NADA Headlines - 06/15/2017 (Plain Text Version)
NADA Attends White House Meeting on Tax Reform
NADA Chairman Mark Scarpelli and NADA President and CEO Peter Welch on Wednesday joined other auto industry leaders at a White House meeting convened by Gary Cohn, director of the President’s National Economic Council (NEC). The meeting, which was also attended by NEC staff and Treasury Department officials, covered a broad range of issues dealing with the comprehensive tax reform package that is jointly being crafted by the House, Senate and the Administration. A number of topics important to dealers were discussed, including lowering tax rates, streamlining deductions, elimination of the death tax, the House proposed border adjustment tax (BAT), and the 12-percent federal excise tax on heavy duty trucks. Scarpelli and Welch also met with Vice President Mike Pence.
Within the past week, the U.S. House of Representatives and President Donald Trump's administration have taken steps to reform the Dodd-Frank Wall Street Reform and Consumer Protection Act and the consumer watchdog agency it created, the Consumer Financial Protection Bureau. The House last week passed a bill that would roll back Dodd-Frank. If the bill becomes law, it would not eliminate the CFPB, but would significantly limit the CFPB's influence on the auto industry.
Senate testimony calls for legislation to help unleash driverless technologyConsumers are more likely to embrace the idea of self-driving vehicles if they own cars with driver-assist features and have experienced the technology's safety advantages firsthand, according to preliminary results from a survey by the Alliance of Automobile Manufacturers. People who drive cars with at least two semiautomated functions -- such as adaptive cruise control, active lane-keeping assistance or advanced emergency braking -- have much more favorable attitudes toward autonomous vehicles (62 percent favorable to 35 percent unfavorable) than those who have none (43 percent to 54 percent).
Source: Automotive News [return to top]
The share of auto loans rated subprime hit a first-quarter 10-year low and the average credit score rose as lenders adjusted their financing criteria, according to Experian's first-quarter State of the Automotive Finance Market report. The total share of subprime and deep subprime loans fell to 24.1 percent in the first quarter, compared with 26.5 percent a year earlier. The 30-day delinquency rate on new vehicles fell to 1.96 percent from 2.1 percent a year earlier.
Guangzhou Automobile Group Co. said it may try to collaborate with the existing dealer network of a carmaker such as Fiat Chrysler Automobiles NV as it seeks a path to sell its made-in-China vehicles in the U.S. The Chinese manufacturer plans to enter the U.S. in 2019 and is examining a range of options to do so, Yu Jun, general manager of GAC Motor, said Wednesday in an interview at a mobility conference in Montreal sponsored by tiremaker Michelin & Cie. GAC aims to increase the size of its display at the Detroit auto show in January and said it was invited to the National Automobile Dealers Association annual convention, where it can recruit retailers.