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Inside this issue
Guinta Bipartisan Auto Bill Receives Hearing
Marchionne Mulls 'Plan B' Partners After GM Rejection, Report Says
Honda Will Take Another $363 Million Charge for Takata Airbag Recalls
VW Committee Will Discuss New Structure, Report Says
U.S. Department of Labor Issues New Family and Medical Leave Act Forms
Toyota to Invest $126 Million in Three New Michigan Facilities
Ford to Move Lincoln Production to Free up Explorer Capacity
Dealer Putting Mayweather's Big-Ticket Enzo Back on the Market
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Guinta Bipartisan Auto Bill Receives Hearing

The House Committee on Financial Services on Thursday held a hearing to discuss H.R. 1737 – the Reforming CFPB Indirect Auto Financing Guidance Act – a bipartisan bill introduced by Congressmen Frank Guinta (R-N.H.) and Ed Perlmutter (D-Colo.) to rescind flawed guidance from the Consumer Financial Protection Bureau (CFPB) which harms consumers by limiting their ability to obtain discounted auto financing.

“In 2013, the bureaucratic CFPB issued a guidance preventing families and individuals from obtaining auto financing discounts, without a public period for consumers, small businesses or stakeholders,” said Rep. Guinta. “This guidance not only affects the hundreds of hard-working auto dealers in the Granite State, but it also affects families and individuals wishing to obtain auto ownership.

This month, Alan J. from Laconia emailed my office to share his struggle to obtain auto financing in order to purchase a car after his car broke down so that he could continue his job and continue providing for his children and his sick wife. It is because of folks like Alan that we must address this widespread issue and pass H.R. 1737 to empower the people of the Granite State, and not of the federal government.”

H.R. 1737 would repeal a CFPB bulletin from 2013 that was designed to pressure lending institutions into eliminating the availability of auto financing discounts. These discounts save consumers millions of dollars every year.

“It is refreshing to see Members of Congress working in a bipartisan manner for transparency, regulatory certainty for small businesses, and low credit prices for auto consumers,” said Peter Welch, president of the National Automobile Dealers Association. “We commend Representatives Guinta and Perlmutter for their leadership on H.R. 1737 to create a transparent and open process when issuing guidance on auto financing. H.R. 1737 now has 89 bipartisan cosponsors and the backing of the auto industry, and we urge Congress to pass this pro-consumer legislation.”

The bill, introduced on April 13, 2015, currently has 49 Republican cosponsors and 40 Democratic cosponsors.
Source: Congressman Frank Guinta
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Marchionne Mulls 'Plan B' Partners After GM Rejection, Report Says

Fiat Chrysler Automobiles CEO Sergio Marchionne is looking at other automakers as merger candidates as the chances of striking a friendly deal with General Motors dwindle, people familiar with the matter told Bloomberg. Marchionne has been working with an advisory firm to gauge investor interest in pushing for a combination of FCA and GM and is also looking at other candidates due to the Detroit carmaker’s lack of interest. He and his advisers are eyeing other large automakers as “Plan Bs” and considering France’s PSA Peugeot Citroen as a fallback option, said two of the people, who asked not to be identified because the matter is private.
Source: Bloomberg

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Honda Will Take Another $363 Million Charge for Takata Airbag Recalls

Honda Motor Co. said it would restate its financial results for the last business year, to account for $363 million in additional costs to pay for an expanded recall of cars equipped with Takata airbag parts. Honda said in a statement it estimated additional spending of 44.8 billion yen ($363 million) after Takata, its top supplier of air bags, agreed to an expanded recall in the United States last month. A Honda spokesman said the added quality costs had to be booked for the year that ended on March 31, rather than during the current year, due to accounting rules in the United States. The revised earnings figures will be disclosed at the end of this month, the company said.
Source: Reuters

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VW Committee Will Discuss New Structure, Report Says

Volkswagen Group's steering committee will meet today to discuss the development of a new structure for the automaker, but won’t discuss personnel issues, two sources familiar with the matter told Reuters. Top players at Europe's biggest carmaker are drawing up a new structure to tackle problem areas laid bare by a showdown between CEO Martin Winterkorn and the former Chairman Ferdinand Piech. VW is looking for a chairman to replace Piech, who quit in April after a confrontation he had provoked with Winterkorn.
Source: Reuters
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U.S. Department of Labor Issues New Family and Medical Leave Act Forms

The U.S. Department of Labor (DOL) has updated its Family and Medical Leave Act (FMLA) notices and certification forms. Importantly, the medical certification forms now refer to the Genetic Information Nondiscrimination Act of 2008 (GINA), a federal law that makes it illegal for employers to discriminate based on one's genetic information. The revised medical certification forms caution health care providers against sharing with employers any genetic information pertaining to employees or their families. Effective May 27, 2015, dealerships must use the revised forms found here on DOL's FMLA page. For questions, contact NADA Regulatory Affairs, 703.821.7040, regulatoryaffairs@nada.org.
Source: NADA Regulatory Affairs
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Toyota to Invest $126 Million in Three New Michigan Facilities

The auto maker says the investment is part of its effort to consolidate formerly separate operations

Toyota Motor Corp. said it would invest $126 million in three new facilities in Michigan that is part of its effort to consolidate formerly separate operations. The effort is being led by Jim Lentz, the chief executive officer of Toyota North America, the highest ranking non-Japanese member of the company’s team. After his appointment two years ago, Mr. Lentz pushed to consolidate operations. He announced last year a plan to move the company’s U.S. headquarters to Plano, Texas from Torrance, Calif. As part of the move, Toyota also relocated purchasing and some engineering functions to Michigan, where Toyota employs about 1,500 people near Ann Arbor, Mich. The new facilities will house 300 people moving from Erlanger, Ky. and Torrance.
Source: The Wall Street Journal
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Ford to Move Lincoln Production to Free up Explorer Capacity

Flat Rock plant likely choice for 2017 Lincoln Continental

Ford Motor Co. won’t build the 2017 Lincoln Continental at the same plant that currently makes the MKS sedan, freeing up some capacity to build more of the hot-selling Explorer, the company said. Ford hasn’t said where it will make the Continental, but industry sources said they expect it to be assembled in Flat Rock, Mich., alongside the Fusion. The Continental will be built on an extended version of the Fusion platform, the sources said, whereas the MKS shares its underpinnings with the Taurus.
Source: Automotive News

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Dealer Putting Mayweather's Big-Ticket Enzo Back on the Market

A familiar guest is back at exotic-car dealership Fusion Luxury Motors. The rare 2003 Ferrari Enzo supercar that boxer Floyd Mayweather bought from the dealership in January is going back up for sale. Obi Okeke, co-owner of the Chatsworth, Calif. dealership, said he will sell the car for Mayweather. He’s expecting to list it between $3.6 million to $3.8 million. Mayweather said during the lead-up to his May fight with Manny Pacquiao that he bought the Enzo for $3.2 million.
Source: Automotive News
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Quotable
"It is refreshing to see Members of Congress working in a bipartisan manner for transparency, regulatory certainty for small businesses, and low credit prices for auto consumers. We commend Representatives Guinta and Perlmutter for their leadership on H.R. 1737 to create a transparent and open process when issuing guidance on auto financing."

    -- NADA President Peter Welch, commenting on H.R. 1737 to rescind the ‪‎CFPB‬'s flawed 2013 guidance on auto finance, June 11

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