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Inside this issue
Wall Street Journal on CFPB: Washington's Latest Bank Heist
Canada to Sell 4.6% Stake in GM to Goldman Sachs & Co.
Volkswagen Seeks to Increase Planned Expansion by 25 Percent
U.S. Pickup for Mercedes? Decision by Dec. 31, CEO Cannon Says
Dealers Encouraged to Participate in National Tire Safety Week
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Wall Street Journal on CFPB: Washington's Latest Bank Heist

No victims yet, but regulators guess that there’s bias in car loans.

Federal regulators extorting settlement money out of big banks is an old story in the Obama Administration. But most of the cash extracted to date has been justified in the name of punishment for the financial crisis. Now the Justice Department is teaming up with the Consumer Financial Protection Bureau (CFPB) to punish banks for events that may not have even occurred. Staff at the consumer bureau, honoring the wishes of founder Senator Elizabeth Warren (D., Mass.), are inclined to harass any unfortunate souls in their jurisdiction who offer different interest rates to different customers. The bureau-crats would like to harass auto dealers in particular for negotiating rates with car buyers who choose dealer financing. But the 2010 Dodd-Frank law that created the bureau specifically prohibits them from regulating car dealers. So they’ve gone the indirect route and for the last two years have been threatening enforcement actions against banks that provide the loans offered by the dealers to their customers. Click here for the full commentary.
Source: The Wall Street Journal

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Canada to Sell 4.6% Stake in GM to Goldman Sachs & Co.

The Canadian federal government said Monday it will sell its 73.4 million shares of General Motors Co. stock to Goldman, Sachs & Co., ending nearly six years of government ownership into the Detroit automaker. Canada GEN Investment Corporation, a subsidiary of Canada Development Investment Corp., said the sale — which accounts for about 4.6 percent of GM's outstanding shares — will happen in a block trade by Friday.
Source: The Detroit News

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Volkswagen Seeks to Increase Planned Expansion by 25 Percent

Volkswagen is seeking to add to a planned expansion announced last year to produce a new sport utility vehicle in Tennessee. The Chattanooga Times Free Press reports documents show the automaker wants to add an additional 130,153 square feet to the original expansion, 25 percent more than first planned. The additional expansion will add about $18 million to the $900 million project.
Source: The Associated Press

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U.S. Pickup for Mercedes? Decision by Dec. 31, CEO Cannon Says

Mercedes-Benz USA will decide by year end whether to sell a pickup being developed for other markets. "We said to Stuttgart, 'We are open, and let us assess the market,'" Steve Cannon, CEO of Mercedes-Benz USA, said in an interview at the auto show [in New York]. "If that leads to us saying 'green light,' then we will bring it." The Mercedes midsize pickup would be positioned here as a luxury passenger vehicle, rather than as a commercial vehicle as it will be elsewhere.
Source: Automotive News


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Dealers Encouraged to Participate in National Tire Safety Week

The Rubber Manufacturers Association, the national trade association for tire manufacturers that produce tires in the United States, is hosting National Tire Safety Week from May 24-30, 2015. Dealers that sell and service tires are encouraged to inform their customers about proper tire care and service. RMA is offering free tire care brochures plus downloadable content, such as logos, tips, banners and other items to assist partners in promoting National Tire Safety Week. NADA is a RMA tire safety partner. Participation is free and only requires signing up on the RMA website. Sign up today for free “Be Tire Smart” materials. If you have any questions about National Tire Safety Week, send an e-mail to betiresmart@rma.org.
Source: RMA

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More Articles
 
Quotable

"Not every pickup in the U.S. is going to job sites."

-- Steve Cannon, CEO of Mercedes-Benz USA, commenting on the automaker's plan to possibly sell a luxury pickup, Automotive News, April 6

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April 15 -- Car Buyer of the Future

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