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September 7, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
NADA Convention Registration Discount for Dealers and Managers Ends Friday, Sept. 9
FTC Issues Warning to Sellers of Certain VW Vehicles
Cadillac Retail Plan Draws Another Challenge; Global Sales Surge in August
Car Buyers Borrowing More Than Ever with Loans Topping $1 Trillion
Market Share for Subprime Auto Lending Declined in Q2
Women Are Buying More Luxury Vehicles as Incomes, SUVs Rise
Top Stories
NADA Convention Registration Discount for Dealers and Managers Ends Friday, Sept. 9

The discounted registration rate for NADA members and managers includes admission to NADA 100 Carnival.

NADA members and managers who register for the 2017 NADA Convention and Expo in New Orleans by Friday, September 9, will receive a $100 discount.



NADA, founded in 1917, will kick off yearlong events commemorating its 100-year anniversary with NADA 100 Carnival in New Orleans. The exclusive event for NADA members, international affiliates and guests will be held at Mardi Gras World on Thursday, January 26. The Carnival will feature cuisine from top New Orleans restaurants, as well as musical entertainment from Foreigner, Cowboy Mouth and jazz favorites. The NADA member and manager registration fee includes admission to the NADA 100 Carnival.

The four-day NADA Convention, which runs from January 26 to 29, includes keynote speakers, dealer franchise meetings, workshops, an Expo and numerous networking events. Click here to register.
Source: NADA

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Sept. 8 Webinar on VW Buyback Program Claims
FTC Issues Warning to Sellers of Certain VW Vehicles

The Federal Trade Commission (FTC) has asked NADA to provide its members with a business blog that cautions sellers of certain VW and Audi diesel vehicles (including dealers of other brands) not to make false claims regarding the recent proposed consent orders concerning those vehicles that the Volkswagen Group of America has entered into with the FTC, other governmental agencies, and owners and lessees of the vehicles.  Details of the proposed settlements are available at VWCourtSettlement.com

In order to enhance dealers’ understanding of both the VW buyback program that is part of the proposed settlement and the concerns set forth by the FTC in its business blog, NADA has arranged for the FTC to present information on these topics in an NADA University Online webinar that will take place on Thursday, Sept. 8, 2016 from 1 p.m. – 2 p.m. ET.  Dealers and their representatives can click here to register.
Source: NADA

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Cadillac Retail Plan Draws Another Challenge; Global Sales Surge in August

The nation’s largest state dealer association has urged Cadillac to delay its Project Pinnacle incentive program, arguing that the plan will hurt dealers and violate at least eight California franchise laws. The California New Car Dealers Association, in a letter to General Motors CEO Mary Barra, says it has heard from 52 Cadillac dealers who have expressed “serious reservations about the timing and substance” of the program, scheduled to start Jan. 1.
Source: Automotive News

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Car Buyers Borrowing More Than Ever with Loans Topping $1 Trillion

Americans are borrowing more than ever for new and used vehicles, but the delinquency rate on those loans varies by type of lender, with finance companies experiencing the greatest losses, according to the quarterly report by Experian Automotive. The total balance of all outstanding auto loans reached $1.027 trillion between April 1 and June 30, the second consecutive quarter that it surpassed the $1-trillion mark. More consumers also are turning to leases, which accounted for a record 31.44% of all new car and truck transactions in the second quarter, up from 26.9% a year earlier.
Source: Detroit Free Press

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Market Share for Subprime Auto Lending Declined in Q2

Subprime loan share is declining despite chatter around a subprime bubble, Experian said [September 6] in its second-quarter State of the Automotive Finance Market report. Subprime and deep subprime share of new and used loans and leases dropped to 22.8 percent in the second quarter, compared with 23.3 percent a year ago.
Source: Automotive News


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Women Are Buying More Luxury Vehicles as Incomes, SUVs Rise

In the U.S., 41 percent of luxury vehicles sold so far this year were bought by women, up from 37 percent five years ago, according to car shopping site Edmunds.com. Historically, women were considered the practical car shoppers. They needed family haulers and didn't want to shell out extra cash for flashy, powerful Mercedes sedans or Porsche sports cars. But the luxury market has changed. In 1998, Lexus introduced the midsize RX SUV and marketed it specifically to women, emphasizing its reliability, spaciousness and soft, quiet ride. The percent of women buying small luxury SUVs ... has nearly tripled over the last five years.
Source: The Associated Press

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Past Articles
       
      Quotable
      "One of the biggest trends we see is the shift to used vehicles by customers with excellent credit."

          -- Melinda Zabritski, Experian senior director of automotive finance, Detroit Free Press, September 6

       
      Sponsored by

      NADA Foundation


      NADA Convention
      NADA Videos

      NADA Foundation's Annette Sykora Urges Dealers to Donate to Louisiana Relief Fund



      Dealership Employee Jeramiah Baker Recounts Devastating Flood Damage in Baton Rouge


      NADA President Peter Welch Calls on Dealers to Support Families Affected by Louisiana Flooding



      NADA100 Video: Don Wassel Works in Auto Retailing for 53 Years


      Introducing NADA Academy Plus
      NADA Webinars
      Sept. 8: FTC Issues Warning to Sellers of Certain VW Vehicles

      All webinars are held at 1 p.m. ET unless otherwise noted.

      NADA members can view past webinars on-demand at no charge at NADA University Online. Members must create an NADA account before viewing.

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