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October 11, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Federal Appeals Court Finds Structure of CFPB Unconstitutional
The Road Ahead: Volkswagen's North American Future Strategy
Dealerships Clean Up, Reopen after Hurricane Matthew
Battery Cost Plunge Seen Changing Automakers Most in 100 Years
BMW, Hyundai Top J.D. Power Tech-Experience Study
Oct. 12: CPO: The 'New' Used
Oct. 20: Proposed IRS Regulations Seek to Limit Stock Values
Top Stories
Federal Appeals Court Finds Structure of CFPB Unconstitutional

DC-based appeals court faults CFPB’s setup as a single-director independent agency, orders restructuring

A federal appeals court on Tuesday ruled the structure of the Consumer Financial Protection Bureau is unconstitutional, setting aside a closely watched enforcement action against a mortgage lender and handing a considerable blow to the five-year-old agency. The decision by the U.S. Court of Appeals for the District of Columbia Circuit said the consumer-finance watchdog violated the Constitution’s separation of powers because its director isn’t sufficiently answerable to the president.

It rejected the idea of shutting down the CFPB, and instead said the remedy is to give the president the power to remove the agency’s director at will and to supervise and direct the director. The court also sent the enforcement action back to the CFPB for review. The CFPB, created by a Democratic Congress after the 2008 financial crisis and long-criticized by Republicans, is headed by a single director who can be removed by the president only for cause.

“In light of the consistent historical practice under which independent agencies have been headed by multiple commissioners or board members, and in light of the threat to individual liberty posed by a single-Director independent agency ... We therefore hold that the CFPB is unconstitutionally structured,” the court said.

The ruling by Judge Brett Kavanaugh allowed the CFPB to continue operating as an agency, but ordered a restructuring of how it operates in the executive branch. “The CFPB therefore will continue to operate and to perform its many duties, but will do so as an executive agency akin to other executive agencies headed by a single person, such as the Department of Justice and the Department of the Treasury,” the court said.
Source: The Wall Street Journal

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The Road Ahead: Volkswagen's North American Future Strategy


Hinrich Woebcken, president and CEO of Volkswagen Group of America, Inc. and CEO of VW’s North American Region, will offer new details about its commitment to North America and its evolving product lineup of family SUVs at AutoConference LA on Tuesday, Nov. 15, 2016.  The half-day conference, hosted by NADA and J.D. Power, takes place ahead of press days at the Los Angeles Auto Show. Click here for the full agenda and to register.
Source: NADA

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Dealerships Clean Up, Reopen after Hurricane Matthew

Many auto dealerships in areas of Florida, Georgia and the Carolinas hammered by Hurricane Matthew over the weekend remained without power and were in the cleanup stage today, while other dealerships in the region were open and waiting for customers. The storm began affecting Florida’s Atlantic coast on Thursday night. It advanced north along the coasts of Florida, Georgia and the Carolinas over the weekend before moving away from the U.S. coastline on Sunday. As Hurricane Matthew moved north, residents of Georgia and the Carolinas lost power when winds blew trees onto power lines and intense rainfall flooded low-lying areas.
Source: Automotive News


Editor's note: To apply for assistance or to donate to the National Automobile Dealers Charitable Foundation's Emergency Relief Fund, visit www.nada.org/emergencyrelief or call 703.821.7233. Personal or corporate checks can be mailed to NADCF Emergency Fund, c/o NADCF, 8400 Westpark Drive, MS 7, Tysons, VA 22102. (Donations to the NADA Foundation are generally tax-deductible; contributors should consult their tax advisors for details.)

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Battery Cost Plunge Seen Changing Automakers Most in 100 Years

Plunging battery costs will drive the auto industry’s biggest change in more than a century, enabling a boom by 2030 in technologies from self-driving electric cars to ride-sharing applications. The price of lithium-ion battery packs for electric cars has fallen 65 percent since 2010 and is likely to keep declining, according to a report by Bloomberg New Energy Finance and McKinsey & Co.
Source: Bloomberg

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BMW, Hyundai Top J.D. Power Tech-Experience Study

Two models from BMW and Hyundai each ranked highest in their segments in a new J.D. Power study that ranks cars, trucks and SUVs by customers’ overall experience with vehicle technology. Only one model from a U.S. automaker — the mid-size Chevrolet Camaro — was at the top of its class. J.D. Power’s 2016 U.S. Tech Experience Index, released Monday, measures owners’ experience, use and interaction with vehicle technology after three months of owning a car.
Source: The Detroit News

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Upcoming Webinars
Oct. 12: CPO: The 'New' Used

Participants will discover opportunities for more qualified inventory and sales growth. Howard Polirer from Cox Automotive will discuss findings from the annual Autotrader CPO study and assess buyer trends, perceptions and customer engagement. Click here to register.

Time & Date:  1 p.m. ET, Wednesday, Oct. 12, 2016
Duration:
  30 minutes
Source: NADA

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Oct. 20: Proposed IRS Regulations Seek to Limit Stock Values

The IRS in August 2016 issued proposed regulations under IRC section 2704 that are intended to disallow or significantly curtail many valuation discounts used in estate planning. Learn about the impact of the new regulations on valuation reports and on intra-family transfers of dealership stock. Explore actions to consider (with assistance from legal advisors) to take full advantage of discounts available under the current law and estate planning strategies available after the regulations take effect. Click here to register.

Date & Time:  1 p.m. ET, Thursday, Oct. 20, 2016
Presented by:  Marvin Hills and Stuart McCallum from Crowe Horwath, LLP
Duration:  60 minutes
Source: NADA


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Past Articles
       
      Quotable
      "Vehicles and the way they are used will change more in the next two decades than they have in the last 100 years. The impact on cities will be particularly profound."

          -- Colin McKerracher, head of advanced transport at Bloomberg New Energy Finance, Bloomberg, Oct. 11

       
      Sponsored by

      NADA Foundation


      NADA Convention
      NADA Videos

      NADA Chairman Calls on Dealers to Help Families Rebuild after Flood Disaster in Louisiana


      Dealership Families in Louisiana Still Need Help After Flooding


      NADA Foundation's Annette Sykora Urges Dealers to Donate to Louisiana Relief Fund



      Dealership Employee Jeramiah Baker Recounts Devastating Flood Damage in Baton Rouge


      NADA President Peter Welch Calls on Dealers to Support Families Affected by Louisiana Flooding





      NADA Chairman Delivers Remarks to Automotive Press Association in Detroit


      NADA Testifies at Congressional Hearing on Fuel Economy Rules


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


      Introducing NADA Academy Plus

      NADA Webinars
      Oct. 12:  CPO: The 'New' Used (1 p.m. ET)

      Oct. 20:  Proposed IRS Regulations Seek to Limit Stock Values (1 p.m. ET)


      NADA members can view past webinars on-demand at no charge at NADA University Online. Members must create an NADA account before viewing.
      NADA Chairman's Commentary
      Support NADA's Baton Rouge Flood Relief Efforts
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