New York Auto Dealers Expect New Car Sales Boost from Cash for Clunkers Program

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NEW YORK - June 26, 2009: "This is a tremendous incentive to encourage people to trade-in their old vehicles for newer, safer, more fuel efficient and less polluting vehicles," said Mark Schienberg, president of the Greater New York Automobile Dealers Association (GNYADA). GNYADA represents almost all the new vehicle dealers in greater New York and has been a major supporter of the "Cash for Clunkers" Bill.

"The success of similar programs in Europe have shown that this is an important measure in helping to kick-start new car sales which will ultimately help to stimulate the economy and create new jobs in communities across our area," continued Schienberg.

Key elements of the program are:

* The $1 billion program is authorized from July through November

* It will provide for rebates of between $3,500 and $4,500 when consumers trade in a vehicle toward the purchase of a new qualifying model.

* There is no income limitation for the rebate but the maximum purchase price is $45,000.

* The vehicle that is traded in will have to be scrapped.

The measure is expected to help boost auto sales by creating a significant cash incentive to replace older cars and trucks with newer, higher mileage, less polluting vehicles.

"I am especially grateful to Senators Chuck Schumer and Kirsten Gillibrand for their support of this measure," concluded Schienberg.