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Inside this issue
NADA Report: New-Car Dealership Profits Remain Steady at 2.2%
NHTSA Praises GM for Dealer Recall Fix Incentives
NHTSA May Reopen Jeep SUV Fire Probe
GM Halting Production of Current-Gen Volt in May
NADA Partners with New York Life
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
NADA Report: New-Car Dealership Profits Remain Steady at 2.2%

NADA Data 2014 highlights the financial profile of America’s new-car dealerships

For the third straight year, net pretax profit at new-car dealerships as a percent of total sales was 2.2 percent, says the National Automobile Dealers Association in NADA Data 2014, the annual report on dealership sales and financial trends.

“Fierce price competition among dealers for sales and service left dealership profitability unchanged for the third straight year,” said NADA Chief Economist Steven Szakaly. “The 2.2 percent figure represents sales in the new- and used-vehicle, service and parts departments. That’s more than a full percentage less than many other retailers.”

Click here for NADA Data 2014.
Source: NADA

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NHTSA Praises GM for Dealer Recall Fix Incentives

The head of the National Highway Traffic Safety Administration praised General Motors Co. for taking steps to ensure its new car dealers repair recalled vehicles before they are sold. NHTSA Administrator Mark Rosekind also urged other auto dealers and automakers to take similar steps. "GM's got this really innovative thing now that's kind of an interesting carrot and stick model," Rosekind told reporters. "The point is we didn't tell them to do it. They came up with the idea and they are actually going to do it system wide."
Source: The Detroit News
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NHTSA May Reopen Jeep SUV Fire Probe

The head of the National Highway Traffic Safety Administration says the agency is considering reopening an investigation into 2.7 million older Jeep SUVs linked to dozens of gas tank fires in rear-end collisions — and said Fiat Chrysler Automobiles NV needs to do more to fix recalled vehicles. “We’re not satisfied with the current situation so we are looking for every avenue that would be appropriate for us to take action,” said NHTSA Administrator Mark Rosekind in a meeting with reporters at the New York International Auto Show. “Given all of the stuff that’s going on, we want to figure out what else we can be doing.”
Source: The Detroit News
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GM Halting Production of Current-Gen Volt in May

General Motors Co. will halt production of the slow selling first-generation Chevrolet Volt next month as it prepares to build the updated version that goes on sale this fall. The plug-in hybrid Volt has had poor sales, partly because of low gasoline prices. GM — like other automakers — has been forced to cut the prices of the Volt and offer additional discounts to boost sales. GM has enough Volts already built to supply dealers for 210 days, according to Ward's Automotive; a 60-day supply is considered ideal. "First-generation Volt will stop building at the very end of May to get ready for model change," GM spokeswoman Michelle Malcho said.
Source: The Detroit News
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NADA Partners with New York Life

The National Automobile Dealers Association has chosen New York Life to provide group life insurance and accidental death and dismemberment (AD&D) coverage to member dealerships. “New York Life was handpicked because of its ongoing commitment to strengthen and enhance the NADA insurance program offered to NADA members,” said Betsy Piper/Bach, vice president and COO of NADA Retirement. “The new partnership brings enhanced coverage and resources to meet the needs of the dealer workforce.” NADA member options include group term and level premium policies, as well as group term coverage for dealership managers and employees. Group AD&D coverage can be applied for as an easy add-on to any policy. The application process has also been simplified through an online application portal that includes calculators and a special tele-underwriting feature. For more information, visit www.nadainsurance.com to explore the customized life insurance solutions offered through the NADA Insurance program.
Source: NADA Retirement
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Quotable

"Fierce price competition among dealers for sales and service left dealership profitability unchanged for the third straight year." 

   -- NADA Chief Economist Steven Szakaly, commenting on net pretax profit at new-car dealerships in 2014, NADA Data 2014, April 10

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