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December 1, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Transportation Agreement Expected Today
GM, Ford Sales Rise Slightly While FCA Gains 3% on Strong Jeep Volume
Generous Incentives, Sweet Lease Deals Worry Auto Analysts
Tangible Property Expensing Threshold Have Been Raised to $2,500
Federal Reserve and CFPB to Hold TILA and Consumer Leasing Act Dollar Thresholds Steady in 2016
Toyota Taps U.S. Dealers' Best Practices for Latin America
Ford Plans $1.3 Billion Upgrade of Kentucky Truck Plant
Early-Bird Registration Discount for NADA Convention Ends Dec. 4
Top Stories
Transportation Agreement Expected Today

Still working out the final details, negotiators didn't end up laying out their conference report Monday on a multiyear highway and transit bill after all. But we've got firm intel that the deal is coming today. The rough plan is for dealmakers to review the report this morning before it's filed, for the House to take it up on Thursday and for the Senate to send it off to the White House on Friday - just in time to avoid either a lapse in transportation authority or another short-term policy patch.
Source: Politico

Editor's note: The House – Senate conference committee is now completing its conference report on the transportation bill and as currently written would clarify that new requirements on rental cars (which include dealer loaners) would only apply to companies with an average of 35 or more vehicles. This negotiated language is a direct result of the House-passed amendment to help protect dealer loaners.

The Senate passed its transportation bill in July that would ground all recalled vehicles for dealer loaner fleets of five or more. The House-passed bill included an NADA-backed amendment that would limit the provision to rental car companies, not dealers. A small business modification was needed because the Senate bill was overbroad and designed for major rental car companies with large fleets.
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GM, Ford Sales Rise Slightly While FCA Gains 3% on Strong Jeep Volume

Low gas prices continue to drive SUV, truck sales

The Detroit 3 all reported gains in November sales as demand for trucks, SUVs and crossovers remained strong. General Motors said its total sales grew 2 percent during the month to 229,296 vehicles despite two less selling days compared with November 2014. Adjusted for sales days, GM said it gained 10 percent. Ford Motor Co. said U.S. sales rose a slight 0.3 percent to 186,889 light vehicles. The automaker said it lowered incentive spending, prompting a $3,800 boost in average transaction prices compared with a year ago. FCA, led by another strong showing at Jeep and higher incentive spending, posted a 3 percent increase during the month, marking the company’s 68th straight monthly gain.
Source: Automotive News

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Generous Incentives, Sweet Lease Deals Worry Auto Analysts

It would behoove automakers to ease up on the sweet lease deals and generous incentives. That’s advice of automotive analysts participating in a panel discussion at this year’s National Remarketing Conference. Although they point to strong economic indicators that are contributing to vibrant auto sales on pace to top 17 million units this year, they also worry about incentivizing too much of the action. “We’re getting to 17 million, but at a cost,” says Jonathan Banks, an analyst for NADA Used Car Guide.
Source: WardsAuto
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Tangible Property Expensing Threshold Have Been Raised to $2,500

The IRS has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.  Additional information is available from the IRS and Crowe Horwath LLP.
Source: NADA Regulatory Affairs

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Federal Reserve and CFPB to Hold TILA and Consumer Leasing Act Dollar Thresholds Steady in 2016

The Federal Reserve Board and the Consumer Financial Protection Bureau announced that the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions will remain at $54,600 on Jan. 1, 2016. That means that as of Jan. 1, 2016, consumer credit transactions and consumer leases at or below $54,600 will continue to be subject to the protections and requirements of Regulations Z and M. This announcement is consistent with the Dodd-Frank Act amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds each year by the annual percentage increase in the Consumer Price Index.
Source: NADA Regulatory Affairs

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Toyota Taps U.S. Dealers' Best Practices for Latin America

With Latin America's economy imploding around him, Toyota Motor Corp.'s regional CEO had two choices. "We could wring our hands about the things we can't control or we get creative and rise to the challenge," recalled Steve St. Angelo, the U.S. manufacturing veteran tapped in 2013 to turn Toyota and Lexus from also-rans to top contenders in Latin America. To get creative, St. Angelo turned to the pages of Automotive News. St. Angelo, inspired by this publication's dealership Best Practices series, challenged his Latin American dealerships to brainstorm ways to improve retailing. Toyota Motor is just beginning to crack the Latin American market, and one way to gain traction is to improve its dealership network there.
Source: Automotive News
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Ford Plans $1.3 Billion Upgrade of Kentucky Truck Plant

Nearly a quarter of the 8,500 “new or secured” jobs that Ford Motor Co. promised the UAW in its newly ratified contract will be at the Louisville, Ky., plant that’s preparing to build aluminum-bodied Super Duty pickups. Ford announced a $1.3 billion investment in its Kentucky Truck Plant to support the redesigned Super Duty. In a statement today, the company said the retooling and expansion, including a new body shop, will create 2,000 jobs at the plant, which currently employs about 4,400 workers. Most of the 2,000 jobs will be new hires, though some may be filled by employees moving from other plants, according to a source briefed on the plan.
Source: Automotive News
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Early-Bird Registration Discount for NADA Convention Ends Dec. 4

For dealers and their managers planning to attend the 2016 NADA Convention & Expo in Las Vegas, this is the final week to receive the early-bird rate—a $100 discount from the onsite registration rate. Because of the Thanksgiving holiday, the early-bird discount rate was extended to Friday, December 4.

As one of the most popular destinations in the country for meetings and conventions, the popular hotels in Las Vegas are filling up quickly. The NADA convention, which runs from Thursday, March 31, through Sunday, April 3, will be held at the Las Vegas Convention Center.

Considered the “Automotive Industry Event of the Year,” the NADA convention includes keynote speakers and entertainers, dealer-manufacturer franchise meetings, new educational workshops for dealers and managers, hundreds of exhibitors on the expo floor showcasing the latest equipment, services and technologies for dealerships and numerous networking events.

Dealers and their managers who register by Friday, December 4, will receive the early-bird rate—a $100 discount from the onsite registration rate. For more information or to register, visit www.nadaconvention.org/register.
Source: NADA

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Quotable
"We believe U.S. auto sales will continue to grow in 2016, based on the underlying strength of the economy, and we expect customers will continue to embrace crossovers and SUVs because they are meeting their fundamental needs for utility, comfort and fuel efficiency."

    -- Mustafa Mohatarem, GM’s chief economist, commenting on strong U.S. auto sales, The Detroit News, Dec. 1

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