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September 14, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
U.S. House Committee Approves Financial CHOICE Act
Uber Self-Driving Car Hits Road in Pittsburgh
Important Deadline Regarding VW Buyback Program
Ford Says 2017 Financial Results to Drop from 2016 Levels
Mercedes Extends Global Luxury Sales Lead Over BMW in August
First an SUV, Now Porsche Will Make a Station Wagon
Who Sells The Most EVs In The World? Trigger Warning: It Ain't Tesla
Top Stories
U.S. House Committee Approves Financial CHOICE Act

Legislation to end bailouts for big banks, toughen penalties for wrongdoing on Wall Street, promote economic growth, and provide desperately needed regulatory relief for small community banks and credit unions passed the House Financial Services Committee 30-26 on September 13.

The legislation – the Financial CHOICE Act – ends the Dodd-Frank Act’s taxpayer-funded bailouts of large financial institutions; relieves banks that elect to be strongly capitalized from growth-strangling regulation that slows the economy and harms consumers; imposes tougher penalties on those who commit financial fraud; and demands greater accountability from Washington regulators. For more information on the Financial CHOICE Act, visit www.financialservices.house.gov/choice.
Source: U.S. House Financial Services Committee

Editor's note:  Language identical to S. 2663/H.R. 1737 which repeals the CFPB’s indirect auto guidance is included in the “CHOICE Act” (H.R. 5983). Although the CHOICE Act is not expected to be enacted this session, this legislation demonstrates House Financial Services Committee Chairman Jeb Hensarling’s (R-Texas) commitment to ensuring the CFPB’s flawed indirect auto finance policy is addressed.  Senate Banking, Housing and Urban Affairs Committee Chairman Richard Shelby (R-Ala.) continues to pursue passage of NADA-backed S. 2663. NADA is urging dealers to contact their Democratic Senators to support S. 2663.  For more information, visit www.nada.org/cfpb.

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Uber Self-Driving Car Hits Road in Pittsburgh

In this city, the age of the self-driving car has arrived. Uber’s partially self-driving car will begin accepting passengers here Wednesday, a critical test for the ride-hailing service as it seeks to develop a fleet of  autonomous vehicles that could someday ferry passengers around crowded cities. The company on Tuesday gave journalists test drives in about two dozen Ford Fusion sedans that engineers bought off dealership lots and retrofitted with light-mapping systems, radar, sensors and cameras. For now, a Uber employee stays behind the steering wheel to intercede if the car's self-driving system makes a mistake.
Source: USA Today


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Important Deadline Regarding VW Buyback Program

During a NADA University Online webinar last week that addressed Federal Trade Commission (FTC) concerns with dealer advertising claims related to the VW Buyback Program, the FTC presenters highlighted the upcoming Sept. 16, 2016 deadline for submitting certain claims in connection with that Program.

In particular, the Sept. 16, 2016 deadline applies to “Eligible Sellers,” which are those who:

(1)  Purchased or acquired an eligible vehicle on or before Sept. 18, 2015; and
(2)  Sold or transferred ownership of the vehicle after Sept. 18, 2015 but before June 28, 2016. 

Generally, Eligible Sellers include non-Volkswagen (and non-Audi) dealers who held title to an eligible vehicle or held a bill of sale for an eligible vehicle. An Eligible Seller must identify itself by Sept. 16, 2016 (by registering online at www.VWCourtSettlement.com or submitting an identification form by mail or fax) to receive any benefits. 

PLEASE NOTE: Other individuals who may be eligible for compensation under the Program -- such as owners (including non-VW/Audi dealers), lessees, and certain former lessees -- have until Sept. 1, 2018 to submit claims.

NADA members may access the webinar by clicking here.
Source: NADA Regulatory Affairs

Editor’s note: The foregoing information is offered for informational purposes only and is not intended as legal advice. Consult your attorney for guidance specific to your business operations.

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Ford Says 2017 Financial Results to Drop from 2016 Levels

Ford Motor Co.'s financial performance will decline from this year's results, because of increased spending on "emerging opportunities" and other costs, the No. 2 U.S.-based automaker said on Wednesday. Last week, Ford lowered its 2016 pretax profit forecast to $10.2 billion from at least $10.8 billion because of a charge in the third quarter for an expanded vehicle recall.
Source: Reuters


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Mercedes Extends Global Luxury Sales Lead Over BMW in August

Mercedes-Benz extended its global sales lead over rival BMW after its August registrations increased at a faster pace. Mercedes brand's worldwide sales rose 12 percent to 156,246 last month, while BMW brand sales increased 5 percent to 142,554 vehicles. Audi trailed its German premium rivals with its August sales up 2.9 percent to 132,350.
Source: Automotive News

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First an SUV, Now Porsche Will Make a Station Wagon

Porsche plans to introduce its first station wagon, further stretching the brand’s portfolio beyond the iconic 911 sports car into a more utilitarian segment, according to people familiar with the strategy. A wagon version of Porsche’s revamped Panamera four-door coupe is due to be shown at the Geneva motor show in March and go on sale in subsequent months, said the people, who asked not to be identified before an official announcement. The variant would mark Porsche’s latest venture beyond its sports-car roots after branching out into sport utility vehicles with the Cayenne in 2002.
Source: Bloomberg

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Who Sells The Most EVs In The World? Trigger Warning: It Ain't Tesla

Half of the electric vehicles rolling emissions-free on the world’s roads are not from who many would think they are. “The Renault -Nissan Alliance, the world’s leader in zero-emissions mobility, has sold its 350,000th electric vehicle since December 2010 when the Nissan LEAF went on sale,” the Renault-Nissan Alliance said today in an emailed statement, continuing that “the Alliance today accounts for half of the EVs sold worldwide.”
Source: Forbes.com

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Past Articles
       
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