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February 28, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
NADA Partners with Junior Achievement to Improve Financial Literacy
Trump's Trade Czar Ross Easily Wins Senate Confirmation
Auto Dealer: Gen Y Articulates What Every Buyer Wants
Car Dealer's First Overflow Lot in 37 Years Exposes U.S. Pileup
Takata's U.S. Guilty Plea Sets Stage for Sale of Air-Bag Maker
Dealerships That Participate in Workforce Study by April 28 Will Receive Two Complimentary Reports
Top Stories
NADA Partners with Junior Achievement to Improve Financial Literacy

The National Automobile Dealers Association and the NADA Women Directors have partnered with Junior Achievement USA to teach financial educational courses to students in grade schools and high schools through a volunteer program.

“A goal of the partnership is to get new-car dealers or dealership representatives in communities across the country to become volunteers in the program,” said Michelle Primm, managing partner of Cascade Auto Group in Cuyahoga Falls, Ohio, who is providing financially-focused curriculum to students in her local school district through Junior Achievement.

“Junior Achievement makes it easy with their ‘meeting in a box’ materials, allowing for a rewarding volunteer experience that fits in with busy schedules,” Primm added.

This organically grown initiative came to fruition through insight gathered over the last few years at the Women Dealers’ Networking Event, held during NADA’s annual convention. The NADA Financial Literacy Program, in partnership with Junior Achievement, was officially launched during NADA convention in New Orleans in January 2017.

“We are thrilled to be working hand in hand with NADA and NADA’s Women Directors who have demonstrated commitment to the financial literacy initiative,” said Laura Goodman, vice president of volunteer engagement for Junior Achievement. “We look forward to working with and exceeding the expectations of NADA and their dealer members in an effort to impact young people across the country.”

For more information about how to become a volunteer in the program, contact Deborah Stevens at dstevens@nada.org or call 703.827.6861.

Source: NADA

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Trump's Trade Czar Ross Easily Wins Senate Confirmation

Billionaire investor Wilbur Ross easily won confirmation as U.S. commerce secretary on Monday, clearing President Donald Trump's top trade official to start work on renegotiating trade relationships with China and Mexico. The U.S. Senate voted 72-27 to confirm the 79-year-old corporate turnaround expert's nomination, with strong support from Democrats. Ross is set to become an influential voice in Trump's economic team after helping shape the president's opposition to multilateral free trade deals such as the now-scrapped Trans-Pacific Partnership.
Source: Reuters

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Auto Dealer: Gen Y Articulates What Every Buyer Wants

John Garff, president of a 52-store Salt Lake City-based dealership chain that took in $4.3 billion last year, lists what Millennial car buyers want from a dealer: Convenience, transparency, technology, a positive experience and simplicity. “These items come up in any research you see,” says he says. He then adds: “But don’t we all want the same thing?” No one disagrees during a panel discussion entitled, “Do We Hear the Customer?” at a recent American Financial Services Assn. vehicle conference.
Source: WardsAuto

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Car Dealer's First Overflow Lot in 37 Years Exposes U.S. Pileup

For the first time in his 37 years working at New Jersey car dealerships, Larry Kull had to rent extra space to store unsold new Honda vehicles -- one of the latest signs that the record U.S. auto market is cooling. Across dealer lots in America, inventory is piling up as automakers produce more cars than are being bought. Dealers had about 85 days worth of cars and trucks on hand at the beginning of February -- about 22 days more than at the beginning of 2017 and eight days more than a year earlier, according to Automotive News Data Center. The buildup suggests automakers will have to cut back production or boost discounts as the market’s record growth spurt peters out.
Source: Bloomberg

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Takata's U.S. Guilty Plea Sets Stage for Sale of Air-Bag Maker

A U.S. judge has accepted Takata Corp.’s guilty plea, made as part of a $1 billion settlement deal with the Justice Department, removing another obstacle to the Japanese air-bag maker’s sale. The approval of the formal plea by U.S. District Judge George Caram Steeh settles the Justice Department’s investigation. The manufacturer is seeking a financial savior to help it complete the biggest product recall in history, expected to cover more than 100 million air bags after the defective devices were linked to 17 deaths worldwide.
Source: Bloomberg

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Dealerships That Participate in Workforce Study by April 28 Will Receive Two Complimentary Reports

With a retail workforce topping 1 million and the industry poised for growth, dealerships need to focus on hiring and keeping talented employees. The NADA Dealership Workforce Study (DWS) provides one-of-a-kind analysis of dealership pay plans and benefit packages, retention and turnover, employee benefits, work schedules and demographics. It is based on actual payroll data and questionnaire responses submitted by NADA and ATD members. The DWS is open for participation now through April 28, 2017, at www.nadaworkforcestudy.com.

In return for participating in the study, dealerships will receive two complimentary reports: (1) Automotive Retail: National and Regional Trends in Compensation, Benefits and Retention and (2) a custom report, which includes comparisons of the dealership(s) to peers nationally, regionally, by state and brand. All data must be submitted by April 28, 2017. To participate in the study, go to www.nadaworkforcestudy.com to begin. For questions, email WorkforceStudy@nada.org.
Source: NADA Dealership Operations

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Past Articles
       
      Quotable
      "No one likes to cut production or dial up incentives, and we're seeing a bit of both. We've got a lot of cars on the ground when the market is moving away from cars."

          -- Thomas King, an analyst with J.D. Power, commenting on rising new-vehicle inventory, Bloomberg, Feb. 28

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