View Web Version

SPONSORED BY
NADA.org
November 6, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
CFPB Again Rejects FOIA Request to Release Leaked Agency Documents
Japan Air Bag Maker Takata Reports $46 Million Loss
U.S. House Slashes Proposed Spending Increases for Auto Safety
Daimler Chief: VW Cheating Blow to German Auto Industry
Robots Put Ford Cars Through Torture Tests
Top Stories
CFPB Again Rejects FOIA Request to Release Leaked Agency Documents

In internal memos, CFPB ignored flaws in methodology, acknowledged intent to regulate through enforcement action

For the second time in four months, the Consumer Financial Protection Bureau (CFPB) has quashed efforts to make public a number of leaked agency documents that  undermine many of the CFPB's long-running claims that it is not attempting to regulate auto dealers in circumvention of the Dodd-Frank Act.

The CFPB's latest rejection came in response to an Oct. 8, 2015, Freedom of Information Act (FOIA) request, filed by the National Automobile Dealers Association (NADA), asking the CFPB to release internal documents, leaked to American Banker, acknowledging that the agency intended to regulate the auto finance market through enforcement action, and showing that it eschewed evidence that its methods for estimating disparate impact were deeply flawed.
Source: NADA
Share: LinkedIn Twitter Facebook

[back to top]

Japan Air Bag Maker Takata Reports $46 Million Loss

Embattled Takata Corp. reported a half-year loss of 5.6 billion yen ($45.8 million) on Friday due to recall costs, as Toyota announced it would stop using Takata air bag inflators at the center of the company's massive product safety scandal. Tokyo-based Takata cut its profit forecast for the full fiscal year that will end in March by 75 percent, to 5 billion yen ($41 million) from 20 billion yen, reflecting the expense of recalls for defective air bags that affect millions of vehicles globally. Takata's financial report capped a week of bad news for the company after at least three major customers, including Honda Motor Co., said they would stop purchasing the types of air bags involved in the recalls.
Source: Associated Press

Related Story:


Share: LinkedIn Twitter Facebook

[back to top]

U.S. House Slashes Proposed Spending Increases for Auto Safety

Despite public outrage over deadly auto defects including faulty ignition switches and airbags inflators, the U.S. House of Representatives on Thursday voted to slash proposed spending increases for vehicle safety including defect investigations. In a Republican amendment to the House transportation funding bill, lawmakers scaled back spending for the fiscally embattled National Highway Traffic Safety Administration by one-fifth to one-third from funding levels sought by the Obama administration and approved by the Senate last July. The lawmakers voted by an overwhelming margin to adopt the measure, which will now be subject to negotiations between lawmakers from both chambers.
Source: Reuters
Share: LinkedIn Twitter Facebook

[back to top]

Daimler Chief: VW Cheating Blow to German Auto Industry

Daimler chief Dieter Zetsche said Thursday that the German automaker has never used illegal “defeat devices” to evade diesel emissions rules — as its rival Volkswagen AG has admitted to doing — and said the scandal is a blow to the German auto industry. Zetsche told the Economic Club of Washington that Mercedes-Benz has never used software to evade emissions requirements “and we never will.” Zetsche said he was surprised by VW’s disclosure. He said initially people may have assumed that if one company does, everyone probably does evade emissions rules. “I think a strength of ‘Made in Germany’ and of the German auto industry is a perception that these are reliable brands and you can trust them and this is a blow to our industry,” Zetsche said. “It’s up to us to rebuild that trust because we haven’t done anything wrong.”
Source: The Detroit News
Share: LinkedIn Twitter Facebook

[back to top]

Robots Put Ford Cars Through Torture Tests

Since 2012, Ford Motor Co. has relied on robots to put its vehicles through torturous durability tests that its regular drivers can’t handle. Engineers at its Romeo Proving Grounds are able to robotically drive its newest cars and trucks over potholes, metal grates, cracked pavement and mud pits, condensing 10 years’ worth of wear and tear into a few months of extreme measuring. Ford developed the robotic testing software with Utah-based Autonomous Solutions Inc., and this week announced that it has opened that technology to competitors, allowing other automakers to purchase it in an effort to make testing safer and more efficient.
Source: The Detroit News

Related Story:


Share: LinkedIn Twitter Facebook

[back to top]

More Article
 
Quotable
"Consumers deserve a transparent process that will allow their concerns to be heard and considered before their rights are taken away by an overzealous Washington regulator."

    -- NADA President Peter Welch, on the CFPB’s second rejection of a Freedom of Information Act (FOIA) request for leaked CFPB documents showing the agency’s intent to regulate the auto finance market through enforcement, NADA, Nov. 6

Sponsored by

NADA Market Beat

NADA Increases 2015 Sales Forecast to 17.3 Million New Light Vehicles
Chairman's Message
Commentary: Grassroots Advocacy – Getting Involved Makes a Difference
Videos

Register Today for the 2016 NADA Convention in Las Vegas


Dealer Financing Benefits Car Buyers


NADA University Online: The Next Generation 
  


Get the Facts: The Benefits of Franchised Auto Dealers

 Sponsored by

NADA Webinars
All webinars will be held at 1 p.m. ET unless otherwise noted. 

Nov. 18: A Hot Market – Dealership Mergers and Acquisitions

NADA members can view past webinars on-demand at no charge at NADA University Online. Member must create NADA account before viewing.

NADA Foundation News
NADA Foundation Presents Grants to Wesley College

NADA Foundation Presents Grants to Wheeling Jesuit University

 
Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to publicaffairs@nada.org .