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October 26, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Volkswagen's $14.7 Billion Buyback Deal on Emissions Scandal Approved
Federal Judge Approves FTC Order for Owners of Certain Volkswagen and Audi 'Clean' Diesels to Receive Compensation
GM Earns a Record $2.8B in Third Quarter, Led by Higher Prices in U.S.
Ford Motor Earnings -- What to Watch
Fiat Chrysler Earns $659 Million Profit in 2016 Third Quarter
FTC Issues New Data Breach Response Guide for Businesses
NADA to Issue New-Vehicle Sales Forecast for 2017
Top Stories
Volkswagen's $14.7 Billion Buyback Deal on Emissions Scandal Approved

Car maker still faces regulatory hurdles to keep some diesel cars on the road

Volkswagen AG  received final court approval of a $14.7 billion settlement with consumers and government agencies that could get nearly half a million diesel-powered cars off U.S. roads. The deal offers drivers of 475,000 Volkswagen diesel-powered vehicles with 2-liter engines the option of selling back their cars to Volkswagen or waiting for a government-approved fix that would allow the cars to stay on the road. The deal, which sets aside up to $10.03 billion for consumers, also offers additional cash payments of between $5,100 and $10,000 a person. Dealerships can now begin working with U.S. consumers to buy back the vehicles, which include Jettas, Golfs, Passats, Beetles and Audi A3s dating back to model year 2009.


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Federal Judge Approves FTC Order for Owners of Certain Volkswagen and Audi 'Clean' Diesels to Receive Compensation

A federal district court judge in San Francisco on Oct. 25 signed a $10 billion settlement order, starting the formal process for owners of certain Volkswagen and Audi 2.0 liter diesel cars to receive compensation for the vehicles they bought. Under the $10 billion Federal Trade Commission order, in most cases the owners of VW and Audi diesel cars fitted with illegal emissions defeat devices will receive between $12,500 and $44,000 each, depending on the model, year, mileage, and trim of the car, as well as where the owner lives.
Source: FTC

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GM Earns a Record $2.8B in Third Quarter, Led by Higher Prices in U.S.

General Motors earned $2.8 billion in the third-quarter, exceeding Wall Street estimates and doubling the year-earlier profit, but still saw its shares sink as investors remain convinced that new vehicle sales in North America have nowhere to go but down. On a per share basis, GM earned $1.72, easily beating the $1.44 per share average estimates from 16 analysts. It was the company's best third-quarter profit since emerging from its 2009 bankruptcy restructuring.
Source: Detroit Free Press

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Ford Motor Earnings -- What to Watch

Production, recall costs, truck launch, China outlook, Brexit fallout in focus when auto maker reports

Ford Motor Co. is scheduled to report third-quarter earnings before the market opens Thursday. Here’s what you need to know: The Dearborn, Mich., auto maker is expected to post earnings of 20 cents a share, compared with 45 cents during the same period a year earlier, according to analysts surveyed by FactSet. Revenue is expected to decline to $33.1 billion from $35.82 billion a year earlier, according to Thomson Reuters.
Source: The Wall Street Journal

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Fiat Chrysler Earns $659 Million Profit in 2016 Third Quarter

FCAs' profits increased in three out of four of its major global regions and also was given a boost by Maserati's improved profits

Fiat Chrysler Automobiles said Tuesday it earned a profit of $659 million during the third quarter as its net income improved in three out of four global regions. The automaker's profit compares with a loss of $421 million last year when the automaker took a massive one-time charge to cover the cost of future recalls and to cover the cost of vehicles lost from explosions in a port in Tianjin, China. The company said it earned 47 cents per share, easily beating analyst expectations of 39 cents per share.
Source: Detroit Free Press

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FTC Issues New Data Breach Response Guide for Businesses

You suspect that your business experienced a data breach. Maybe an employee lost a laptop, or a hacker got into your customer database, or information was inadvertently posted on your website. Whatever happened, you’re probably wondering what to do next. The FTC’s new Data Breach Response: A Guide for Business outlines the steps to take and whom to contact. Here’s a glimpse of what’s inside. You’ll need to move quickly to secure your systems.
Source: FTC

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NADA / J.D. Power Quarterly Economic Briefing
NADA to Issue New-Vehicle Sales Forecast for 2017

NADA and J.D. Power to hold quarterly economic briefing on auto retailing trends shaping the new and used vehicle markets.

Date:   Tuesday, Nov. 15, 2016
Call-in Time:  11:30 a.m. ET / 8:30 a.m. PT
To Register:  www.nada.org/forecast2017  

Steven Szakaly, NADA chief economist, will issue a sales forecast for new cars and light trucks for 2017, and provide an economic outlook and identify the key economic factors that will shape auto retailing next year. Szakaly, who has predicted sales of 17.7 million new light vehicles for 2016, will also provide a year-in-review.

Jonathan Banks, vice president of vehicle analysis and analytics for J.D. Power, will discuss both new- and used-vehicle market trends and the key economic conditions affecting auto retailing, as well as how the used-vehicle market is performing in the final quarter of 2016, and how leasing and gasoline prices are affecting the industry.

A Q&A session with members of the media and industry will follow the briefing.

To register, visit www.nada.org/forecast2017. Registrants will receive a call-in number and conference ID.
Source: NADA

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