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March 24, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Google Self-Driving Car Boss Sees Increased Need for Dealerships in an Autonomous Future
Subprime Auto Loans: Not Another 2008
New at NADA University Online: A Dealer Guide to the EPA Underground Storage Tank Regulations: 2016 Update
Invite An Elected Official to Your Dealership During Next Week's Congressional Recess
Gift of Car Puts Virginia Tornado Victim on Road to Recovery
Top Stories
Google Self-Driving Car Boss Sees Increased Need for Dealerships in an Autonomous Future

Autonomous cars of the future will be self-sufficient in many ways, but Google's John Krafcik believes they may need more frequent help than current cars in others.

Speaking at the 2016 NADA / J.D. Power Automotive Forum, taking place ahead of the New York International Auto Show, John Krafcik, CEO of the Google Self-Driving Car Project, broke down some of the many implications of fully autonomous cars. That is, cars that rely on no human input in getting from point A to point B. Among the many repercussions of this technology is the potential to drastically increase usage of a given car. Your average American automobile spends the vast majority of its time sitting idle, parked. Krafcik thinks that will change. "Self driving cars are going to be more expensive physical assets, so we're going to find a way to use them more," he said. Ways like ride-sharing, where your car could participate in a service like Uber and potentially earn you some extra money while you're at work or even asleep. Because of this, Krafcik sees average annual car usage skyrocketing to upwards of 100,000 to 150,000 miles. "I think there are going to be positive implications for a lot of dealers," said Krafcik, "And for the OEMs, thinking about that duty cycle is going to be very different."
Source: Road Show by CNET

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Subprime Auto Loans: Not Another 2008
By Fisher Investments Editorial Staff

Subprime. Just uttering the word, for some, evokes memories of the housing bubble and financial crisis. Perhaps that explains why recent media reports of growth in subprime auto loans trigger worries of skyrocketing defaults, a banking crisis and a 2008 economic downturn redux. If that were realistic and likely, it would be scary indeed. But we think once you’ve had a look at the full evidence and a brief refresher in 2008 history, you’ll see subprime auto loans aren’t remotely likely to create a banking crisis.
Source: Fisher Investments MarketMinder

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New at NADA University Online: A Dealer Guide to the EPA Underground Storage Tank Regulations: 2016 Update

This management guide is a revision of the December 1988 NADA guide to the EPA Underground Storage Tank Regulations. The revised guide covers the major aspects of the updated regulations that are relevant to dealers. The guide addresses Subtitle I of the Resource Conservation and Recovery Act, which authorized EPA to create, administer and enforce a comprehensive UST program. The updated regulation lists key definitions and exclusions, establishes a tank notification mandate, outlines new and existing UST technical standards, provides for state UST programs and calls for leak reporting and clean-up criteria.
Source: NADA University Online

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Invite An Elected Official to Your Dealership During Next Week's Congressional Recess

With members of Congress working at home next week, now is the time for dealers to engage with their elected officials and encourage them to support small business dealers and their employees. In particular, dealers need to ask Democratic Senators to support and vote for S. 2663, the "Reforming CFPB Indirect Auto Financing Guidance Act," which would require the CFPB to withdraw the flawed guidance that attempts to eliminate a dealer's ability to discount auto financing for consumers. Visits with legislators at home – whether at the dealership or at their district offices – are a valuable tool to support NADA's legislative efforts on Capitol Hill. For assistance in setting up a dealership visit, contact Patrick Calpin, NADA director of grassroots advocacy, at 202.547.5500 or pcalpin@nada.org.
Source: NADA

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Gift of Car Puts Virginia Tornado Victim on Road to Recovery

Trenika Stringfield’s road to recovery became a little easier to navigate Saturday. The Waverly, [Va.] woman who lost her son, boyfriend and brother, and most of her material possessions, when a tornado hit her mobile home in February went to Jarratt thinking she was going to meet a man about a free laptop. She got a free car instead. “I’m just so thankful,” she said as she stood in front of the car on the lot at Owen Ford, on the Blue Star Highway just off Interstate 95, [in Jarratt, Va.] Stringfield struggled to find more to say, but there were plenty of others on hand willing to help. The group included Stringfield’s father, leaders of a local civic organization, the co-owners of the car dealership and state Del. Roslyn C. Tyler, D-Sussex, whose husband orchestrated the gift.
Source: Richmond Times-Dispatch

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      Quotable
      "I think there are going to be positive implications for a lot of dealers."

          -- John Krafcik, CEO of the Google Self-Driving Car Project, predicting that the average annual car usage of autonomous cars will skyrocket to upwards of 100,000 to 150,000 miles, Road Show by CNET, March 22 

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