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April 27, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
NADA Head Tells Hampton Roads Dealers: Industry Wants to Play a Good Hand
Six Ways Trump's Tax Plan Could Affect Ordinary Taxpayers
Ford, GM Praise Trump Tax Reform Plan
Automakers to Meet with U.S. Transportation, EPA Chiefs
Fordís Profit Falls 35% on Recall Costs, Weaker U.S. Sales
Marchionne Keeps Fiat Chrysler Rolling With SUV-Heavy Plans
Top Stories
NADA Head Tells Hampton Roads Dealers: Industry Wants to Play a Good Hand

Auto industry leaders are betting on change. Some changes, such as autonomous car technology, are being shaped by industry innovation and input. Others, such as legislative, policy and tax changes, are not unlike being dealt a hand of cards, where the outcome heavily depends on the players involved. Mark Scarpelli, chairman of the National Automobile Dealers Association, likened the auto industry’s present policy concerns and current U.S. legislative affairs in general to a game of poker.
Source: Inside Business

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Six Ways Trump's Tax Plan Could Affect Ordinary Taxpayers

The White House unveiled a broad outline Wednesday for a dramatically simpler tax code that could lead to lower tax bills for many ordinary taxpayers but also eliminate many of the tax deductions that Americans currently claim. President Trump’s plan, which offered few details, could cut taxes for some middle- and high-income families and for parents, and also reduce taxes for businesses large and small.
Source: The Washington Post

Editor's note: NADA applauds the Trump administration for including many pro-dealer provisions in its tax reform proposal, such as a 15% business tax rate including pass-throughs, repeals of the estate tax, repeal of the alternative minimum tax, repeal of the 3.8% Affordable Care Act tax, and for not including a border adjustment tax on imports.  NADA will continue working with Congress and the administration in support of tax reform that protects consumers and provides dealers access to the affordable working capital necessary to maintain jobs and investment.

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Ford, GM Praise Trump Tax Reform Plan

Automakers welcomed President Donald Trump's proposal to drastically cut corporate taxes on Wednesday but expressed deep concerns about reports that the administration is preparing to officially withdraw from the North American Free Trade Agreement.
Source: Detroit Free Press

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Automakers to Meet with U.S. Transportation, EPA Chiefs

Major automakers are set to meet Thursday with the head of the U.S. Transportation Department and Environmental Protection Agency as the agencies begin a review of federal fuel efficiency rules that are a major piece of the climate change policy enacted by the Obama administration. U.S. Transportation Secretary Elaine Chao and EPA Administrator Scott Pruitt will meet with board members Alliance of Automobile Manufacturers ...
Source: Reuters

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Fordís Profit Falls 35% on Recall Costs, Weaker U.S. Sales

Strong demand for the newly redesigned F-150 pickup truck had boosted the year-ago quarter

Ford Motor Co.’s first-quarter net income fell 35% over the same year-ago period, dented by safety-recall expenses, higher engineering and commodity costs and weaker sales in the car company’s core U.S. market.
Source: The Wall Street Journal (Subscription required)

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Marchionne Keeps Fiat Chrysler Rolling With SUV-Heavy Plans

Fiat Chrysler Automobiles NV posted fatter profit margins in Europe and North American auto markets, boosting confidence in the carmaker’s plan to bolster its finances by better meeting global appetite for sport utility vehicles. Despite idling two U.S. assembly plants and retooling them to make SUVs and pickups instead of sedans, returns also ticked up in North America.
Source: Bloomberg

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Quotable
"We have to make sure that Washington understands that a threat to vehicle affordability is a threat to economic growth, plain and simple."

    -- NADA Chairman Mark Scarpelli in remarks to the Hampton Roads Automobile Dealers Association, Inside Business, April 26

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