Tag Archive | "NADA"

NADA Forges Partnership With MyCarDoesWhat Campaign


LAS VEGAS — The National Automobile Dealers Association (NADA) has announced a partnership with the MyCarDoesWhat campaign — a research-driven campaign created by the National Safety Council and University of Iowa to help raise awareness of new vehicle safety features designed to prevent crashes and reduce deaths and injuries.

Research from the University of Iowa shows that most consumers are unsure about how potentially life-saving vehicle safety features work. It also shows that consumers are unlikely to fully and properly utilize the features if they are not introduced to them within the first 90 days of vehicle ownership.

“While our cars are getting safer, we might not be taking advantage of the new safety features on our cars as much as we can be,” said NADA President Peter Welch. “A blind spot monitoring system can’t help you if you don’t have it turned on, and automatic emergency braking isn’t going to keep you safe if you think it’s a substitute for being an active, alert driver.

“As the main touch point for consumers considering new car purchases, dealers have a very natural role to play here,” he added. “And by working together, hopefully we can close the consumer education gap, and achieve our shared goal of getting drivers to feel comfortable and confident with all their vehicles have to offer on the safety front.”

The MyCarDoesWhat campaign was created to educate consumers about how to best interact with safety features in order to promote safer driving experiences. The campaign uses multi-media educational tools, public service announcements, consumer-friendly videos and graphics, brochures, fact sheets, a game app and social media platform to educate drivers, according to the association.

“If motor vehicle crashes were a disease, vehicle safety technologies could be the cure,” said Deborah A.P. Hersman, president and CEO of the National Safety Council. “Through this partnership, it is our hope that making these materials available to new car owners will pique their curiosity, and they will take the time to learn about the new technology they’re driving home.”

For more, visit the campaign’s website.

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NADA’s Koblenz to Shed Light on CFPB at Agent Summit


LAS VEGAS — Andrew D. Koblenz of the National Automobile Dealers Association (NADA) will speak at the upcoming Agent Summit and provide attendees with insights into the Consumer Financial Protection Bureau (CFPB)’s regulation of the auto finance market, organizers announced Monday. The sixth annual event will be held May 9–11, 2016, at the Venetian Palazzo Las Vegas.

“Understanding the trajectory of the CFPB’s activity regarding the auto finance market is critical to understanding the current regulatory environment in which we find ourselves,” Koblenz said. “It’s also a vital part of evaluating those concrete steps that dealers and lenders can and should be taking in the face of this new regulatory reality.”

Koblenz currently serves as executive vice president of legal and regulatory affairs for NADA, and also oversees the organization’s economic and research department. He is a frequent speaker and valued source for a number of industry events and publications.

At September’s Industry Summit, Koblenz presented “Solving the CFPB Problem,” a comprehensive review of actions undertaken by the CFPB, the effects of those actions on the industry and what the future holds for the oft-maligned agency. He is expected to touch on similar themes at Agent Summit.

“Andy never fails to connect with his audience, because he approaches the topic of compliance with hard-won expertise and disarming humor,” said David Gesualdo, show chair and publisher of Agent Entrepreneur and F&I and Showroom magazines. “He understands both the seriousness and absurdity of the CFPB’s efforts. He is the ideal speaker for a key topic at a critical juncture.”

Registration for Agent Summit is now open at the event’s website as well as by phone, fax and email. Attendees who register by April 4 will enjoy a $100 discount. To inquire about sponsorship and exhibition opportunities, contact Eric Gesualdo via email hidden; JavaScript is required or call 727-612-8826.

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NADA Statement on Departure of VW of America CEO Michael Horn


TYSONS, Va. – This week’s departure of Volkswagen of America’s President and CEO Michael Horn is a significant blow to the VW dealer network, which has been operating in crisis mode for more than six months. What’s most regrettable about Mr. Horn’s departure is that it leaves more questions than answers for the 652 Volkswagen dealers across the U.S.

The impact of the diesel defeat-device scandal has not only negatively impacted dealership profitability due to a limitation of product available to sell, but, more significantly, has severely damaged the reputation of the brand in the eyes of consumers – damage we all know could take many years to overcome.

A critical step in this recovery will be for VW to honor the future product plan that Mr. Horn and VW dealers fought vigorously for in Wolfsburg. Volkswagen’s U.S. dealers have made significant investments in buildings, technology, and people over the past several years based these product commitments that we hope are not in jeopardy.

NADA calls on Volkswagen AG CEO Matthias Mueller, and brand chief Herbert Diess to meet personally with their dealers at the upcoming Volkswagen franchise meeting during the NADA Convention in Las Vegas. VW dealers deserve to hear first-hand from the company about its vision for the future of Volkswagen in the United States.

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NADA Forecasts a Record 17.7 Million New-Car Sales in 2016


DETROIT – U.S. sales of new cars and light trucks will set an all-time record in 2016, said Steven Szakaly, chief economist of the National Automobile Dealers Association.

“More than 17.7 million new light vehicles will be purchased or leased this year, about a 2-percent increase from 2015, and setting back-to-back records,” Szakaly said. “It will be the seventh consecutive year of auto sales growth.”

In 2015, a record 17.4 million new light vehicles were retailed, up 5.8 percent from 2014, according to WardsAuto. The average transaction price of a new car and light truck was $33,269 in 2015, according to NADA.

“We are living peak auto sales right now, and we will see one more year of that growth in 2016,” Szakaly added. “But only because of rising incentives that will keep consumers coming into showrooms. The real worry now is whether we’re starting to pull sales ahead from future years.”

Szakaly explained that, in the battle for market share, automakers are expected to increase incentives this year to manage increased manufacturing capacity, and to offset the effects of a slowing global economy, especially in emerging markets.

“If we were looking at a market with stable global growth and no increases in manufacturing, auto sales might actually fall in 2016,” he said. “But we have a situation where plants have been built, demand is slowing, and the U.S. market remains the most profitable in the world. Growth in places like Mexico will offer some temporary reprieve, but it won’t be sufficient to offset falling demand from Brazil, South Africa and other emerging markets. This means incentives will rise to stoke demand.”

Sustained sales momentum in 2016 is also dependent on expectations that auto financing rates will remain competitive, with interest rates rising modestly – by less than 1 percentage point – by the end of 2016; wages will grow about 2.5 percent this year; and the economy will add more than 2 million net new jobs in 2016, Szakaly added.

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Provision in New Tax Bill May Benefit Dealers


WASHINGTON, D.C. — Congress recently passed the “Protecting Americans from Tax Hikes Act of 2015,” a $622 billion tax bill that will allow dealers and their customers to expense a larger portion of business equipment purchases, according to a release from the National Automobile Dealer Association. The NADA said the provisions included in the Act will interest people purchasing passenger automobiles and trucks for business purposes, reported F&I and Showroom.

A provision in the act will grant dealers an additional $8,000 in first year-depreciation for certain business-related vehicles purchased in 2015. However, to use the provision in 2015, dealers must purchase qualifying vehicles before Dec. 31, 2015. The additional $8,000 continues into 2016 and 2017 but will be gradually phased out starting in 2018, according to the NADA.

The legislation has received strong support from the NADA and American Truck Dealers and has been signed by President Barack Obama.

The Act will also permanently extend and modify the limitations and treatment of certain real property as Sec. 179 deductions. The current $25,000 and $200,000 expensing limitation and phase-out amounts will be increased to $500,000 and $2 million, respectively, and will be indexed for inflation starting in 2016.

The current $250,000 expensing limitation for qualified real property will also be eliminated in 2016, according to the NADA. Furthermore, air conditioning and heating units placed in service in tax years beginning after 2015 will be eligible for expensing.

The act will also increase the amount of unused AMT credits that may be claimed in lieu of bonus depreciation starting in 2016. Bonus depreciation for property placed in service during 2015-2017 will be set at 50 percent, 40 percent in 2018 and 30 percent in 2019. Tax payers will continue to be able to choose to use AMT credits in lieu of bonus depreciation under special rules for property placed in service during 2015, according to the NADA. Qualified improvement property will now also be included as bonus depreciation.

The NADA encourages dealers to consult their tax advisor to determine the best way to maximize potential tax savings.

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House to Vote on CFPB-Altering Bill This Week


WASHINGTON, D.C. — The U.S. House of Representatives is expected to vote this week on a bill that would rescind the Consumers Financial Protection Bureau’s guidance on dealer participation and add a few more steps in to its guidance-writing activities.

The House is expected to vote on H.R. 1737, which the House Financial Services Committee passed this past July by a 47-10 vote, either on Wednesday or Thursday. It was introduced this past April by Rep. Frank Guinta (R-N.H.) and Ed Perlmutter (D-Colo.).

Aside from repealing the bureau’s March 2013 guidance on dealer participation, the legislation would require that the bureau provide a public comment period, consult with other agencies that share jurisdiction over the indirect auto finance market and disclose its testing methodologies before issuing any further guidance. The bill has received strong support from the National Automobile Dealers Association, which called on members this week to contact their local Congressperson to urge them to vote “Yes” on the bill.

“H.R. 1737 is a good-government bill that says to the CFPB, stay in your lane, make sure you understand the market, listen to the public, listen to the stakeholders — all of them — understand the implications of what you’re doing, understand what your actions do to consumers, and understand what they do to minority-owned businesses, women-owned businesses, and, in fact, all small business,” Andrew Koblenz, the NADA’s executive vice president of legal and regulatory affairs and general counsel, told F&I and Showroom this past September.

“And be transparent,” added Koblenz, who served as a keynote speaker at the magazine’s annual conference in September. “Tell us what you’re basing your analysis on, your conclusions on, and, to the extent you can, what your data shows. And coordinate with other agencies that have share responsibilities in this marketplace …”

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