WASHINGTON (Dec. 14, 2006) - The number of small business loans outstanding under $100,000 increased 25 percent between June 2004 and June 2005, according to a report released today by the Office of Advocacy of the U.S. Small Business Administration (SBA). The increase came mostly from credit card use by small businesses. The report also noted that the number of small business loans outstanding between $100,000 and $1 million increased 5 percent during the same period. The report, "Small Business and Micro Business Lending in the United States, for Data Years 2004-2005," has been expanded from previous editions to include information from savings banks, and savings and loan institutions. Click here to view the full report.(Source: SBA)Auto Financing 101 Web Site LaunchedWASHINGTON (Dec. 12, 2006) - Consumers in search of financing information when buying a new vehicle have another resource: the Learning Suite at www.autofinancing101.org. Launched by the Americans Well-informed on Automobile Retailing Economics (AWARE), the Web resource focuses exclusively on auto financing education, and its materials and other educational offerings are entirely free of marketing, advertising or sales efforts, says the group. In addition, the "Auto Financing Learning Suite" is offered in both English and Spanish. Available online at www.autofinancing101.org/LearningSuite, the site has four major sections:* Articles, Brochures and Other Helpful Resources: This section features downloadable materials, such as a quick-reference wallet card on auto financing, tips and a glossary of auto financing terms.* Calculators / Interactive Learning: The group's "Affordability Gauge" interactive tool helps consumers compare real costs of owning and operating various vehicles, and provides assistance in calculating savings for vehicle down payments.* Downloadable Worksheets Section: Consumers can download and print worksheets to help them complete a monthly budget and compare financing rate quotes from multiple creditors.* Resources for Young Adults, Teachers and First-time Car Buyers: Here, young car buyers can download AWARE articles geared toward their concerns. AWARE also provides visitors with links to financial literacy guides for young adults from the Federal Reserve Bank of Dallas and the National Council of Economic Education.(Source: AWARE)Lawmakers Pledge Disclosure of Vehicle Insurance Data MCLEAN, VA (Dec. 12, 2006) - A coalition led by Sen. Trent Lott (R-MS), Rep. Cliff Stearns (R-FL) and other Congressional members will pursue a mandatory total-loss disclosure law to reduce title fraud and title washing of insurance-totaled vehicles. Lott and a bipartisan list of colleagues sponsored S. 3707, the Passenger Vehicle Loss Disclosure Act, in the Senate to require that insurance companies permanently red-flag totaled, flooded or stolen vehicles. Stearns has introduced a similar bill, H.R. 6093, in the House of Representatives. Lott said that he plans to reintroduce the legislation when the 110th Congress reconvenes in early 2007.
Pictured, left to right: Reps. John Campbell (R-CA), Cliff Stearns (R-FL) and Bobby Rush (D-IL); Sen. Trent Lott (R-MS), Virginia Automobile Recyclers Association President Scottie Davis, and Rep. Gene Green (D-TX), examine a flood-damaged vehicle.
(Photo: NADA) The legislation requires disclosure of total-loss information before a vehicle is sold at salvage auction, rebuilt and returned to the market. Sponsors say the bill will reduce the likelihood that these dangerous cars will end up in a consumer's driveway. Additionally, the bill would require insurance companies to reveal the reason for the total loss (flood, collision, stolen, etc.), the date of total loss, the odometer reading on that date and whether the airbag deployed. "The goal of this legislation is simple: If a vehicle is totaled, the [vehicle identification number (VIN)] should be disclosed to the public," says David Regan, vice president of legislative affairs for the National Automobile Dealers Association (NADA). "Armed with total-loss information, consumers, businesses, dealers, auto auctions - anyone buying used cars - should be able to easily identify one of these rebuilt wrecks, even if the title was washed. This legislation is necessary to red-flag the total-loss history of a used car forever."(Source: NADA)Siemens VDO to Acquire Ballard's Electric Drive BusinessDEARBORN, MI (Dec. 21, 2006) - Siemens VDO Automotive Corp. has signed an agreement to acquire Ballard Power Systems Corp. from its parent, Ballard Power Systems Inc. The subsidiary develops and manufactures electric drive technology for fuel cell vehicles. Pending final approvals, the acquisition is projected to be completed in early 2007 and will include Ballard Power Systems Corp.'s research, development and manufacturing operation in Dearborn, MI, impacting approximately 80 highly specialized personnel. Upon transfer of ownership, Ballard Power System Corp. Dearborn-based employees will join Siemens VDO's Powertrain Electronics and Drivetrain division. (Source: Siemens VDO Automotive
Corp.)Eight-Hour Ozone Rule Struck Down WASHINGTON - The U.S. Court of Appeals' District of Columbia Circuit Court unanimously struck down the Environmental Protection Agency's (EPA) relaxed eight-hour ozone standard, saying that the agency violated the Clean Air Act. A coalition of states, health and environmental advocacy groups successfully argued that the EPA's relaxing of the rule made no sense, because it came after the agency found that the previous more-stringent ozone standard was in itself too weak to protect public health. In 1997, the EPA found that the then-existing one-hour ozone health standard in the Clean Air Act wasn't strong enough to protect health, and it adopted an eight-hour standard to provide greater protection. In 2004, the agency adopted rules that weakened pollution control requirements for areas - violating both the old and the new standard. That triggered the court challenge leading to the present decision. Speaking for the court's decision, Circuit Judge Roberts said, "We hold that EPA's interpretation of the Act in a manner to maximize its own discretion is unreasonable, because the clear intent of Congress in enacting the 1990 amendments was to the contrary." (Source: U.S. Court of
Appeals)Auto Value/Bumper to Bumper
Joins CCPN BETHESDA, MD - Auto Value/Bumper to Bumper announced that each of its certified service centers now is officially a member of the Automotive Aftermarket Industry Association's (AAIA) new Car Care Professionals Network (CCPN). The CCPN was created to represent, support and improve automotive service centers and provide them with a national platform. As an official segment of AAIA, CCPN members will be connected to the entire aftermarket channel: manufacturers, WDs, jobbers, distributors, program groups, retailers and state associations. This program offers participation in grassroots advocacy in legislation, training and education, technology, market research and consumer education. Auto Value/Bumper to Bumper is part of Aftermarket Auto Parts Alliance. For more information, visit
www.autovalue.com.(Source: AAIA)UUG Adopts Zurich as Brand Name SCHAUMBURG, IL (Jan. 2, 2007) -Universal Underwriters Group has adopted the brand name Zurich in a further step of its ongoing integration with Zurich North America Commercial (ZNAC). According to a press statement by Zurich, all of the specialized knowledge, personal service and trusted relationships Universal Underwriters' customers and associations have grown to expect will be combined with the global capabilities, financial strength and security of ZNAC. "We are fully committed to developing the Zurich brand in the automotive and dealer categories," said Tom Bradley, president of Universal Underwriters Group "and look forward to continue providing Universal Underwriters' customers and associations with great value, products and services." Starting January 2, customers will begin seeing Universal Underwriters branded as Zurich in collateral, advertisements and day-to-day contacts.(Source: Zurich Financial Services Group)
