Crisis Timeline: NADA in High Gear

From the first signs of the economic meltdown in July 2008, NADA has acted on all fronts to help restore the flow of wholesale and retail credit and to ensure that dealers have everything they need to make critical decisions about their businesses.

Below is a month-by-month accounting of NADA’s actions on dealers’ behalf. Dates are in reverse chronological order; the most recent events appear first. The timeline is updated as events unfold.

KEY • NADA actions • NADA coverage in major news media • Major industry, legislative and economic events

July 2010
21	President Barack Obama signs into law sweeping financial rules that included language sparing dealers from oversight by a new Bureau of Consumer Financial Protection while increasing scrutiny of auto lending practices ... NADA statement: Financial Reform Law Protects Consumers and Keeps Auto Financing Affordable, Accessible ... Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program testifies before the Senate Finance Committee on the TARP program and later appears on CNBC to talk about dealership closings.
19	NADA Chairman Ed Tonkin releases a statement agreeing with the special investigator general's findings ... Sen. Jay Rockefeller IV, D-W.Va., chairman of the U.S. Senate Committee on Commerce, Science, and Transportation, also issues a statement on the report, saying, "This report shows that Congress did the right thing when it gave all dealers the right to appeal terminations before a neutral arbiter. It is my hope that this report will send a clear message that unfairness in the termination process will not be tolerated.”
18	In a special report, a government watchdog criticizes the Obama administration's push to close auto dealers quickly last year during bankruptcy proceedings for Chrysler and GM, saying the accelerated process may have exacerbated job losses in the midst of a recession.
15	The Senate passes the financial services reform bill; language excluding dealers from oversight of the financial services bureau remains intact.
13	Toyota announces that its Motor investigation of accidents involving unintended acceleration revealed that “virtually all” involved drivers who pressed the accelerator instead of the break.
1	NADA urges all dealers to contact their Senators when most are in their home states for Congress' July 4 recess,.

June 2010
30	The House approves the new financial services reform bill; Senate leaders postpone a vote on the bill, preventing the legislation from reaching President Obama's desk until at least mid-July.
29	Senate Democrats make concessions to Republicans regarding a tax/fee on banks and hedge funds, increasing the odds of final passage of the financial services reform bill.
28	Automotive News editorial: "NADA shows it can close the deal." ... Sen. Robert Byrd dies, leaving in doubt whether Democrats can muster enough votes to pass the bill that excludes dealers from oversight of the financial reform bureau and delaying further action for several more days.
25	House and Senate negotiators agree to a historic financial-regulation bill that exempts auto dealers from oversight by the new consumer-finance agency ... Automotive News says: "The conference agreement represents a hard-fought victory for NADA over a powerful coalition that included President Barack Obama, the Pentagon, senior Democratic lawmakers" and others.
23	NADA Urgent Call-to-Action to all dealers: Stop Senate Conferees from Removing Auto Dealer Exemption from Finance Reform Bill; Vote Today Could Overturn Dealer Exemption.
22	Senate conferees on the Wall Street reform bill say they will consider modifications to the House's offer on Wall Street reform, which reflects the Brownback/Campbell language supported by NADA; the new approach would subject dealers to a dramatic increase in regulatory oversight by the Federal Trade Commission. ... NADA sends a letter to conferees expressing strong opposition to the new approach and urging Senators to accept the House's offer without modifications; NADA asks its members to call their senators, especially members of the conference committee, to express opposition to these modifications ... NADA Legislative Alert to all dealers: House Offer Still Includes Brownback/Campbell Language After Conferees Reject Crippling Amendment; Senate Conferees Will Consider Next.
21	House Financial Services Committee Chairman Barney Frank, D-Mass., includes the Brownback/Campbell auto dealer language in the House’s initial offer to the Wall Street reform bill.
14	Sixty-two House Democrats send a letter to House Financial Services Chairman Barney Frank, urging him to preserve the dealer exemption from new consumer rules in sweeping financial markets legislation, as negotiators reconcile competing House and Senate bills ... Throughout the week, NADA runs ads in four major Capitol Hill publications -- Politico, Roll Call, Congress Daily, and CQ -- with the message, "Families Must Have Access To Affordable Credit To Meet Their Transportation Needs."
11	NADA Legislative Update to all dealers: Major Decisions to be Made Next Week by Conferees.
10	Senate and House conferees begin reconciling their Wall Street reform bills ... Ford Motor Co. announces it will extending the deadline for Mercury dealers to appeal cash offers designed to compensate them for the loss of their franchises.
9	After reports of aggressive efforts by the White House and the Pentagon to urge the House and Senate conferees working on the Wall Street reform bill to eliminate the Brownback/Campbell provision to preserve dealer-assisted financing, NADA issues a legislative alert asking dealers to urge House Democrats to support the amendment.
7	NADA board member Tammy Darvish publishes a commentary in The Washington Post: "Financial Industry Overhaul Poses New Threat to Auto Industry."
2	Ford announces it will wind down its Mercury division by the end of 2010.

May 2010
31	Automotive News op-ed: "Congress Must Leave Dealers Out of the Finance Fix."
28	NADA Chairman Ed Tonkin sends a message to all dealers asking them to meet with their Representative and Senators during the Congressional Memorial Day recess to ask them to urge their colleagues on the conference committee members to retain the auto dealer language in the final Wall Street reform bill.
27	A deputy Treasury secretary reiterates the Obama administration's opposition to dealers' exemption from the final Wall Street reform bill.
24	The Senate votes 60-30 to endorse pro-consumer auto dealer language preserving affordable auto financing options for car buyers in the Wall Street reform bill, which now proceeds to House-Senate conference negotiations (watch the NADA-TV report here) ... NADA President Phil Brady issues a statement praising the Senators and thanking the thousands of dealers and dealership employees who contacted their members of Congress ... Automotive News op-ed: "Washington Needs a Lesson in Car 101."
20	The Senate vote on the Brownback amendment is scheduled for the following Monday, May 24; NADA asks dealers to step up contacts with their Senators ... Detroit News op-ed: "Spare Dealers from Senate Bill."
19	NADA Chairman Ed Tonkin joins Sen. Brownback and other dealer groups at a Capitol Hill news conference to rally support for the senator's amendment exempting dealers from the Wall Street reform bill ... More than 200 dealers visit Capitol Hill to talk to their Senators about dealers and the Wall Street reform bill ... Washington area dealer Vince Sheehy appears on CNN's Situation Room with Wolf Blitzer to discuss dealers and the Wall Street reform bill.
18	Sen. Brownback revises his amendment to include a provision to ensure that military personnel's concerns with dealerships are addressed by a federal agency.
17	Sen. Brownback questions a Defense Department push to regulate auto dealers under the Wall Street overhaul bill in a letter to Defense Secretary Robert Gates asking for specific information about how auto dealers and auto-loan financing impact members of the military ... NADA runs a full-page ad in Automotive News urging dealers to maintain their grassroots pressure on the Senate ... NADA board member Donovan Bertsch appears in The New York Times discussing the Wall Street reform bill ... In one of the first arbitration decisions involving GM, a Michigan Chevrolet dealer wins his bid for reinstatement.
14	NADA board member Mike Martin appears on the CBS Evening News to discuss dealers and the Wall Street reform bill.
13	To more fully rebut claims that the Brownback amendment would harm military families, NADA distributes a letter to all Senators ... NADA asks dealers to continue to contact their Senators ... Thanks to a strong grassroots effort by dealers, the vote on the Brownback amendment is postponed until the following week ... Wall Street Journal op-ed: "Washington's Bungling Auto Engineers" ... Washington area dealer Vince Sheehy appears on CNN's Situation Room with Wolf Blitzer to discuss dealers and the Wall Street reform bill.
12	NADA Chairman Ed Tonkin responds to a misleading statement from President Obama on financial reform ... NADA issues an action alert asking dealers to rebut the White House's misleading information on auto financing ... Sen. Brownback introduces his amendment; it is scheduled for a vote the next day, May 13.
11	NADA issues urgent video call-to-action urging all dealers to "set the record straight" with Senators as misinformation campaign against Brownback Amendment grows ... NADA issues an action alert to all dealers, asking them and their employees to contact their Senators and ask them to support the Brownback amendment.
9	NADA releases the results of a poll showing that a majority of consumers say Wall Street reform should not include auto dealers.
5	An opinion piece by NADA Chairman Ed Tonkin, "Stop Wall Street Abuses -- Without Hurting Consumers on Main Street" appears in USA Today ... a full-page ad in Politico carries the same message.
3	Automotive News op-ed: "Exempt Dealers from Bill."

April 2010
30	Automotive News reports that NADA Vice Chairman Stephen Wade has refused an invitation from Chrysler Group to testify in arbitration against a rejected Utah dealer who was his neighbor and competitor.
29	NADA issues an action alert to all dealers, asking them to contact their Senators to discuss the Brownback amendment ... NADA Chairman Ed Tonkin appears on PBS's Nightly Business Report to discuss the financial reform bill.
28	A U.S. Bankruptcy Court judge rules that two rejected Chrysler can see sealed company e-mails personally critical of them as part of their arbitration case ... Toyota recalls 50,000 Sequoias for the stability control system.
27	More than 100 dealers from 40 states visit their Senators on Capitol Hill to urge their support of the Brownback Amendment ... On the Senate floor, Sen. Sam Brownback urges his colleagues to listen to the concerns of local auto dealers on the Wall Street reform bill... NADA Chairman Ed Tonkin appears on The CBS Evening News with Katie Couric and in the Wall Street Journal to discuss the financial reform bill.
21	NADA responds to a letter from The Military Coalition, a consortium of military and veteran organizations, to Sens. Christopher Dodd (D-Conn.) and Richard Shelby (R-Ala.), chairman and ranking Republican member of the Senate Banking Committee, respectively, attacking the Sam Brownback Amendment ... GM announces it has repaid the $8.1 billion in loans the U.S. and Canadian government ... GM offers reinstatement to five more wind-down dealers, bringing the total to 666.
20	The White House issues a statement opposing the Brownback Amendment.
19	The government that Toyota has agreed to pay a record $16.4 million fine for failing to properly notify federal authorities about a dangerous pedal defect ... Toyota recalls 600,000 Sienna minivans for defective spare-tire cables.
16	NADA sends to all dealers a video message from Chairman Ed Tonkin emphasizing the urgency of contacting their Senators about the Brownback Amendment.
15	NADA announces a dealer fly-in on April 26 to meet with Senators and urge support for the Brownback Amendment, which would exempt auto dealers from the proposed Bureau of Consumer Financial Protection.
14	NADA issues a call to action urging dealers to contact their Senators to urged them to support of the Brownback Amendment to preserve affordable auto finance options ... While in town for NADA meetings, several board members meet with their Senators to urge support for the Brownback Amendment.
12	Consumer Reports magazine says the 2010 Lexus GX 460 SUV may be unsafe and advises car shoppers not to buy it.
8	Documents Toyota submitted to NHTSA show the automaker was aware of accelerator problems as early as 2006.
7	General Motors announces plans to pay off its government loans by June, five years ahead of schedule.
6	NADA issues an action alert to all dealers, asking them to contact their Senators to discuss the Brownback amendment.
5	Sen. Sam Brownback, R-Kan., announces he will offer an amendment to exempt auto dealers from the Senate financial regulation bill ... NADA issues a call-to-action urging dealers to ask their Senators to support the Brownback amendment ... Transportation Secretary Ray LaHood says Toyota Motor Corp. “knowingly hid a dangerous defect” that caused its vehicles to accelerate unexpectedly and proposed a record civil penalty of $16.4 million.

March 2010
30	NADA Chairman Ed Tonkin appears on CNN "Money" and CNBC "Street Signs" to discuss the recovery and future of the auto industry.
29	NADA Chairman Ed Tonkin appears on Fox Business TV to discuss the recovery and future of the auto industry ... Automotive News op-ed: Senate Must Exempt Dealers from Finance Bill.
28	Chrysler announces additional dealers to be reinstated, bringing the total to 86.
26	Treasury Secretary Tim Geithner, the Defense Department and consumer advocacy groups call for additional regulation of auto dealers’ financing operations by a new proposed consumer protection agency; the proposal cites unsubstantiated allegations regarding auto finance ... NADA Chairman Ed Tonkin immediately sends a letter to Secretary Geithner, questioning the Administration's public stance and noting that the new agency could curtail “the availability of dealer-assisted financing, depriving millions of consumers, including service members, of affordable financing and, in many cases, the only financing available to them ... Tonkin issues a media statement on Chrysler's decision to reinstate 50 additional dealers.
25	Chrysler announces its intent to reinstate 50 terminated dealers ... NADA Chairman Ed Tonkin releases a statement supporting Chrysler's decision.
23	Dealer-assisted financing of customers' car purchases would be regulated by a new consumer protection office under a financial-regulation bill passed by a Senate committee.
15	President Obama says the new financial services agency must have strong powers over non-banks -- including auto dealers -- as well as banks ... Chrysler says it will no longer give dealerships additional brands to sell in those areas where former dealers are seeking arbitration over the auto maker's decision to close their showrooms.
11	Joined by commercial lending executives from four major national banks, NADA meets with the Small Business Administration to discuss ways to make the SBA’s dealer floorplan pilot program work more effectively.
9	Maritz Automotive Research Group releases a study confirming that last year's cash-for-clunkers program increased U.S. sales without damaging the number of future automobile purchases.
7	GM announces additional dealers to be reinstated, bringing the total to 661.
4	GM announces it will reinstate a majority -- more than 580 of 1,160 -- rejected dealerships that applied for arbitration ... Reps. Pete Hoekstra (R-Mich.) and Steven LaTourette (R-Ohio) ask Chrysler to stop awarding franchises in the markets of rejected dealerships that have filed for arbitration.
1	NADA provides talking points and asks Toyota dealers to reach out to their Senators before the March 2 Senate Commerce Committee hearing on the auto maker's recall.

February 2010
25	NADA meets with the NY Fed to seek an extension of TALF funds, set to expire March 31, for floorplan securitizations. ... NADA meets with Standard and Poor's to ensure that the rating agencies continue to understand that floorplan loans and securitizations are high quality and deserve high ratings.
24	Toyota Motor Corp. President Akio Toyoda tells Congress that the automaker's growth came at the expense of vehicle safety, but pledges to restore trust.
23	Customer safety is paramount to the nation’s Toyota dealers, who play a crucial role in remedying the recall situation, NADA states in written testimony submitted to the House Subcommittee on Oversight and Investigations ... Toyota U.S. exec Jim Lentz testifies before the congressional hearing, admits missteps over recall; says recalls may "not totally" solve unintended acceleration.
22	Toyota receives a subpoena from a U.S. federal grand jury requesting documents related to unintended acceleration of its vehicles and the braking system of its Prius hybrid.
18	Toyota announces that its president, Akio Toyoda, under fire for his handling of sweeping recalls, will testify before an upcoming U.S. congressional hearing ... To help dealers answer media inquiries, NADA issues talking points on the Toyota recall.
15	At its franchise meeting at the NADA convention, franchise Toyota Senior Vice President Don Esmond tells dealers he expects to have the "vast majority" of new cars fixed under the automaker's gas-pedal recall in the next two weeks, allowing them to fully resume sales of eight models that were taken off the market.
13	Top NADA and GM execs meet to resolve disputes, vow to continue to work together.
10	GM executives announce plans to attend the NADA convention to mend relations with dealers and answer questions about the efforts to encourage them to renovate stores and improve online marketing, employee training and customer-retention programs.
9	NADA Chairman John McEleney issues a statement on the upcoming congressional hearings on the Toyota recall ... Toyota announce another global recall; more than 400,000 Priuses and other hybrid cars with braking problems.
4	Toyota announces it will recall 270,000 Prius hybrid vehicles in the U.S. and Japan over brake problems, the same day NHTSA opens a formal investigation into the issue.
3	Transportation Secretary Ray LaHood says DOT is widening its probe of sudden acceleration complaints in Toyotas to look at the possibility of electromagnetic interference with electronic throttle systems ... Toyota tells its U.S. dealers they will receive checks from the auto maker to cover the cost of fixing cars recalled for faulty gas pedals and to ensure they provide top customer service; amounts will range from $7,500 to $75,000, depending on the dealership's 2009 sales volume.
2	In comments to a House Appropriations panel hearing in Washington, Transportation Secretary Ray LaHood advised Toyota owners to “stop driving it and take it to a Toyota dealer”; later that day he characterized his remark as a “misstatement” ... NADA issues a media statement in response to LaHood's comments ... Both Congress and the Department of Transportation as Toyota to produce evidence that its unintended acceleration problem is not computer-related.

January 2010
29	Toyota begins notifying dealers that it has solved the sudden acceleration problem and that parts are on the way.
28	Chrysler announces it will not challenge dealer arbitration law ... U.S. Toyota dealers are expected to lose as much as $2.47 billion in combined monthly revenue because of the halt of sales of eight models ... NADA sends a memo to all dealers advising them how to proceed under Toyota's stop sales order and recall ... Toyota tells its employees that it has a fix for sticking accelerator pedals.
27	Toyota adds 1.1 million vehicles to the total recalled back to fix unintended acceleration problem.
26	More than 1,550 GM and Chrysler dealers file for arbitration by the midnight deadline ... Toyota suspends production and sale of eight of its most popular models because of the still-unresolved problem of sticking accelerators ... NADA urges Toyota dealers to check to see if they have business interruption insurance.
21	Toyota Motor Corp. announces it will recall about 2.3 million vehicles in the U.S. to fix sticking accelerator pedals.
11	Chrysler CEO Sergio Marchionne says Chrysler may sue to challenge dealer arbitration law.
6	GM Chairman and CEO Ed Whitacre Jr. says "hundreds" of GM wind-down dealers may be restored through arbitration process ... GM announces plans to dramatically scale back participation in the upcoming NADA convention; for the first time in years, the automaker will not exhibit on the show floor or participate in dealer franchise meetings.

December 2009
25	NADA publishes a letter to the editor (Opinion: Carmakers Putting Out 'Disingenuous' Figures on Dealer Closings) of The Washington Post in response to the paper's Dec. 13 editorial, "A leak in the transmission," which criticized congressional efforts to thwart auto dealership closings.
23	In the first step toward arbitration, Chrysler sends letters to 789 terminated dealers.
17	President Obama signs dealer arbitration rights legislation into law.
14	GM Chairman and CEO Ed Whitacre Jr. says the company plans to repay its entire $6.7 billion government loan by the end of June.
12	The U.S. Senate passes dealer rights legislation.
11	The U.S. House of Representatives passes legislation that would create the Consumer Financial Protection Agency, leaving intact an amendment exempting auto dealers.
10	The U.S. House of Representatives votes to pass the Consolidated Appropriations Act of 2010 (H.R. 3288), which includes a provision to bolster dealer rights. NADA issues a statement of support, saying, "We’re hopeful the Senate will do the same soon, and send it to the President for his signature. The amendment will provide a fair process to address dealer concerns about the recent closures of General Motors and Chrysler dealerships, and will give affected dealers transparency and the right to arbitrate to regain their dealerships.”
9	NADA issues a call to action urging dealers to call their House members to ask them to oppose an amendment that would strip the auto dealer exemption from the Consumer Financial Protection Agency (CFPA) Act and replace it with language that would subject every auto dealer to CFPA regulation.
8	NADA reaches a compromise with House and Senate leadership on an auto dealer rights amendment that will provide a fair and meaningful arbitration process for dealerships that have been closed as a result of the bankruptcies of General Motors and Chrysler.
7	NADA's work with the House leadership and the House Judiciary Committee intensifies over the past weekend to develop revisions to an amendment, sponsored by Rep. Steve LaTourette, R-Ohio, on the Financial Services appropriations bill. The revisions would give affected dealers transparency and the right to arbitrate.
3	GM and Chrysler announce plans to enter binding arbitration with rejected dealers ... NADA issues a public statement on GM's plan saying it does not establish "a sufficiently meaningful process that provides for a reasonable opportunity for dealer reinstatement"; an NADA statement on Chrysler's plan says the association would continue to work with Chrysler "to further understand the proposal and to ensure any appeals process is a meaningful one providing a reasonable opportunity for reinstatement of affected Chrysler dealers" ... GM ceases participation in ongoing talks with NADA, other dealer groups and lawmakers.
1	GM CEO Fritz Henderson resigns; board chairman Ed Whitacre, Jr., is acting CEO.

November 2009
24	Toyota Motor Corp. announces it will replace 3.8 million gas pedals in Toyota and Lexus models to remedy sudden acceleration caused by floor mats trapped under the pedals.
23	In recognition of dealers' continuing financial challenges, NADA offers dealers and managers a $200 voucher when they check in at the convention in Orlando; the voucher can be used to purchase any product or service from any exhibitor on the expo floor during the three-day convention, February 13-15, 2010.
22	Twenty members of the Senate Finance Committee sent letters to GM and Chrysler requesting updates on several issues, including: participation agreements; vehicle parts and inventory; closing decision transparency; rural customer service; market re-entry; technician placement assistance; and ongoing dealer negotiations.
18	Chrysler announces it may terminate as many as 145 more U.S. dealers unless the retailers can find lenders to finance their new-vehicle inventory; GMAC says it has asked some dealers for more collateral as a condition for financing.
11	GMAC says it expects to approve over 90 percent of Chrysler dealers' applications for floorplan agreements.
5	NADA initiates a letter — signed by a bipartisan group of 37 members of Congress — expressing concern about the problems in accessing floorplan credit during Chrysler dealers' transition from Chrysler Financial to GMAC.
3	NADA Chairman John McEleney urges Chrysler CEO Sergio Marchionne to take action on the issues faced by many Chrysler dealers in the transition of their floorplan lines of credit from Chrysler Financial to GMAC ... NADA challenged an Edmunds.com estimate that each incremental sale under the Cash for Clunkers program cost American taxpayers $24,000. After a thorough review, NADA Chief Economist Paul Taylor determined that the cost of each incremental vehicle sold was actually around $4,587. (An incremental sale is a sale that would not otherwise have occurred without the Clunkers program.)

October 2009
26	NADA asks the Small Business Administration to more than double -- from $2 million to at least $5 million -- the maximum size of dealer floorplan loans it will guarantee.
21	NADA’s legislative office again urges dealers to call members of the House Financial Services Committee to support the Campbell Amendment to the CFPA bill ... The Committee passes the bill with the Campbell Amendment intact ... NADA again urges Chrysler Financial and GMAC to resolve their impasse on dealer loans.
20	After the Independent Community Bankers of America, which represents small local banks and recently received their own exemption in the CFPA bill, misguidedly told members of the House Financial Services Committee to vote against the Campbell Amendment, NADA urges dealers to ramp up their efforts and ask their members of Congress to vote in favor of the amendment
15	As the House Financial Services Committee considers a bill to create the Consumer Financial Protection Agency, Rep. John Campbell (R-Calif.) a former auto dealer, drafts an amendment to exempt dealer transactions from oversight of the new agency. The Committee delays the vote until the following week; NADA urges dealers to use the opportunity to contact members of the committee, asking them to vote for the Campbell amendment.
13	NADA sends a Legislative Alert to all dealers strongly urging them to call their Representatives and ask them to oppose the Consumer Financial Protection Agency bill.
7	NADA sends a letter to Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, asserting that the committee's legislation to create a consumer financial-protection agency doesn't go nearly far enough to exempt auto dealers from new regulation; the draft bill excludes only car brokers.
6	The Term Asset-backed securities Loan Facility (TALF) opens to floorplan securitizations, providing a combined total of $2.3 billion in loans to support the floorplan operations of Ford Motor Credit Company, BMW Financial Services, and World Omni Financial Corporation.

September 2009
30	NADA, Automotive Trade Association Executives, the National Association of Minority Automotive Dealers and the Committee to Restore Dealer Rights begin a series of meetings -- facilitated by U.S. House Majority Leader Steny Hoyer (D-Md.) -- with GM and Chrysler to create an appeals process for rejected dealers. The dealer groups are seeking to 1) establish a transparent process that offers a realistic opportunity for dealer reinstatement and 2) gain fair and proper financial compensation for affected dealers who are not reinstated.
25	U.S. Transportation Secretary Ray LaHood announces that all "eligible and complete" dealer "cash for clunkers" claims have been paid.
22	Rep. Barney Frank (D-Mass.), chairman of the U.S. House Financial Services committee, indicates that dealers are not to be regulated by the proposed new financial protection agency ... U.S. House Majority Leader Steny Hoyer (D-Md.) says lawmakers may try to revive stalled legislation to reverse dealer terminations if General Motors Co., Chrysler Group and dealer groups don't sit down soon to begin negotiating a settlement.
21	NHTSA reports that 90 percent of dealers' "cash for clunkers" claims have been paid
16	In a speech at NADA's annual Washington Conference, Transportation Secretary Ray LaHood reports that 70 percent of dealers' "cash for clunkers" claims have been paid and says, "All of the dealers will get paid on or before September 30" ... Sen. Richard Durbin (D-Ill.) urges GM and Chrysler to negotiate a compromise with NADA and other groups representing more than 2,000 closing dealerships. ... NADA urges Conference delegates to lobby against creation of the Consumer Financial Protection Agency, proposed by the Obama administration.
5	After weeks of discussions four major dealer groups -- NADA, Automotive Trade Association Executives, the National Association of Minority Automotive Dealers and the Committee to Restore Dealer Rights -- unite behind a proposal to 1) establish a transparent process that offers a realistic opportunity for dealer reinstatement and 2) gain fair and proper financial compensation for affected dealers who are not reinstated.
4	NADA reports to NHTSA that only 17 percent of dealers' "cash for clunkers" claims have been paid ... NADA Chairman John McEleney appears in the Wall Street Journal and USA Today to discuss "cash for clunkers" and DOT's efforts to reimburse dealers more quickly.
3	NADA surveys dealers to determine the current status of "cash for clunkers" claims reviews and payments.
1	Due in part to "cash for clunkers," U.S. auto sales in August run at the highest SAAR -- 14.3 million -- since April 2008.

August 2009
31	NADA sends "Wrapping Up 'Cash for Clunkers,'" answers to dealers' frequently asked questions, to dealers via email.
27	NADA Chairman John McEleney appears on Fox Business News to discuss "cash for clunkers."
25	NHTSA again extends the "clunkers" filing deadline until 8 p.m. ET today ... Reuters quotes Transportation Secretary Ray LaHood: "I know dealers are frustrated. They're going to get their money."
24	NADA increases pressure on the Obama administration to extend the deadline for submitting "clunkers" applications after dealers report that NHTSA's computer system has crashed for the third time since the program end was announced on August 20 ... The "cash for clunkers" program officially ends at 8 p.m. ET, meaning no "clunker" sales can be made after that time ... NHTSA extends the deadline for filing "clunkers" reimbursement applications until 12 noon August 25 ... NHTSA's computer system remains unreliable throughout the day and evening ... NADA Chairman John McEleney appears on CBS News Radio, National Public Radio, Fox News Radio and Sirius XM Radio; Vice-chairman Ed Tonkin appears on CNN Radio and, along with board member Ray Ciccolo, on the Fox Business Network to discuss "cash for clunkers."
21	NADA begins pressing the Obama administration to extend the deadline for submitting "clunkers" applications after dealers report slowdowns and crashes with NHTSA's computer system ... NADA Chairman John McEleney appears on Fox News Radio, Vice-chairman Ed Tonkin on Fox Business News and former board member Geoff Pohanka appears on CNN to discuss "cash for clunkers."
20	Secretary of Transportation Ray LaHood announces that the "cash for clunkers" program will cease operation at 8 p.m. ET, Monday, August 24 ... In a radio interview, President Obama says, "I understand dealers want to get their money back as soon as possible... And they will get their money, but we've got to process it properly." ... NADA Chairman John McEleney appears on CNN radio to discuss "cash for clunkers."
19	NADA hosts a fourth "cash for clunkers" Webinar, "Tips on Inputting Successful Transactions into the CARS System."
17	NADA again surveys dealers to find out how many "cash for clunkers" deals they have pending NHTSA approval and how many claims for reimbursement have been approved and paid.
10	The NADA Industry Stabilization Task Force meets via conference call ... NADA Chairman John McEleney appears on Fox Business to discuss "cash for clunkers," inventory levels and GM's plan to sell new vehicles in California on eBay.
7	President Obama signs the "cash for clunkers" bill, providing the program with $2 billion in addtional funds.
6	The Senate votes to provide $2 billion in additional funds for the "cash for clunkers" program ... NADA Vice Chairman Ed Tonkin appears on PBS's "NewsHour With Jim Lehrer" to discuss the success of "cash for clunkers."
5	NADA Chairman John McEleney appears on CNBC to discuss the success of "cash for clunkers."
4	The NADA Industry Stabilization Task Force meets via conference call to discuss the pending legislation (see July 14 entry) ... NADA Chairman John McEleney appears on The Bill Press Show, a national radio program, and board member Ray Ciccolo appears on MSNBC News Live to discuss the success of "cash for clunkers."
3	NADA sends a Legislative Alert to all dealers asking them and their employees to urge their Senators to support additional "cash for clunkers" funding ... NADA hosts a third "cash for clunkers" Webinar, focusing on claims submissions ... NADA board member Ray Ciccolo appears on CNBC and former NADA board member Geoff Pohanka appears on CNN to discuss the success of "cash for clunkers."
1	July sales results confirm the success of "cash for clunkers": Sales increased 16 percent over June (passenger cars increased 20.6 percent, trucks, SUVs and CUVs increased 10.9 percent), and SAAR for the month was 11.1 million, the first time this year that SAAR has been in double digits ... Responding to NADA and dealer concerns, NHTSA loosens the requirements for disabling vehicles in the "cash for clunkers" program.

July 2009
31	The U.S. House votes an additional $2 billion in "cash for clunker" funding, and the bill heads to the Senate ... The Obama administration promises that "cash for clunkers" deals made through the end of the day would be honored ... NADA sends a Legislative Alert to all dealers asking them and their employees to urge their Senators to support additional "cash for clunkers" funding ... NADA continues to work with NHTSA to resolve the extraordinary difficulties dealers are having registering and filing for reimbursement for "cash for clunkers" ... NADA sends an email to all dealers updating them on the "cash for clunkers" situation and advising them to proceed cautiously with deals made under the program for the next few days ... Former NADA board member Geoff Pohanka appears on CNN to discuss the success of "cash for clunkers."
29	Alerted by NHTSA that CARS may be running out of money already, NADA surveys dealers to find out how many "cash for clunkers" deals they have made that have not yet been successfully submitted to NHTSA for reimbursement; survey results show that unsubmitted deals could indeed deplete most of the remaining funds ... NADA Chairman John McEleney and Treasurer Carroll Smith appear on msnbc.com to discuss "cash for clunkers."
27	NHTSA begins accepting dealer requests for reimbursements for cars traded in under the CARS -- or "cash for clunkers" -- program ... NADA Chairman John McEleney and Treasurer Carroll Smith appear on msnbc.com, McEleney on Bloomberg News and board member David Westcott on CNBC, all to discuss "cash for clunkers" ... NADA press release: "‘Clunkers’ Program Exactly What Consumers, Economy, Auto Industry Needs" ... NADA hosts a dealer webinar on "cash for clunkers"; staff from NADA and NHTSA present details about how the program will work.
24	NHTSA first issues specific information for dealer registration and participation in the CARS -- or "cash for clunkers" -- program ... NADA Chairman John McEleney appears in in the Wall Street Journal and Bloomberg News to discuss "cash for clunkers."
23	Two key lawmakers, Sen. Max Baucus (D-Mont.), Senate Finance Committee chairman, and Rep. John Boehner (R-Ohio), House Minority Leader, sign on to the Automobile Dealer Economic Rights Restoration Act.
22	NADA Chairman John McEleney appears on Bloomberg News to discuss "cash for clunkers" ... the powerful National Federation of Independent Businesses throws its support behind the Automobile Dealer Economic Rights Restoration Act, S. 1304, asking Senators to join the list of cosponsors.
21	In testimony before a House Judiciary subcomittee, Obama auto task force chairman Ron Bloom inaccurately describes NADA's position on dealer cuts ... NADA issues a national media statement in response to Bloom's inaccurate characterization ... Chrysler announces program to match "cash for clunker" incentives.
16	The U.S. House passes a bill that includes an amendment from Rep. Steven LaTourette (R-Ohio) that would reverse the terminations of thousands of GM and Chrysler dealers ... The NADA Industry Stabilization Task Force meets via conference call to discuss the pending legislation (see July 14 entry) ... NADA announces Sustaining Member program, which allows dealers who have recently relinquished or lost a new-car franchise — but remain used-car dealers — to continue their association membership and benefit from NADA's advocacy, products and services.
15	President Obama issues a statement that the Administration "strongly opposes" legislation pending in the House to reverse dealer closings.
14	NADA participates in a mass “fly-in,” during which more than 100 dealers and dealer association executives from around the country descend on Capitol Hill to lobby on behalf of H.R. 2743 and S. 1304, the “Automobile Dealer Restoration Rights Act.”
13	NADA Treasurer Carroll Smith appears on Fox Business News's "Fox Business Washington."
10	GM emerges from bankruptcy ... NADA issues a media statement on GM's exit from bankruptcy ... NADA Chairman John McEleney appears on Fox Business News's "Happy Hour" to comment on GM's exit from bankruptcy.
8	NADA hosts a Webinar to help dealers understand the new SBA dealer floor plan (DFP) loan guarantee pilot program.
7	The House Appropriations Committee passes a spending bill that includes an amendment, introduced by Rep. Steve LaTourette (R-Ohio), that would require GM and Chrysler to reinstate the franchise agreements with dealers terminated during the automakers' bankruptcy proceedings ... NADA's Executive Committee meets via conference call to review the status of automaker bankruptcy proceedings and pending legislation to restore dealers' rights ... NADA hosts a dealer webinar on "cash for clunkers" with staff from NADA and NHTSA presenting an overview of the program.
5	The U.S. Bankruptcy Court enters a sale order approving the sale of GM to "new GM"; the judge proposes that it be effective July 9. The sale order does not preempt state law as it pertains to "participating dealers," or those who will go forward with GM. Also, the Court did not retain jurisdiction over dealers who signed the participation agreement, contrary to language in the agreement ... Click here for a red-lined version of the sale order, which shows the changes and improvements made to the order as NADA has worked with GM over the past few weeks.
2	NADA Chairman John McEleney appears on Bloomberg News to discuss "cash for clunkers."
1	Dealers can begin making taking trade-ins under the "cash for clunkers" or CARS program, although NHTSA has not yet announced the specifics of dealer participation or reimbursement ... NADA Chairman John McEleney appears on Bloomberg News to discuss "cash for clunkers."

June 2009
24	President Obama signs the cash-for-clunkers bill.
23	Via NADA Headlines enewsletter, NADA asks all dealers to to contact their U.S. Representatives to urge them to cosponsor H.R. 2743 and S. 1304, the “Automobile Dealer Restoration Rights Act.”
22	The NADA Industry Stabilization Task Force meets via conference call to discuss the pending legislation and the need for additional co-sponsors ... Members of the Automotive Trade Association Executives meet via conference call to discuss the pending legislation ... NADA meets via separate conference calls with S&P and Moody's to provide updated information pertaining to the strength of floorplanning collateral and the current state of the bankruptcy proceedings.
19	Sen. Charles Grassley (R-Iowa) introduces a Senate bill (S. 1304) that would restore Chrysler and GM dealers' rights under state laws.
18	The U.S. Senate votes to approve the cash-for-clunkers legislation contained in the war spending bill. President Obama, who has previously called for passage of a fleet modernization program, is expected to sign the bill into law ... NADA meets with Federal Reserve Board staff to explore potential modifications that would allow TALF funds to be used for floorplanning ... NADA press release: "NADA Applauds Congressional Passage of Cash-for-Clunkers Bill."
16	Building on the success of last fall's "Best Time to Buy" PSA campaign, NADA launches a new series of PSAs, titled "No Kidding," to remind consumers that now is a great time to buy a new car. The TV, radio, print and online ads tout the federal sales-tax deduction and the potential for lowering monthly payments thanks to the great deals available.
15	NADA sends a Legislative Alert asking all dealers to contact their U.S. Senators to urge them to support an NADA-endorsed “cash for clunkers” bill.
13	NADA Chairman John McEleney is featured in an Associated Press story on the community impact of dealership closings.
12	NADA Chairman John McEleney, along with Chrysler President Jim Press and GM CEO Fritz Henderson testify before the U.S. House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations, which is looking into the GM and Chrysler dealership closings ... NADA press release: "NADA Welcomes Congressional Oversight of Dealership Closures" ... NADA board member and former Chrysler dealer Tammy Darvish appears on CNBC.
11	NADA Chairman John McEleney publishes an op-ed article, “Congress should intervene to prevent unfair treatment of dealers” in USA Today.
10	Fiat completes its acquisition of Chrysler assets, allowing the American automaker to emerge from bankruptcy … U.S. Rep. Chris Van Hollen (D-Md.) calls a press conference to discuss “The Automobile Dealer Economic Rights Restoration Act” (HR 2743); other House participants include Majority Leader Steny Hoyer (D-Md.), Reps. Dan Maffei (D-N.Y.), Frank Kratovil (D-Md.) and Roscoe Bartlett (R-Md.) and Maryland dealers Jack Fitzgerald, Tammy Darvish and Win Kelly; NADA President Phil Brady represented NADA ... NADA press release: "NADA Applauds Efforts to Restore Dealer Rights" … GM reverses decisions on 41 dealerships scheduled for closure ... The Senate Banking Committee hears testimony from Ron Bloom of the President’s auto industry task force, and Ed Montgomery, the administration’s director of Recovery for Auto Communities and Workers; NADA Chairman John McEleney attends along with other dealer leaders.
9	The U.S. Supreme Court clears the way for the sale of Chrysler to a group led by Fiat … The Chrysler bankruptcy judge approves the automaker’s request to immediately terminate 789 dealers … NADA sends a summary of agreed-upon changes to GM’s Wind-down and Participation agreements to all GM dealers ... NADA sends a Legislative Alert asking all dealers to contact their U.S. Representatives to urge them to support an NADA-endorsed “cash for clunkers” bill … The U.S. House passes the “cash for clunkers” bill, H.R. 2751 … NADA participates in a conference call with the members of the Automotive Trade Association Executives re pending legislation.
8	NADA press release: "NADA Statement on GM’s Revised Participation Agreement" … U.S. Reps. Daniel Maffei (D-N.Y.) and Frank Kratovil (D-Md.) introduce H.R. 2743, “The Automobile Dealer Economic Rights Restoration Act” … The NADA board of directors meets via conference call and agrees to support H.R. 2743 … NADA sends a Legislative Alert asking all dealers to contact their members of Congress to urge support of the bill … Chrysler announces it will guarantee to redistribute all new vehicles in its rejected dealers' inventory … NADA meets via conference call with the members of the Automotive Trade Association Executives.
7	On Sunday evening, NADA and GM leaders reach final agreement on the concessions the automaker will make in the Wind-down and Participation agreements.
5	NADA, led by Chairman John McEleney and Vice Chairman Ed Tonkin, meet with GM’s Troy Clarke, N.A. president, Mark LaNeve, sales and marketing V.P., and others at NADA headquarters in McLean, Va. The meeting is scheduled after the June 3 Senate hearing, to relay serious dealer concerns with GM’s Wind-down and Participation agreements. After more than six hours of discussion, the GM reps agree to make some significant changes to the agreement; discussion continues throughout the following weekend.
4	NADA meets via conference call with the members of the Automotive Trade Association Executives.
3	The Senate Commerce Committee, looking into planned GM and Chrysler dealership closings, hears testimony from NADA Chairman John McEleney; Texas Chrysler dealer Russell Aubrey Whatley III; West Virginia Chrysler dealer Pete Lopez; GM CEO Fritz Henderson; and Chrysler President Jim Press ... CNBC posts video of McEleney’s full testimony on its Web site ... NADA press release: "NADA Chairman Urges Congress to Intervene to Prevent Unfair Treatment of Auto Dealers" ... McEleney appears on CNBC's "Squawk Box" and NPR's "Marketplace."
2	NADA President Phil Brady writes to Congressional sponsors of the "cash for clunkers" bill, expressing NADA's support for the legislation.
1	General Motors files for bankruptcy protection ... NADA press release: "National Auto Dealers Hope GM Bankruptcy is Short" ... NADA sends information about bankruptcy to all GM dealers ... NADA press release: "National Auto Dealers Say Chrysler-Fiat Alliance is an Important Step Toward the Automaker's Recovery" ... NADA Chairman John McEleney appears on Fox News and Fox Business News ... ABC News airs a story in which Charles Gibson interviews former NADA Chairman Bob Maguire and his wife, Marcy, an NADA board member, at their Chevrolet dealership.

May 2009
31	The bankruptcy court approves the proposed alliance between Chrysler and Fiat, helping to restore stability to the auto industry.
28	After a number of meetings with Obama administration officials in which NADA urged greater access to floorplan loans, the Small Business Administration announces the launch of a pilot program that will, for the first time, provide eligible dealers with government-backed lines of credit to finance their vehicle inventory ... NADA press release: "NADA Applauds New Government-Backed Pilot Program that Allows Dealer Floorplan Loans."
23	NADA board member Tammy Darvish, whose Washington, D.C.-area Chrysler dealership is slated for closure, appears on the CBS Evening News.
22	NADA, along with U.S. Reps. Steve LaTourette (R-Ohio) and Dennis Kucinich (D-Ohio) hold a press conference to urge President Obama to reexamine GM's and Chrysler's reckless and rapid plans to close dealerships.
21	Randy Henderson, whose New York Chrysler dealership is to be eliminated, testifies before the House Judiciary Committee on the implications of the planned rapid dealer reductions by GM and Chrysler; other witness included consumer advocate Ralph Nader, who called the closings, "a conclusive death star to tens of thousands of jobs" NADA press release: "Congress Highlights Need to Slow Down Dealership Closings and Layoffs" ... The Senate Commerce Committee schedules hearings for early next month on Chrysler's plans to close 25 percent of its dealers by June 9 ... U.S. Treasury Secretary Timothy Geithner Treasury announces an additional investment of $7.5 billion in GMAC LLC to "help provide a reliable source of financing to both auto dealers and customers seeking to buy cars" … NADA meets via conference call with the members of the Automotive Trade Association Executives.
19	NADA leaders meet with Ed Montgomery, President Obama's director of Recovery for Auto Communities and Workers ... NADA President Phil Brady meets with U.S. Secretary of Transportation Ray LaHood ... NADA Chairman John McEleney appears on The Bill Press Show, a national radio program.
18	NADA Chairman John McEleney appears on Fox Business Network ... Chrysler dealer Jack Fitzgerald appears on C-SPAN's "Washington Journal."
17	NADA board member Tammy Darvish appears on "Fox News Sunday."
16	Former NADA board member Geoff Pohanka appears on CNN ... Former NADA chairman Bob Maguire appears on ABC's "Good Morning America Weekend."
15	GM notifies 1,124 dealers that their franchises will not be renewed when they expire in October 2010 ... NADA press release: "NADA Statement on GM Dealership Cuts" says the automaker's plans are "drastic and far-reaching and will impact more than 63,000 dealership employees and thousands of their sales and service customers" ... NADA Chairman John McEleney appears on WJR radio in Detroit ... Vice Chairman Ed Tonkin appears on Bloomberg-TV news ... Treasurer Carroll Smith, Chrysler dealer Carol Balzekas and GM dealer Mike Helmstetter appear on WMAQ-TV, Chicago and WRC-TV, Washington, D.C. ... board member and Chrysler dealer Tammy Darvish and GM dealer Jim Stutzman appear on the "CBS Evening News" ... Darvish appears on WTTG-TV, Washington, D.C. ... Board member Chuck Eddy appears on Sirius XM satellite radio ... Former NADA chairman Bob Maguire appears on ABC's "Good Morning America" ... Former NADA board member Geoff Pohanka appears on PBS's "The News Hour With Jim Lehrer" ... Chrysler and GM dealer Jack Fitzgerald appears on CNBC's "Closing Bell" ... NADA Chief Economist Paul Taylor appears on Voice of America's voanews.com.
14	NADA leaders meet again with the President's auto industry task force ... Chrysler notifies 789 dealers that their franchises will be terminated ... NADA press release: "NADA Statement on Chrysler's Dealership Reduction Announcement" calls Chrysler's action "misguided" and "counterproductive" … NADA meets with the SBA and the Office of Management and Budget ... NADA Chairman John McEleney appears on NPR's "All Things Considered" and, with Chrysler dealers Rob and Rick Engel, on CNN's "The Situation Room" ... Vice Chairman Ed Tonkin appears on Bloomberg TV ... board members Chuck Eddy and Mike Martin appear on WJLA-TV, Washington, D.C.
13	Dealers and dealer association executives from around the country converge on Capitol Hill to impress upon lawmakers that the drastic, rapid dealer cuts demanded by the President’s auto industry task force will have a detrimental effect on automakers, the economy and the country... NADA press release: "Auto Dealers Are Urging Congress to Intervene With the Obama Administration to Oppose Drastic Dealer Cuts" … NADA Chairman John McEleney, Vice Chairman Ed Tonkin and Treasurer Carroll Smith make separate appearances on CNBC to discuss the Capitol Hill visits and the upcoming meeting with the task force (McEleney; Tonkin; Smith) ... McEleney and board member Michelle Primm appear on WNBC-TV, New York ... NADA posts a new position paper, "NADA Opposes Unnecessary Forced Dealership Closures" on the home page of nada.org.
12	The Committee of Chrysler Affected Dealers, a group of dealers who fear they will lose their franchises as part of the Chrysler bankruptcy proceedings meet via teleconference – hosted by NADA – with the law firm they’ve hired to represent their interests, Squire, Sanders & Dempsey … NADA Chief Economist Paul Taylor appears on Bloomberg News to talk about how the lack of credit is affecting sales and about pent-up demand … NADA hosts a dealer Webinar, “Bankruptcy in the Auto Industry.”
11	NADA launches an ad campaign in the form of an open letter from NADA Chairman John McEleney to President Obama questioning why his auto task force is demanding drastic cuts in the number of U.S. dealers; the full-page ad appears in The Washington Post, Automotive News and Politico, a newspaper widely read on Capitol Hill – and the Chicago Tribune and Chicago Sun Times, the President’s home-town papers ... NADA leaders meet with Chrysler president Jim Press ... NADA leaders meet with GM's N.A. president, Troy Clarke and VP Mark LaNeve … Alan Starling, former NADA chairman and a GM and Chrysler/Jeep/Dodge dealer, appears on CNBC.
8	NADA Chairman John McEleney appears on Fox News ... Mark Herrmann, Buick/Pontiac/GMC dealer and former NADA board member, appears on NPR's "All Things Considered" to discuss why he's closing his 40-year-old store … NADA meets via conference call with the members of the Automotive Trade Association Executives.
7	Via email and fax, NADA urges all Chrysler dealers to carefully review the agreements with their own legal counsel. NADA developed a number of questions and answers involving the GMAC retail agreements and called Chrysler dealers’ attention to sections of the agreement to which they should pay particular attention ... NADA Chairman John McEleney appears on WDET radio, Detroit.
6	GM begins notifying 2,600 dealers of its plans to eliminate them ... NADA rallies dealers to contact their congressmen, mayors and governors to urge them to intercede with the White House. Chrysler begins to review 3,200 of its dealers’ locations, facilities, finances and sales to determine which ones to keep ... Credit unions join dealers to lobby Congress to change federal law that caps credit union commercial lending at 12.25 percent of their loan portfolios, enabling credit unions to expand financing for dealers ... House Democrats agree on the stipulations of a "Cash for Clunkers" bill; NADA continues to work to ensure an efficient payment mechanism for dealer reimbursement under the program.
5	Some 35 to 40 Chrysler dealers are closing every month, the result of low sales, Chrysler says; Chrysler dealer Jim Arrigo tells the bankruptcy court that more will follow if the automaker fails to disburse $753 million in incentive money it owes dealers … NADA meets via conference call with the members of the Automotive Trade Association Executives.
4	Treasury reiterates President Obama’s assurance that, if needed, the government will back Chrysler warranty claims ... NADA Chairman John McEleney says going to a third party or Treasury for warranty reimbursement raises questions for dealers, including whether dealers will get paid at the full rate and on a timely basis ... A bankruptcy court approves Chrysler’s request for $4.6 billion in debtor-in-possession financing to pay dealers and suppliers; $753 million will go to dealers that Chrysler believes have value to Fiat, for sales incentives they were owed before the bankruptcy filing ... Fiat moves toward acquiring a majority stake in GM’s Opel unit … NADA meets via conference call with the members of the Automotive Trade Association Executives.
2	GM and Chrysler dealer Geoff Pohanka appears on "CNN Newsroom" to discuss how GM dealers will be affected by GM cutbacks.
1	GMAC will finance all Chrysler dealers with wholesale inventories financed by Chrysler Financial and provide retail financing for Chrysler buyers ... NADA handles a record 40 media interviews, emphasizing that dealers are not the problem, but part of the solution. Most interviews focus on Chrysler’s bankruptcy while others focus on GM dealer cutbacks, SBA loan eligibility expansion, and floorplanning ... NADA press release: "NADA Praises SBA Action to Expand Loan Eligibility" ... NADA Chairman John McEleney appears on C-Span’s “Washington Journal,” National Public Radio’s “All Things Considered” and “Talk of the Nation” and CBS News Radio. He’s also quoted extensively by print and online media, including CNNMoney.com, Automotive News, The Washington Post, The New York Times, Bloomberg, The Financial Times and The Detroit Free Press. NADA board member Dale Early speaks with the Associated Press; board member/Chrysler dealer Chuck Eddy appears on Fox Business Network; board member/GM dealer Mike Martin appears on NPR’s “Marketplace Radio”; board member Tammy Darvish/Chrysler dealer appears on Washington Post Radio.

April 2009
30	President Obama announces that Chrysler will immediately file for bankruptcy and, because Chrysler Financial would require “an unacceptably large stream of taxpayer money to remain viable,” GMAC will finance sales of new Chrysler vehicles. He notes that the federal government will provide additional capital to GMAC “to help unlock our frozen credit markets and free up lending so that consumers can get auto loans and dealers can finance their inventories, a measure that will help stabilize not only our auto market, but the broader economy, as well." The President also announces that the Small Business Administration has temporarily expanded dealer access to 7(a) loan guarantees for working capital ... NADA sends information about bankruptcy to all Chrysler, Jeep and Dodge dealers … NADA press release: "Chrysler Bankruptcy Should Not Be Used to Cut Dealer Network" … NADA continues to work with the Obama Administration to allow dealers to use 7(a) loans for floorplan financing … NADA director and Chrysler dealer Chuck Eddy appears on FoxBusiness.com Live ... Chrysler dealer and NADA board member Tammy Darvish appears on CNBC.
29	NADA board member and Chrysler dealer Chuck Eddy appears on NPR's "Marketplace."
28	The Treasury Department reaches tentative agreements with Chrysler's four main creditors that may allow the auto maker to avoid bankruptcy; remaining creditors balk at the terms ... NADA issues a call to action to all dealers, urging them to call the White House and their members of Congress — and ask their employees to do the same — to deliver the message that bankruptcy for GM or Chrysler would further erode the credit markets, threatening the entire auto industry and the economy ... NADA press release: "NADA Urges GM to Treat Dealers Fairly and Equitably."
27	GM announces it will close 42 percent of its U.S. dealerships by the end of 2010, from 6,048 in 2008 to 3,605. Already, 198 GM dealerships have closed in 2009. GM also says 2009 will be the final year it builds Saturn and Hummer vehicles and 2010 the last year for Pontiac. NADA estimates that the dealership closings will result in 135,000 jobs lost and $3.43 billion in lost revenue ... NADA meets with Paul Volcker, chairman of President Obama's Economic Recovery Advisory Board, and former Federal Reserve Board chairman.
24	NADA board member and Chrysler dealer Chuck Eddy appears on WTVN radio, Columbus, Ohio … NADA meets via conference call with the members of the Automotive Trade Association Executives.
23	NADA leaders meet again with President Obama’s auto industry task force, which is considering extending SBA loans to dealers for floorplanning ... NADA 2009 Chairman John McEleney appears on PBS's "News Hour with Jim Lehrer" and on National Public Radio … Former NADA Chairman Alan Starling appears on Sirius XM Radio.
16	NADA meets via conference call with the SBA.
15	NADA leaders meet with GM’s N.A. president, Troy Clarke and VP Mark LaNeve … NADA leaders meet with Chrysler’s Jim Press and Steve Landry.
14	NADA leaders meet with GM’s Fritz Henderson ... NADA Chief Economist Paul Taylor appears on News Channel 8, Washington, D.C.
13	NADA meets with the Federal Reserve Bank of New York and a number of capital management funds and institutional investors.
7	NADA initiates a letter urging President Obama to expand access to Small Business Administration lending for auto dealers and restore liquidity for retail auto and floorplan lenders. Led by Sen. Jeanne Shaheen (D-N.H.), the letter is signed by 34 U.S. Senators ... NADA Chairman John McEleney appears on WAMU [Washington, D.C.] radio's "The Environmental Report" to discuss Cash for Clunkers.
2	NADA Industry Stabilization Task Force meets via conference call.
1	GMAC announces immediate steps both to reduce dealer cash flow problems related to floorplan financing and to stimulate sales through an expanded offering of consumer credit … NADA applauds GMAC for taking meaningful steps to help dealers emerge from the current credit crisis responding to several NADA requests for assistance to its members, including those contained in a February 6 letter to General Motors from NADA Chairman John McEleney … NADA continues to stress to GMAC and other finance sources the precarious position of many dealers and the need to explore all available measures to ease the burden that the credit crisis has created ... NADA Chairman John McEleney appears on Fox Business News ... board member Richard Genthe appears on Michigan Radio.

March 2009
31	McEleney and NADA board member Chuck Eddy make separate appearances on Fox Business Network … NADA board member Richard Genthe appears on ABC-TV’s “World News With Charles Gibson," and board member Chuck Eddy appears on Fox Business News … NADA consults with CNN on a report on the potential impact of automaker bankruptcy … NADA meets via conference call with the members of the Automotive Trade Association Executives.
30	In a broader statement about the domestic auto industry, President Obama announces that Chrysler and GM have 30 days and 60 days, respectively, to submit more detailed plans for further restructuring to ensure viability … NADA press release: "NADA Urges Obama Administration to Increase Auto Credit Flow to Consumers and Dealers Immediately" ... McEleney appears on Sirius XM Radio.
28	NADA 2009 Chairman John McEleney is prominently featured in an article in National Journal, a major publication on Capitol Hill … New Mexico Kia dealer Bob Cockerham appears on Fox Business Network … NADA Chief Economist Paul Taylor appears on PBS “Motorweek.”
26	House Financial Services Committee seeks NADA input for a hearing on floorplan credit with Federal Reserve Chairman Ben Bernanke.
25	TALF (Term Asset-backed securities Loan Facility) opens … floorplan credit still not included.
23	NADA forms the Auto Finance Working Group, which includes the major vehicle financing companies, to deal with floorplanning and other finance issues before Congress.
20	NADA meets with the Federal Reserve Bank of New York and three credit ratings agencies to help them understand the model for floorplanning and the various layers of protection that would insulate the Fed and taxpayer money against risk of default.
19	With NADA’s support, New Mexico Kia dealer Bob Cockerham testifies before the Senate Small Business Committee to show how lack of access to inventory financing and working capital may force his business into bankruptcy ... NADA press release: "Future of Auto Dealership Threatened in Wake of Credit Crisis."
17	NADA Chairman John McEleney appears on New Hampshire Public Radio.
16	President Barack Obama and Treasury Secretary Timothy Geithner announce several measures to jumpstart credit flows for Small Business Administration 7(a) loan applicants … NADA continues to work to expand the universe of dealers eligible to apply for SBA 7(a) loans, and to eliminate the restriction on using loan proceeds for floorplanning.
13	NADA mails "A Dealer Survival Checklist" bulletin to all members.
10	NADA meets with Treasury and AFSA.
9	The NADA Industry Stabilization Task Force meets via conference call to recap the meeting with the President's auto task force.
6	NADA 2009 Chairman John McEleney leads a dealer delegation to meet with President Obama’s auto industry task force, urging them to immediately revitalize the asset-backed securities market for wholesale and retail auto loans and expand the Small Business Administration loan guaranty program to provide floorplanning and working capital for auto dealers … NADA press release: "Auto Dealer Groups Urge President Obama to Revitalize Market for Vehicle Inventory Credit and Retail Auto Financing" ... McEleney appears on Bloomberg TV.
2	NADA, along with the National Association of Minority Automobile Dealers and the American International Automobile Dealers Association, sends a letter to President Obama detailing the impact on dealerships of the credit crisis ... NADA meets with the SBA.

February 2009
28	NADA board member Neale Kuperman appears on “CBS Evening News.”
27	The NADA Industry Stabilization Task Force meets via conference call to review the status of the meeting request … NADA meets via conference call with the Federal Reserve Bank of New York.
25	NADA meets with the Federal Reserve Board.
20	Former NADA Chairman Bob Maguire appears on NPR.
18	The NADA Industry Stabilization Task Force meets via conference call and agrees to seek a meeting with President Obama's auto industry task force.
17	The sales tax deduction portion of Sen. Barbara Mikulski’s (D-Md.) amendment is retained in the final stimulus package, the American Recovery and Reinvestment Act of 2009; President Obama signs the act … GM and Chrysler submit viability plans to U.S. government as required by the Bush administration’s bridge loans under the Troubled Assets Relief Program (TARP) … NADA emails the viability plans to all dealers (GM viability plan, Chrysler viability plan) ... NADA press release: "NADA Responds to General Motors Restructuring Plan" ... NADA press release: "NADA Responds to Chrysler Restructuring Plan."
12	NADA press release: "NADA Commends Congressional Leaders for Including Tax Relief for New-Car Buyers in Stimulus Bill."
11	NADA meets with GM’s Rick Wagoner, Troy Clarke and Mark LaNeve.
10	NADA meets with Chrysler’s Jim Press and Steve Landry ... NADA meets with the Federal Reserve Board and the American Financial Services Association (AFSA)..
6	At the request of the Industry Stabilization Task Force, NADA sends a letter to senior management of all OEMs, outlining 3 major discussion areas -- credit, policy and transparency -- and requesting meetings with GM and Chrysler ... NADA meets with Treasury officials … NADA VP of Legislative Affairs David Regan appears on Fox News.
3	NADA Industry Stabilization Task Force meets in Washington … Senate votes 71-26 to add the NADA-supported sales tax deductibility amendment to the economic stimulus package.

January 2009
29	NADA press release: "Tax Incentive Bill from Maryland Senator is a Boost for Struggling Auto Industry and Economy."
27	The NADA board of directors forms the Industry Stabilization Task Force, chaired by Industry Relations Committee Chairman Stephen Wade ... NADA press release: "NADA Chairman Says Next Two Months are Critical to the Future of Auto Industry."
25	In his annual economic forecast for the media, NADA Chief Economist Paul Taylor predicts that “the economy should improve slightly and in the third quarter of 2009 start to see positive economic growth to help reach sales of at least 12.7 million units of light vehicles.” He adds that bankers must also increase lending to customers and dealerships for sales to rebound ... NADA press release: "Credit Crunch and Falling Home Prices Diminish Auto Sales in 2009 Says NADA Economist."
24-27	During the 2009 NADA Convention, members of the association’s Industry Relations Committee meet with automakers in 21 separate closed-door sessions to stress the importance of preservation of the franchised dealer model in any restructuring plans … 2008 Chairman Annette Sykora appears on CNN … NADA board members Jeff Carlson and Chuck Eddy appear on Fox Business News … NADA board member Stephen Wade appears on “CBS Evening News” … CNBC and Fox News include state of the industry reports in their coverage of the NADA Convention.
24	NADA press release: "Sykora: Auto Dealer Network is Crucial to Economic Recovery."
20	NADA, NAMAD and the Small Business Administration announce SBA loan guarantees for dealers who have gross receipts of less than $29 million. The loans are for working capital, not floorplanning ... NADA continues to work to expand dealer eligibility for SBA loan guarantees through a change in business-size standards and to lift the ban on using loan guarantees for floorplanning ... NADA posts online white papers for dealers, including "The Franchised Automobile Dealer: The Automaker's Lifeline" and "Synopsis of Bankruptcy Law Applicable to Motor Vehicle Manufacturers and Dealers" and "If You Are Leaving the Business: a Dealer Checklist."
16	NADA emails to all dealers details of the SBA loan guarantee program ... The ratings agencies downgrade automaker captives to sub-AAA, putting floorplan securitization through TALF off-limits … Chrysler announces possible alliance with Fiat.
13	NADA 2008 Chairman Annette Sykora joins Alan Mulally, Rick Wagoner, Bob Nardelli and Ron Gettelfinger for a two-hour Automotive Roundtable broadcast live on the ABC Radio Network.
12	NADA press release: "NADA Convention to Host 21 Automaker-Dealer Franchise Meetings at Critical Time for Industry."
8	NADA urges dealers to contact their members of Congress to push them to include the loan interest and sales and excise tax deductibility in the economic stimulus package.
6	The UAW begins concessions talks with the Detroit Three.

December 2008
31	U.S. new-vehicle sales ended the year down 18 percent from 2007, to 13.2 million units.
30	NADA press release: "NADA Statement on GMAC Expanding Retail Auto Financing" ... NADA board member Geoffrey Pohanka appears on Fox Business Network.
29	NADA posts “Understanding TALF” on its Web site. The U.S. Treasury takes a $5 billion stake in GMAC and loans $1 billion to GM, making GMAC eligible for TARP funds … GMAC reduces customers’ minimum credit score to 620, from 700.
22	NADA press release: "Federal Reserve Approves NADA-Backed Initiative Aimed at Increasing Inventory Financing."
19	The White House approves $17.4 billion in bridge loans to Chrysler and GM … NADA press release: "NADA Chairman Praises President Bush for Providing Automaker Relief" says, “This sends a clear message: Consumers can now consider any car from any manufacturer with confidence” … NADA meets with the SBA on floorplanning ... The Federal Reserve explicitly extends TALF to cover floorplanning.
18	NADA meets with representatives of the Federal Reserve Board to clarify eligibility requirements under TALF to ensure floorplan securitizations are included ... NADA press release: "Auto Bankruptcy of Any Kind is Not an Option."
17	NADA press release: "NADA Chairman Urges President Bush to 'Act Now' on Emergency Automaker Loans."
15	NADA press release: "NADA Statement on Congressional Failure to Pass Auto Relief."
13	NADA board member Geoffrey Pohanka appears on C-SPAN.
12	NADA President Phil Brady meets with representatives of the National Economic Council at the White House to urge the administration to use TARP funds to help the auto industry avoid collapse … NADA issues a call to action, asking dealers to call the White House to encourage the use of TARP funds to help automakers.
11	NADA sends a Legislative Alert, asking dealers to call their senators to ask how they’ll vote, then to call NADA to share the responses resulting in hundreds of calls from dealers … The Senate fails to pass the auto rescue package because of the lack of wage concessions by the UAW.
10	The House passes the auto rescue package, 237 to 170 … NADA 2008 Chairman Annette Sykora appears on NPR.
9- 10	In a mass “fly-in,” more than 100 dealers and dealer association executives from around the country descend on Capitol Hill to lobby on behalf of the auto rescue package and vehicle-buying incentives for consumers … NADA issues an alert, imploring dealers to call their members of Congress in advance of bridge loan votes.
9	NADA press release: "Auto Dealers Put Local Face on Need for Automaker Loans."
8	NADA meets with the Office of Management and Budget and the SBA.
7	NADA 2008 Vice Chairman John McEleney appears on ABC-TV’s “Good Morning America” and MSNBC.
6	NADA 2008 Chairman Annette Sykora appears on CNN.
5	NADA meets with Commerce Secretary Carlos Gutierrez ... The Detroit Three CEOs testify again before House Financial Services Committee, along with the National Association of Minority Automobile Dealers President Damon Lester, who shares how the credit freeze is affecting minority dealers … NADA urges dealers to contact their members of Congress on the bridge loans.
4	At NADA’s request, James Fleming, president of the Connecticut dealers association, delivers powerful testimony (video 16) before the Senate Banking Committee stressing the real-world impact of the automakers’ struggles on dealers and their communities … NADA 2008 Chairman Annette Sykora appears on Bloomberg-TV ... NADA meets via conference call with the members of the Automotive Trade Association Executives … Talk surfaces of GM selling – or otherwise divesting itself – of Saab and Saturn.
3	NADA 2008 Chairman Annette Sykora participates in a rally (video 7) in support of the bridge loans at a suburban Washington, D.C., Chrysler dealership, along with Chrysler President Jim Press. The rally receives worldwide media coverage … Connecticut dealers meet with Sen. Chris Dodd (D-Conn), chairman of the Senate Banking Committee … Sykora appears on CNN.
2	Members of NADA’s Executive Committee meet with their members of Congress on industry stabilization … NADA 2008 Chairman Annette Sykora appears on CNN’s “The Situation Room” with Wolf Blitzer.
1	In an interview with The Wall Street Journal, Commerce Secretary Carlos Gutierrez suggests that if struggling automakers have any hopes of receiving federal aid, help from Congress “could hinge on whether they trim their bloated dealer networks.” Within hours, NADA 2008 Chairman Annette Sykora sends Secretary Gutierrez a letter challenging his characterization of dealers as a cost that threatens healthy competition between the automakers ... NADA meets via conference call with the members of the Automotive Trade Association Executives ... With a quickly declining pace of new-vehicle sales, state and local governments around the country are reporting the effects of lost sales tax income, including a crunch on services provided and potential layoffs for employees.

November 2008
30	November new-vehicle sales fall by nearly 34 percent, reaching the lowest monthly total since January 1982.
26	NADA releases a report by the Casesa Shapiro Group: “The Franchised Automobile Dealer: The Automaker’s Lifeline,” showing that dealers are a valuable asset to the manufacturers, not a cost … GMAC applies to become a bank holding company, which would give GMAC access to the $700 billion financial bailout package and the Fed’s discount rate for emergency loans … The Bush administration orders the Detroit Three to draft viability plans, to be shared with Congress on December 5.
25	Treasury announces creation of the TALF—Term Asset-backed securities Loan Facility—which is meant to help the securitization of auto loans, student loans, and credit card loans … NADA urges Treasury to clarify that the TALF will also be used for floorplanning loans ... NADA press release: "NADA Commends Action by Federal Reserve and Treasury to Increase Availability of Auto Loans."
24	NADA releases a report in defense of the franchise system – “The Benefits of the Franchised Dealer Network: the Economic and Statutory Framework” – to preempt attacks on state franchise laws … NADA sends talking points to all dealers, encouraging them to contact their federal representatives over the Thanksgiving week to urge action on an automotive stabilization package ... NADA meets via conference call with the members of the Automotive Trade Association Executives.
23	NADA Vice President of Public Affairs David Hyatt appears on “NBC Nightly News with Brian Williams.”
21	NADA writes to the Detroit Three CEOs requesting input in the development of the plans they present to Congress … In a letter to the editor of The Washington Post, NADA 2008 Chairman Annette Sykora responds to a November 20 editorial, “Detroit at the Brink,” with a number of strong arguments in defense of dealers.
20	NADA urges all dealers to keep pressure on Congress to pass tax incentives for auto purchases ... NADA press release: "NADA Chairman Delivers Main Street Message to Congressional Panel Considering Auto Assistance Package."
19	NADA 2008 Chairman Annette Sykora testifies (video 12) before the House Financial Services Committee, along with Alan Mulally, Rick Wagoner and Bob Nardelli. In supporting the automakers’ requests for bridge loans, Sykora emphasizes the role that dealers play in the nation’s economy and notes that financially sound dealers are important to the success of automakers. She also urges passage of the Auto Ownership Tax Assistance bill … David Hyatt, NADA vice president of Public Affairs, appears on “NBC Nightly News with Brian Williams.” Williams kicks off the segment – on how the industry downturn impacts dealers – with: “If you grew up in an American town, then you know how important the local car dealership is.”
18	NADA meets with U.S. Treasury officials.
17	NADA runs a full-page “Open Letter" to consumers in USA Today. In it, NADA 2008 Chairman Annette Sykora urges consumers to have confidence in the auto industry, reminding them of our importance to the economy and our communities. Other papers, including the Boston Globe and Atlanta Journal-Constitution, subsequently run the ad at no charge … GM delays dealer sales incentives by two weeks to preserve dwindling cash.
14	NADA mobilizes a nationwide dealer grassroots effort to urge Congress to pass an auto stabilization package. The effort emphasizes that consumers need long-term relationships with dealers to cover service, parts and warranty, so failure of an automaker is not an option; automaker captives play a crucial role for dealers in providing financing for wholesale inventory and retail purchases; and legislation providing for the deduction of sales and excises taxes and loan interest on new vehicles is needed to help spur sales ... NADA mails "Credit Crisis" bulletin to all members.
12	Sen. Barbara Mikulski (D-Md.) proposes NADA-backed legislation to allow new-vehicle buyers to deduct sales and excise taxes as well as interest on auto loans. She announces the legislation at a press conference (video 7) at a Maryland Chrysler dealership with NADA 2008 Chairman Annette Sykora. NADA sends a Legislative Alert, urging all dealers to ask their members of Congress to support the legislation, cosponsored by Sen. Kit Bond (R-Mo.) ... NADA press release: "NADA Backs Consumer Tax Breaks for Auto Sales" ... NADA meets with the Small Business Administration on dealer access to floorplanning credit ... Sykora appears on Fox Business Network.
10	NADA launches TV and radio “Buy Now” ads, sending them to all 10,000 radio and 4,500 television stations and cable systems in the country. Ultimately, the ads run in more than 350 markets nationwide, all at no charge ... NADA meets with the Independent Community Bankers Association.
7	In a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, NADA 2008 Chairman Annette Sykora urges them to help preserve dealer viability as they consider requests for government intervention to support the ailing auto industry … NADA launches a free, confidential telephone hotline service to help dealers who need assistance with financial and operational issues, including frozen capital, cash flow, absorption, warranty administration, accounts receivable, aged inventory, capitalization concerns, expense reduction and internal processes … NADA Chief Economist Paul Taylor appears on CNBC … GMAC further tightens credit for consumer auto loans and dealer wholesale inventory, forcing dealers to seek credit elsewhere. Dealers turn to local credit unions and banks for financing options.

October 2008
31	New-vehicle sales sink further, falling to 838,186, the worst October sales rate in 25 years. That amounts to a seasonally adjusted annualized sales rate of 10.6 million units.
30	NADA launches the “Buy Now” campaign, sending print ads to every newspaper in the country and urging them to run them at no charge to support dealers in their local markets.
29	NADA President Phil Brady hand-delivers to the White House a letter from NADA 2008 Chairman Annette Sykora to President George W. Bush, urging him and Congress to act quickly to implement further steps to assist the retail auto industry. The letter requests refundable tax credits for the purchase of new vehicles, federal money to create a “cash for clunkers” program, and additional tax breaks for businesses that buy new vehicles. The letter also asks the president to provide emergency loan guarantees for dealer working capital through the Small Business Administration.
23	NADA 2008 Vice Chairman John McEleney appears on CNBC.
17	NADA 2008 Chairman Annette Sykora appears on Fox Business Network.
13	GMAC begins limiting auto loans to customers who have credit scores of 700 or higher, raises by 0.75 percent the rate it charges dealers for making loans that aren’t part of special incentives programs and limits most consumer loans to 60 months … GM and Chrysler ask the federal government for $10 billion in loans.
7	NADA 2008 Chairman Annette Sykora speaks to members of the automotive press in Detroit, saying it’s too soon to tell whether the bailout will help dealers, but that it “is better than no action.” Sykora’s appearance, including her observation that “there’s a light at the end of the tunnel; I just don’t know how long the tunnel is,” is reported by TV, print and radio media worldwide ... NADA press release: "NADA Chairman Urges Prompt Action by Government to Implement Recovery Plan."
6	NADA board member George Gorno appears on BBC Radio Live.
4	NADA board member Neale Kuperman and Chief Economist Paul Taylor appear on “CBS Weekend Evening News.”
3	President Bush signs TARP legislation.
2	The Senate passes TARP legislation.
1	NADA 2008 Vice Chairman John McEleney is quoted in USA Today, the Washington Post and the San Jose [Calif.] Mercury News on the credit crisis and floorplan financing ... NADA Chief Economist Paul Taylor appears on Bloomberg TV (with Fritz Henderson) ... McEleney and Taylor appear on CNN.
	NADA sends a letter to all House members explaining the critical need for floorplan credit, “the lifeblood of the industry,” and that passage of the legislation is essential to dealers and their employees and customers.

September 2008
31	600 franchised dealers have exited the business … September new-vehicle sales tumble more than 26 percent, to 964,873, the lowest since 1993.
30	The U.S. House passes TARP legislation ... NADA Chief Economist Paul Taylor is quoted in Time magazine, The New York Times and Detroit News articles on the credit crisis and appears on Fox News, Bloomberg TV, CNBC and Dow Jones to discuss the credit crisis and dealership closings.
29	The House fails to pass a $700 billion bailout of the country’s financial system. President Bush and presidential candidates John McCain and Barack Obama urge Congress to take up the legislation again ... NADA board member Ray Ciccolo appears on National Public Radio to discuss widespread dealership closings.
26	NADA urges dealers to contact their congressmen to encourage them to pass TARP this time around ... NADA press release: "NADA Urges Congressional Passage of Rescue Plan."
24	Congress approves the $25 billion in loans included in the 2007 energy bill, but it’s yet to be determined which automakers – and which projects – will be eligible.
22	NADA supports automakers’ effort to secure release of $25 billion in loans, included in the 2007 energy bill, to help them retool to produce more fuel-efficient vehicles.
15	Lehman Brothers files for Chapter 11 bankruptcy protection, the largest bankruptcy in U.S. history.
7	Fannie Mae and Freddie Mac are placed in conservatorship.

August 2008
31	The number of financing sources for dealers has shrunk noticeably, and lenders are less willing to lend … August new-vehicle sales fall 15.5 percent, to 1.25 million.
28	The first reports of dealers being squeezed between being unable to get financing for customers and facing their own pinch on floorplan lending begin to appear in news reports. The automaker captives begin push for inclusion in congressional legislation that would allocate $700 billion for the purchase of troubled assets.
27	Chrysler Financial notifies dealers that it is raising floorplan rates and, for the first time, requiring them to pay off aged inventory.
4	Rep. John Dingell (D-Mich.) pushes for release of $25 billion, included in last year’s Energy Independence and Security Act, for the Detroit Three.

July 2008
31	GMAC raises rates on floorplan and consumer loans and reduces lease programs.
30	Senate Democrats unveil a $24 billion economic stimulus plan, including $6 billion for automakers and suppliers.

June 2008
8	The national average price of a gallon of regular, self-serve gasoline surges above $4.

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