Auto Dealers React to Latest U.S.-South Korea Trade Developments
Agreement in Principle Good News for Dealers, Who Feared KORUS Withdrawal
Alexandria, VA (March 28) – The American International Automobile Dealers Association (AIADA) today reacted with cautious optimism to the agreement in principle reached by U.S. Trade Ambassador Robert E. Lighthizer and his South Korean counterparts on modifications to the U.S.-Korea Free Trade Agreement (KORUS).
“Uncertainty around global trade is an obstacle for all American businesses, large and small,” said AIADA President and CEO Cody Lusk. “Today’s announcement of an agreement in principle is good news for auto dealers who rely upon their brands to make complicated manufacturing decisions based upon reliable, long term trade agreements. The alternative, in which the U.S. pulls out of the KORUS agreement, would have devastating consequences for America’s 1,600 Kia and Hyundai dealers and their more than 110,000 employees.”
America’s 9,600 international nameplate auto dealers, the majority of which are family-owned businesses, 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.
About AIADA: 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: 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 more than 500,000 American jobs. Visit AIADA online at www.aiada.org.
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