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January 27, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT

Inside this issue
NADA Economist: Continued Growth Will Lead to Sustained New-Vehicle Sales
Industry Groups Tackle Privacy In Connected Cars
House Committee Issues Third Investigative Report on CFPB Auto Lending Regulations
ADESA to Auction a Polaris RZR to Benefit the NADA Foundation and Canine Companions
NADA Donates $50,000 to Emeril Lagasse Foundation
Top Stories
NADA Economist: Continued Growth Will Lead to Sustained New-Vehicle Sales



The strong economic growth that propelled new-vehicle sales to back-to-back record years in 2015 and 2016 is on pace to continue into 2017, said Steven Szakaly, chief economist of the National Automobile Dealers Association (NADA) at a press briefing during the NADA Convention and Expo in New Orleans.

Szakaly sees sustained sales resulting from a number of factors, including positive GDP growth, an excellent employment rate, rising consumer confidence, positive equity markets, and stable oil prices. “Our baseline forecast, taking in all of the pre-election considerations, is for 17.1 million new vehicles in 2017,” said Szakaly. “That’s a slight decline of about 350,000 units, but it is still a very, very strong year.”

“Fundamentally I think consumers are at a point where the market, while not saturated, is now reaching a plateau, and that is why we are looking at sales declining of course from 17.4 in 2016 to 17.1 in 2017.” But Szakaly also laid out an alternative scenario that could see sales in 2017 and 2018 eclipse even last year’s record.

“A lot has changed, particularly in Washington, D.C.,” Szakaly said. “Let’s say that Trump passes all of his tax cuts and all of his infrastructure spending. That is going to be a big boost to economic growth and economic activity.”

If that happens, Szakaly said we could “easily” see another year or two of 17.4-17.5 million new-vehicle sales. “Obviously, the likelihood of everything getting passed is very, very low, so it will likely be some kind of mix that will have some level of positive impact on our pre-election baseline,” he said.
Source: NADA

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Industry Groups Tackle Privacy In Connected Cars

As cars become more connected, two industry groups are aiming to educate consumers about the associated data and privacy practices in a new guide. The guide by the Future of Privacy Forum and the National Automobile Dealers Association outlines the different types of data that can be collected in connected cars, along with recommendations for managing privacy risks that come from that data. “The release of this guide is a critical step in communicating to consumers the importance of privacy in the connected car, as well as the benefits that car data can provide,” said Jules Polonetsky, CEO of the Future of Privacy Forum.
Source: MediaPost

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House Committee Issues Third Investigative Report on CFPB Auto Lending Regulations

The House Financial Services Committee report includes detailed evaluation of the CFPB’s use of disparate impact under precedent from decisions by the U.S. Supreme Court, auto lending regulations and more.

The House Financial Services Committee has issued its third investigative report related to the Consumer Financial Protection Bureau’s authority to implement regulations in the auto lending industry. The report, “Unsafe at Any Bureaucracy, Part III: The CFPB’s Vitiated Legal Case Against Auto-Lenders,” focuses on possible legal problems with the CFPB’s “2015 rule authorizing it to regulate the auto lending market,” according to a news release from the committee. It also returns to the subject of the first investigative report, released in November 2015, demonstrating that “the CFPB’s use of the ‘disparate impact’ legal theory in enforcement actions against auto financers would not survive judicial scrutiny.”

 “Fuzzy logic and false comparisons are unfortunately prevalent in the CFPB’s auto lending actions. In every aspect of the CFPB’s auto-lending actions, the CFPB’s lack of rigor leads to unsupported and unreliable conclusions,” the report states
Source: ACA International

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ADESA to Auction a Polaris RZR to Benefit the NADA Foundation and Canine Companions



ADESA will auction a 2015 Polaris RZR S900 EPS at the NADA Convention and Expo in New Orleans. The auction starts at 1 p.m. CST on Saturday, January 28, at the ADESA booth (#3137).

Last year’s Harley-Davidson motorcycle auction raised a record $128,000 for Canine Companions for Independence (CCI). Past ADESA auctions have raised $240,000 for the NADA Foundation and CCI. Proceeds from the auctions go to the NADA Foundation’s Frank E. McCarthy Memorial Fund, in whose name the CCI donation is made. McCarthy was chief executive of NADA from 1968 to 2001.
Source: NADA

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NADA Donates $50,000 to Emeril Lagasse Foundation

Continuing its support for the New Orleans community, NADA Foundation donated $50,000 to the Emeril Lagasse Foundation. "This generous philanthropic gift will help us positively impact the lives of more children," said Chef Emeril Lagasse, chairman of the Emeril Lagasse Foundation. Founded in 2002, the Emeril Lagasse Foundation supports organizations that create opportunities to inspire and mentor youth through culinary, nutrition and arts education with a focus on life skills development.
Source: Automotive News

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Past Articles
       
      Quotable
      "Fundamentally ... consumers are at a point where the market, while not saturated, is now reaching a plateau, and that is why we are looking at sales declining of course from 17.4 in 2016 to 17.1 in 2017."

      -- NADA Chief Economist Steven Szakaly, in remarks at a press briefing at the 2017 NADA convention in New Orleans, NADA Headlines, Jan. 27

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