Trilateral Agreement Offers Security to Auto Industry
Alexandria, VA (October 1, 2018) – After months of uncertainty, the American International Automobile Dealers Association (AIADA) today welcomed the news that the United States, Canada, and Mexico have all agreed to a revamped version of the North American Free Trade Agreement (NAFTA), now known as the United States-Mexico-Canada Agreement (USMCA). The new treaty could be signed by all countries within 60 days, and will then need to be passed by Congress.
AIADA President and CEO Cody Lusk issued the following statement:
“Uncertainty is the enemy of business, large and small. Today’s announcement of a trilateral agreement between the U.S., Canada, and Mexico allows the entirety of the auto industry, from manufacturers to hometown dealers, to once again plan for the future. AIADA’s 9,600 dealer members look forward to learning additional details about the pact, and its impact on the auto sector, in the coming weeks.
“We remain deeply concerned over the Department of Commerce’s ongoing 232 investigation, and the threat of massive new tariffs on imported autos and parts. Dealers will continue to urge the Trump Administration and Congress to pursue positive trade policies that keep the American auto industry open, dynamic, and competitive.”
America’s 9,600 international nameplate auto dealers employ more than 577,000 Americans, resulting in a payroll of $32 billion and an additional 527,000 indirect jobs. Last year, they sold 8.4 million vehicles to American consumers – 59 percent of total U.S. retail vehicle sales. For more on the impact of America’s international nameplate dealers on our economy visit AIADA.org/our-impact.
Established in 1970, AIADA is and continues to be the only association whose sole purpose is to represent America’s international nameplate automobile franchises that sell and service the following brands in the United States: Acura, Aston Martin, Audi, Bentley, BMW, Ferrari, Genesis, Honda, Hyundai, Infiniti, Jaguar, Kia, Land Rover, Lexus, Maserati, Mazda, Mercedes, MINI, Mitsubishi, Nissan, Porsche, Rolls Royce, Scion, Smart, Subaru, Toyota, Volkswagen, and Volvo. These retailers have a positive economic impact both nationally and in the local communities they serve, providing over 577,000 American jobs. Visit AIADA online at www.aiada.org.