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Inside this issue
Trade Group Recommends Changes to How U.S. Car Dealers Extend Loans
Hillary Clinton to Address National Automobile Dealers Association in New Orleans
NADA: Rising Home Values, Residential Construction and Employment to Boost Auto Sales
NADA Used Car Guide: Used Vehicle Prices to Slip in 2014
Ford Signs Up SMART Dealers
Bid on a Harley, Help Disabled Children and Wounded Veterans
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Trade Group Recommends Changes to How U.S. Car Dealers Extend Loans

National Automobile Dealers Association issued guidelines Friday

A regulatory crackdown on potential discrimination in the $845 billion auto-lending market is prompting auto dealers to consider changing how they extend loans. The National Automobile Dealers Association issued guidelines Friday recommending each dealer set a standard interest-rate charge to borrowers, which could only be modified for specific reasons like a competing offer from another lender or dealer. Under this system, dealers would have less authority to determine such charges, which are compensation for setting up the loan. "We encourage efforts by auto dealers to prevent lending discrimination," a Justice Department spokeswoman said. CFPB officials have said entirely eliminating dealers' ability to determine rates could be a simpler approach and would result in lower compliance costs for lenders. A spokesman for AutoNation Inc., the largest U.S. owner of auto dealers, said the proposal "addresses the fair-lending concerns the CFPB has raised." The company plans to test the new program at selected dealerships. Auto dealers have "found a way to address the government's concerns, while protecting a consumer's right to negotiate a lower financing interest rate," said Andy Koblenz, the dealership association's executive vice president for legal and regulatory affairs.
Source: The Wall Street Journal
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Hillary Clinton to Address National Automobile Dealers Association in New Orleans

Former Secretary of State Hillary Clinton will deliver a keynote address to the National Automobile Dealers Association at the group's convention in New Orleans on Monday (Jan. 27). Since leaving her role as the nation's top diplomat, Clinton has been giving speeches to several professional groups, including real estate agents, travel agents and now, car dealers. The National Automobile Dealers Association, which represents more than 16,000 new car and truck dealerships, announced Clinton's appearance in July. Clinton is slated to appear at the Ernest N. Morial Convention Center on Monday morning.
Source: The Times-Picayune (New Orleans)
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NADA: Rising Home Values, Residential Construction and Employment to Boost Auto Sales

NADA predicts 16.4 million U.S. light vehicles sales in 2014

Increasing home values, residential housing construction and rising employment are key factors that will drive the U.S. economy this year, says Steven Szakaly, chief economist of the National Automobile Dealers Association. “These factors are also critical to maintaining the pace of auto sales growth, which has been an integral part of the economic recovery,” said Szakaly at the NADA Convention & Expo in New Orleans. NADA predicts 16.4 million new cars and light trucks will be purchased or leased in the U.S. this year, a 5.8 percent increase from 2013.
Source: NADAFrontPage.com
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NADA Used Car Guide: Used Vehicle Prices to Slip in 2014

Greater supply of used cars to end five years of price growth, but prices will remain at historically high levels

A sharp rise in the supply of late-model used cars and light trucks is expected to end a five-year run of price growth, according to the NADA Used Car Guide. Late-model used vehicle supply will be more plentiful in large part due to an 18% surge in off-lease volume. The supply of units six to eight years in age, however, will continue to fall as a byproduct of the new vehicle sales decline from 2006 to 2009. “These diverging trends will result in late-model used vehicle prices dropping more substantially than their older counterparts,” said Jonathan Banks, executive automotive analyst for the NADA Used Car Guide, at the 2014 NADA Convention & Expo in New Orleans.
Source: NADAFrontPage.com
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Ford Signs Up SMART Dealers

Ford has been signing up dealers at the National Automobile Dealers Association convention for its SMART program, a way for customers to schedule service appointments remotely. "It's a new online appointment tool that helps Ford and Lincoln customers book service visits, select their preferred advisers and any transportation-related support that they need," said Frederiek Toney, vice president of Ford's customer service division. Ford previewed the program at the NADA convention last year. It's part of Ford's Consumer Experience Movement, a program launched by Ford and its dealers in 2011 to improve the customer experience at dealerships.
Source: Automotive News
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Bid on a Harley, Help Disabled Children and Wounded Veterans

For the third straight year, ADESA will auction off a Harley-Davidson motorcycle during the convention, with the proceeds benefiting the Frank E. McCarthy Memorial Fund of the National Automobile Dealers Charitable Foundation. The foundation supports Canine Companions for Independence, which assists with the placement of companion dogs for physically disabled children and wounded military veterans. The auction is scheduled for 1 p.m., Sunday, at ADESA's booth (5829). The highest bidder will take home a 2013 Harley-Davidson Heritage Softail Classic Anniversary Edition. Last year industry consultant Joe Verde bought a 2011 Harley-Davidson Fat Boy. His winning bid was $26,000. McCarthy was NADA president for more than 30 years. He died in February 2001.
Source: Automotive News
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Quotable
"We encourage efforts by auto dealers to prevent lending discrimination."  

   
-- A Justice Department spokeswoman, commenting on NADA's guidelines to dealers to prevent lending discrimination, The Wall Street Journal, Jan. 24

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