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Inside this issue
Auto Sales Are Soaring, Propelled by Leases
August Was a Hot Month for Electric Cars
CFPB Warns of Crackdown if Credit-Report Errors Aren't Fixed
Hyundai Motor Reaches Preliminary Deal With Union to End Strike
Google's Map Features Find Their Way Into More Cars
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Auto Sales Are Soaring, Propelled by Leases

Automakers have traditionally used the lease as a way of making high-end cars and trucks more accessible for consumers who could not afford the full sticker price. But today, with credit more available and consumer confidence increasing, automakers are extending the strategy to more moderately priced cars, which in turn is helping bring about surprisingly strong sales results. Auto dealers also point to the revival in leasing, which slowed in the recession as G.M. and Chrysler worked through bankruptcy, as a factor. “Leasing has made an amazing recovery,” said Kirt Frye, president of Sunnyside Automotive Group in Middleburg Heights, Ohio. Higher residual values, thanks to a robust used car market, and record low interest rates mean lower monthly payments for buyers with good credit.
Source: The New York Times

Editor's note: Kirt Frye represents Metro Cleveland on NADA's board of directors.

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August Was a Hot Month for Electric Cars

August was a hot month for plug-in cars, proving, among other things, that big price cuts can move both metal and lithium-ion batteries. U.S. sales of the Nissan Leaf electric car, the Chevrolet Volt plug-in hybrid and the Toyota Prius plug-in model hit their highest monthly totals ever last month, reflecting a combination of well-publicized price cuts and a rising tide of demand for all types of vehicles. All together, sales of plug-in cars likely exceeded 10,000 vehicles for the month.
Source: The Wall Street Journal

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CFPB Warns of Crackdown if Credit-Report Errors Aren't Fixed

Consumer Financial Protection Bureau is warning of a crackdown on erroneous credit reports

A U.S. consumer watchdog is warning it will crack down on lenders and debt collectors if they fail to evaluate and fix mistakes in consumers' credit reports. The Consumer Financial Protection Bureau told financial firms Wednesday they must improve their responses to disputes about credit reports. The regulator said lenders must conduct a close review of documents submitted by consumers to contest any errors, and report any mistakes to credit-reporting agencies. The credit-reporting industry has long faced criticism from consumer advocates about difficulties in correcting mistakes such as debt already repaid or payments erroneously marked as late. Errors in a credit reports can cause consumers to pay higher interest rates or be turned down for a loan.
Source: The Wall Street Journal

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Hyundai Motor Reaches Preliminary Deal With Union to End Strike

Hyundai Motor Co. reached a preliminary agreement with its South Korean union to raise wages, paving the way for the end of a strike that's resulted in an estimated 1 trillion won ($910 million) in lost output. Under the agreement, which is subject to a vote by the Korean carmaker's 46,000 union members on Sept. 9, the company will raise the average base salary by 5.1 percent, Seoul-based Hyundai Motor said in a statement. The automaker also agreed to pay a one-time bonus equivalent to 3 1/2 months of wages plus 5 million won, it said. Workers have staged partial walkouts since Aug. 20, causing what Hyundai Motor estimates to be more than 50,000 vehicles in lost production. South Korea's largest automaker, which has seen profit fall for three straight quarters, is grappling with increased competition as a weaker yen gives Japanese carmakers an edge in the U.S.
Source: Bloomberg
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Google's Map Features Find Their Way Into More Cars

Google's vast troves of data make our lives easier almost anywhere — whether it's searching a restaurant menu on a tablet or locating the closest dry cleaner on a smart phone. Behind the wheel, however, access to really useful information like that is fairly limited. Google is trying to change that. A growing number of automakers are now incorporating Google's map-related technologies into their cars' navigation systems, adding data-rich features like real-time traffic, street view images, local search and other relevant information.
Source: Forbes
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More Articles
 
Quotable
"Any question that the [auto] industry is back should be put to rest." 

    -- Jeff Schuster, auto analyst for researcher LMC Automotive, commenting on the strong auto market, Bloomberg, Sept. 5
NADA Market Beat
July Sales Down From June, But Beat July 2012
Chairman's Column
'Accelerate' Your Business at the NADA Convention in New Orleans
Videos

 
Audi Training Venture with NADA Improves Showroom Experience (NADAFrontPage.com)


 Audi Dealer Gains Edge with NADA University Online (NADAFrontPage.com)


 What's Driving Auto Sales? (NADAFrontPage.com)

More Videos

NADA Webinars
(All webinars begin at 1 p.m. ET. Click webinar title to register.) 

- Sept. 11: Get 5 Stars Your Customer’s First Impression

- Sept. 18: Influence is Key to Internet Sales Growth

 For more information about the webinars, click here.

NADA Foundation News
Richard Strauss Inspires Family to Support Community Causes (NADAFrontPage.com)

Miami Township Firehouse Education Revitalized with Donation (Cincinnati.com)
 
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