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Inside this issue
GM Nine-Month Recall Costs Total $2.7 Billion on Repairs
Recalls to Affect Auto Makers' Profit Sharing
Air-Bag Maker Knew of Defects in 2001, Lawsuits Allege
Register for Upcoming NADA Webinar: 'OSHA's Repeal of Dealer Recordkeeping Exemptions'
Toyota Tops Consumer Reports Reliability Rankings
A Set of 'Vettes, Off to Rehab
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
GM Nine-Month Recall Costs Total $2.7 Billion on Repairs

General Motors Co. said recall and car-loan charges for this year rose 8 percent to $2.7 billion, as the company is hit almost daily with new lawsuits over the call-ins. The Detroit-based automaker spent $680 million to repair defective ignition switches in 2.6 million cars and $325 million to rework or replace ignition keys in 12.1 million cars in the nine months through Sept. 30, according to an Oct. 23 regulatory filing. GM announced recalls of 34 million cars in the period, taking charges for about 32 million of them. That's up from 29 million recalls and associated costs of $2.5 billion as previously reported for the first half of 2014.
Source: Bloomberg

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Recalls to Affect Auto Makers' Profit Sharing

Declines in North American operating earnings to felt in union pay

Union workers at the nation's two largest auto makers likely will receive smaller profit-sharing checks for this year as steep recall expenses at both companies chew through operating profits. With two months left in the fiscal year, North American operating profits at General Motors Co. and Ford Motor Co. are trailing last year's performance. Profit sharing checks, according to their contract with the United Auto Workers union, largely is based on that operating profit. The checks are expected to be issued during the first quarter of 2015.
Source: The Wall Street Journal
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Air-Bag Maker Knew of Defects in 2001, Lawsuits Allege

Takata Corp., the Japanese parts maker at the center of a global auto-safety crisis, knew at least as early as 2001 of manufacturing defects that could lead its air bags to explode, U.S. drivers claimed in lawsuits. Takata issued a recall notice 13 years ago related to exploding air bags in Isuzu Motors Ltd. vehicles, according to federal complaints filed yesterday in at least two U.S. states. The class-action lawsuits allege at least four deaths and 139 injuries are linked to defective Takata air bags in models sold by carmakers including Honda Motor Co. and Toyota Motor Corp.
Source: Bloomberg
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Register for Upcoming NADA Webinar: 'OSHA's Repeal of Dealer Recordkeeping Exemptions'

NADA University Online will host the webinar "OSHA's Repeal of Dealer Recordkeeping Exemptions" on Oct. 29 at 1 p.m. ET. The free webinar will discuss how to prepare for upcoming Occupational Safety and Health Administration (OSHA) dealership compliance deadlines; complete the OSHA Form 300 Log and Form 300A; and better understand how to report workplace fatalities, amputations, inpatient hospitalizations, and eye loss to OSHA. The 30-minute webinar will be presented by Dave Schmidt, director, office of statistical analysis, Occupational Safety and Health Administration and moderated by Lauren Bailey, manager of state law and regulatory initiatives for NADA.

For more information and to register, click here.
Source: NADA University Online
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Toyota Tops Consumer Reports Reliability Rankings

Toyota continues its winning streak atop Consumer Reports' annual reliability rankings. The company's Toyota and Lexus brands top the survey, while its Scion brand is in the top ten. It's the eighth year in a row that a Toyota brand has led the rankings. "Toyota has a strategy that emphasizes reliability over excitement," says Jake Fisher, Consumer Reports' head of auto testing. "They take a conservative approach to redesign and roll out new features slowly. The risk is they may not have the latest bells and whistles, but the reward is world class reliability."
Source: Associated Press

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A Set of 'Vettes, Off to Rehab


Photo credit: Tony Cenicola/The New York Times

Peter Max Corvette collection headed to auction

Chris Mazzilli was at the Old Westbury Gardens car show one Sunday in June, displaying his 1971 Corvette, when a stranger approached with questions about restoration work involving dozens of cars. Mr. Mazzilli, 49, founder and co-owner of the Gotham Comedy Club in Manhattan — and a serious student of Chevrolet’s sports car who has judged dozens of events — was happy to offer guidance. But the questions kept coming: What about a ’53 Corvette? What about a ’55? What about a ’57? “Are you talking about the Peter Max Corvettes?” Mr. Mazzilli asked, playing a hunch. His questioner, Peter Heller, fell silent. After a moment, he answered: “Yes. How did you know?”

Mr. Heller had not yet realized that the cars — a set of 36 Corvettes, one from each year starting with the model’s 1953 debut and continuing through 1989 — were famous among Corvette followers. Mr. Heller and his cousin Scott Heller, along with Scott’s sons, Adam and Mike, bought the cars from Mr. Max over the summer. They plan to clean, and restore as needed, all 36 before taking them to auction next year.
Source: The New York Times
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