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Inside this issue
Dealers Dig In to Defend Auto-Financing System
Promotions of Barra, Reuss, Batey Receive Dealers' Praise
BMW Said to Weigh Setting Up North American Engine Plant
Fisker's Quick Sale Through Bankruptcy Remains on Track
Stingray, Cadillac CTS, Mazda3 Named 'Car of Year' Finalists; Cherokee, Silverado, Acura MDX are Top Trucks
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Dealers Dig In to Defend Auto-Financing System

Dealers in 2014 are bracing for round two of a fight with a federal agency over how they're compensated for arranging auto loans. [Dealer reserve] is less than 1%, and dealers say it is wrong to assume a car buyer would get a lesser loan rate with dealer reserve out of the picture because lenders offer wholesale, not retail, rates to dealers. The National Automobile Dealers Association warns consumers will be ill-served by the Consumer Financial Protection Bureau's efforts to prod lenders to end the interest-rate compensations. NADA contends the CFPB is seeking to change dealer-assisted financing in a way that will increase the cost of credit and make it less available to automotive consumers.
Source: WardsAuto
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Promotions of Barra, Reuss, Batey Receive Dealers' Praise

General Motors dealers responded positively to news that Mary Barra will be the automaker's next CEO. They also praised the promotions of Mark Reuss to head of product development and Alan Batey to lead the automaker's North American operations. “They're just three outstanding executives for GM,” said Steve Hurley, dealer principal at Stingray Chevrolet in Plant City, Fla., and co-chairman of the Chevrolet dealer council. “To see these three names be tapped for these types of positions is very, very encouraging.”
Source: Automotive News

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BMW Said to Weigh Setting Up North American Engine Plant

Bayerische Motoren Werke AG (BMW), the world's biggest maker of luxury cars, is considering building engines in North America for the first time and expanding vehicle production in the region to capitalize on growing demand, three people familiar with the matter said. BMW may establish a motor factory in Mexico or the U.S., and the Munich-based company could potentially decide on the project in 2014, according to the people, who asked not to be identified because the talks are confidential. The carmaker would join German premium-auto rival Mercedes-Benz in producing engines in the region.
Source: Bloomberg
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Fisker's Quick Sale Through Bankruptcy Remains on Track

Fisker Automotive Holdings Inc. might not be making its plug-in Karma sports cars anymore, but it still knows speed. The company's lawyers convinced a bankruptcy judge on Tuesday that its Chapter 11 should proceed at an unusually rapid pace. U.S. Bankruptcy Judge Kevin Gross in Wilmington [Del.] began a hearing on Tuesday by suggesting the company should slow down its plan to sell its assets to Hong Kong tycoon Richard Li and give creditors four more weeks to get a handle on the situation. "I'm not sure why another few weeks relatively speaking would harm this process," said Gross. "It would allow time for the creditors' committee to continue and complete its investigations." Fisker filed for bankruptcy on Nov. 22 and a creditors' committee was formed only on Thursday. The company has not produced a car in almost 18 months and the judge said there was no business that needed to be rescued through the breathing space of bankruptcy.
Source: Reuters
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Stingray, Cadillac CTS, Mazda3 Named 'Car of Year' Finalists; Cherokee, Silverado, Acura MDX are Top Trucks

The Cadillac CTS, Mazda3 and Chevrolet Corvette Stingray were named finalists for North American Car of the Year, while the Jeep Cherokee, Chevrolet Silverado and Acura MDX were named truck/utility finalists. The 2014 North American Car and Truck of the Year will be announced Jan. 13 during a press conference before the Detroit auto show press days. The finalists were named at an Automotive Press Association luncheon at the Detroit Athletic Club. The six finalists were selected by an independent jury of 48 automotive journalists from 11 cars and 12 truck and utility vehicles. To be eligible, a vehicle must be redesigned or substantially changed and be introduced during 2013.
Source: Automotive News
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