Jackson, the top executive at the largest U.S. auto retailer, began the term lasting through 2013 on Jan. 1, the bank said today in a statement. Also named to the board was Gary L. Tice, the chairman and CEO of First National Bank of the Gulf Coast and a former director of the American Bankers Association.
Federal Reserve branch directors give the district bank’s president economic information from their respective industries and regions that can be used in monetary policy and discount rate recommendations, according to the statement.
U.S. auto sales will rise to 12.8 million this year as the economy rebounds and more subprime borrowers receive loans, Jackson, 61, told reporters and analysts on Jan. 12 at the Automotive News World Congress in Detroit. He said Fort Lauderdale, Florida-based AutoNation was getting credit approval for subprime buyers about 10 percent of the time, down from 50 percent traditionally.
Automakers sold 11.6 million light vehicles in the U.S. last year.
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