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PPG says it’s planning for an upbeat presence at the 2010 SEMA show in Las Vegas. PPG will have displays both inside—at booth #24813—and outside—in the Silver Lot #9. A retro 1950s theme and décor will set the tone for PPG’s participation in the four-day event. Celebrity painters, an expansive variety of custom vehicles, custom-painted guitars, industry classes, the new Vibrance Collection waterborne midcoat and more will be featured, the company says.

Thursday, 21 October 2010 16:21

NACE 2010 by the Numbers

ASA sponsors NACE and its “CARS” mechanical industry event all under the “Automotive Service and Repair Week” (ASRW) umbrella. For the first time in six years, NACE 2010 was held separately from “Automotive Aftermarket Industry Week,” during which SEMA-AAPEX and other automotive aftermarket shows are held. The return of NACE as a stand-alone event was triggered by efforts to lure collision repairers and exhibitors to SEMA, a strategy that appears to be working given SEMA 2010’s 120% growth over last year’s PBE exhibits.

The National Auto Body Council’s Recycled Rides Program gave five refurbished vehicles to families involved with the Family Promise of Las Vegas program which provides support to families in crisis on October 12 on the NACE show floor.

The number of women entering the collision repair industry has been quite substantial in recent years, and is further encouraged by events and sessions put on by the Women’s Industry Network (WIN) at the NACE expo this year.

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WIN sponsored the Women’s Professional Development Track which included a total of five sessions during the event, as well as having their own booth on the expo floor.

Sunday, 17 October 2010 20:17

GM IPO moves ahead for week of Nov. 15

General Motors Co  is on track to move ahead with its initial public offering during the week of Nov. 15 after a recent round of meetings with sovereign wealth funds, however the company has said it has not determined a price range for the stock and could not confirm that the IPO would take place in November.

The GM IPO has been closely watched both because of its expected scale and because of the involvement of the U.S. government, which is looking to the landmark stock offering to reduce its nearly 61 percent stake in the automaker.

Bankers representing GM met with sovereign wealth funds in Asia and the Middle East over the past two weeks to make the case that the automaker has emerged from its 2009 bankruptcy as a leaner and more nimble competitor, two of the sources said.

Analysts from the 10 underwriter banks involved in the GM IPO began a series of meetings aimed at reaching a consensus on the market value the top U.S. automaker, two sources said.

After analysts come to consensus on that valuation, GM will offer investors a discount of 20 percent from that level in pricing shares for the IPO, multiple sources said.

That margin of discount is part of a standard practice in IPOs to reward investors for taking a risk on a new issue.

GM needs to have a market valuation of about $67 billion if U.S. taxpayers are to break even on the common stock the U.S. Treasury holds.

The U.S. Treasury is expected to be the major seller of common stock in the GM IPO and is prepared to take a loss on the initial sale of stock, sources have said.

The governments of Canada and Ontario will likely follow the lead of the U.S. government as sellers, two sources said. As part of the GM bailout, Canada offered the automaker funding and took a stake of 11.7 percent in return.

It remains unclear if a trust fund affiliated with the United Auto Workers union will sell part of its stake in the IPO. The union trust, which was established to pay for retiree healthcare costs, holds 17.5 percent of GM.

 

M was restructured in 2009 with a $50 billion bailout from the U.S. government.

U.S. auto sales are picking up, with an annual selling rate that could exceed 12 million cars and light trucks in October, a senior Toyota Motor Corp. sales executive said Oct. 14. That would be the highest selling rate since last August, when "cash-for-clunkers" rebates stoked demand. Since then, the selling rate has been between 11 million and 12 million light vehicles.

"The truth is the industry is on the mend, but the economic recovery is much slower than many forecasted and certainly slower than many of us would have liked," Don Esmond, senior vice president at Toyota Motor Sales USA, told the Automotive Press Association.

"The good news is that the job market, personal consumption, capital spending and residential investment are inching up," he said. "The bad news is that lingering high unemployment and erratic stock prices are restraining consumer confidence and spending."