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Inside this issue
VW, U.S. Make 'Substantial Progress' Toward Settlement, Judge Says
Mitsubishi Motors’ Testing Scandal Charge Cuts Profit by 19%
Fuel-Economy Debate Comes to a Head
ATD Applauds Efforts to Prevent Increasing Federal Excise Tax on New Trucks
Millennials Step Up Plans to Buy Cars
A Look at NADA Used Car Guide's Price Predictions
Toyota, VW Announce Ride-Hailing Partnerships
Top Stories
VW, U.S. Make 'Substantial Progress' Toward Settlement, Judge Says

Volkswagen AG and lawyers for owners and the U.S. government have made "substantial progress" toward reaching a final agreement by late June, a federal judge said [Tuesday]. But major issues remain, including how much the world's No. 2 automaker may have to pay in fines, which could run in the billions of dollars, to federal and state regulators for violating U.S. clean air rules, as well as an ongoing U.S. Justice Department criminal probe.
Source: Reuters

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Mitsubishi Motors’ Testing Scandal Charge Cuts Profit by 19%

Mitsubishi Motors Corp. booked a 19.1 billion yen ($174 million) charge to reflect losses related to its fuel economy testing scandal, which reduced profit last fiscal year by 19 percent and prompted a shake-up in top management. Chairman Osamu Masuko will add the role of president, replacing Tetsuro Aikawa, who said last week he’d resign. A former executive for Nissan Motor Co., which signed an agreement Wednesday to buy a 34 percent stake in Mitsubishi Motors, will head the development unit that manipulated fuel economy data and used test methods out of compliance with Japan law for 25 years.
Source: Bloomberg

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Fuel-Economy Debate Comes to a Head

Car makers fear U.S. mileage report could lead to cars that can’t find a market

Auto makers and U.S. environmental regulators are headed for a clash over tougher fuel-economy standards due to take effect in six years. Regulators are close to releasing a report that kicks off a review of future mileage targets, likely intensifying disagreement between auto executives and government officials over U.S. car buyers’ willingness to pay for emissions-cutting technology such as electric-car batteries.
Source: The Wall Street Journal

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ATD Applauds Efforts to Prevent Increasing Federal Excise Tax on New Trucks

Increasing the tax would delay introduction of safer, more fuel efficient trucks

American Truck Dealers (ATD) Chairman Steve Parker on Wednesday praised the introduction of legislation in the U.S. Senate to oppose any increase to the federal excise tax (FET) on new heavy-duty trucks. The current 12-percent FET on the sale of most new heavy-duty trucks is by percentage the highest levied tax by Congress on any product.

Sen. Cory Gardner (R-Colo.) introduced S.Con.Res. 40, which puts the Senate on record opposing an increase of the FET. Companion legislation, H.Con.Res. 33, was introduced in the House by Reps. Reid Ribble (R-Wisc.) and Tim Walz (D-Minn.) last year and has 30 bipartisan cosponsors.
Source: NADA/ATD

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Millennials Step Up Plans to Buy Cars

Ride- and car-share services are becoming more popular with millennials, but a new study finds they are finally warming up to owning their own vehicles. According to new research by online exchange LendingTree, drivers ages 18 to 34 accounted for roughly 33 percent of more than 1 million auto-loan requests it received during the first quarter. That compares with roughly 27 percent in the same period of 2013, which is as far back as the firm's data goes. The results stand in contrast to prior auto industry rhetoric, which contends millennials are not interested in purchasing their own vehicles.
Source: CNBC

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A Look at NADA Used Car Guide's Price Predictions

When NADA Used Car Guide released its Guidelines report earlier this month, it predicted that May prices on used vehicles up to 8 years old would fall 2.8 percent to 3.3 percent relative to April, with prices for the majority of mainstream segments expected to fall by 3 percent or more. It was a forecast similar to the 3-percent loss recorded for May 2015, but steeper than the 2.3-percent average decline in May of the previous two years. So how have prices behaved so far this month?
Source: Auto Remarketing

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Toyota, VW Announce Ride-Hailing Partnerships

Two of the world’s top automakers on Tuesday invested in companies that specialize in services meant to replace traditional car ownership. Toyota Motor Corp. said it will make a “strategic investment” and partner with Uber Technologies Inc. on a number of ridesharing services, while Volkswagen AG said it will invest $300 million in Europe-based Gett.
Source: The Detroit News

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          Quotable
          "With unemployment among millennials improving, coupled with lower interest rates and low gas prices, the share of millennial auto-loan requests is on the rise."

              -- Doug Lebda, founder and CEO of LendingTree, on more millennials entering the car market, CNBC, May 25

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