In his weekly letter to members, AIADA Chairman Russ Darrow writes that Consumer Financial Protection Agency (CFPA) legislation is winding its way through both the House of Representatives and Senate. If passed, the legislation would establish the CFPA as a new, central agency responsible for regulating the country's financial institutions. As it was originally written, the CFPA Act lumped our dealerships in with corporations like Morgan Stanley and Wells Fargo, subjecting them to new oversight. Thanks in large part to dealers' advocacy efforts, an amendment exempting dealers from CFPA oversight was inserted into the House of Representative's bill during its consideration in the House Financial Services Committee. Now, North Carolina Congressman Mel Watt has raised concerns over what auto dealer activities are exempted from the CFPA. The Watt amendment to H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, would so narrowly define dealer activities that you might as well strop our exemption right out. It is absolutely vital that you call your Member of Congress TODAY and explain why passing the Watt amendment will hurt your business, the auto retail industry, and the economy as a whole. When you're done, make sure all your employees do the same. Click here to contact your member of Congress and let him or her know of your opposition to the Watt amendment. For the latest on the CFPA from Politico, click here. To read Darrow's full letter on how the CFPA threatens dealers, click here.
November's flat sales suggest a bottoming out of the industry, but the dust has hardly settled. And with the industry still in turmoil, "all this market share is up for grabs," says analyst George Magliano of IHS Global Insight in New York. According to Automotive News, the rankings are being reshuffled as sales have plunged 24 percent this year. Ford brand will outsell Chevrolet this year for the first time since 2006, and American Honda will replace Chrysler Group as No. 4 in U.S. sales. Subaru has moved up eight places in the brand rankings and now sits just outside the top 10. Hyundai-Kia grabbed almost half the pie with a gain of 2.1 points through the first 11 months. Ford Motor Co., Subaru, and Volkswagen-Audi split nearly all the rest. That left just crumbs for the three Japanese automakers that for years have dominated the shift in consumers' auto-buying loyalty to nondomestic brands. American Honda and Nissan North America each gained 0.2 points, but Toyota Motor Sales U.S.A.'s 2009 market share is unchanged at 16.8 percent. Hyundai-Kia is the big winner, with sales rising 7 percent through November and market share up by 2 points to 7.2 percent. Click here for more from Automotive News on the winners and losers in the 2009 auto market.
Years don't come much tougher than 2009. Companies and consumers around the world have learned to lower their expectations and live within their means. That's been one of the most important criteria in measuring the value of many of the new cars and trucks introduced in 2009. In light of the current economy, the Detroit News has announced its Car and Truck of the Year: The 2010 Audi A3 TDI and the 2010 Ford Transit Connect. Last week, the Audi A3 TDI was also named Green Car of the Year during the L.A. Auto Show. Click here for AIADA's coverage of the recognition. In a world of growing hybrids and the soon-to-arrive electrics, one of the oldest types of engines still continues to push the globe forward: the diesel. But Audi AG's little 2-liter direct injection turbo diesel is not much like anything Rudolf's namesake might remember. This little four-banger cranks out 230 pound-feet of driver-friendly torque. If the world really wants to get over itself and start to select cars with significantly better fuel efficiency and drivable power, it's going to have to realize the technology is already here. Maybe the world didn't see it because the A3 TDI is just so much fun to drive. The six-speed automatic transmission is butter from first to sixth, and the car's road-handling skills are an absolute joy. Click here for a photo. Click here for a gallery of the A3 TDI. For full coverage of the Detroit News Car and Truck of the Year, including a list of runners up, click here.
When Fiat, the maker of Alfa Romeo, Maserati, Ferrari, and Lancia cars, took control of Auburn Hills-based Chrysler Group LLC earlier this year, Detroit inherited the Agnellis, one of Italy's wealthiest and most fascinating families. According to the Detroit Free Press, the Agnelli family holds a 30 percent controlling stake in Fiat. And Fiat, in turn, now holds a 20 percent stake in Chrysler, with an option to increase to 35 percent, and eventually more - if it meets certain targets. Despite being just in his late 20s when he took control of the Agnelli family fortune, Fiat Group Vice Chairman John Elkann was seen as its best possible steward. Click here for a picture of Elkann. In 2000, he graduated with a degree in industrial engineering and management from the Polytechnic University of Turin. He's also fluent in the four languages representing the four countries where he was raised: the U.K., Italy, France, and Brazil. After his grandfather died, Elkann inherited a certifiable mess at Fiat. Elkann consulted with his advisors and then hired Sergio Marchionne to fix it, which Marchionne promptly did. If Chrysler fails, Elkann might carry the burden of losing the company founded by his great-great-grandfather. That's because Fiat really does need Chrysler to be a healthy partner to expand worldwide and, quite simply, to survive. Click here for more on the Agnelli family's role in Fiat and Chrysler.
According to Dan Carney at MSNBC, drivers who appreciate the incredible experience of piloting the Audi R8 with its optional 525-horsepower V-10 engine that revs to an eardrum-stimulating 8,700 rpm may find themselves seeking an indulgence from the priests of the new green religion. Unreformed sensualists (and those who can afford the $150,200 base price) will enjoy the opportunity to immerse themselves in the R8 and its race-ready direct-injected V-10 engine, however. The notion of an exotic mid-engined supercar from Germany may be surprising to those who associate such things with Italy. The R8 is a close cousin of the Lamborghini Gallardo, sharing its basic platform, suspension and power train but with a unique, more refined and Germanic body style. Refinement is also the key differentiator under the skin. While the Lamborghini makes no apologies to anyone who seeks some comfort at the potential price of some compromised performance, the R8 dials the Lambo's intensity back from 11 to a more palatable 9.5. Audi has shown a diesel-powered R8 prototype that used the race car's V-12 engine. Any production version probably would use a V-10 more comparable in size to the gas engine in the test car, said Chas Murphy, R8 product manager for Audi of America Inc. Click here to read Carney's entire review of the Audi R8. Click here for a photo gallery.
We know it's important for dealers to save money without sacrificing quality. That's why AIADA partnered with Financial Transaction Services (FTS) to provide our members with low-cost credit card processing and unparalleled customer service. FTS is not like other payment processors. Through the AIADA Bankcard Program, they offer an easy-to-understand cost analysis that clearly demonstrates where they can save you money, with no hidden fees and no long-term contract requirements. And they go further than just beating your current rates. Their team analyzes how you do business and suggests simple changes that can save you time and money. All of FTS' offerings are backed by professional, responsive, 24/7 support through their Total Client Care. Additionally, every time a Visa or MasterCard is swiped for payment through the AIADA BankCard Program, Visa, and MasterCard fund money back into our industry. These funds are earmarked for industry initiatives and legislative efforts to support dealer members. To get started saving money and giving back to the industry, click here or contact FTS at (877) 235-1503 or aiada@ftservice.com. An AIADA Bankcard Representative will be happy to walk you through a free cost analysis - with no obligation.
Wards Best Engines of 2010 [WardsAuto.com]
Highways of Future Past: How Close Are We? [Jalopnik]
The Thinking Man's Future Green Car [AOL Autos]
LED Rear Lights for VW Golf R, GTI, and GTD [DUB Daily]
Renault Pondering Return to North America [Autoblog]
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