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July 8, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
House Again Rebukes CFPB Over Its Flawed Auto Finance Guidance
NADA Wins Top Video Award
VW Has Agreed to Pay Billions to Diesel Owners. Did Retailers Miss Out?
Nissan Ups Technology, Power for 2017 Pathfinder SUV
Honda Drops Compact CR-Z Hybrid
China Auto Sales Growth Accelerates on Rising Crossover, SUV Demand
Top Stories
House Again Rebukes CFPB Over Its Flawed Auto Finance Guidance

By a bipartisan vote of 260-162, the House of Representatives yesterday passed an amendment offered by Rep. Frank Guinta (R-N.H.) that would nullify the Consumer Financial Protection Bureau's (CFPB) flawed auto finance guidance by preventing the CFPB from spending any funds to enforce the guidance. The amendment was added to the fiscal year 2017 Financial Services appropriations bill (H.R. 5485) on the House floor. This House action is another rebuke of the CFPB's auto finance guidance, which threatens a consumer's ability to receive a discounted auto loan from a dealer. This is the first time Congress has used the appropriations process to rein in the CFPB. Nineteen Democrats and 241 Republicans voted for the amendment.
 
Congress uses its "power of the purse" to change policy though spending "riders" that specifically limit the use of appropriated funds. The broader provisions of H.R. 5485 would bring the CFPB under the annual appropriations process, and the Guinta amendment then would deny funds to implement the problematic guidance. Votes on spending riders are generally party-line votes. However, the Guinta amendment garnered more recorded Democratic votes than any of the 33 controversial amendments to the bill. Dealers should especially thank the House Democrats who voted for this amendment. To view the vote, click here

We appreciate Rep. Guinta's leadership to maintain congressional pressure on the CFPB to change its policy to eliminate dealer-discounted credit that benefits auto buyers. To view NADA's support letter on the Guinta amendment, click here.
 
Last November, the House passed Rep. Guinta's bill, H.R. 1737, by a bipartisan vote of 332-96. This bill would nullify the CFPB's 2013 auto finance guidance and establish a transparent process with public participation to determine future auto finance guidance. In contrast, the CFPB issued the flawed 2013 guidance without any public comment or transparency, and the agency admitted it has failed to study the impact of its guidance on consumers.
 
Congressional attention on this matter now returns to the Senate. Dealers are urged to contact their Democratic senators to support S. 2663, the Senate companion bill to H.R. 1737. Due to the elections this year there is a shortened congressional session, and we need to be ready for a Senate vote at any time. To contact your Senator, click here.
Source: NADA


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NADA Wins Top Video Award

The NADA-produced video, “New York Auto Forum,” was selected as a winner in the 37th annual Telly Awards program for 2016. Produced and directed on location in New York City by NADA Director of Video Production Eric Hunsaker, the video is a kinetic and dynamic look at the 2016 NADA/J.D. Power Automotive Forum held last March.



The award follows five Telly Awards won by NADA in 2015 for its animated video series promoting the benefits of the franchise system. Winners include “A Good Deal for Everyone” and “Why Franchise Laws," both of which can be viewed at www.nada.org/getthefacts.

“The Telly Awards has a mission to honor the very best in film and video,” said Linda Day, executive director of the Telly Awards. “NADA’s accomplishment illustrates its creativity, skill and dedication to its craft and serves as a testament to great film and video production.”

The Telly Awards, founded in 1979, is the premier award honoring outstanding local, regional and cable TV commercials and programs, video and film productions, and online commercials, video and films. Winners represent the best work of the most respected advertising agencies, production companies, television stations, cable operators, and corporate video departments in the world. For more information, visit www.tellyawards.com.  
Source: Telly Awards/NADA

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VW Has Agreed to Pay Billions to Diesel Owners. Did Retailers Miss Out?

The hundreds of frustrated Volkswagen dealers who turned up at the National Automobile Dealers Association convention in March in Las Vegas faced a difficult decision. Charge ahead with a class-action lawsuit against the automaker for damages related to the diesel emissions scandal, or roll the dice on an out-of-court deal. At the last minute, retailers decided to go for a settlement -- wishing to avoid a contentious court battle that would further damage a franchise already under siege. But that choice may prove to be a costly miscalculation. Last week, VW agreed to pay out piles of cash to diesel owners and government agencies as part of a record $15 billion in settlements of class-action claims. VW dealers -- faced with plunging sales and decreasing franchise values -- received nothing.
Source: Automotive News

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Nissan Ups Technology, Power for 2017 Pathfinder SUV

Nissan Motor Co. expects upgraded interior technologies, refreshed exterior and a more powerful engine to attract SUV-happy consumers to the 2017 Pathfinder SUV. The refreshed Pathfinder is one of several new utility vehicles the Japanese automaker has recently introduced. The company earlier this year unveiled updated or new versions or its Armada large SUV and Titan and Titan XD pickups.
Source: The Detroit News

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Honda Drops Compact CR-Z Hybrid

Honda Motor Co. is killing off the compact CR-Z hybrid, a slow-selling, sporty runabout whose performance struggled to live up to its hot-hatch looks. Production of the made-in-Japan car will cease by year’s end, Honda spokeswoman Nao Uzawa said Friday. Output for the U.S. market has already ended as Honda places its green-car focus there around the re-engineered Accord Hybrid with its upgraded drivetrain.
Source: Automotive News

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China Auto Sales Growth Accelerates on Rising Crossover, SUV Demand

China’s passenger-vehicle sales expanded at a faster pace in the first half as rising demand for crossovers, SUVs and new-energy vehicles widened the nation’s lead as the world’s biggest auto market. Retail sales of cars, crossovers, SUVs and multipurpose vehicles climbed 9.5 percent to 10.8 million in the January-June period, according to the China Passenger Car Association. Honda Motor Co., Toyota Motor Corp. and Daimler AG’s Mercedes-Benz gained share as growth in industrywide deliveries outpaced last year’s 8.4 percent gain. Among global carmakers, first-half sales climbed 5.3 percent to 1.81 million at General Motors Co., 6 percent to 577,097 for Ford Motor Co. and 3.8 percent to 609,900 for Nissan Motor Co.
Source: Bloomberg

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              Quotable
              "This is one of the largest mid-cycle improvements that we’ve made in our history. ... We’re committed to keep our lineup fresh." 

                  -- Mike Drongowski, a chief product specialist with Nissan, commenting on the refreshed 2017 Pathfinder SUV, The Detroit News, July 7

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