Archive for April, 2011

28
Apr
11

NABD conference & academy

This year, the National Alliance of Buy-Here, Pay-Here Dealers will hold the Buy-Here, Pay-Here Dealer Academy, May 16 & 17 before their annual conference which begins May 18. Both the academy and the conference will be held at the Venetian/Palazzo in Las Vegas. The Academy will focus on the key things needed to run successful in-house financing, both operationally and financially.  The combo of the academy followed by the conference should offer a great deal of important educational information to help dealers further sharpen their skills in the area of in-house financing. Ken Shilson, NABD president and founder said that they have assembled a group of the nations leading operators and experts who will share their knowledge. So whether you are new and looking to move into the Buy-Here, Pay-Here market or a seasoned professional you should come away with some useful and helpful information for your buy-here, pay-here dealership.

The overall focus of this year’s conference will be on the image of the buy-here, pay-here industry with a total of 30 speakers planned.

To read the full article in Used Car News, please click here.

28
Apr
11

new york & shanghai auto show – going on now

This year the New York International Auto Show and the Shanghai Auto Exhibition are taking place at the same time, now. Although the Shanghai auto exhibition has only been around for 14 years, compared to the New York century-old event, it is still getting quite a bit of attention and focus from automakers. Mercedes-Benz and General Motors are making sure to have important car unveilings at both shows rather than just focus attention on one. In the past years as the U.S. auto market has seen lots of changes and decline, the Chinese auto market has seen a rise in sales so there is no doubt why automakers are making time to pay attention and be present at the Shanghai auto expo. The theme for this year’s auto expo in Shanghai, “Innovation for Tomorrow” represents the changing industry and evolving needs of consumers. And although the Shanghai expo is important for many automakers, the New York International Auto Show still has their attention.

To read the full article in the New York Times, please click here.

With the auto industry facing many challenges, hopefully the auto shows will help to spark excitement for what is to come.

25
Apr
11

used car sales & prices on the rise

Looks like the cost of used cars, particularly compact used cars is anticipated to continue to rise. According to NADA, since January the trade-in value for compact cars has gone up by 10% compared to only a 4% rise in 2010. Factors that are contributing to this rise are not only gas prices and the want for more fuel efficient vehicles but also the auto production slow down caused by the Japan earthquake and tsuami. It’s expected that the cost of compact and or fuel efficient vehicles will continue to rise until the production problems are solved in Japan. The shortage of new car availability is making consumers look to the used car market for both fuel efficient vehicles and more selection. This can either be a great time to trade-in your vehicle or a time to hold on to it.

To read the full article in the Dayton Daily News, please click here.

20
Apr
11

the real reason customers leave dealerships

According to a study by CAR-Research XRM the biggest reason customers said they left the dealership wasn’t because of time constraints or having to discuss with a decision maker, 27% said it was because of issues with the sales people or sales management at the dealership. Customer issues with the sales staff ranged from rude and disrespectful to sales staff not being knowledgable. The next highest reason for customer leaving a dealership was because they were shopping around at 20%,  followed by price at 12%. 

To read the full article at F&I Magazine, please click here.

How many sales would you guess the average dealership has lost each month because customers have issue with the sales staff?

14
Apr
11

Nowcom Assists with Regulatory Compliance

Is your Dealership Red Flags Rule Compliant? Does it have to be? YES!

As of Jan. 1, 2011, it was official. All dealerships that do indirect lending have to be Red Flags Rule compliant according to the Federal Trade Commission (FTC), so the time to make your dealership compliant is now. You don’t want to be caught without a system in place and even more importantly you don’t want to leave your dealership open to identity theft or possible fraud. The question is, where to start?

Let’s begin with the basics. A Red Flag is any identity theft warning sign. Implementing a program to be Red Flags Rule compliant can be manageable and helpful for your dealership to prevent fraud, identity theft and, of course, be compliant. To identify and detect Red Flags and maintain Red Flags Rule compliance, Experian has designed a comprehensive and market leading fraud management platform, Precise ID.

To read the full Nowcom article at Dealer Business Journal, please click here.

13
Apr
11

Dealer-Assisted financing – a great thing according to NADA

During an all-day roundtable that the Federal Trade Commission (FTC) had this week in Detroit, NADA noted the importance that dealer-assisted financing has on the financing process for consumers, saying it has extraordinary value. The NADA rep outlined in detail how just having it there gives more options to consumers, creates a more competitive environment, had possibility of offering consumers competitive rates and gives “unbanked” consumers that otherwise wouldn’t be able to secure financing a means to get transportation. In many cases, even if consumers don’t choose the dealer-assisted financed option, it still provides a huge benefit.

The all-day roundtables are targeted at examining consumer protection issues related to 5 areas of vehicle leasing and sales. This roundtable and a few others are created to help the FTC figure out how they should exercise the power they’ll be assuming to issue rules prohibiting unfair and deceptive acts or practices (UDAP) by auto dealers under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

To read the full article on NADA Regulatory Affairs, please click here.

12
Apr
11

automaker inventories affected

 

This month U.S. dealers will probably begin to see an effect on their car inventories, particularly small cars, due to the overall halt in production in Japan. It’s now been a month since the major earthquake and tsunami hit Japan, effecting global production and forcing the shutdown of assembly plants. Among the many, many obvious problems these natural disasters have caused, they have also had a dramatic effect on global auto production.  Some of the consequences of these shut downs; days in inventory numbers are down from last month and depending on the automaker down to as low as 22-day supply  (Kia cars) and 23-day supply (Ford Focus). Many other automakers, such as Toyota Motor Sales, American Honda and Ford Motors, are at less than 60-day supply which is considered ideal. As days in inventory numbers decline automakers such as Toyota are being proactive and prioritizing distribution by  managing inventories in hopes of ensuring that high-demand vehicles such as the Toyota Prius remain available.

Even with all the effects that the Japan earthquake and tsunami have had on global production most see the production disruption as short-term and not having a major effect in the long run. Both GM and AutoNation have kept their forecasts for the remainder of the year the same. On the other hand the consulting firm of IHS Automotive sees an American auto production shut down like the one seen in Japan auto production just weeks away. They see that non-Japanese automakers will have their own product shortages by summer. Overall it looks like automakers, both Japanese and non-Japanese will continue to see effects but for how long and how dramatic remains to be seen.

To read the entire article in Automotive News, please click here.




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