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Inside this issue
CFPB and Indirect Auto Finance: Strategies for Mitigating Fair Lending Risk
Toyota, GM Recalls Push US to Near-Record Pace
Survey: Cadillac, Buick Dealers Wow Customers
Ford Reveals the Extreme Testing Endured By the 2015 F-150
NADA: Used Vehicle Price Index Reaches All-Time High in March
Ally Raises $2.38 Billion in IPO Priced at $25 a Share
Senate Panel Votes to Protect Driver 'Black Box' Privacy
Last of Corvettes Pulled From Sinkhole in Ky. Museum
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
CFPB and Indirect Auto Finance: Strategies for Mitigating Fair Lending Risk

In Spot Delivery (March 2014), Hudson Cook LLP partner Jean Noonan explains the consequences of the recent Ally consent orders with the federal government and how the optional NADA Fair Credit Compliance Policy & Program provides dealers with a valuable compliance tool in the current environment. Click here for a PDF of the full article.
Source: NADA Regulatory Affairs

Editor's note: To download the NADA Fair Credit Compliance Policy & Program, go to www.nada.org/faircredit.

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Toyota, GM Recalls Push US to Near-Record Pace

Big U.S. recalls by General Motors and Toyota have put the auto industry on a record pace as companies try to avoid bad publicity and punishment from an increasingly aggressive government. On Wednesday, Toyota announced it was recalling nearly 1.8 million vehicles in the U.S. to fix a spate of problems, including air bags that might not inflate. It's part of a worldwide recall of 6.4 million cars and trucks. So far this year, automakers have recalled about 9 million vehicles in the U.S. If that pace continues, the nation would break the record of 30.8 million recalled vehicles set in 2004.
Source: Associated Press

Editor's note: For more information on the GM recall, go to www.gmignitionupdate.com or www.safercar.gov.

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Survey: Cadillac, Buick Dealers Wow Customers

Dealers of General Motors two toniest brands are satisfying their customers more than any other auto brand, a study J.D. Power and Associates finds. Buick dealers are tops among mainstream brands and Cadillac wins in the premium category. Behind Buick comes Volkswagen, GMC, Mini, Chevrolet and Toyota. Among premiums, second place goes to Audi, followed by Lexus, Infiniti, Lincoln and Jaguar. The worst brand for customer service? Ram Trucks for the mainstreams and Land Rover for the premium.
Source: USA Today
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Ford Reveals the Extreme Testing Endured By the 2015 F-150

The 2015 Ford F-150 may be a lightweight, but the automaker has gone to extremes to ensure the aluminum-bodied successor is more durable than the steel-bodied pickup it will replace. When the all-new 2015 model goes on sale in the fourth quarter, it will continue to have a steel frame, but the entire body will be made of lighter-weight aluminum and the truck sheds 700 pounds, which will contribute to better fuel economy. On Wednesday, Ford engineers offered a behind-the-curtain look at the development and testing since the 2009 decision to incorporate advanced materials never before used in a pickup.
Source: Detroit Free Press

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NADA: Used Vehicle Price Index Reaches All-Time High in March

Wholesale auction prices increased by highest rate in three years.

Wholesale prices for used cars and light trucks up to eight years in age increased by 3.7% in March, well above February’s 2.2% increase, according to the NADA Used Car Guide in the April edition of Guidelines, a monthly report on new and used vehicle sales trends and price movement. “Harsh weather in January and February compelled dealers to bid aggressively and play inventory catch-up in preparation for the traditional spring bounce in consumer demand,” said Jonathan Banks, executive automotive analyst of NADA Used Car Guide. Late-model volume continued to fall while dealer activity was heating up, adding further buoyancy to prices, he added. “These unique factors pushed NADA’s seasonally adjusted used vehicle price index to 127.0, a new all-time high,” Banks said. The index measures the change in used vehicle prices up to eight-years-old.
Source: NADA Used Car Guide

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Ally Raises $2.38 Billion in IPO Priced at $25 a Share

Ally Financial Inc., the auto lender rescued by the U.S. government during the 2008 financial crisis, raised $2.38 billion in its initial public offering after pricing the shares at the bottom of the proposed range. The U.S. Treasury Department, Ally's majority shareholder, sold 95 million shares for $25 apiece, according to data compiled by Bloomberg. The stock will start trading on Thursday, listed on the New York Stock Exchange under the symbol ALLY.
Source: Bloomberg
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Senate Panel Votes to Protect Driver 'Black Box' Privacy

A Senate committee approved legislation Wednesday that aims to guard driver privacy by ensuring the vehicle owner also owns any information collected by a so-called “black box” or event data recorder. The Senate Commerce Committee unanimously approved legislation sponsored by Sens. Amy Klobuchar, D-Minn., and John Hoeven., R-N.D., to enshrine privacy protections into federal law.
Source: The Detroit News
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Last of Corvettes Pulled From Sinkhole in Ky. Museum

The National Corvette Museum said Wednesday that it has recovered the final Corvette – the eighth vehicle – that was swallowed by a giant sinkhole at the Bowling Green, Ky., museum in February. The Corvette, a 2001 Mallett Hammer Z06, was discovered on Monday upside down in the estimated 60-foot deep sinkhole. The museum said the 2001 Z06 is the most heavily damaged of the eight vehicles that fell into the sinkhole. The Corvettes will stay at the museum in a “Great 8” display that opens next week and runs through Aug. 30. The vehicles are slated to be shipped to Michigan for restoration by General Motors Co.
Source: The Detroit News
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More Articles
 
Quotable

"NADA has a terrific Fair Credit Compliance Program, which tells dealers how to implement a voluntary fair lending solution...."

   
-- Jean Noonan, a partner in the Washington, D.C., office of Hudson Cook, LLP, in Spot Delivery, March 2014  

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