View Mobile Version

SPONSORED BY
NADA.org
October 11, 2013 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Inside this issue
Ford Board Meeting Ends with No Word on Mulally
U.S. Unloads More GM Stock
Used Vehicle Prices Fall 2.6% in September
VW Credit Rolls Out Last Phases of E-Contracting to Pilot Dealerships
Chrysler Holds Up Shipping Cherokees
Fisker Loan Heads to Auction Block as U.S. Seeks Bids
China Auto Sales Surge as Japan Brands Rebound
Just in Time for Christmas: An Aston Martin Vanquish Volante from Neiman Marcus
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Ford Board Meeting Ends with No Word on Mulally

Ford directors mum on Mulally, Microsoft, automaker to pay 10-dividend in fourth quarter

Ford's board of directors ended a two-day quarterly meeting Thursday in Detroit without issuing a public statement on the future of CEO Alan Mulally. Microsoft is reportedly considering Mulally as a replacement for CEO Steve Ballmer, who is due to step down next year. Ford spokesman Jay Cooney said the automaker wouldn't comment on the board's discussions. But he said there is no change in Mulally's plan to remain at Ford through at least the end of 2014. Ford also wouldn't say whether Microsoft is talking to Mulally.
Source: USA Today
Share: LinkedIn Twitter Facebook

[back to top]

U.S. Unloads More GM Stock

The U.S. Treasury said it sold $570.1 million in General Motors Co. stock in September, as it looks to complete its exit from the Detroit automaker in the coming six months. The Treasury says it has now recouped $36 billion of its $49.5 billion bailout in the Detroit automaker. The government began selling off its remaining 101.3 million shares in GM on Sept. 26, as part of its third written trading plan. The government didn't disclose precisely how many shares it sold in the final days of the month, but at recent trading levels could exit as early as January. The taxpayers' ownership stake in the Detroit-based automaker, once 60.8 percent, is now down to about 7 percent, the Treasury said.
Source: The Detroit News
Share: LinkedIn Twitter Facebook

[back to top]

Used Vehicle Prices Fall 2.6% in September

The average price of used cars and light trucks up to eight model years in age fell 2.6% in September, marking the highest rate of decline recorded since the 2.9% tumble in October 2012, according to the NADA Used Car Guide. September ended a three-month period with depreciation averaging an unusually low rate of 1.2%. “Historically, the rate of used vehicle depreciation begins to accelerate in September as consumer attention shifts toward more pressing seasonal obligations and because larger quantities of one-year-old units entering the used market converge,” said Jonathan Banks, executive automotive analyst for the NADA Used Car Guide, in the October edition of Guidelines, a monthly report on new and used vehicle sales trends and price movement.
Source: NADAFrontPage.com
Share: LinkedIn Twitter Facebook

[back to top]

VW Credit Rolls Out Last Phases of E-Contracting to Pilot Dealerships

VW Credit Inc. has begun introducing the last two pilot phases of its e-contracting system, called FinanceSource. The two phases -- switching to all-electronic documents and electronic signatures -- are starting to roll out now in pilot dealerships, company officials said at a press briefing on Tuesday. For customers, saving time in the F&I process is a big expected user benefit, said David Wicks, VW Credit's vice president of sales and marketing for financial services. Dealerships should also benefit from faster funding -- from the current target of three business days to an ultimate goal of same-day or next-day funding, he said. "This enables us to address a lot of issues with funding, to expedite funding," Wicks said. "It eliminates a lot of errors that may occur."
Source: Automotive News
Share: LinkedIn Twitter Facebook

[back to top]

Chrysler Holds Up Shipping Cherokees

Chrysler Group LLC has built more than 12,000 2014 Jeep Cherokees, but has not shipped a single one to dealers and is still working to resolve a problem with the programming of the crossover's new nine-speed transmission. “Chrysler Group is in the final stages of validating the updated powertrain calibrations,” said Gualberto Ranieri, vice president of communications for Chrysler, in an email to The Detroit News. “The company will not ship vehicles until we are fully satisfied the Cherokee meets customer expectations for performance, refinement and quality." More than three months after the vehicle went into production in Toledo, Chrysler is trying to get the transmission to shift smoothly in what CEO Sergio Marchionne has called a make-or-break vehicle for the Auburn Hills automaker, one that is key to capturing a fast-growing segment of the market.
Source: The Detroit News
Share: LinkedIn Twitter Facebook

[back to top]

Fisker Loan Heads to Auction Block as U.S. Seeks Bids

Long, expensive road back for plug-in maker

The U.S. Department of Energy will consider bids to purchase Fisker Automotive's government loan on Friday in what could be the start of a lengthy and expensive process to revive the dormant green-car startup. Fisker, which has not built a car in about 15 months, does not have enough money to pay millions in outstanding bills. The company laid off most of its employees in April after running short of cash, a month after co-founder and executive chairman Henrik Fisker resigned. The Department of Energy said last month that it planned the auction after "exhausting any realistic possibility" that it could recoup the entire $168 million still owed by Fisker. Bids to buy Fisker's DOE loan were due Oct. 7 and an auction is still planned for Friday, despite a U.S. government shutdown that began 10 days ago. Prospective bidders had to offer at least $30 million to qualify, with 10 percent down due with the bid, two people with knowledge of the process said on Thursday.
Source: Reuters
Share: LinkedIn Twitter Facebook

[back to top]

China Auto Sales Surge as Japan Brands Rebound

China's auto sales grew at their fastest rate in eight months in September as Japanese brands rebounded from a slump sparked by political tensions with Tokyo. Sales of passenger vehicles rose 21.1 percent to 1.6 million vehicles, up from August's 10 percent growth, an industry group, the China Association of Auto Manufacturers, said Friday. China is the world's biggest auto market by number of vehicles sold and sales growth still is stronger than in Western markets despite decelerating over the past year.
Source: Associated Press

Related Story:


Share: LinkedIn Twitter Facebook

[back to top]

Just in Time for Christmas: An Aston Martin Vanquish Volante from Neiman Marcus

High-end retailer Neiman Marcus is keeping with a holiday tradition by offering another special-edition luxury automobile as part of its annual fantasy gift guide. The Dallas-based retailer is offering 10 Seychelles blue 2014 Aston Martin Vanquish Volantes priced at $344, 500 in its 2013 Christmas catalog. The price does not include taxes, title, licensing, registration and shipping. It comes with a matching four-piece leather luggage set. In the past, Neiman Marcus cars have sold out in minutes. Last year, the company sold 12 2013 McLaren 12C Spiders for $354,000 in just over two hours, a spokesperson for the retailer said. Previous catalogs have included limited-edition BMWs, Bentleys and Rolls-Royces.
Source: Automotive News
Share: LinkedIn Twitter Facebook

[back to top]

More Articles
 
NADA Market Beat
Auto Sales Subdued for September
Chairman's Column
NADA Endorses Hiring Our Heroes Program
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.) 

- Oct. 16: What Bankruptcy Can and Cannot Do for Your Dealership

- Oct. 23: Millenials: Driving the Next Car Evolution

- Oct. 30: The Four Service Sheets

- Nov. 6: Buy-Sell Transaction Tips and Tricks

- Nov. 13: U.S. Car Sales – The Year in Review and a Look Ahead

- Nov. 20: DMS Access Concerns (Part II)

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)
 
Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to publicaffairs@nada.org .