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May 15, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Used-Car Glut Is a Dealer’s Dream, Automakers’ Nightmare
In New Automotive Era, Even Toyota Struggles
Ford Rebuffs Critics of Its Tech Investments
Fiat Chrysler Unapologetic about Massive Horsepower
Unfair Labor Practices Charged at Volkswagen’s US Plant
Retirement Accumulation Insurance – An Employee Benefit Like No Other
NADA’s New Resource to Understand FTC’s Used Car Rule
Top Stories
Used-Car Glut Is a Dealer’s Dream, Automakers’ Nightmare

Major automakers have relied heavily on leased vehicles to boost sales of new cars in the last few years. But with anywhere up to 12 million of these relatively low-mileage vehicles due to hit the market over the next three years, they are likely to depress prices and cannibalize new car sales.
Source: Reuters

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In New Automotive Era, Even Toyota Struggles

The conflict was on full display in the latest earnings report Toyota released last week. The company reported a 21 percent tumble in net income for the fiscal year that ended March 31 and warned that net income was poised to fall again, by 18 percent, in the current fiscal year.
Source: Automotive News

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Ford Rebuffs Critics of Its Tech Investments

Critics accuse automaker of sacrificing profits to spend on unsure ventures

Ford Motor Co. CEO Mark Fields' decision to spend billions on autonomy, electrification and new mobility services is being questioned by shareholders and, apparently, some directors as the automaker sacrifices some profits today for ventures that may not pay off for years. Ford has no plans to deviate from its path, Joe Hinrichs, Ford's President of the Americas, told Automotive News before last week's meeting. The automaker wants to be viewed as a leader in an evolving industry, even if that means short-term financial headaches.
Source: Automotive News

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Fiat Chrysler Unapologetic about Massive Horsepower

In an era where the biggest buzz in the automotive industry is about self-driving cars, Fiat Chrysler Automobiles has been doubling down on jaw-dropping horsepower. Tim Kuniskis, head of Dodge, SRT, Chrysler and Fiat, frequently pokes fun at the industry's current obsession with self-driving cars when he boasts about Dodge's stable of high-powered, modern muscle cars.
Source: Detroit Free Press

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Unfair Labor Practices Charged at Volkswagen’s US Plant

The National Labor Relations Board has filed another unfair labor practices complaint against Volkswagen for hiking health insurance premiums and changing working hours of employees who voted for union representation at the German automaker’s only U.S. plant.
Source: Associated Press

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Retirement Accumulation Insurance – An Employee Benefit Like No Other

Qualified retirement plans are based on years of contributions. Should an employee’s death occur prematurely, the retirement benefit could be far less than anticipated. Retirement Accumulation Insurance (RAI)* adds protection that your employees and their loved ones need should the unexpected happen.

Whether you have an NADA Retirement Plan from Empower Retirement or a plan through another provider, you have exclusive access as an NADA Member to this one-of-a-kind program that works in tandem with your qualified retirement plan. This group term life program offers competitive group life insurance coverage that enhances retirement benefits for greater financial security. For more information on cost, features, eligibility, renewability, limitations and exclusions, click here or contact Deborah Stevens at dstevens@nada.org to explore this unique employee benefit.

*Underwritten by New York Life Insurance Company, NY, NY 10010 on Policy Form GMR -- Deborah Stevens | AR 17729054, CA Insurance License #466782025
Source: NADA

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NADA’s New Resource to Understand FTC’s Used Car Rule

The National Automobile Dealer Association recently highlighted a new resource for members is now available: A Dealer Guide to the FTC Used Car Rule. Members can secure it through NADA University Online. Association officials explained the material provides an overview of the revised Used Car Rule from the Federal Trade Commission, including details about the revised Buyers Guide, instructions on properly completing the Buyers Guide form, and with a number of templates and other examples. The FTC finalized amendments to the Used Car Rule last November, noting seven specific modifications. The guide is available to NADA and ATD members only at no charge by going through this website. Members needing assistance in accessing the guide should call NADA customer service at (800) 557-6232.
Source: Auto Remarketing

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Quotable
"The flood of lease cars puts a lot of pressure on automakers and their dealers to get new cars sold."

    -- KAR Auction Services CEO Jim Hallett, commenting on the oversupply of off-lease vehicles, Reuters, May 12

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