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October 25, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Congress Votes to Overturn CFPB Arbitration Rule
GM Blunts Impact of Production Plunge with SUV Shift, Cost Cuts
Ford CEO Jim Hackett Shuffles Senior Executive Ranks
Fiat Chrysler's SUV Shift Lifts Profits, Confidence in Targets
Survey Finds Tech Can Help Draw Millennials to Dealership Jobs
New President and CEO of Volvo Cars USA to Speak at AutoConference LA on Nov. 28
NADA Show: Early-Bird $100 Registration Discount Ends Nov. 17
Top Stories
Congress Votes to Overturn CFPB Arbitration Rule

Vice President Mike Pence breaks Senate tie in vote

Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate. The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection Bureau Director Richard Cordray, who pressed ahead with his agenda in defiance of Republicans.

The move is one of the final steps in killing a CFPB rule barring fine-print requirements for arbitration in contracts between consumers and banks. The House voted 231-190 in July to overturn the rule. The resolution now goes to Mr. Trump, who is expected to sign it into law. The White House released a statement late Tuesday praising the Senate action and referring to a recent Treasury Department report that criticized the rule.

Congress’s overturning of the arbitration rule foreshadows significant changes that the CFPB is expected to face over the coming months as the Trump administration appoints a new leader to the bureau, which has been mired in partisan controversy since it was created after the financial crisis. Mr. Cordray’s term runs through next July, but many think he might step down sooner to run for governor in Ohio.
Source: The Wall Street Journal

Editor’s note: Another significant result of the congressional action disapproving the CFPB arbitration rule under the Congressional Review Act is that the resolution both invalidates the arbitration rule and prevents the agency from issuing another rule in “substantially the same form” as the disapproved rule unless authorized to do so in a subsequent law.

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GM Blunts Impact of Production Plunge with SUV Shift, Cost Cuts

General Motors Co. masked the effects of big production cuts it warned were coming by boosting sales of more lucrative SUVs and reducing costs. The automaker reported adjusted profit of $1.32 a share for the quarter ended last month, beating the $1.11 average adjusted profit analysts had estimated. Strong demand for the new Chevrolet Equinox crossover helped top expectations despite the company cutting North American vehicle output by more than a quarter.
Source: Bloomberg

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Ford CEO Jim Hackett Shuffles Senior Executive Ranks

Among the moves at the auto maker, strategy chief John Casesa to leave and Kumar Galhotra to add top marketing role

Ford Motor Co. Chief Executive Jim Hackett is shaking up his leadership team five months into the job, as he works to forge a fresh path for the nation’s No. 2 auto maker. The moves announced Tuesday include a number of departures, including John Casesa, 55, a longtime investment banker and auto analyst... Finance chief Bob Shanks will assume responsibility for global strategy... Ford also expanded the role of Kumar Galhotra, who has been head of the Lincoln luxury brand for the past three years. Mr. Galhotra will continue to lead Lincoln while also taking on the role of Ford’s chief marketing officer, replacing Stephen Odell, 62, who is retiring.
Source: The Wall Street Journal

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Fiat Chrysler's SUV Shift Lifts Profits, Confidence in Targets

Fiat Chrysler Automobiles NV is reaping the rewards of an aggressive shift to more lucrative SUVs, with models including the Jeep Compass and Maserati Levante boosting profit despite weaker sales. Chief Executive Officer Sergio Marchionne eliminated several passenger cars including the Chrysler 200 so that the Italian-American automaker could better tap robust industrywide demand for roomier and more rugged models. The pivot paid off in the quarter that ended last month, when adjusted earnings increased 17 percent and beat analyst estimates.
Source: Bloomberg

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Survey Finds Tech Can Help Draw Millennials to Dealership Jobs

As staff turnover continues to plague dealerships, employing modern technology may be the key to attracting more millennial talent, a new survey indicates. Survey results released Tuesday by Roadster, an online retail startup, zero in on millennial job satisfaction -- revealing which industries are more likely to pique a millennial's interest, and which careers they are more likely to sidestep. The respondents' views of auto retailing were mixed to negative.
Source: Automotive News

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AutoConference LA News
New President and CEO of Volvo Cars USA to Speak at AutoConference LA on Nov. 28

Anders Gustafsson, Volvo Cars USA’s new president and CEO and senior vice president for the Americas, has joined the speaker lineup at AutoConference LA on Tuesday, Nov. 28, 2017.

“Anders inherits the Americas position at a crucial time,” said Hakan Samuelsson, Volvo Cars’ president and chief executive. “He brings three decades of experience in the auto industry along with the energy and drive needed to further develop Volvo’s ongoing turnaround in U.S.”

Other industry speakers at the conference include Tom Doll, president and chief operating officer for Subaru of America, and Jeremy Tucker, vice president of marketing communications and media for Nissan North America, as well as Mark Scarpelli, NADA chairman, Finbarr O’Neill, CEO and president of J.D. Power, and others.

AutoConference LA, hosted by NADA and J.D. Power, will be held at the InterContinental Los Angeles Downtown, the tallest U.S. building west of Chicago. The half-day conference precedes media days at the Los Angeles Auto Show.

Now in its sixth year, the event focuses on the auto industry in the western United States with a focus on the marketplace in California and Los Angeles. The conference attracts nearly 400 attendees representing automakers, dealers, suppliers, marketers and advertisers.

The conference starts with a noon luncheon and ends with a networking reception on the 73rd floor of the hotel, which offers unparalleled 360-degree views of the cityscape and skyline of downtown Los Angeles. For the complete agenda or to register, visit www.autoconferencela.com.
Source: NADA Public Affairs

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NADA Show News
NADA Show: Early-Bird $100 Registration Discount Ends Nov. 17

Online registration and hotel selection for NADA Show 2018 (formerly the NADA Convention & Expo) 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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Quotable
"We have been actively looking at technology opportunities to enhance and speed the development, safely, of autonomous vehicles into the market."

    -- General Motors' CFO Chuck Stevens commenting on opportunities to grow its autonomous vehicle operations through acquisitions, Automotive News, Oct. 24

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