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April 24, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Off-Lease Glut? That Ain't the Problem
Service Shop Becomes Even More Crucial for Dealers
Keith Crain: Time to Pull the Plug on EV Subsidies
VW to Pay $2.8 Billion Fine, Gets 3 Years Probation
Havenít Bought a Car in a While? Itís a New World Out There
NADA Introduces Tiered Life Insurance Program
Top Stories
Off-Lease Glut? That Ain't the Problem

New-vehicle surplus drives vicious cycle

For years experts have warned that a wave of off-lease vehicles returning to market in 2016-18 could send used-vehicle prices plummeting. In recent weeks, Wall Street analysts and business reporters have picked up on the theme, saying collapsing used-vehicle prices could end the streaks of rising sales for used and new vehicles.
Source: Automotive News

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Service Shop Becomes Even More Crucial for Dealers

When a customer buys a vehicle from a dealership, that transaction in and of itself is not the only important part of that visit. So, too, is establishing a vehicle-service relationship between that shopper and the dealership. According to the NADA Data 2016 report from the National Automobile Dealers Association, there were 259 million customer repair orders at franchised dealerships last year, beating prior-year figures by 6.5 percent.
Source: Auto Remarketing

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Keith Crain: Time to Pull the Plug on EV Subsidies

It is time for EVs to enter the mainstream of the automobile industry and for carmakers to find out just how they will do in the marketplace without a life jacket. Consumers have plenty of EVs to choose from -- in a variety of sizes and body styles and at prices that range from inexpensive to very expensive. And hydrogen-powered EVs are also being added to the menu.
Source: Automotive News

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VW to Pay $2.8 Billion Fine, Gets 3 Years Probation

Volkswagen AG was sentenced Friday to a $2.8 billion fine and three years of probation after last month pleading guilty to three criminal charges for its 10-year conspiracy to rig nearly 600,000 diesel cars to cheat U.S. emissions standards.
Source: The Detroit News

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Havenít Bought a Car in a While? Itís a New World Out There

Modern cars and trucks are exceedingly well engineered, leading owners to keep them longer than ever. Most Americans stick with a vehicle for six years, according to data from IHS Automotive. The average age of a vehicle on the road is nearing 12 years. So when it comes time to turn in the keys these days, tech advances might leave shoppers feeling like Rip Van Winkle.

To gauge the attitude of car buyers toward recent advances, I hung out at two dealerships to query shoppers and the staff. For the premium experience, it was Bob Byers Volvo of Seattle. For more affordable vehicles, I went to Gilchrist Chevrolet Buick GMC in Tacoma, Wash.
Source: The New York Times

Editor's note: Gary Gilchrist is a NADA board member representing Washington.

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NADA Introduces Tiered Life Insurance Program

NADA knows that employee retention is paramount for running a successful dealership. To that end, a group insurance plan has been developed to meet the life insurance needs of dealer members. The NADA Insurance group program has been revamped to offers tiers of life insurance coverage based on three specific groups: dealer owners, dealer managers and all other employees. In addition, there are three different plan coverage levels to choose from, providing flexible options to meet the dealerships’ group benefit goals. Visit www.nada.org/insurance/group or contact Deborah Stevens at dstevens@nada.org to learn more about the NADA Tiered Group Life Insurance Program, as well as other exclusive life insurance solutions.
Source: NADA

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Quotable
"More and more consumers are choosing new-car dealerships for their service needs. Express service, such oil changes, and non-warranty repair orders at dealerships, on average, increased by 10.9 percent and 4.2 percent, respectively, in 2016. This increase demonstrates that consumers value the expertise of the highly-trained and factory-certified technicians employed at new-vehicle dealerships."

    -- NADA senior economist Patrick Manzi, highlighting a finding from NADA Data 2016, Auto Remarketing, April 21

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