Tag Archive | "NADA"

CUDL to Represent 750 Credit Union Partners at 2010 NADA Convention

ONTARIO, Calif. — CUDL, which administers the nation’s largest auto lending network for credit unions, will represent its more than 750 partnering credit unions at the 2010 National Automobile Dealers Association (NADA) Convention. The convention takes place Feb. 13-15, at the Orange County Convention Center in Orlando, Fla.

Building upon the company’s previous success at NADA, CUDL will once again provide a unified credit union presence, with the goal of reinforcing the vital role credit unions are playing in today’s marketplace and the lending power credit unions possess within the industry.

The largest event for automobile dealers in the U.S., the NADA convention averages more than 20,000 attendees each year, drawing attendance from approximately one-third of all U.S. dealerships. Adding to the draw of the convention, the NADA reports that they represent approximately 20,000 franchised new car and truck dealers holding nearly 43,000 separate franchises, domestic and international.

Credit unions continued to exhibit marketplace strength in 2009, providing a significant and reliable lending source for dealers. While many lending institutions backed-away from auto lending between 2008 and 2009, credit unions continued to be active in the marketplace, providing members, consumers and dealers with a stable lending option. As a result, credit unions captured nine points of market share from other lenders between 2008 and Q3 of 2009, reaching 23 percent share in September of 2009.

Further reflecting the important role credit union and dealer relationships are playing within today’s industry, CUDL had 146 new credit unions and 2,254 new dealerships nationwide join their auto lending network in 2009. Currently, CUDL’s national lending network includes 7,000 dealerships and more than 750 credit unions, representing 20 million members, nationwide.

“CUDL’s representation of its credit unions at the convention further underscores the significance of relationships between credit unions and dealers, and emphasizes the value credit unions’ see in partnering with dealers to get credit union members into new cars,” said Tony Boutelle, CUDL’s president and CEO. “Our goal is to increase dealers’ awareness of the market power credit unions possess, representing 86 million potential auto buyers, and to convey the importance and viability of partnerships between credit unions and dealers.”

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Rep. Watt Looks to Eliminate Dealer Exemption From CFPA

WASHINGTON — The National Automobile Dealers Association (NADA) is mobilizing a nationwide grassroots effort to oppose Rep. Mel Watt (D-N.C.)’s amendment to eliminate an exemption for auto dealers from the soon-to-be created Consumer Financial Protection Agency (CFPA).

The CFPA is currently part of financial reform legislation, HR 4173, which is moving quickly through the U.S. House of Representatives.

The Watt amendment would “nullify” the auto dealer exclusion language, not just “revise” it. Every auto dealer would be subject to CFPA regulation under the Watt amendment. The auto dealer exclusion language was carefully considered by members of the House Financial Services Committee and was approved by a strong vote of 47-21.

Under the committee-passed bill, banks and finance companies that fund and service auto loans arranged by dealers for their customers would be regulated by CFPA.

A vote could occur as early as today. NADA’s legislative office is strongly urging dealers to contact their House members as soon as possible and ask them to oppose the Watt amendment.

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NADA Study: Fewer Dealers Would Recommend Their DSP Vendor

McLEAN, Va. – Dealership satisfaction with Dealer System Provider (DSP) vendors declined significantly from the 2007 survey, according to new research from the National Automobile Dealers Association’s Information Technology Committee. DSP vendors develop and support dealership computer systems that assist dealers in managing their operations.

The 2009 survey shows that only 72 percent of dealership personnel are satisfied overall with their DSP vendors versus 79 percent in 2007. Fifty-three percent of dealership personnel in 2009 would recommend their DSP vendor to another dealership, slightly less than the 55 percent who said they would recommend their DSP vendor in 2007.

“Even though the overall satisfaction of the DSP vendors decreased from the 2007 survey, some vendors did show improvement,” said Jim Waldron, owner of Jim Waldron Buick-Pontiac-GMC Truck in Davison, Mich., and chairman of NADA’s IT committee.

“The vendors indicated they had planned to address topics in the 2007 survey that received low satisfaction ratings, but the overall results show that as a group they were not successful in improving overall dealership satisfaction, system functionality, customer service or training,” Waldron added. “We hope they will work diligently in coming months to improve their products and services for dealers.”

The survey shows that dealership satisfaction with DSP vendors is driven mainly by:

  • System Functionality – Key functionality drivers include flexibility of system software to adapt to dealerships’ business needs and the ability to customize the software for dealership needs.
  • Customer Service – Key service drivers include satisfaction with overall customer service and the speed of getting changes and modifications made.
  • Third Party Vendors – Key integration driver includes satisfaction with the ability of the system to allow third party vendors to share information.
  • Training – A key training driver includes effectiveness of technical training.

“The survey highlights areas that are important to dealers and where there are opportunities for the DSP vendors to improve,” said Dick Malaise, NADA vice president and chief information officer.

The survey was conducted for NADA by the automotive marketing research firm Friedman-Swift Associates in Cincinnati, Ohio. Friedman-Swift Associates conducted phone interviews with 984 dealership personnel including dealers and general managers, sales managers, service managers, parts managers and office managers and controllers.

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