NADA Chairman Praises President Bush for Providing Automaker Relief

Auto Dealers Say Loans Will Allow Industry to Succeed

WASHINGTON, December 19, 2008: The Chairman of the National Automobile Dealers Association, Annette Sykora, said President Bush's decision to provide domestic automakers with short-term loans gives "the shot in the arm we need to lead the economic recovery."

"This is the first step toward restoring consumer confidence," Sykora said in a written statement today.

Bush announced today that the government will provide $13.4 billion to U.S. automakers in short-term loans to give manufacturers time to restructure.

"When you have the government declaring its confidence and commitment to U.S. auto manufacturers, it helps reassure the American public that domestic automakers will be around for the long term," Sykora said. "This sends a clear message: Consumers can now consider any car from any manufacturer with confidence."

NADA, founded in 1917 and based in McLean, Va., represents about 19,700 new-car and truck dealers holding nearly 43,000 separate franchises, both domestic and international.