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Inside this issue
Auto Sector Adds 5,000 Jobs in May; Highest Level Since '08
GM Board Seeks Quick Culture Changes Amid Recalls
Average Age of Light Vehicle on U.S. Roads Stayed Flat at 11.4 in 2013, IHS Says
Editorial: Why Is Obama Stockpiling Your Personal Financial Records?
Have Hybrid Cars Hit Their Peak?
Luxury Cars Worst on Resale Value, Pickups Best
Automakers to Donate $26M to Detroit Grand Bargain
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Auto Sector Adds 5,000 Jobs in May; Highest Level Since '08

The U.S. auto sector added 5,000 jobs in May to hit its highest level since August 2008 to nearly 850,000 jobs. Automakers and parts companies have added 35,000 jobs over the last year to 848,600, the Bureau of Labor Statistics said. Since July 2009, when the sector fell to 623,900 jobs — as General Motors Co. and Chrysler Group LLC exited bankruptcy — the auto industry has added back 225,000 jobs. Auto sales were up 11 percent in May to a seasonally adjusted pace of nearly 16.8 million vehicles — the third strong month in a row — and are on pace for their best year since 2008. At the same time, auto dealership employment is also up. Auto dealers added 6,800 jobs in May to 1.17 million and have added nearly 43,000 jobs over the last year.
Source: The Detroit News

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GM Board Seeks Quick Culture Changes Amid Recalls

General Motors Co. Chairman Tim Solso had only been leading the automaker’s board a few weeks when the first ignition switch recall was issued in mid-February. As the crisis grew to encompass 2.59 million recalled cars now linked to at least 13 deaths and 54 crashes, a sense of urgency grew among the directors: that the corporate culture at GM must change so that nothing like this happens again. While GM’s board is well-informed on the recall issues and has been “extraordinarily” involved, members aren’t satisfied, Solso said in an interview last week with The Detroit News. He said they want problems corrected as soon as possible. They want the company to be more transparent. They want GM to be fair to customers and families affected by accidents in recalled vehicles. And they want to see change.
Source: The Detroit News

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

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Average Age of Light Vehicle on U.S. Roads Stayed Flat at 11.4 in 2013, IHS Says

The average age of a light vehicle on the road in the United States remained flat at 11.4 years at the end of 2013, and the total light vehicles in operation reached a record 252.7 million, up 2 percent from 2012, IHS Automotive said. The average age of vehicles on the road reached an all-time high at the beginning of 2013, but IHS predicts the average age will remain at 11.4 years through 2015, and then rise to 11.7 years by 2019, the company said in a statement. The slower rate of growth in the average age of a light vehicle, compared with the last five years, reflects the rebound of the auto industry and increase in new-vehicle sales.
Source: Automotive News
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Editorial: Why Is Obama Stockpiling Your Personal Financial Records?

Republicans are scratching their heads over the Obama regime's privacy-invading "National Mortgage Database Project." What's it for? That's easy: redistribution of wealth. In an unprecedented federal intrusion, the president's most radical financial regulators — Mel Watt of the Federal Housing Finance Agency and Richard Cordray of the Consumer Financial Protection Bureau — are creating a massive discrimination database on as many as 230 million Americans. It will encompass a mortgage holder's entire credit history — including credit scores and account balances — and all credit lines, from credit cards to student and car loans. "Why are we collecting this amount of data on this many individuals?" asked GOP Rep. Randy Neugebauer of the House banking panel.
Source: Investor's Business Daily
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Have Hybrid Cars Hit Their Peak?

Consumers increasingly take rising gas prices in stride

It was a truism for years: Gasoline prices shoot up in summer and sales of fuel-sipping hybrid vehicles follow. But American consumers appear to have become inured to the annual summer fuel price spikes to $3.50 a gallon -- or to $4.50 in California -- and sales of the Toyota Prius and other hybrids may be flattening. An analysis of data from the Automotive News Data Center and IHS/Polk suggests that hybrid sales have reached a peak of market share and volume.
Source: Automotive News
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Luxury Cars Worst on Resale Value, Pickups Best

Which vehicles are best when it comes to retaining value? Pickup trucks, famous for their rugged construction, generally fair best when it comes to depreciation and luxury cars fare worst, a study by an auto website, CarGurus.com, finds. The study looked at the prices of used cars from the 2008 to 2012 model years from March 2013, to March 2014. Some 577 models were studied, with the median model losing 9.8% over the one-year period.
Source: USA Today
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Automakers to Donate $26M to Detroit Grand Bargain

Leaders of the Detroit Institute of Arts will join Michigan Gov. Rick Snyder at a news conference Monday morning to announce a $26-million contribution from the Detroit Three automakers to a grand bargain fund to reduce benefit cuts for city pensioners and protect the city's trove of art treasures from being sold as part of the historic bankruptcy. Ford and General Motors each have committed to $10 million and Chrysler $6 million to help the museum raise its $100-million share of the grand bargain fund, according to several sources familiar with the deal.
Source: Detroit Free Press
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Quotable

"The board has complete confidence in (CEO) Mary (Barra) and her leadership team. And the leadership team has the board's support."

   
-- GM Chairman Tim Solso, commenting on changes that need to be made to the automaker's corporate culture following the ignition switch recall, The Detroit News, June 9

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