FOR IMMEDIATE RELEASE
February 5, 2009
Contact: Della Domingo
Washington, D.C. (February 5, 2009) – On behalf of SEMA (the Specialty Equipment Market Association) and its membership, we are pleased that the $16 billion cash for clunkers program was withdrawn from consideration in the Senate Economic stimulus bill tonight. Passage of such a program would cause serious dislocation in our industry and not constitute stimulus.
We are equally pleased that the Senate voted to include a SEMA-supported amendment to the bill allowing taxpayers to claim a tax deduction for car-loan interest payments and excise taxes when they buy a new car in 2009.
We applaud lawmakers for spending taxpayer money wisely rather than wasting dollars on programs that do not spur car sales, reduce emissions or increase fuel efficiency.
SEMA looks forward to working with the House and Senate and all stakeholders on sound economic solutions to the current recession.
Cash for Clunkers accelerates the demise of vehicles through the purchase of older cars which are then typically crushed into blocks of sheet metal. Clunker programs focus on a car’s age rather than its emissions, based on the faulty assumption that all older cars are dirty.
SEMA continues to believe that a cash for clunkers program would, for no proven gain, hurt thousands of independent repair shops, auto restorers, customizers and their customers across the country that depend on the used car market. The automotive specialty aftermarket provides thousands of American jobs and generates millions of dollars in local, state and federal tax revenues.
SEMA, the Specialty Equipment Market Association founded in 1963, represents the $38.1 billion specialty automotive industry of 7,358 member-companies. It is the authoritative source for research, data, trends and market growth information for the specialty auto parts industry. The industry provides appearance, performance, comfort, convenience and technology products for passenger and recreational vehicles. For more information, contact SEMA at 1575 S. Valley Vista Dr., Diamond Bar, CA 91765, tel: 909/396-0289, or visit www.sema.org and www.enjoythedrive.com.