Contact: Libby Newman
NewmanL@aiada.org
(703) 519-7800
Auto Dealers Applaud Renewed Commitment to Trade
Between South Korea and the U.S.
Renegotiated KORUS Trade Deal Signed in New York
Alexandria, VA (September 24, 2018) – The American International Automobile Dealers Association (AIADA) today greeted with relief news that U.S. President Donald Trump and South Korean President Moon Jae-in have signed the revised Korean-U.S. (KORUS) free trade agreement today while both attended the United Nations General Assembly meeting.
“Today’s signing of a modernized KORUS is positive news for international nameplate auto dealers,” said AIADA President and CEO Cody Lusk. “As a trade agreement, KORUS provides security for America’s 1,600 Kia and Hyundai dealers and their more than 110,000 American employees. Unfortunately, tariffs being considered under the U.S. Commerce Department’s ongoing 232 national security investigation could jeopardize this and other trade agreements that create American jobs and keep products, like cars and trucks, affordable for American families.”
America’s 9,600 international nameplate auto dealers, the majority of which are family-owned businesses, employ more than 577,000 Americans, resulting in a payroll of $32 billion and an additional 527,000 indirect jobs. Last year, they sold 8.4 million vehicles to American consumers – 59 percent of total U.S. retail vehicle sales. For more on the impact of America’s international nameplate dealers on our economy visit AIADA.org/our-impact.
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About AIADA
Established in 1970, AIADA is and continues to be the only association whose sole purpose is to represent America’s international nameplate automobile franchises that sell and service the following brands in the United States: Acura, Aston Martin, Audi, Bentley, BMW, Ferrari, Genesis, Honda, Hyundai, Infiniti, Jaguar, Kia, Land Rover, Lexus, Maserati, Mazda, Mercedes, MINI, Mitsubishi, Nissan, Porsche, Rolls Royce, Scion, Smart, Subaru, Toyota, Volkswagen, and Volvo. These retailers have a positive economic impact both nationally and in the local communities they serve, providing over 577,000 American jobs. Visit AIADA online at www.aiada.org.
