President Signs Financial Reform Law

With President Obama’s signature, the most significant overhaul of the nation’s financial system is now law and with it, consumers will still be able to find competitive financing options at auto dealerships. 

NADA Issues Statement on Federal Study of Dealership Closings

A report released last month is providing fresh evidence that the quick and drastic cuts to the Chrysler and GM dealer networks last year were unjustified.
  
On July 18 the special inspector general for the Troubled Asset Relief Program released a report critical of the Obama administration’s auto task force for failing to weigh the broader economic impact of closing more than 1,000 dealerships in the wake of the GM and Chrysler bankruptcies.   According to the report, the companies had called for a gradual reduction in dealerships, but the auto task force accelerated the process, increasing job losses to the detriment of the national economy.
   
In legislative and regulatory news...

NADA Supports Effort to Repeal New 1099 Form Requirement

NADA earlier this month joined numerous other business organizations in drafting a letter to Sen. Mike Johanns (R-Neb.), supporting his effort to repeal a new 1099 form requirement included in the healthcare reform bill. Under the bill, companies, nonprofits and government offices are required to file 1099 forms with the IRS when goods purchased from another business exceed $600 in a year. Under previous law, the reporting requirement pertained only to services exceeding that amount. “This new and expanded requirement means that almost every business-to-business transaction is potentially reportable to the IRS,” the letter to Johanns states. “The new requirements will dramatically increase … costs, pulling capital out of the business that could be better used to reinvest in the business and create jobs.” (To read the letter click here.)

In other NADA news...

Registration for 2011 Convention & Expo in San Francisco Now Open

Early registration and hotel selection for the 2011 NADA Convention & Expo in San Francisco, Feb. 5-7, is now open at www.NADAConventionAndExpo.org. Detailed information about all hotels is also available online. More than 20 hotels have been secured, and rates have been reduced, ranging from $139-$269. Be sure to register and make your hotel reservations today, as San Francisco hotels typically fill up quickly!

2011 Convention & Expo Builds Strong Social Media Following

The 2011 Convention & Expo has built a strong following on social media sites Facebook, Twitter and LinkedIn. Visit the event’s Facebook page (www.Facebook.com/NADAconvention) and Twitter feed (www.Twitter.com/NADAconvention), first introduced at the 2010 convention in Orlando and with 1,500 followers as of late July. The NADA convention is also on the professional networking site LinkedIn at http://www.linkedin.com/groups?mostPopular=&gid=2508138.