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August 29, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
In Louisiana, Devastation 'Beyond Belief'
Proposed Regulations Would Limit Valuation Discounts For Gift and Estate Taxes
Forecast: U.S. Light Vehicles Sales Weaken in August
FCA's Marchionne Says Sales Reporting Retooled
Automotive News Commentary: NADA's 100 Years: Quite a Record
FTC Issues Warning to Sellers of Certain VW Vehicles
12 Hotels Sold Out; $100 Registration Discount Ends Sept. 9
Top Stories
In Louisiana, Devastation 'Beyond Belief'

Employees at dozens of Louisiana car dealerships are striving to rebuild their lives. At least 1,500 families with household members working at dealerships are among the 100,000-plus families across the Baton Rouge area trying to recover from devastating floods. They've been displaced from their homes and separated from their loved ones. They've lost cars, family photos and most household belongings.

Dealers in the region and across the country are helping in multiple ways. The National Automobile Dealers Charitable Foundation Emergency Relief Fund is distributing checks of up to $1,500 directly to affected employees. The National Automobile Dealers Association is campaigning to raise $2 million more from its members for the fund.

"The devastation I saw was beyond belief," NADA President Peter Welch said last week after visiting Baton Rouge dealerships and surrounding neighborhoods. "We drove down through some subdivisions, and the lawns were not big enough to contain all the belongings ripped out of the house. And it was just house after house after house, just as far as the eye could see."

HOW YOU CAN HELP

The National Automobile Dealers Association is trying to raise $2 million to help the hundreds of dealership employees who have been affected by the floods in Louisiana. For information on how to contribute, visit the NADA website at nada.org/EmergencyRelief.
Source: Automotive News

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Proposed Regulations Would Limit Valuation Discounts For Gift and Estate Taxes

The IRS has issued proposed regulations that are intended to disallow or significantly curtail many valuation discounts.  These discounts are one of the most effective methods used by dealers in estate planning.  Dealers who are considering making gifts of family owned dealership or related business entities that would be eligible for valuation discounts should consult with their tax advisor about whether to act quickly to make those transfers prior to the regulations being finalized.  Crowe Horwath LLP has created a brief summary of this development.
Source: NADA Regulatory Affairs

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Forecast: U.S. Light Vehicles Sales Weaken in August

A WardsAuto forecast calls for August U.S. light-vehicle sales to reach a 17.4 million-unit seasonally adjusted annual rate, less than like-2015’s 17.7 million and July’s 17.8 million, but ahead of the 17.2 million recorded over the first seven months of this year. The report is calling for 1.55 million light vehicles to be delivered over 26 selling days.
Source: WardsAuto

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FCA's Marchionne Says Sales Reporting Retooled

FCA CEO Sergio Marchionne on Friday said the automaker's new sales reporting process for sales of new cars and trucks in the U.S. has "absolute intellectual integrity." Marchionne's comments were his first since the automaker restated 5½ years of U.S. auto sales figures and the first since the company acknowledged that it is under investigation by the U.S. Securities and Exchange Commission. Marchionne said the company continues to cooperate with investigators, but he declined to comment about the specifics of the investigation.
Source: Detroit Free Press

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Automotive News Commentary: NADA's 100 Years: Quite a Record
By Keith Crain

At Crain Communications, we have been spending a lot of time this year celebrating the company's 100th anniversary. It has been fun, and our folks have enjoyed it. But as soon as we end our own centennial, I am pleased to note, we will pass the baton to our good friends at the National Automobile Dealers Association. In 2017, NADA will mark its 100th anniversary with an appropriate celebration during its dealer convention in New Orleans. We are going to help with NADA's celebration by publishing a special issue of Automotive News to commemorate the milestone.
Source: Automotive News

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FTC Webinar: September 8
FTC Issues Warning to Sellers of Certain VW Vehicles

The Federal Trade Commission (FTC) has asked NADA to provide its members with a business blog that cautions sellers of certain VW and Audi diesel vehicles (including dealers of other brands) not to make false claims regarding the recent proposed consent orders concerning those vehicles that the Volkswagen Group of America has entered into with the FTC, other governmental agencies, and owners and lessees of the vehicles.  Details of the proposed settlements are available at VWCourtSettlement.com.  In order to enhance dealers’ understanding of both the VW buyback program that is part of the proposed settlement and the concerns set forth by the FTC in its business blog, NADA has arranged for the FTC to present information on these topics in an NADA University Online webinar that will take place on Thursday, Sept. 8, 2016 from 1 p.m. – 2 p.m. ET.  Dealers and their representatives may click here to register.
Source: NADA

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2017 NADA Convention & Expo
12 Hotels Sold Out; $100 Registration Discount Ends Sept. 9

The discounted registration rate for NADA members and managers includes admission to NADA 100 Carnival.

NADA members and managers who register for the 2017 NADA Convention and Expo in New Orleans by September 9 will receive a $100 discount.



NADA, founded in 1917, will kick off yearlong events commemorating its 100-year anniversary with NADA 100 Carnival in New Orleans. The exclusive event for NADA members, international affiliates and guests will be held at Mardi Gras World on Thursday, January 26. The Carnival will feature cuisine from top New Orleans restaurants, as well as musical entertainment from Foreigner, Cowboy Mouth and jazz favorites. The NADA member and manager registration fee includes admission to the NADA 100 Carnival.

The four-day NADA Convention, which runs from January 26 to 29, includes keynote speakers, dealer franchise meetings, workshops, an Expo and numerous networking events. Click here to register.
Source: NADA

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Past Articles
       
      Quotable
      "The devastation I saw was beyond belief. We drove down through some subdivisions, and the lawns were not big enough to contain all the belongings ripped out of the house. And it was just house after house after house, just as far as the eye could see."

           -- NADA President Peter Welch said last week after visiting Baton Rouge dealerships and surrounding neighborhoods, Automotive News, August 27

      Sponsored by

      NADA Foundation


      NADA Convention
      Videos

      Donate Today. Help Dealership Families Impacted by Louisiana Flooding


      NADA100 Video: Don Wassel Works in Auto Retailing for 53 Years


      Introducing NADA Academy Plus
      NADA Webinars
      Sept. 8: FTC Issues Warning to Sellers of Certain VW Vehicles

      All webinars are held at 1 p.m. ET unless otherwise noted.

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

       
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