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Inside this issue
CFPB Response to Congressional Letter on Indirect Auto Lending Bulletin Raises More Questions Than Answers
U.S. Sells $877M in GM Stock
NADA Members Named as 40 Under 40 Rising Stars
OSHA Withdraws Proposal to Change Consultation Program
DOT Relaxes Some Hazmat Shipping Requirements
Great Lakes to Gulf Coast Seek Jobs as U.S. Autos Surge
Analyst Downgrade Weighs On Tesla Shares
At 103, Car Collector is Still Cruising Along
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
CFPB Response to Congressional Letter on Indirect Auto Lending Bulletin Raises More Questions Than Answers
By Stefanie Jackman / Ballard Spahr LLP

On Aug. 2, the Consumer Financial Protection Bureau (CFPB) responded to the June 20th letter from 35 Republican members of the U.S. House of Representatives, questioning the manner in which the CFPB developed recent guidance regarding indirect auto finance and requesting details concerning the Bureau's methodology for analyzing potential fair lending violations. Specifically, Congress’ letter took issue with the CFPB “initiating [a] process without a public hearing, without public comment, and without releasing the data, methodology, or analysis it relied upon to support such an important change in policy,” expressed concern that the CFPB's model must be reliable and accurate, and requested that the CFPB provide all pertinent details regarding its methodology. Additionally, the letter requested that the CFPB provide “all studies, analysis, and information it relied upon in developing its guidance document,” including the CFPB's analysis of the impact of the prescribed controls on the auto lending industry and any coordination with other agencies in developing the guidance. In its response, the CFPB left a lot of questions unanswered.... As a result of this lack of a clear explanation, the CFPB's letter leaves both the industry and Congress in the dark on how to identify and prevent ECOA violations in a way that allows banks and finance companies to remain competitive.
Source: CFPB Monitor / Ballard Spahr LLP
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U.S. Sells $877M in GM Stock

The U.S. Treasury sold nearly $900 million in General Motors stock in July as it moves to exit its investment in the Detroit automaker by early 2014. In a report to Congress on Monday, the Treasury said it sold $876.9 million in stock last month. GM stock traded between $34 and $37 a share in July. That indicates the government sold between 23 million and 26 million shares of its holdings. Using those calculations means the government has 135 million to 137 million shares of GM stock remaining. At the current rate, it should take about six months for the government to exit. In total, the Treasury has recovered $34.6 billion of its $49.5 billion bailout of the automaker.
Source: The Detroit News
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NADA Members Named as 40 Under 40 Rising Stars

Graduates of the NADA Academy and members of the 20 Group represent nearly half of the 40 Under 40 auto retailing standouts recently honored by Automotive News. Several hundred candidates from dealerships across the country were nominated for the special Automotive News recognition. “This recognition is a great honor for these high achievers and a true testament to the value of the Academy and 20 Group,” said John Lyboldt, NADA vice president of dealership operations. “We are also very proud that there are countless other examples of up-and-coming dealership pros who have developed into true stars after participating in our programs.” Click here for the list of honorees.
Source: NADAFrontPage.com
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OSHA Withdraws Proposal to Change Consultation Program

In deference to the objections of small business groups, including NADA, OSHA has withdrawn a proposal to modify rules governing its time-honored On-Site Consultation Program. The proposal could have weakened the "wall" between onsite consultations and OSHA enforcement, thus acting as a disincentive for dealerships to access the program. NADA has long suggested that OSHA On-Site Consultations are one way for dealerships to review their federal or state OSHA compliance and to enhance workplace health and safety. For more information on this program, click here or contact NADA Regulatory Affairs at regulatoryaffairs@nada.com.
Source: NADA Regulatory Affairs
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DOT Relaxes Some Hazmat Shipping Requirements

A new U.S. Department of Transportation rule relaxes the hazardous material (hazmat) shipping requirements for air bags and seat belt pretensioners. Dealership parts and service departments and body shops receive and/or ship a variety of hazmat, including chemicals, batteries, solvents, oils, and wastes in addition to air bags and seat belt pretensioners. Effective August 29, 2013, the new federal rule eliminates the need to obtain explosive (EX) numbers for use on shipping papers accompanying air bag modules, inflators and seat-belt pretensioners. It does not, however, modify the mandate that dealerships properly package and mark these items prior to shipment. It also does not modify the need for dealership employees who receive, ship, or transport hazardous materials to be trained every three years on the DOT's hazmat packaging, labeling, and shipping rules. NADA's A Dealer Guide to the Federal Hazmat Transportation Regulations (publication L37) is currently being revised to reflect these and other recent changes. For more information, contact NADA Regulatory Affairs at regulatoryaffairs@nada.org.
Source: NADA Regulatory Affairs
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Great Lakes to Gulf Coast Seek Jobs as U.S. Autos Surge

Russell Runge, an assistant city manager in Missouri, hovered on the edge of a packed reception for economic-development boosters and automotive-industry executives in northern Michigan. Runge was seeking jobs. Runge's city of Mexico, Missouri, located between General Motors Co. and Ford Motor Co. factories in Kansas City and St. Louis metro areas, is home to a small auto-parts maker. Obviously, we'd love to see more suppliers in the area,” he said last week after a long day at the Center for Automotive Research's annual industry conference near Traverse City. He wasn't alone. The 17-page roster of registered attendees included a who's who of economic-development officials from the Great Lakes to the Gulf Coast, all seeking a piece of a growing industry. The conference has long attracted state and local government officials eager to gain an audience with auto industry leaders by offering everything from MoonPies to cash incentives. There was new urgency and vibrancy this year. “The interest has more than doubled” from state and local government officials compared with five years ago, said Jay Baron, chief executive officer of the Ann Arbor, Michigan-based Center for Automotive Research.
Source: Bloomberg
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Analyst Downgrade Weighs On Tesla Shares

After an impressive run, the stock has limited upside and is vulnerable to any variation from the seamless execution the maker of electric vehicles has exhibited to date

Tesla Motors was falling on the Nasdaq [Monday] on worries that a bubble had been brewing in the shares, among the hottest on Wall Street in recent sessions. Lazard Capital Markets downgraded shares of the carmaker to "neutral" from "buy" today, saying the risk-reward is now less compelling than had been. Lazard analyst Aditya Satghare believes shares could fall as low as $100 (from a 52-week high of $158.88). "While the high-growth nature of the company or stock momentum could take shares higher, downside could be meaningful in the event of any potential execution issues," Satghare wrote in a note to clients.
Source: TheStreet/MSN Money
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At 103, Car Collector is Still Cruising Along

Margaret Dunning is a regular in Detroit's annual Dream Cruise

When Margaret Dunning takes her '66 Cadillac on Detroit's Woodward Avenue this week, Dream Cruise fans will see two classics on display — her car and its amazing 103-year-old driver. "Oh, I wouldn't miss it, the Dream Cruise," Dunning said. "I'm out on Woodward every year." The 19th annual Woodward Dream Cruise is Saturday although, as always, hordes of auto enthusiasts have been cruising Woodward for weeks. Dunning turned 103 in June, but this remarkably spry, 5-foot-tall "lady driver," as she calls herself, still loves to drive. And sometimes, floor it. Like the proverbial Little Old Lady from Pasadena, immortalized in song by California duo Jan and Dean in 1964, Dunning likes to go fast.
Source: Detroit Free Press
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