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October 15, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Auto News: NADA Picks Illinois Dealer Mark Scarpelli to be 2017 Chairman
NADA's Fox Sees Progress on CFPB Bill
U.S. Auto Market Nearing Peak with 'Pull Back' Expected After 2017, IHS Says
Fed Says Consumer Spending, Auto Sales Boost U.S. Growth
House Bill Would Mandate Email Recall Notices
Jaguar on the Prowl for More U.S. Sales
Volvo Will Add EV, Extend Plug-In Hybrid Lineup
Top Stories
Auto News: NADA Picks Illinois Dealer Mark Scarpelli to be 2017 Chairman

The National Automobile Dealers Association chose Illinois dealer Mark Scarpelli to be its 2016 vice chairman, putting him in line to be chairman in 2017. Scarpelli, president of Raymond Chevrolet and Raymond Kia in Antioch, Ill., and co-owner of Ray Chevrolet in Fox Lake, Ill., was elected by the NADA board of directors [Wednesday] at its meeting in Palm Beach, Fla. He represents metropolitan Chicago new-car dealers on the board, according to a statement. As expected, Jeff Carlson, the current vice chairman, was elected today to succeed NADA Chairman Bill Fox. The vice chairman typically succeeds the outgoing chairman, meaning Scarpelli is now in position to replace Carlson as chairman in 2017.
Source: Automotive News

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NADA's Fox Sees Progress on CFPB Bill

After discussions with legislators last week, Bill Fox, chairman of the National Automobile Dealers Association, says he is confident that a bill to limit the Consumer Financial Protection Bureau’s auto lending guidance will pass. Fox said he was basing his hunch on bipartisan support so far and his experience at Capitol Hill last month. At an Automotive Press Association luncheon [in Detroit last week], Fox told Automotive News that he was optimistic about legislators’ stance on the bill.
Source: Automotive News
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U.S. Auto Market Nearing Peak with 'Pull Back' Expected After 2017, IHS Says

Market researcher IHS Automotive is predicting the U.S. auto market is nearing its peak and will experience a "pull back" after 2017 as a result of rising interest rates and other factors. While the U.S. Is still enjoying a strong demand now, "we do see headwinds starting to form," said Charles Chesbrough, IHS senior economist said at a briefing on the firm's global outlook. An expected rate hike by the Federal Reserve will increase borrowing costs for consumers and after 2017 "credit markets are going to be much more difficult," Chesbrough said. He noted that surveys show banks are reporting demand for auto loans is starting to taper off and the banks themselves are tightening credit standards.
Source: Automotive News
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Fed Says Consumer Spending, Auto Sales Boost U.S. Growth

The Federal Reserve says steady consumer spending and an improving housing market spurred modest U.S. economic growth in the late summer, though factory output was sluggish in part because of the strong dollar. The Fed said Wednesday in its latest snapshot of the economy that nine of its 12 regional banks reported that growth was moderate or modest from mid-August through the beginning of October. Two banks said economic activity increased while the Kansas City Fed said the economy slowed slightly. The Fed's report echoes other recent data that suggests the U.S. economy, while still expanding, has run into headwinds from overseas and lost some momentum. Americans generally boosted their spending, likely because of solid hiring in the past year that has put 2.8 million people to work. Auto sales were even stronger, particularly in the Richmond, Atlanta, Chicago and Dallas districts.
Source: Associated Press
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House Bill Would Mandate Email Recall Notices

The House Energy and Commerce Committee is planning to hold a hearing next week on a new draft auto safety reform measure that would require automakers to write new privacy policies, notify owners of recalls by email and encourage tougher steps to avoid cyberhacking of vehicles. The draft bill would give automakers credits toward meeting fuel economy and greenhouse gas emissions requirements by adding advanced safety technologies; require upgrades to the National Highway Traffic Safety Administration’s recall website; and create a program in which states would notify owners of uncompleted recalls at the time of registration or renewal of license plates. The Detroit News obtained a 62-page draft of the bill written by Republican staff aides on the committee and circulated Friday. The committee is planning to hold a hearing Oct. 21 on the new auto safety reform measure. Major auto trade associations are expected to testify.
Source: The Detroit News
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Jaguar on the Prowl for More U.S. Sales

Jaguar, the British luxury brand once owned by Ford Motor Co., is hoping two all-new vehicles and lower prices will appeal to more buyers and grow its presence in the United States. Dumped by Ford Motor Co. in 2008 and now owned by Indian automaker Tata Motors, Jaguar worked in recent years to shed its old Blue Oval-era image by spicing up its car design and exclusivity. Now, it’s getting ready to offer new vehicles in more popular segments and attempting to win over young luxury customers. Its two new vehicles — a performance SUV due out at the end of this year and an entry-level sedan coming in 2016 — bump its lineup to five, the largest in brand history.
Source: The Detroit News
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Volvo Will Add EV, Extend Plug-In Hybrid Lineup

Volvo is developing its first all-electric car and broadening its range of plug-in hybrid vehicles, betting that their time has come in the wake of Volkswagen Group’s diesel-emissions scandal. Volvo will extend its plug-in hybrid strategy to its smaller 40-series vehicles, which includes the V40 that will be produced on a new platform in Belgium starting in 2017, and it will offer the full-electric vehicle by 2019, the automaker said in a statement.
Source: Automotive News
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Quotable
"Regulators are sidestepping those who know the business best. Washington is passing rules and legislation, issuing guidance and bringing enforcement actions that just don’t make sense."

   -- NADA Chairman Bill Fox, on the CFPB's attempt to regulate the auto lending market, Automotive News, Oct. 14

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