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Inside this issue
NADA Chairman: Auto Dealers Rally Behind Consumer-Focused Senate Bill
In VW Showrooms, There is Little to Show From the Settlement
Toyota Recalls 3.4 Million Cars Over Air Bags, Fuel Tanks
U.S. Underestimates Cost of Fuel and CO2 Goals, Automakers Say
Brexit May Cost Carmakers 2.8 Million Vehicle Sales, IHS Says
All New Cars To Have Significant Autonomous Vehicle Technology
Billington Global Auto Cybersecurity Summit on July 22; NADA Members Get 20% Registration Discount
Top Stories
NADA Chairman: Auto Dealers Rally Behind Consumer-Focused Senate Bill
By Jeff Carlson

An important number that the nation's auto dealers should know is 2663. NADA's battle to tame the CFPB continues and Senate bill S. 2663 is the next chapter. This bill, entitled, "Reforming CFPB Indirect Auto Financing Guidance Act," is identical to last year's House bill-H.R. 1737-which passed the House with a resounding, veto-proof majority vote of 332-96, including 88 Democrats. NADA commends Sen. Jerry Moran (R-Kan.) for introducing this critical legislation this past March. Democrats and Republicans from both sides of the aisle have recognized a simple truth: Every consumer deserves access to competitive financing and great rates when they buy a new car or truck. America's franchised auto dealers strongly support S. 2663, and businesses that make, sell, service, auction and finance motor vehicles have also joined in this support.

S. 2663 is a moderate bill that does not dictate a result. It's important that dealers urge their Democratic senators to support S. 2663 when it comes up for a vote. Due to the shortened congressional session with the Presidential election looming, we need to be ready for a vote at any time.

For the full commentary, click here.
Source: NADA

Editor's note: To contact your Senator, click here.

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In VW Showrooms, There is Little to Show From the Settlement

For the public faces of Volkswagen in the United States — the dealers — the company’s sweeping settlement actually settles very little. The documents filed in federal court on Tuesday explain in great detail how Volkswagen plans to financially compensate the owners of the diesel cars it equipped with emissions-cheating software, many of which it will end up buying back. The deal is meant to pay owners the full market value of their cars before Volkswagen publicly admitted its cheating in September and to give them up to $10,000 in compensatory money on top of that. But for the 600 Volkswagen dealerships around the country, stuck for months with tainted new and used Passats and Jettas on their lots that few people wanted, the company plans in some cases to pay compensation of only a fraction of their prescandal value — about 40 percent, according to dealers the company briefed on Tuesday.
Source: The New York Times

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Toyota Recalls 3.4 Million Cars Over Air Bags, Fuel Tanks

Toyota Motor Corp. said it’s recalling about 3.4 million vehicles to repair separate flaws involving leaky fuel tanks and curtain air-bag inflators that may crack and injure occupants. The larger fuel tank recall affects 2.87 million vehicles worldwide, including Prius hybrids and Corolla compacts, the company said in an e-mail. Toyota said fuel emissions-control canisters could crack and result in leaks when the vehicles have full tanks of gas.
Source: Bloomberg

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U.S. Underestimates Cost of Fuel and CO2 Goals, Automakers Say

U.S. regulators have underestimated the cost and difficulty of achieving their vehicle fuel-economy and greenhouse-gas targets for 2025 and are giving California too much power to shape the country’s policies on those issues, an automaker group said. Even with the current government estimate of $1,800 a vehicle in added costs, “the payback period for alternative technologies extends beyond the timeframe most consumers consider; it is likely to remain that way,” the Alliance of Automobile Manufacturers said in a report posted on its website Monday. Members of the Washington-based lobbying group include General Motors, Ford Motor Co., Fiat Chrysler Automobiles, Toyota Motor Corp. and Volkswagen AG.
Source: Bloomberg

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Brexit May Cost Carmakers 2.8 Million Vehicle Sales, IHS Says

The U.K.’s vote to leave the European Union may cost about automakers about 2.8 million light-vehicle sales through 2018, researcher IHS Automotive said in its latest projections for industry. Worldwide deliveries may rise to 89.82 million this year, about 200,000 fewer than anticipated before last week’s Brexit referendum, IHS Automotive said in an e-mail. The researcher reduced estimates for 2017 and 2018 by about 1.25 million and 1.38 million, respectively.
Source: Bloomberg

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All New Cars To Have Significant Autonomous Vehicle Technology

When 20 automakers announced this spring they would include Automated Emergency Braking Systems as standard equipment in all cars, they effectively standardized autonomous vehicle technology, an expert said in Chicago Monday. Currently offered as an option on some cars, automated braking systems use many of the same components as fully autonomous vehicles, said Jim Barbaresso, national practice leader for intelligent transportation systems at the infrastructure design firm HNTB. So as they become standard in all cars, the cost of autonomous technology will drop.
Source: Forbes

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Billington Global Auto Cybersecurity Summit on July 22; NADA Members Get 20% Registration Discount

The Billington Global Automotive Cybersecurity Summit on July 22, 2016, in Detroit will feature the who’s who in automotive cybersecurity. NADA members are eligible to receive a 20-percent registration discount using the code NADA2016.

The event will feature 20 speakers -- including the Honorable Anthony Foxx, secretary, U.S. Department of Transportation; Mary Barra, chairman and CEO, General Motors Co.; and Phebe Novakovic, chairman and CEO, General Dynamics, as well as other speakers from Toyota, Honda, Lyft, DOJ, FBI, NHSTA, FTC, Auto-ISAC, Hacker One and more -- who will deliver insight and guidance on the current state and future direction of automotive cybersecurity. Click here for full list of speakers.

The summit also includes 10 panel sessions that will offer insider perspectives on important questions regarding cybersecurity, regulatory and related issues. Click here for the full agenda and to register.
Source: NADA


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              "NADA commends Sen. Jerry Moran (R-Kan.) for introducing this critical legislation this past March. Democrats and Republicans from both sides of the aisle have recognized a simple truth: Every consumer deserves access to competitive financing and great rates when they buy a new car or truck."

                  -- NADA Chairman Jeff Carlson, commenting on Senate bill S. 2663, NADA Chairman's Column, June 2016

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