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Inside this issue
Commentary: NADA Refocuses on Core Services
Trucks Drive Sales Up 3.9%; SAAR Hits 17.16 Million
US Employers Add 223K Jobs; Jobless Rate Falls to 5.3 Percent
Don't Miss This Opportunity to File Form 3115
FTC Kicks Off “Start With Security” Business Education Initiative
It's Fiat Chrysler vs. NHTSA in Public Showdown
J.D. Power Finalizes NADA UCG Acquisition
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Commentary: NADA Refocuses on Core Services
By Bill Fox

The National Automobile Dealers Association was founded in 1917 with a singular mission: to protect the interests of new-car dealerships and advocate for an industry that would become an economic backbone of the nation. For nearly a century, NADA has been fulfilling that goal and, in the process, pioneered some of the most valuable services in the industry for its growing membership, right under its roof. These services include the NADA Used Car Guide, which has been part of NADA's heritage for more than 80 years, and NADART, founded in 1957. We never imagined we would part with either one, and we would not have unless we firmly believed doing so would benefit our dealer members and advance NADA's core mission. Click here for the full commentary.
Source: NADA

Bill Fox is 2015 NADA chairman and a multi-franchise dealer in upstate New York.
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Trucks Drive Sales Up 3.9%; SAAR Hits 17.16 Million

Nissan, FCA, Honda, Toyota ride crossover, pickup wave to gains

U.S. light-vehicle sales, fueled by strong truck volume at Nissan, Fiat Chrysler, Honda and Toyota, rose 3.9 percent last month as the industry continued to climb toward one of its biggest sales years ever. The seasonally adjusted sales rate came in at 17.16 million, slightly below forecasts, and down from May’s 17.78 million rate but higher than the 16.91 million pace set in June 2014. U.S. sales, fueled by low gasoline prices, rising employment and favorable credit, are on track to hit 17 million this year for the first time since 2001 -- and only the third year ever.

The National Automobile Dealers Association this week increased its forecast for new light-vehicle deliveries in 2015 to 17.17 million from 16.94 million. NADA is also projecting U.S. sales will rise to 17.62 million in 2016, toppling the record of 17.4 million established in 2000. Steven Szakaly, chief economist for NADA, attributes the bullish forecasts to a “surprising amount of pent-up demand” as well as low interest rates, favorable credit terms and rising employment. “Looking back at 2009-13, we had four years of subpar demand, with sales either under or well under 16 million. That demand, coupled with an improving economy, will continue to translate into strong new-vehicle sales this year and in 2016,” he said.
Source: Automotive News

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US Employers Add 223K Jobs; Jobless Rate Falls to 5.3 Percent

U.S. employers added a solid 223,000 jobs in June, and the unemployment rate fell to 5.3 percent, a seven-year low. The numbers reflect a job market moving close to full health and raise expectations that the Federal Reserve will start raising interest rates as early as September. Americans are finally spending more after boosting their savings earlier this year, in part because they're growing more confident about the economy. The Conference Board said Tuesday that its consumer confidence index reached 101.4, matching March's figure for the second-highest level since the recession. That's good news for auto dealers and real estate agents. Auto sales jumped to nearly a 10-year high in May. The National Automobile Dealers Association forecasts that sales will top 17 million this year for the first time since 2001.
Source: The Associated Press
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Don't Miss This Opportunity to File Form 3115

In an article entitled Don't Miss this Opportunity to file Form 3115, CPA Cari Weston discusses considerations surrounding whether small business taxpayers should file IRS Form 3115 (Application for Change in Accounting Method) as a result of revisions to the Department of the Treasury's Tangible Property Regulations. Dealers with less than $10 million in total assets or average annual gross receipts of less than $10 million for the prior three tax years are encouraged to forward this article to, and discuss this matter with, their tax advisor.
Source: NADA Regulatory Affairs
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FTC Kicks Off “Start With Security” Business Education Initiative

The Federal Trade Commission (FTC) announced a new initiative aimed at educating businesses on data security best practices. The "Start with Security" initiative includes new guidance for businesses based largely on FTC enforcement activity in the data security context, as well as a series of workshops to explore specific data security needs for start-ups and small- to medium-sized organizations.
Source: NADA Regulatory Affairs
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It's Fiat Chrysler vs. NHTSA in Public Showdown

Rare hearing to probe alleged safety violations in 23 recalls

Fiat Chrysler Automobiles was expected to face off with the National Highway Traffic Safety Administration today in a rare public hearing to determine whether the automaker violated U.S. safety laws with its handling of 23 recalls affecting more than 11 million vehicles. The hearing, originally scheduled to begin at 10 a.m. EDT, was delayed until 11:15 a.m. because a nearby federal building was placed on lockdown following unconfirmed reports of gunshots in the area. The hearing could mark a new high in the tension between NHTSA and FCA, which has been building since last year through periodic clashes over the automaker’s responses to the Takata airbag defect and a vulnerability in the fuel tanks on some older Jeeps. While the agency has held such hearings in the past, never before has it probed such a broad pattern of alleged violations across so many recalls in a public forum.
Source: Automotive News

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J.D. Power Finalizes NADA UCG Acquisition

It took just 35 days for J.D. Power to complete its acquisition of NADA Used Car Guide. Officials highlighted on Wednesday the acquisition first announced on May 28 culminates an investment to bring together the advanced analytics of new- and used-vehicle retail sales and pricing data within the Power Information Network (PIN) from J.D. Power with the extensive knowledge, expertise and market presence of the NADA Used Car Guide. “The acquisition of NADA Use Car Guide expands J.D. Power’s analytical and modeling capabilities, deepening its presence in auto finance and auto insurance, and enriching retail solutions,” said Douglas Peterson, president and chief executive officer of McGraw Hill Financial.
Source: Auto Remarketing
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Quotable
"Looking back at 2009-13, we had four years of subpar demand, with sales either under or well under 16 million. That demand, coupled with an improving economy, will continue to translate into strong new-vehicle sales this year and in 2016."

    -- Steven Szakaly, chief economist for NADA, commenting on continued strong auto sales, Automotive News, July 1

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