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Inside this issue
Auto Loans Surge, But Who's Buying May Surprise You
NADA Hires Jared Allen as Senior Director of Media Relations
EPA Unveils New Guidelines on Automaker MPG Label Tests
GM Compensation Fund Approves 57th Death Claim
Toyota’s Car of Future Starts on Anniversary of Crisis
Bugatti Sells 450th and Last Veyron
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Auto Loans Surge, But Who's Buying May Surprise You

American auto buyers are borrowing more than ever, but the people taking out auto loans may surprise you. The latest data from Experian show the amount of auto loans in the fourth quarter climbed by $86 billion, with the strongest growth coming from those borrowers with the highest credit ratings, also known as super prime. "Analyzing the data really does debunk the myth that auto financing is growing just solely in the subprime space," said Melinda Zabritski, director of automotive finance with Experian. Overall, she says auto financing data show a healthy economy where most consumers have a prime or better credit ratings.
Source: CNBC

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NADA Hires Jared Allen as Senior Director of Media Relations

Allen to become spokesperson, joining Jonathan Collegio at NADA Public Affairs

NADA today announced that it has hired Jared Allen, a veteran communications professional and former journalist, as its senior director of media relations. In this position, Allen will help build out NADA's communications and marketing efforts, and will serve as the organization's primary spokesperson on policy issues. Allen will report to NADA's Vice President of Public Affairs Jonathan Collegio, who joined NADA to lead its Public Affairs division in March 2014. "Having a media relations director who intimately understands the news business and who is so well-rounded in public relations is a key component of our Public Affairs strategy, so we're delighted that Jared has joined our communication's team," said NADA President Peter Welch. "Jared brings a wealth of resources that will greatly enhance our ability to effectively advocate on behalf of our 16,200 members at a very critical time."
Source: NADA

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EPA Unveils New Guidelines on Automaker MPG Label Tests

The Environmental Protection Agency said Monday it is issuing new guidelines to automakers for conducting fuel economy testing. The move comes after major automakers have had to restate miles-per-gallon ratings for certain models. The guidelines details how vehicles must be prepared before being tested — including what is an acceptable level of wear on the tires and how vehicles should be broken in prior to testing.
Source: The Detroit News
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GM Compensation Fund Approves 57th Death Claim

General Motors Co.’s ignition switch compensation fund on Monday said it has approved another death claim and seven more injury claims over the last week. To date, the fund has approved 57 death claims and 94 injury claims. GM initially said just 13 deaths were related to the issue. In total, 4,345 claims were submitted by the Jan. 31 deadline, including 479 death claims. To date, 666 total claims have been ruled ineligible, including 101 death claims. A total of 1,457 claims are still under review, while 967 have been submitted without documentation.
Source: The Detroit News

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Toyota’s Car of Future Starts on Anniversary of Crisis

Toyota Motor Corp. chose an unlikely birthday for its Mirai fuel-cell vehicle, the car it pitches as nothing less than “a turning point in automotive history.” Five years ago, Toyota’s sudden-acceleration recall crisis put President Akio Toyoda on the hot seat before members of the U.S. Congress and in tears before sympathetic dealers. Today, the founding-family scion was at a factory to formally mark the roll out of a car named after the Japanese word for “future.”

“Every Feb. 24, we at Toyota take the opportunity to reflect on the recall crisis, doing everything we can to ensure its lessons do not fade from memory,” Toyoda said today. “For us, that date marks a new start.”
Source: Bloomberg
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Bugatti Sells 450th and Last Veyron

It's the end of an era

Volkswagen AG sold the 450th and final Bugatti Veyron, marking the end of one of the most exclusive supercars ever built. The last Veyron is an open-top Grand Sport Vitesse variant, which boasts 1,200 horsepower. The car, called La Finale, will be on display next week at the Geneva Motor Show. The 450 Veyrons were sold for an average price of about 2.3 million euros ($2.6 million) each, Molsheim, France-based Bugatti said Monday in a statement.
Source: Bloomberg
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Quotable

"Analyzing the data really does debunk the myth that auto financing is growing just solely in the subprime space."

   
-- Melinda Zabritski, director of automotive finance with Experian, CNBC, Feb. 19

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