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October 9, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
NADA Show 2018: Registration Now Open
NADA Chairman to Discuss Unintended Consequences of Stairstep Incentive Programs
Treasury to Withdraw Proposed IRS Regulation on Valuation Discounts
After September Sales Surge, What's Next?
Trump Pick No Stranger to EPA Air Office
Top Stories
NADA Show 2018: Registration Now Open

 

Don't miss this opportunity to build on the proud history of America's auto dealers

Online registration and hotel selection for NADA Show 2018 in Las Vegas is now open. NADA member dealers and their managers who register by Nov. 17 will receive an early-bird discount of $100 from the onsite registration rate.

The NADA Show runs from Thursday, March 22, to Sunday, March 25. Keynote speakers are Mark Scarpelli, 2017 NADA chairman, and Nick Saban, head football coach at the University of Alabama (Friday’s general session); Wes Lutz, 2018 chairman-elect, and John Krafcik, CEO of Waymo Inc. (Saturday’s general session); and Robert O’Neill, former SEAL Team Six Leader (Sunday’s inspirational session).

The show also includes educational programs, dealer-franchise meetings, an expo and numerous networking opportunities.

For more information and to register, visit www.nadashow.org.
Source: NADA Public Affairs

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NADA Chairman to Discuss Unintended Consequences of Stairstep Incentive Programs


To view the livestream at 12:30 p.m. ET , go to facebook.com/NADAUpdate 

In remarks to the Automotive Press Association in Detroit on Tuesday, Oct. 10, NADA Chairman Mark Scarpelli will discuss the unintended consequences of certain manufacturer incentive programs – including, in particular, the adverse effects that those programs often have on the value of brands to consumers. Scarpelli represents Metro Chicago’s new-car and -truck dealers on NADA’s board of directors. NADA represents nearly 16,500 new-car and -truck dealerships, with both domestic and international franchises.
Source: NADA

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Treasury to Withdraw Proposed IRS Regulation on Valuation Discounts

On Oct. 2, 2017, the Department of the Treasury issued its Second Report to the President on Identifying and Reducing Tax Regulatory Burdens in response to Executive Order 13789, in which President Trump directed Treasury to “identify significant tax regulations issued on or after January 1, 2016, that (i) impose an undue financial burden on U.S. taxpayers, (ii) add undue complexity to the Federal tax laws, or (iii) exceed the statutory authority of the Internal Revenue Service.” 

In its report, Treasury announced its intention to withdraw in its entirety an August 2016 IRS proposed regulation under section 2704 of the Internal Revenue Code that would have eliminated or greatly restricted valuation discounts for transfers of interests between family members in family-controlled entities.  The valuation discounts are used by tax practitioners to reflect the fair market value of such property transfers and are a significant component of estate tax planning for many automobile dealers. 

Treasury’s decision to withdraw the proposed valuation discounts regulation in its entirety was advocated by NADA in both written and oral testimony to the IRS in late 2016.
Source: NADA Regulatory Affairs

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After September Sales Surge, What's Next?

Like a bolt from the blue, the U.S. auto selling pace in September turned hotter than any month in the last 12 years. Confounding forecasters’ modest expectations, sales totaled 1.53 million, jumping 6.3 percent from a year earlier. That ended eight straight months of declines from 2016’s record pace. The seasonally adjusted annualized selling rate was 18.6 million, the best since July 2005 and the sixth-highest SAAR on record.
Source: Automotive News

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Trump Pick No Stranger to EPA Air Office

President Donald Trump's pick to head the EPA's air office is an experienced environmental lawyer who opposed calls to regulate carbon as a pollutant while formerly at the EPA and would have direct responsibility over a greenhouse-gas emissions program for automobiles if confirmed by the Senate. Environmental groups and Senate Democrats are fighting William Wehrum's nomination to be assistant administrator of Air and Radiation, saying he undermined clean-air rules throughout his career and has represented big polluters in the coal, oil, gas and utility industries. Some automakers have been clients.
Source: Automotive News

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Quotable
"With the U.S. economy strengthening, retail sales should remain strong for the foreseeable future."

    -- General Motors Chief Economist Mustafa Mohatarem, Automotive News, Oct. 9

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