NADA Headlines - Friday, Aug. 26, 2011 (Plain Text Version)

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NADA Calls for Nominees for 'Hiring Our Heroes' Award

Nominate your dealership today; deadline is Sept. 23

The U.S. Chamber of Commerce is seeking nominations for its first annual “Hiring Our Heroes” award from businesses across the country—including new-car dealerships—that are taking active leadership roles in employing U.S. military veterans and their spouses. “We have long supported the ‘Hiring Our Heroes’ program,” said Stephen W. Wade, chairman of the National Automobile Dealers Association. “We’re pleased the Chamber of Commerce is now recognizing businesses that are hiring military veterans with an awards program each year.” To be eligible for the award, a dealership must currently employ at least one person who is a veteran. There are five award categories: 1) Veteran and Military Spouse Employment (General Award); 2) Veteran and Military Spouse Employment (Small Business Award); 3) Wounded Warrior Transition Assistance; 4) Providing Employment or Internships for Post 9-11 Veterans; and 5) Women Veteran Employment. Award finalists and winners will be recognized at the Chamber’s 4th Annual “Hiring our Heroes” event and awards dinner in Washington, D.C., on Nov. 10, 2011. Representatives of the nominated businesses and up to one guest must be able to attend. The nominations are due no later than noon Friday, Sept. 23. For questions or more information, email vets@uschamber.com. Click here for the nomination form.
Source: NADA Newsroom

Saab to Seek Court Protection from Creditors

Troubled Swedish carmaker Saab, owned by Dutch group Swedish Automobile NV is to apply for court protection from its creditors, public radio quoted sources as saying on Friday. Amsterdam-listed Swedish Automobile said in a statement on Friday it was aware of the reports, and said it was "evaluating all available options." Saab, rescued from bankruptcy last year by Swedish Automobile as former owner General Motors Co prepared to shut it down, has struggled to raise funds to restart production, pay wages and settle suppliers' bills. Public radio on Friday quoted what it called several different sources as saying the company would apply for court protection from creditors. It did not say when this would happen.
Source: Reuters [return to top]

GM Cutting Truck Production Next Month

General Motors Co. is cutting its production of pickup trucks next month, a sign that truck sales aren't as robust as the company had hoped. Spokesman Tom Wickham said Thursday that GM cancelled five scheduled overtime shifts on Saturdays in September and October. Full-size pickup truck sales were up 9 percent for the year through July in the U.S., compared with a year earlier, according to Autodata Corp. But that increase was smaller than the industry saw as a whole. At the end of July, GM had 115 days' worth of pickups to sell.
Source: The Associated Press [return to top]

GM, LG to Jointly Develop Electric Cars

General Motors Co. and LG Corp have struck a deal to develop electric cars together, a first-of-its-kind alliance between the top U.S. automaker and a leading Korean conglomerate that represents a major bet on battery technology. LG Corp's LG Chem Ltd currently supplies the lithium-ion batteries that power GM's Chevrolet Volt and Opel Ampera plug-in hybrids which debuted in late 2010. Under the agreement signed on Wednesday by GM Chief Executive Daniel Akerson and LG President Juno Cho, the two companies said they would design a range of electric vehicles that would be sold in markets around the world.
Source: Reuters [return to top]

Sergio's Star Turn

One morning in mid-August Sergio Marchionne summoned his 25 direct reports at Chrysler to talk about succession -- not who would replace him as chief executive or even who was next in line behind those senior managers. Instead he led an eight-hour "talent review" to dive into Chrysler's ranks and identify up-and-comers who could one day run key parts of the company. It's classic Marchionne -- probing, micromanaging, intense. A workaholic who thrives on espresso and three hours' sleep, he rewards competency by heaping on responsibility.
Source: Forbes [return to top]