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Inside this issue
Commentary: Urge Congress to Rescind Flawed CFPB 'Guidance' on Auto Finance
Ford's Hinrichs Sees Auto Sales at 14-Year High in 2015
S&P Hikes GM to Investment Grade
Automakers Battle in Annual Texas Truck Showdown
Chrysler Recalls 350,000 Cars Over Ignition Switch
Utah University Breaks Ground on EV Test Facility
GM CEO Mary Barra Lands on Cover of Time Magazine
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Commentary: Urge Congress to Rescind Flawed CFPB 'Guidance' on Auto Finance
By NADA Chairman Forrest McConnell

A new bipartisan bill, which would nullify the Consumer Financial Protection Bureau’s flawed ‘guidance’ on indirect auto lending, has gained a lot of support in Congress from both sides of aisle over a short period of time. Since its introduction on September 8, nearly 100 Democrats and Republicans in the U.S. House of Representatives have signed on as supporters of H.R. 5403, a bill sponsored by Reps. Marlin Stutzman (R-Ind.) and Ed Perlmutter (D-Colo.). H.R. 5403, which is appropriately titled, Reforming CFPB Indirect Auto Financing Guidance Act, requires the CFPB to provide a public comment period before reissuing any guidance on auto finance. The bill also requires transparency and accountability from the agency by making public any studies, data and analyses used to determine future guidance on auto finance.

Dealers should contact their Members of Congress and urge them to support H.R. 5403, the Stutzman-Perlmutter bill. To locate your House member, click here. For the issue brief on H.R. 5403, list of cosponsors, bill text and a section by section analysis, visit www.nada.org/cfpb.

To read the full commentary, click here.
Source: NADA Chairman's Column
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Ford's Hinrichs Sees Auto Sales at 14-Year High in 2015

Joseph Hinrichs, Ford Motor Co.'s president of the Americas, said [Thursday] the company is predicting industrywide U.S. auto sales will top 17 million next year, the most since 2001. The automaker wouldn't confirm his comments. “We are forecasting next year it can be over 17 million and we're preparing for that,” Hinrichs said in an interview on CNBC, according to a transcript. “Some think it could be close to 18 million,” which would be a record.
Source: Bloomberg
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S&P Hikes GM to Investment Grade

Standard & Poor's Ratings Services said Thursday it is upgrading the Detroit automaker and its captive finance-arm subsidiary to investment grade — a move that will lower the cost of borrowing for GM's auto lending unit. It's the second major ratings agency to boost the automaker's credit rating to investment grade. A year ago, Moody's Investors Service upgraded GM to investment grade. That marked the first time since May 2005 that any of the major rating houses deemed the Detroit-based automaker at better than junk status. Fitch Ratings is the only agency that has not lifted GM to investment grade. Standard & Poor's said it boosted GM because it sees better prospects for diversified profits across regions in the next two to three years.
Source: The Detroit News
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Automakers Battle in Annual Texas Truck Showdown

General Motors, Ford, Chrysler and Toyota are rolling into this weekend's Texas State Fair in Dallas with guns blazing -- at each other. Around 3 million pairs of cowboy boots visit the fair each year, which makes it ground zero in the truck and SUV marketing wars. No state comes even close in sales of trucks and SUVs than Texas, with its 803,721 registrations in 2013, according to IHS Automotive data. California was a distant second, with 662,581 registrations, IHS says. The nearly monthlong fair that opens Friday is considered an auto show by manufacturers, and their displays are huge. Trucks, vans and SUVs live in “The Truck Zone,” a 135,000-square-foot area. GM, Ford and Chrysler are using the venue to showcase new models, special editions and marketing tie-ups.
Source: Automotive News

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Chrysler Recalls 350,000 Cars Over Ignition Switch

Auto maker says switches on certain 2008 vehicles may not operate properly

Fiat Chrysler Automobiles recalled about 350,000 vehicles around the world on Thursday to repair a faulty ignition switch that in some cases could cut power to the vehicle's air bags, steering and the engine. The auto maker said ignition keys on certain 2008 model-year vehicles may not fully return to the "on" position after starting. As a result, the windshield defroster and wipers would lose power. In some circumstances, a key would return to "accessory" mode, cutting power to the steering and air bags, it said. The company said it is aware of one accident with no injuries.
Source: The Wall Street Journal
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Utah University Breaks Ground on EV Test Facility

A university in Utah has broken ground on the country's first electric vehicle test track fitted for in-motion, wireless electrical charging. Workers at Utah State University began contruction Tuesday on a state-of-the-art facility that will include an electrified track, a quarter-mile long oval, that will demonstrate the effectiveness of wireless power charging. This technology will help address at least one of the principal blocks to more widespread adoption of electric vehicles -- range, and the range anxiety that accompanies drivers afraid they'll run out of juice before they have time to recharge.
Source: The Los Angeles Times
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GM CEO Mary Barra Lands on Cover of Time Magazine

General Motors CEO Mary Barra is featured on the cover of this week's Time magazine in a story titled, "The Mechanic," which hits newsstands Friday. Under the headline "Mary Barra's Bumpy Ride at the Wheel of GM" she recounted how she learned about the deadly ignition switch recall that has embroiled the nation's largest automaker in at least four investigations, and led to an overhaul of its safety policies, including a record 29 million recalled vehicles worldwide in 2014. She also called the day she read the 325-page investigative report by former federal prosecutor Anton Valukas on GM's ignition-switch defect "one of the saddest days of my career."
Source: Detroit Free Press
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"Dealer-assisted financing provides great value and competitive advantages, which saves car buyers billions of dollars each year."

   
-- NADA Chairman Forrest McConnell, commenting on the benefits of dealer-assisted financing, NADA Chairman's Column, Sept. 2014

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