View Web Version

SPONSORED BY
 
NADA.org
December 1, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
EPA’s Rush to Final MPG Standards Will Make Personal Transportation More Expensive
EPA Jolts Industry, Affirms CO2 Standards
Discounting Fears of an Auto Loan Bubble
TILA and Consumer Leasing Act Dollar Thresholds Remain the Same in 2017
Accelerated Due Dates for Filing of W-2 and 1099 Forms Begins this Filing Season
Safety Groups Challenge NHTSA on Automatic-Braking Pact
U.S. Auto Sales Expected to Rise in November
The Next Frontier: An Economy Built on Data from Cars
Top Stories
EPA’s Rush to Final MPG Standards Will Make Personal Transportation More Expensive

NADA President Peter Welch on Wednesday issued the following statement in response to EPA's decision to rush through finalization of stringent fuel-economy standards:

“Washington today decided to make new cars and trucks more expensive for America's working men and women. The outgoing administration has chosen to halt progress on fuel economy by enacting a policy that will delay the introduction of safer and cleaner vehicles by making them more expensive.

“Consumers deserve access to affordable new cars and trucks, but Washington's midnight regulation will increase costs and force many working families into older, less safe and less efficient used cars.

“NADA looks forward to working with the Trump Administration to ensure that working families can choose the cleaner new cars and trucks they need at prices they can afford.”
Source: NADA

[back to top]

EPA Jolts Industry, Affirms CO2 Standards

Move could cement emissions rules before Obama leaves office

The EPA proposed to leave in place its greenhouse gas emissions standards for light vehicles through the 2025 model year, a quicker-than-expected move that shocked auto industry officials and set up a major fight between the industry and regulators. The proposal kicks off a 30-day comment period, after which the EPA administrator could finalize today’s determination that the standards are achievable and don’t need to updated.
Source: Automotive News

[back to top]

Discounting Fears of an Auto Loan Bubble

Auto lending is not pushing the economy into a downward spiral. News outlets frequently warn about a subprime bubble and compare auto lending to the mortgage crisis, but those pointing to auto lending as a driver of the next economic downturn shouldn’t. The auto industry has its fair share of issues to address, but credit is widely available, and although interest rates are expected to rise slowly, they will remain low. The volume of subprime loans grew in the second quarter, according to Experian, “but the entire market is growing from a volume perspective across all risk tiers,” said Melinda Zabritski, Experian’s senior director of automotive finance.
Source: Automotive News

[back to top]

TILA and Consumer Leasing Act Dollar Thresholds Remain the Same in 2017

The Federal Reserve Board and the Consumer Financial Protection Bureau announced that the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions will remain at $54,600 through 2017. That means consumer credit transactions and consumer leases at or below $54,600 will continue to be subject to the protections and requirements of Regulations Z and M. This announcement is consistent with the Dodd-Frank Act amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds each year by the annual percentage increase in the Consumer Price Index.
Source: NADA Regulatory Affairs

[back to top]

Accelerated Due Dates for Filing of W-2 and 1099 Forms Begins this Filing Season

What may at first glance seem to be small changes in the Protecting Americans from Tax Hikes (PATH) Act may in fact have a large impact on businesses and service providers who prepare and file numerous W-2s and/or 1099s.

Beginning with 2016 forms filed in 2017, employers are required to submit forms W-2 and W-3 to the Social Security Administration (SSA) on or before January 31 of the year following the calendar year to which the return relates.  This change applies regardless of whether the W-2 returns are filed on paper or electronically.   

Additionally, the IRS no longer allows an automatic 30-day extension in which to file forms W-2 and W-3 with the SSA, and the IRS has indicated it will grant a 30-day extension of time to file only in limited cases for extraordinary circumstances or catastrophe.  Under the new due date regime, a taxpayer seeking an extension of time to file must submit a form 8809 by the January 31 deadline. The 8809 must include a detailed explanation of why the taxpayer needs additional time and must be signed by the taxpayer under penalties of perjury.
Source: Dixon Hughes Goodman LLP

[back to top]

Safety Groups Challenge NHTSA on Automatic-Braking Pact

Auto safety and consumer advocacy groups have sued the National Highway Traffic Safety Administration in a bid to force the agency to decide whether to require automatic braking systems on all new light vehicles. The suit highlights growing frustration within the safety and consumer protection lobby over NHTSA chief Mark Rosekind’s pursuit of voluntary safety agreements outside of normal rulemaking channels. The safety advocates say such deals lack the force of law and are negotiated behind closed doors without the transparency of a formal regulatory process.
Source: Automotive News

[back to top]

U.S. Auto Sales Expected to Rise in November

U.S. auto sales are expected to have rebounded in November for a record-setting month, following three-consecutive months of year-over-year declines. Analysts predict extended Black Friday promotions and two additional selling days compared to November 2015 pushed sales up between 3 percent and 5 percent and likely to record November sales, shattering a previous record set in November 2001.
Source: The Detroit News

[back to top]

The Next Frontier: An Economy Built on Data from Cars

When cars exit the tunnel of the next 15 years, they’ll be like giant smartphones. Their sensors will capture sight, sound and motion and transmit the information to the internet quickly and affordably. The $100 billion app economy built on data from smartphones would look small compared with the $750 billion in revenue produced around cars. About 30 data-related business opportunities could produce up to $750 billion in annual revenue worldwide by 2030, consulting firm McKinsey estimated in a September report, comparing it to a forecast of $5 trillion in traditional auto sales.
Source: The Detroit News

[back to top]

Past Articles
       
      Quotable
      "Washington ... decided to make new cars and trucks more expensive for America's working men and women. The outgoing administration has chosen to halt progress on fuel economy by enacting a policy that will delay the introduction of safer and cleaner vehicles by making them more expensive."

          -- NADA President Peter Welch in response to the EPA's decision to rush through finalization of stringent fuel-economy standards, NADA Headlines, Dec. 1
       
      Sponsored by

      NADA Convention


      NADA Videos

      NADA Produces Five-Part Video Series on Flood Relief Efforts in Baton Rouge


      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

      Nov. 30: Where is the Buy/Sell Market Headed? (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
      100 Years of Standing Up for Our Customers
       
      Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
      NADA For more info, visit nada.org. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. This email may contain an advertisement of NADA products and services. Questions or comments concerning NADA Headlines content may be directed to publicaffairs@nada.org. To unsubscribe from future editions of NADA Headlines, click here or contact NADA, 8400 Westpark Drive, Tysons, VA 22102.