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October 30, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
The Governmentís Name-Guessing Machine Doesnít Find Obama, Kasich
GM Tells 1.41M Owners Donít Park in Garages Before Fix
Former U.S. Prosecutor Named to Monitor GM Safety Efforts
Fiat Chrysler Recalls 894K SUVs for Brake, Air Bag Trouble
Toyota's 2050 Emissions Target Seen as Wake-Up Call to Suppliers
NADA Foundation Spotlight: Denny FitzPatrick
Top Stories
The Governmentís Name-Guessing Machine Doesnít Find Obama, Kasich

The U.S. government has been trying to figure out which auto borrowers are minorities as it attempts to distribute $80 million from a 2013 settlement that alleged lender Ally Financial Inc. discriminated in its loan pricing. This week, the Wall Street Journal recreated the algorithm being used by federal regulators to determine which borrowers are minorities.

The methodology used to find Ally borrowers who were allegedly discriminated against assigns probabilities that borrowers are minorities based on their last name and location, relying on 2000 and 2010 census data, respectively. Federal law prohibits lenders from collecting auto applicants’ races, which is why the Consumer Financial Protection Bureau and Justice Department have been using this algorithm to try to figure out who is a minority. But not all eligible minorities will be found through this methodology. One reason: If a borrower’s name doesn’t match any of the names on the Census surname list, that borrower is excluded from the CFPB and Justice Department’s analysis, said CFPB spokesman Sam Gilford.
Source: The Wall Street Journal

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GM Tells 1.41M Owners Donít Park in Garages Before Fix

General Motors Co. said Friday it is warning the owners of 1.41 million recalled older cars not to park in garages or other structures indefinitely until it has a recall fix. The Detroit automaker said earlier this week it is recalling the 1997-2004 Pontiac Grand Prix, 2000-04 Chevrolet Impala, 1998-99 Chevrolet Lumina and 1998-2004 Chevrolet Monte Carlo, 1998-99 Oldsmobile Intrigue and 1997-2004 Buick Regal "because drops of oil may be deposited on the hot exhaust manifold through hard braking, which can cause engine compartment fires. GM is working on a remedy." In a dealer bulletin made public Friday, the automaker said the vehicles are safe to drive, but GM recommends that owners not park in a garage or other structures. GM is currently "finalizing a remedy."
Source: The Detroit News
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Former U.S. Prosecutor Named to Monitor GM Safety Efforts

A former top prosecutor in Manhattan has been appointed as the independent federal monitor for General Motors following its agreement last month to pay $900 million to end a U.S. criminal probe over a lethal defect in the company's ignition switches. Bart Schwartz, the former chief of the criminal division in the U.S. attorney's office in Manhattan, will review policies and practices at GM, including the adequacy of the automaker's procedures for addressing safety defects. The appointment was disclosed on Thursday on the website of Manhattan U.S. Attorney Preet Bharara, whose office investigated GM.
Source: Reuters

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Fiat Chrysler Recalls 894K SUVs for Brake, Air Bag Trouble

Fiat Chrysler is recalling 894,000 Jeep, Dodge and Fiat SUVs worldwide to fix problems with anti-lock brakes and air bags. The first recall covers nearly 542,000 Dodge Journeys and Fiat Freemonts from 2012 to 2015.
The company also is recalling 352,000 Jeep Grand Cherokees and Libertys from 2003 and 2004 because the air bags can inflate for no reason. In both recalls, owners will be told when they can schedule service.
Source: Associated Press
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Toyota's 2050 Emissions Target Seen as Wake-Up Call to Suppliers

Toyota Motor Corp.’s second-biggest supplier said the carmaker’s goal to almost eliminate conventional gasoline engines by 2050 is a wake-up call for parts makers to transform their businesses. Yasumori Ihara, who ran Toyota’s emerging markets operations before becoming Aisin Seiki Co.’s president in June, said the automaker’s objective means components makers need to prepare to supply for cars that will be predominantly hybrids or fuel-cell vehicles.
Source: Bloomberg
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NADA Foundation Spotlight: Denny FitzPatrick


Denny FitzPatrick (left) presenting an NADA Foundation grant to Karla Wise (right) at De La Salle High School.

Denny FitzPatrick presented an NADA Foundation Ambassador grant to De La Salle High School in Concord, Calif., in memory of his father, F. Gerard FitzPatrick. This is the second grant FitzPatrick has presented.

Are you interested in joining the NADA Foundation's Ambassador program to support local organizations in your community? Click here to learn more.
Source: NADA Foundation

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Quotable
“We have to create new products because some of our current products won’t give us bread and butter in the future."

   -- Yasumori Ihara, president of Aisin Seiki Co., commenting on the need for suppliers to transform their businesses to prepare for electric's impact on future cars, Bloomberg, Oct. 30

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