News

  • 11 Aug 2011 4:49 PM | Anonymous
    Ron Bloom, who helped oversee President Barack Obama’s auto-industry bailouts, is leaving his White House post. Bloom led the administration’s efforts to raise the fuel economy standard for cars and light trucks last month and helped coordinate the government bailouts of General Motors Co. and Chrysler Group LLC in 2009. The White House announced his resignation [Tuesday] in an e-mailed statement. Bloom will leave his post as Obama’s assistant for manufacturing policy at the end of this month to return home to suburban Pittsburgh. Obama didn’t immediately name a replacement.
    Source: Bloomberg

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  • 02 Aug 2011 10:26 AM | Anonymous
    Car shoppers worried about the U.S. economy last month and that kept sales in a funk. U.S. sales of new cars and light trucks are expected to rise only slightly in July. The weak economy and high sticker prices kept Americans from buying more. Automakers are scheduled to report last month's sales on Tuesday. Sales slowed in May and June after an earthquake in Japan cut into supplies of small cars that were in demand because of high gas prices. But even as dealers replenished their lots, buyers remained hesitant. Unemployment is high and consumers' confidence in the economy - which is crucial for car sales - remains low.
    Source: The Associated Press

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  • 02 Aug 2011 10:00 AM | Anonymous

    LAS VEGAS (July 25, 2011) – President George W. Bush and Sergio Marchionne, chief executive officer of Chrysler Group and Fiat S.p.A., are the scheduled keynote speakers for the 2012 NADA and ATD Convention and Expo in Las Vegas next February. 

    NADA chairmen Stephen Wade and Bill Underriner will also deliver industry remarks. The inspirational address will be provided by Aron Ralston, who had to amputate his right arm with a knife to free himself from a boulder after a hiking accident. His autobiography “Between a Rock and a Hard Place” was the subject of the film “127 Hours.” 

    The 2012 convention, which runs Feb. 3-6 at the Las Vegas Convention Center, will mark the first time that the NADA and ATD conventions will be held together.

    The convention also includes workshop sessions, franchise meetings, hundreds of exhibits and a new Social Connection Zone.

    “The exchange of ideas, updates on the latest marketing concepts and networking with fellow dealers at the convention is a rewarding experience,” says Rick Morrison NADA convention chairman. “There is no other event that offers dealers and their managers so much at one time in one location.”

    Super Bowl XLVI will also be held Sunday, Feb. 5. Dealers and their managers are encouraged to register early to take advantage of discounted pricing and reduced hotel rates. To register online, visit nadaconventionandexpo.org.

  • 02 Aug 2011 9:56 AM | Anonymous

    Dealers and other creditors who use a credit score in taking adverse action undefined such as turning down a request for credit undefined are now required to include new credit score disclosures in their adverse action notices.

    To help dealers comply with the new credit-disclosure rules, NADA has published a video and issued a new "Dealer Guide to Adverse Action Notices" and a new "Dealer Guide to the Risk-Based Pricing Rule." 

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  • 26 Jul 2011 12:35 PM | Anonymous
    New car sales have picked up this month from June's disappointing levels, say forecasters, attributing most of the improvement to the recovery of dealer inventories of Japanese models. With Japan's biggest automakers restoring production after months of disruptions from the massive March quake, sales could spike in the fall, they say. This month's selling pace, measured on an annualized basis, is expected to reach 11.9 million cars and light trucks, up from 11.45 million in June, and 11.5 million in July, 2010, said J.D. Power and Associates. Roger Penske, chief executive of Penske Automotive Group Inc., said during a quarterly earnings call on Thursday that Honda was 60 days behind Toyota in restoring dealer stocks. He said he expected his dealers' overall stocks to be "near normal" in the fourth quarter. Penske said he expected to see growing pricing pressure on dealers undefined meaning lower prices and more incentives for consumers undefined in the second half of the year. "When they kick back in," Penske said, "that's going to give the market a lift."
    Source: The Detroit News

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  • 06 Jul 2011 12:32 PM | Anonymous
    The IRS has issued an updated Form 8300, effective July 1, 2011, that dealers must use to report cash transactions of more than $10,000. Cash payments of more than $10,000 in one transaction or in two or more related transactions must be reported to the IRS using the new form. For a link to the new form and details about cash reporting requirements, visit www.nada.org/regulations.
    Source: NADA Regulatory Affairs

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  • 05 Jul 2011 2:14 PM | Anonymous
    AIADA today released its Market Watch report covering sales data for the U.S. international nameplate automotive industry. According to the report, international brand sales were unchanged from June 2010, but up 10 percent year to date. Stagnant sales by international brands are attributed to product shortages caused by the March earthquake in Japan. Honda and Toyota sales were both down 21 percent and Subaru was down 8.4 percent. Incentive spending was slightly better than last month, averaging $2,165 per vehicle, but still below average. Some of the biggest gains last month were seen by Kia (up 41 percent) and Volkswagen (up 35 percent). Domestic automakers also saw improvements, and accounted for more than half of the United States market share for the first time since February 2008. “International nameplate dealers expect production and sales to return to normal levels very soon,” said AIADA President Cody Lusk. “Many consumers are postponing purchases, waiting for the specific vehicle they want to become available.”

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  • 05 Jul 2011 1:50 PM | Anonymous
    The 2011 legislative session resulted in numerous bills that impact business and became law July 1, 2011. For more information about the 2011 session or to look up specific bills, go to the Legislative Research Council website at http://legis.state.sd.us. The Chamber follows many more bills than can be reported here; the bills shown below are of general application to business.

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  • 05 Jul 2011 1:44 PM | Anonymous
    FOR IMMEDIATE RELEASE: Friday, July 1, 2011
    Contact: Terry Woster, Public Information Officer, 605-773-3178
     
    PIERRE, S.D. – A new law that took effect Friday changes the schedule under which holders of commercial driver licenses (CDL) must file medical certificates with the South Dakota Driver Licensing Program.
     
    Prior to the new law, CDL holders subject to federal physical qualification requirements were required to provide a medical examiner’s certificate each time they renewed their license. Commercial Driver Licenses must be renewed every five years.
     
    The new law, passed by the 2011 Legislature to bring the State into compliance with federal motor-carrier rule changes, requires a medical card to be filed each time the CDL holder receives a new card. Typically, CDL holders subject to the physical qualification requirements must renew their medical certificate every two years. That means those individuals must provide the South Dakota Driver Licensing Program with that new card every two years.
     
    “The new law doesn’t change who must meet the medical-card requirement and it doesn’t change the physical qualifications,’’ said Cindy Gerber, Director of the South Dakota Driver Licensing Program. “It simply requires that a medical card be filed with us each time a new one is received.’’
     
    The Driver Licensing Program keeps those cards on file and provides them to law enforcement upon request. Gerber said persons subject to the physical qualifications requirements and issued a CDL after July 1, 2011, will receive a notice 60 days before their current medical card expires.
     
    The medical cards may be provided to the Driver Licensing Program by:
    Mail to South Dakota Driver Licensing Program, 118 W. Capitol, Pierre, SD, 57501.
    By fax to (605) 773-3018.
    Or scanned and emailed to DPSCDLMedCert@state.sd.us
     
    Individuals with questions about the new law are encouraged to call the Driver Licensing Program at 1-800-952-3696. Any questions about the federal medical requirements may be directed to the Federal motor Carrier Safety Administration at (605) 224-8202.
  • 27 Jun 2011 2:32 PM | Anonymous
    McLEAN, Va. (June 10, 2011) – New-car and -truck sales will increase over the second half of the year beginning in July as inventory levels increase and gasoline prices drop, says Paul Taylor, chief economist of the National Automobile Dealers Association (NADA).
     
    “Gasoline prices are currently falling, and that will allow dealers to sell a full mix of new vehicles, ranging from small cars, crossovers to pickup trucks, despite the lack of inventory of many popular selling models resulting from the crisis in Japan,” Taylor said.
     
    If gasoline prices had reached $4.50 or more, it would have created a shift in demand by consumers to hybrids and small economy cars, all currently in short supply, he said.
     
    “Sales of hybrid vehicles increase dramatically when gasoline prices rise to levels that consumers have not seen before, as they did in the summer of 2008,” Taylor said. “The most popular hybrid, the Toyota Prius, is in short supply at 10 days of inventory when it should be about 60 days.”

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