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Inside this issue
Auto Loans Hit Q1 Record, Subprime Fears Ease
Air Bag Recall Expected to Be Largest in U.S. History
It's Not Too Late! Register for NADA's 'Tips for Submitting a Great Workshop Proposal' Webinar
Hyundai U.S. Chief: NA Capacity Announcement in 60-90 Days
GM's Barra, Reuss See Chevy Camaro Back on Top
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Auto Loans Hit Q1 Record, Subprime Fears Ease

Worries that auto lenders were again back to their old ways of writing risky loans may prove to be unfounded. The percentage of subprime loans is now falling. Subprime or deep subprime loans made up 19.7% of the market in the first quarter, the lowest percentage since 2012, Experian Automotive reports. Yet with employment strong across the country and new cars costing more, auto loans are reaching record levels. They hit $905 billion in the first quarter, up 11.3% from a year ago. In addition, the number of borrowers who fell 30 days behind in their payments fell 4.1% from a year ago. Those behind 60 days went down 3.2%. "The current stability in the automotive loan market is a testament to consumers making timely payments on outstanding loans, which is evident in the improvement in delinquency rates," says Melinda Zabritski, senior director of automotive finance. The highest delinquency rates were in the South and the lowest were in the Midwest and Northwest.
Source: USA Today
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Air Bag Recall Expected to Be Largest in U.S. History

Japanese air bag manufacturer Takata Corp. is declaring 33.8 million vehicles defective, a move that likely will lead to the largest auto recall campaign in U.S. history. Under heavy government pressure, the determination will force 11 major automakers to double the recall of vehicles with air bag inflators linked to deadly explosions, from the 17 million recalled to date. Government officials say the campaign could take years to complete and be the single largest U.S. recall of any consumer product, surpassing the callback of 31 million bottles of Tylenol in 1982 amid a poison scare. The massive air bag recall covers more than 13 percent of all cars and trucks on the roads in the U.S. today. It would easily surpass the largest automotive recall — 23 million vehicles by Ford Motor Co. in 1980 for a transmission issue that only required the addition of a warning sticker. "Today is a major step forward for public safety," Transportation Secretary Anthony Foxx said Tuesday. He called it "a monumental effort — there is no doubt about it."
Source: The Detroit News

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It's Not Too Late! Register for NADA's 'Tips for Submitting a Great Workshop Proposal' Webinar

NADA University Online will host the webinar "Tips for Submitting a Great Workshop Proposal" today, May 20 at 1 p.m. ET. The free webinar, presented by Shana Gipson, manager of workshops and webinars for NADA University Online, is designed for those interested in presenting a workshop during the 2016 NADA Convention and Expo in Las Vegas. Attendees will be provided an overview of the submission process and learn valuable tips on how to make a proposal stand out to the selection panel. Click here to register.
Source: NADA University Online

Editor's note: Workshop proposals can be submitted online until June 26. Click here for more information.
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Hyundai U.S. Chief: NA Capacity Announcement in 60-90 Days

Hyundai Motor America CEO Dave Zuchowski expects the automaker to soon announce additional capacity for North America. “I think probably within the next 60-90 days there’ll be an announcement,” Zuchowski tells WardsAuto on the sidelines of a ’16 Hyundai Sonata Hybrid media event. Rumors have been rampant about new Hyundai capacity in the region, with a standalone plant in Mexico and an expansion of Hyundai’s current Montgomery, Ala., plant two reported possibilities. Zuchowski shoots down the Mexico plant rumors, but says it is possible some Hyundai vehicles will be built at sister brand Kia’s forthcoming plant in Monterrey, coming online next year. “There may well be a shared plant (with Kia). That’s not confirmed yet but that’s a definite possibility,” he says.
Source: WardsAuto
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GM's Barra, Reuss See Chevy Camaro Back on Top

General Motors leaders expects the redesigned ’16 Chevrolet Camaro to appeal to a wider audience than its predecessor and they plan to roll out a number of variants in the coming years with an eye on quickly regaining the No.1 spot in the sports coupe segment. “Every vehicle we put in the market, (we) want to win the segment,” GM CEO Mary Barra says. “We’re excited, (and) I’m confident this car will be something that current Camaro owners will want, and we’ll bring in a new customer, as well.”
Source: WardsAuto
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Quotable

"The current stability in the automotive loan market is a testament to consumers making timely payments on outstanding loans, which is evident in the improvement in delinquency rates."

    -- Melinda Zabritski, senior director of automotive finance at Experian, commenting on the low percentage of subprime loans, USA Today, May 19

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