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Inside this issue
Auto Industry Accounts for $135B in Annual Tax Revenue
Hybrid Vehicle Owners Rev Down
Americans Buying More Fuel-Efficient Vehicles
Prices for Smaller Used Cars May Rise in Next Few Weeks
Ford Dealer Eck Establishes Scholarship
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Auto Industry Accounts for $135B in Annual Tax Revenue

The auto industry accounts for more than $135 billion of the nation's federal and state tax revenues — including about 13 percent of all state tax revenue — a study released Wednesday found. The study by the Ann Arbor-based Center for Automotive Research was commissioned by the Alliance of Automobile Manufacturers and seeks to highlight the huge economic impact of the sale and use of the nation's more than 250 million vehicles. Total revenue from car sales totaled over $564 billion in 2010, an increase of 17 percent from the previous year. The manufacture and sales of parts, along with repairs and service, account for another $173 billion in economic activity. So, automobiles drive more than $735 billion into the economy each year, the study found.
Source: The Detroit News

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Hybrid Vehicle Owners Rev Down

The people who make hybrid cars aren't gonna like this, but here you go. Turns out hybrid car owners just aren't that loyal. So says a new survey from the auto consultants R.L. Polk. They found only 35 percent of hybrid owners bought another hybrid when they went new car shopping last year. Bill Underriner sells cars in Billings, Mont. He says his Hyundai customers are more interested in the conventional Sonata than the hybrid version, Sarah Gardner reports. Because there’s only three or four miles per gallon difference, Underriner says. But the suggested retail price for the hybrid costs $6,000 more, says Rebecca Lindland at IHS Automotive. Lindland says hybrid-makers have also over-promised on fuel economy in the past and maybe it’s come back to bite them.
Source: Marketplace (American Public Media)

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Americans Buying More Fuel-Efficient Vehicles

Higher gas prices are prodding Americans to buy more fuel-efficient vehicles, according to a report released Tuesday. The University of Michigan Transportation Research Institute said fuel economy of all new vehicles sold in the United States has topped 24 mpg for the first time ever. Average fuel economy — window-sticker values of combined city/highway figures — of cars, light trucks, minivans and SUVs purchased in March was 24.1 mpg, up from 23.9 in February and 23.6 in January.
Source: The Detroit News

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Prices for Smaller Used Cars May Rise in Next Few Weeks

Trade-in values of compact and mid-sized used cars are expected to peak over the next few weeks, a senior analyst at NADA Used Car Guide predicts, citing a shortage of used-vehicle inventory, rising gasoline prices and demand for fuel-efficient vehicles. Jonathan Banks said prices for all used-vehicle segments will remain stable over the next two months, but "clean, late-model used vehicles under six years old with reasonable mileage will command top dollar."
Source: Automotive News

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Ford Dealer Eck Establishes Scholarship

Rusty Eck Ford owner Les Eck has created a scholarship fund for graduating Haven High School students. The annual scholarship will provide $1,000 each to two Haven High students to attend college. Awards will be based on financial need and the scholarships will be awarded each May through Rusty Eck Ford. The fund, which Eck started with a $30,000 contribution, was set up through the National Automobile Dealers Charitable Foundation’s Ambassadors program. Eck graduated from Haven High in 1970.
Source: The Wichita Eagle

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The NADA Story

The NADA story began in 1917 when 30 auto dealers traveled to the nation’s capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealerships with 32,500 franchises, both domestic and international. For more information, visit www.nada.org.

 
Quotable
"And those fuel-efficient, gasoline cars generally cost less than hybrids. [My] Hyundai customers are more interested in the conventional Sonata than the hybrid version because there's only three or four miles per gallon difference."

   
-- NADA Chairman Bill Underriner, who sells cars in Billings, Mont., in a national radio interview on Marketplace, April 10



"The ongoing decline in the used-vehicle supply that began in 2009 has made it challenging for new-car dealers to consistently stock reliable, well-maintained used vehicles. This means that dealers will be aggressive with trade-in offers for used vehicles that are in high consumer demand."

   
-- Jonathan Banks, senior analyst with the NADA Used Car Guide, which predicts prices of late-model used cars will peak for the year over the next six weeks, Los Angeles Times, April 11 
 

 

NADA - National Automobile Dealers Association

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