Detroit has long been regarded as the car production capital of the world. The historic metropolis is nicknamed “Motor City” for a reason. It's the place where Chrysler, Ford Motor Company and General Motors established an industrial epicenter and where they are still headquartered to this day. Recently, however, the news coming out of Detroit has been more a continual flow of doom and gloom.
|SEMA Vice President of Operations Bill Miller helps the kids of Childhelp build derby cars to be sponsored and raced at the SEMA Pinewood Drag Race.|
California Assemblyman Mike Duvall is the new chairman of the State Automotive Enthusiast Leadership Caucus. The Caucus is supported by SEMA. Duvall succeeds New York Assemblyman Bill Reilich who served in that capacity for a two-year term beginning in 2007.
The U.S. Small Business Administration (SBA) has temporarily expanded the size requirements for SBA-backed 7(a) loans in order to help insert more liquidity into the marketplace. The SBA estimates that more than 70,000 small businesses across the country will be eligible for new loans between now and the time the program ends on September 30, 2010, including many auto-sector businesses.
Source Interlink Companies Inc., one of the largest publishers of magazines and online content for enthusiast audiences and a leading distributor of DVDs, CDs, magazines, video games and books announced it has reached a restructured agreement with its lenders to eliminate approximately $1 billion dollars of existing debt and privatize the company. Under the agreement, the company’s lenders will cancel nearly $1 billion of the company’s existing debt and provide approximately $100 million in additional liquidity.
Thousands of buyers in the automotive industry are already registered to attend the 2009 SEMA Show.
SEMA Continues to Promote Options to Short-Sighted Scrappage Program
Key lawmakers in the U.S. House of Representatives announced a “Cash for Guzzlers” agreement that would pay consumers to scrap cars and trucks that get less than 18 miles per gallon in exchange for a cash voucher to buy a new car. The consumer would receive either $3,500 or $4,500 depending on the fuel economy improvement of the new vehicle. Legislation is expected to be introduced in the near future.
Exhibit sales increased by more than 20% in one week as SEMA Show
exhibitors contract for booth space before the pending space selection.
Bill Perry, Rolan “Jeep” Worthan and Henry “Smokey” Yunick will be inducted into the SEMA Hall of Fame.
SEMA Member News - May/June 2009
Growing Out of the Recession
By Joel Rosenthal