickups Up 7.7% through June; Little Change Expected for July
Senate Confirms Cordray to Head Consumer Financial Protection Bureau
Ford to Offer Fuel-Economy Improvements For Hybrid Drivers
Ally Explores Other Options to Repay U.S. Treasury
Mom-and-Pop Dealership in Tiny Nebraska Town to Auction Off Treasure Trove of Models and Memorabilia
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
GM's First-Half Global Sales Rise 4% on U.S., China Demand

General Motors Co's global sales rose almost 4 percent in the first six months of the year as strong demand in the United States and China outweighed sliding sales in Europe, the company said [Tuesday]. The No. 1 U.S. automaker sold more than 4.85 million cars and light trucks in the first half as demand rose at least 7 percent in each of its two largest regions -- International Operations, which includes China, and North America. The results kept GM ahead of Germany's Volkswagen AG in the race for bragging rights as the world's largest automaker. VW reported last week that its six-month sales rose 5.5 percent to 4.7 million vehicles. Toyota Motor Corp., which sold the most cars globally last year, has not yet released its first-half global sales figures.
Source: Reuters
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Goldman Likes GM but Not So High on Tesla

Goldman Sachs must have missed that market memo that said Tesla is hot, while GM is not. The Goldman analysts upgraded General Motors to conviction buy, its strongest possible indication to investors to scoop up shares, saying earnings may be strong enough in the second half for GM to start paying a dividend. But while being relatively bullish on GM and its rival car giant Ford, Goldman largely dismissed Tesla to one small paragraph toward the end of a 53-page industry note. The paragraph is not very kind. The analysts put a price target of $84 on the high-flying luxury electric-car maker, a price the stock last saw in its rearview mirror some two months ago. Since that time, Tesla has continued on the highway to stock-market riches that has it more than tripled this year and trading at four times where it was a year ago. Tuesday, the one paragraph from Goldman sent investors searching for the breaks, and pushed the stock down 14% to $109.05.
Source: The Wall Street Journal

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NADA: Used Prices for Full-Size Pickups Up 7.7% through June; Little Change Expected for July

Used cars and light trucks continued to be in high demand through the first six months of the year resulting in prices that outperformed typical seasonal declines, especially full-size pickup trucks and sport utility vehicles, says the NADA Used Car Guide in its July edition of Guidelines. “June closed out the first half of the year with average auction prices of used vehicles up to 8 years in age nearly equal to last year's level,” said Jonathan Banks, executive automotive analyst with the NADA Used Car Guide. “Given the stability observed in used-vehicle prices year-to-date, we expect to close out the year with prices essentially unchanged from the historically high average of $15,664 in 2012.”
Source: NADAFrontPage.com
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Senate Confirms Cordray to Head Consumer Financial Protection Bureau

The Senate on Tuesday confirmed Richard Cordray to head the Consumer Financial Protection Bureau, ending years of contentious political wrangling over the leadership of one of the most influential agencies in Washington. The 66 to 34 vote came hours after lawmakers averted a showdown over Senate rules governing whether the filibuster could be used to block presidential appointees. But the CFPB still faces vocal opposition from Republicans and some industry groups, which question the bureau's sweeping power.
Source: The Washington Post
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Ford to Offer Fuel-Economy Improvements For Hybrid Drivers

Riding the success of sales across its hybrid lineup, Ford Motor Co. plans to offer drivers a substantial upgrade in vehicle performance to improve fuel economy. The changes should help address some of the complaints lobbed by Ford hybrid owners that the cars fall short of Environmental Protection Agency estimates for fuel economy. “Just as individual mileage can vary based on driving styles and environmental conditions, we expect fuel economy improvements will differ from customer to customer depending on individual driving habits,” Raj Nair, Ford's vice president of global product development, said Tuesday. Beginning in August, drivers will be able to bring in their 2013 C-Max hybrids, Fusion hybrids and Lincoln MKZ hybrids to dealerships for free powertrain enhancements. These include kicking up maximum electric-only speeds from 62 mph to 85 mph, adjusting grille shutters to reduce drag, fixing electric fans and climate control systems to reduce energy consumption, and shortening engine warmup time by 50%. Ford will also roll out the upgrades on new vehicles built at its plants. “We want satisfied customers whether they're driving hybrids today or driving hybrids in the future,” Nair said.
Source: The Los Angeles Times
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Ally Explores Other Options to Repay U.S. Treasury

Ally Financial, which has struggled to exit government ownership since receiving $17.2 billion in bailouts, said Tuesday it is considering other options to repay the U.S. Treasury and comply with the Federal Reserve's latest stress-tests. The Detroit-based auto lender and bank holding company is 74 percent owned by the Treasury and is working to repurchase some government-owned stock and reach agreement with the Fed on its capital structure, known as the “Comprehensive Capital Analysis and Review” before it can move forward with an initial public stock offering. The company had put a planned IPO on hold in 2011 as it worked to resolve claims from creditors of its bankrupt mortgage unit. The company agreed to pay $2.1 billion to resolve claims from creditors of Residential Capital LLC to complete its bankruptcy restructuring. ResCap expects to exit bankruptcy by the end of the year.
Source: The Detroit News
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Mom-and-Pop Dealership in Tiny Nebraska Town to Auction Off Treasure Trove of Models and Memorabilia

On the last weekend in September, an 80-acre oat field near tiny Pierce, Neb., will become heaven for vintage car collectors. That Saturday morning, an auctioneer will start selling nearly 500 new and used cars and pickups that have gathered dust in a shuttered dealership for as long as 60 years. Many have fewer than a dozen miles on the odometer. The vehicles are the unsold inventory of Lambrecht Chevrolet, a mom-and-pop dealership in Pierce that closed in 1996, ending a 50-year run. The town is about 125 miles northwest of Omaha. Since announcing the sell-off in June, auctioneer Yvette VanDerBrink said she has been deluged with inquiries from as far away as Thailand, Brazil and Europe. "The hotel rooms are already sold out," VanDerBrink said, adding that she expects between 6,000 and 8,000 people will participate, rain or shine.
Source: Automotive News
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Quotable
"The continued sales growth around the world is a result of a focused effort to strengthen Chevrolet’s presence in developing markets as well as its relationship with consumers by offering the right products, technologies and world-class customer service."

    --  Alan Batey, senior vice president of global Chevrolet, commenting on the automaker's 1.4 percent sales increase during the first six months of 2013, The Detroit News, July 16



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