AIADA, Autos Drive America Release Economic Impact Report
On Wednesday, AIADA and Autos Drive America released the Latest Economic Impact Report highlighting the contributions of international automakers and dealers in communities across America. The annual Economic Impact Report aims to educate policymakers and the public on the global nature of today’s U.S. auto industry and the growing economic footprint international automakers and dealers have across the country. Read the full press release.
EV Tax Credit
In comments submitted to the U.S. Treasury Department, many industry groups are seeking clarifications and expressing concerns about the interpretation and implementation of the EV provisions of the Inflation Reduction Act (IRA). The Alliance for Automotive Innovation and NADA urged that for the purpose of the Clean Vehicle Tax Credit, “placed in service” be considered the date a vehicle is manufactured, rather than the date a customer takes delivery of the vehicle. They asked Treasury to clarify in its final rule that EVs manufactured in a calendar year in conformance with the battery content requirements remain eligible for a credit even if they are delivered to a customer in a subsequent year with higher content thresholds. Other groups, including various automakers, the UAW, major automotive suppliers, and Senator Joe Manchin (D-W.Va.), a key architect of the climate provisions of the IRA, also submitted comments on various parts of the proposed rule.
House Sends Message on Trade
Also this week, the House of Representatives approved a deal signed with Taiwan on trade, but included with it the requirement that Congress be consulted in future trade negotiations. The move is one of the strongest legislative signals yet that Congress, on a bipartisan basis, is determined to reassert its constitutional authority over trade policy. The Senate Finance Committee is now expected to move quickly to advance the legislation.
Quote of the Week
“International nameplate dealerships are economic engines for their communities. They generate hundreds of thousands of jobs and significant tax revenue, all while providing essential services to Americans in every corner of our country. We look forward to publishing this report every year, both as a celebration of the numbers and the people behind them, and as a reminder of the critical role international brands and dealers play in the health of our national economy.”
-Cody Lusk, President & CEO, AIADA (www.aiada.org)
ICYMI
In case you missed it, check out John Bozzella, President & CEO of the Alliance for Automotive Innovation, on Fox Business discussing the EPA’s aggressive new emissions targets.
Friday Feel Good
Here is just one recent example of how dealers are doing good:
Gary Rome, President & CEO of Gary Rome Hyundai awarded Holyoke High School student Mahaya Tabin, with a brand-new Hyundai Venue on May 31. The Gary Rome Academic Achievement Award of a brand-new Hyundai to a Holyoke High School Senior began in 2010. Gary works closely with the principal and guidance counselors to ensure this annual event is a success. (wwlp.com)
We want to hear more about how you are supporting your local community – tweet us at @AIADA_News and use the hashtag #DealersDoGood.
You Auto Know will be on hiatus for the next two weeks for the July 4th congressional district work period. We’ll be back the week of July 10th with all the news from Washington that You Auto Know about!
