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Inside this issue
Commentary: Auto Credit Must Remain Affordable and Accessible for Car Buyers
Foxx: No NHTSA Officials Fired, Disciplined in GM Probe
GM Still Has No Switch Fix for Half-Million Cadillacs
Toyota Works to Hold U.S. Hispanic Market Lead as Segment Grows
Mexico's Auto Industry Looks to Luxury Cars
First Six Months of 2014 U.S. EV Sales Show 33% Year-Over-Year Gain
Venezuela's Auto Industry in a Free Fall
Register Now for NADA's 'How to Use Vehicle History to Build Consumer Confidence' Webinar
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Commentary: Auto Credit Must Remain Affordable and Accessible for Car Buyers
By NADA Chairman Forrest McConnell

Franchised new-car dealers do much more than sell cars. We provide service for the long term. And we offer our customers competitive financing options. Dealer-assisted financing provides great value and competitive advantages, which saves our customers billions of dollars each year. And the proof is in the numbers. Despite the fact that dealer-assisted financing is always optional, a large majority of consumers still choose to finance their vehicles through dealers.

But in March 2013—without prior notice or public comment—the Consumer Financial Protection Bureau (CFPB) issued guidance that could eliminate the flexibility that dealers have to negotiate lower auto financing rates for the benefit of consumers. Instead, the CFPB is pressuring auto finance sources to compensate dealers with a flat fee, which would weaken the ability of car buyers to secure discounted financing. Most troubling is that the CFPB has even admitted that it has not studied how this change would impact consumers. Click here for the full commentary.
Source: NADA Chairman's Column
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Foxx: No NHTSA Officials Fired, Disciplined in GM Probe

Transportation Secretary Anthony Foxx says no one has been disciplined or fired as a result of the National Highway Traffic Safety Administration's handling of complaints related to General Motors Co.'s delayed recall of 2.6 million vehicles linked to at least 13 deaths. At an appearance at the National Press Club on Monday, Foxx defended the work of the auto safety agency and noted that he ordered a review of NHTSA's handling of the Chevrolet Cobalt recall and other complaints.
Source: The Detroit News
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GM Still Has No Switch Fix for Half-Million Cadillacs

Three weeks after a recall and telling dealers not to sell them, General Motors continues to look for a way to fix an ignition switch risk in half a million Cadillacs. "We're still working on it," GM spokesman Alan Adler said Monday, noting that it's unclear how long it will take to find a solution. The ignition switches in 554,328 Cadillacs from the 2004-2014 model years can move out of the "run" position for two reasons: Heavy key rings can pull the switch out of "run" if the car is jarred by severe bumps; and the driver's knee can bump the key and knock the switch out of position. "We're working on a solution that will work on all," Adler says.
Source: USA Today
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Toyota Works to Hold U.S. Hispanic Market Lead as Segment Grows

Toyota Motor Corp. plans to remain the top-selling auto brand among U.S. Hispanic customers as competing automakers boost efforts to win a bigger share of business from the nation's largest ethnic minority group. Toyota has been the top brand for Hispanic buyers for 10 consecutive years, Bill Fay, group vice president for U.S. sales, said yesterday at a conference for the National Council of La Raza, the largest U.S. Hispanic civil rights and advocacy group. Nissan Motor Co. and Ford Motor Co. are among the companies stepping up efforts to increase sales to Latinos, he said.
Source: Bloomberg
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Mexico's Auto Industry Looks to Luxury Cars

Mexico, long a source of auto imports into the U.S., has become so sophisticated at making cars that it's now moving into luxury. Just when luxury buyers were getting used to the idea that their BMW or Mercedes-Benz could be made in the U.S., both German automaking rivals have announced plans for plants in Mexico. So has Audi, which already has a strong footprint in Mexico through the mainstream Volkswagen brand. While the automaking world has focused on the U.S., Europe, China and India, Mexico is quietly working its way into the big time. Mexico is poised to pass Brazil this year as the world's seventh-largest automaker, IHS Automotive predicts.
Source: USA Today
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First Six Months of 2014 U.S. EV Sales Show 33% Year-Over-Year Gain

Recent sales numbers from insideevs.com indicate that U.S. EV sales continue to grow steadily. For the first half of 2014, over 54,000 vehicles moved (quietly) off the lot, compared with almost 41,000 for the first six months of 2013. While the winter and early spring remained relatively calm, sales soared in May and June, and showed over a 50% gain (almost 24,000 vs. under 16,000) over last year. Last year, just under 60% of the sales occurred during the last six months, so it will be interesting to see how things pan out for the remainder of this year. The leading contender is the Nissan Leaf, with over 12,700 vehicles to date, followed by the Toyota Prius at 9,300 and the Chevy Volt at 8,600.
Source: Forbes
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Venezuela's Auto Industry in a Free Fall

Production dries up amid currency woes and a scramble for parts

This car-crazed country's auto industry, once the third largest in South America, is seizing up as manufacturers struggle to produce a few vehicles a day. Car makers, including global giants like Ford Motor Co., Fiat Chrysler Automobiles, General Motors Co. and Toyota Motor Corp., have cut output by more than 80% in the first six months of the year compared with a year earlier because of a lack of dollars to pay parts suppliers, according to data compiled by the Automotive Chamber of Venezuela, which represents car makers.
Source: The Wall Street Journal

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Register Now for NADA's 'How to Use Vehicle History to Build Consumer Confidence' Webinar

NADA University Online will host the webinar "How to Use Vehicle History to Build Consumer Confidence" on July 23 at 1 p.m. ET. The free webinar will cover the vital role vehicle history plays in the mind of a customer during the buying experience and how to apply this knowledge to the vehicle/price discussion. Click here to register.
Source: NADA University Online
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Quotable

"It [Mexico] has become Motor City South."

   --- Harley Shaiken, chairman of the Center of Latin American studies at the University of California, Berkeley, commenting on Mexico's growing auto industry, USA Today, July 21

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