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Inside this issue
April 5 Press Briefing: NADA to Discuss Auto Sales and Economic Trends
April 6 Webinar: FTC Update on Court-Ordered Buyback of Certain VW and Audi Vehicles
IRS Notice 2016-66: Potential Pitfall for Dealerships in Captive or Reinsurance Programs
Cost of GM-Mandated Digital Signage Disputed
VW Agrees to Pay $157M to 10 States Over Rigged Diesels
Borg Warner Sees Hybrid, Electric Car Parts Growth Despite U.S. Uncertainty
Car Culture: Many Americans Fear Self-Driving Cars
Top Stories
April 5 Press Briefing: NADA to Discuss Auto Sales and Economic Trends

At an industry briefing via conference call, NADA Chief Economist Steven Szakaly and NADA Chairman Mark Scarpelli will share their insights on the overall economy, where it’s trending and provide any revisions to NADA’s sales forecast for new cars and light trucks following the first quarter, as well as highlight the key sales indicators and drivers of the retail-auto industry.

When: Wednesday, April 5, 2017
Call-in Time: 11 a.m. ET

Scarpelli is president of Raymond Chevrolet and Raymond Kia in Antioch, Ill., and co-owner of Ray Chevrolet and Ray Chrysler-Jeep-Dodge-Ram in Fox Lake, Ill.

A Q&A session with members of the media and industry will follow the briefing. Click here to register.
Source: NADA

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April 6 Webinar: FTC Update on Court-Ordered Buyback of Certain VW and Audi Vehicles

The Federal Trade Commission (FTC) will provide NADA members with an update regarding the Volkswagen and Audi diesel buyback provisions, including new developments since the September 2016 NADA and FTC webinar.

Date:  Thursday, April 6, 2017
Time:
  12 p.m. ET
Presented by:
  Jonathan Cohen and Sangioon "Simon" Han, FTC
Duration:
  60 minutes

The webinar will cover ongoing issues affecting dealers and consumers, and what to expect over the coming months. Details of the now-final 2.0-liter diesel settlement and the proposed 3.0-liter diesel settlement are available at VWCourtSettlement.com. The webinar is open to dealers and their representatives. Click here to register.
Source: NADA and FTC

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IRS Notice 2016-66: Potential Pitfall for Dealerships in Captive or Reinsurance Programs
By Andy Weill

The Internal Revenue Service has been quite active with regard to perceived abuses in the area of microcaptive insurance. In particular, the IRS promulgated Notice 2016-66 in November 2016, designating certain microcaptive transactions to be “transactions of interest,” mandating certain reporting requirements. Counsel who know that their clients participate in captive or reinsurance programs should be mindful of this new development and advise clients accordingly. Click here for the full article.

Andy Weill is a principal with Weill & Mazer, a leading complex litigation firm in San Francisco. Weill’s practice includes complex business, tax and estate disputes across the nation.
Source: National Association of Dealer Counsel (NADC) Defender

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Cost of GM-Mandated Digital Signage Disputed

It may not be that bad. Chevrolet, Buick and GMC dealers who hit the ceiling recently over a new General Motors requirement for digital signage may find that the price tag for smaller-than-average dealerships could be a lot lower than thought.
Source: Automotive News

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VW Agrees to Pay $157M to 10 States Over Rigged Diesels

Volkswagen AG has agreed to spend an additional $157 million to settle lawsuits that were filed by 10 states over its decision to rig hundreds of thousands of diesel cars to cheat U.S. emission standards. The payments will be split among Connecticut, Delaware, Maine, Massachusetts, New York, Oregon, Pennsylvania, Rhode Island, Vermont and Washington, whose attorneys general all have agreed to drop pending litigation against the beleaguered German automaker. All of those states have adopted California’s stringent clean-air standards.
Source: The Detroit News

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Borg Warner Sees Hybrid, Electric Car Parts Growth Despite U.S. Uncertainty

U.S. auto parts supplier Borg Warner on Friday said it expects to see sales grow for its global hybrid and electric vehicle parts, even as a U.S. review of fuel economy standards threatens to slow emissions improvements in the world's No. 2 auto market.
Source: Reuters

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Car Culture: Many Americans Fear Self-Driving Cars

Drivers are frightened by the prospect of self-driving cars. Insurance giant AAA this month released a survey that found three-quarters of drivers are afraid to ride in an autonomous car. Another survey from Canadian software company Klashwerks found that 18 percent of American drivers are “terrified” of self-driving cars, and 24.8 percent would not ride in one.
Source: The Detroit News

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Past Articles:
 
Quotable
"Our belief is that there will continue to be a strong increase in fuel economy emissions standards. What this means for us is that in our business nothing has really changed, it's business as usual, and that's what we see with the automakers."

    -- Borg Warner CEO James Verrier, commenting on its forecast for sales growth of global hybrid and electric vehicle parts, Reuters, March 31

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Automotive Forum -- April 11

 
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