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Inside this issue
NADA Launches New Digital Collection of Archives
Subprime Auto ABS Shows Signs of Strength, S&P Says
Labor Department Withdraws Obama Administration Interpretations on Joint Employment and Independent Contractors
Honda to Focus on Self-Driving Cars, Robotics, EVs through 2030
Autonomous Cars (No Human Backup) May Hit the Road Next Year
Top Stories
NADA Launches New Digital Collection of Archives

As part of its 100th anniversary, the National Automobile Dealers Association (1917-2017) has partnered with the Hagley Museum and Library, a Smithsonian affiliate, to create a digital collection of historic publications, press releases, photographs, video and other collateral.

The NADA digital collection at Hagley began with a scanning project supported by NADA in 2014. Since then, Hagley has digitized and made available more than 2,600 publications and 600 videos.

The publications include periodicals and newsletters like AutoExec, NADA Magazine, Cars & Trucks and NADA Bulletin. Other documents in the collection comprise material related to the annual NADA convention, now known as the NADA Show.

Past NADA conventions make up much of the video material available in the archive. Material is also available for the American Truck Dealers (ATD) division of NADA.

The NADA archive offers access to a significant resource on the study of automobile culture in America, and provides a nuanced historical view of the thousands of dealerships that have played a vital role in local economies of small towns and big cities over the last century. To view the NADA collection, click here.
Source: Hagley/NADA


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Subprime Auto ABS Shows Signs of Strength, S&P Says

S&P Global Ratings sees little historical evidence of distress in the auto securitization market and is projecting modest growth this year, despite a slew of recent headlines claiming that “the sky is falling” in subprime auto, said Amy Martin, the ratings agency’s lead analyst for auto ABS.

S&P Global estimates the industry will generate $70 billion in retail auto loan asset-backed securities this year, up from $67 billion last year, she said. Subprime auto loan originations — although they have been on the rise — were down 5% last year and remain short of pre-crisis peaks, she added. In 2005 and 2006, subprime auto loan originations totaled $135 billion whereas 2016 topped out at $119 billion.

Despite that volume, “only 20% of subprime loans are securitized,” Martin said as further evidence that the sky is not falling. “Some like to point to the growth we’ve seen since 2009 and how the growth is off the charts,” Martin said. “They fail to take a historical view.”

Source: Auto Finance News

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Labor Department Withdraws Obama Administration Interpretations on Joint Employment and Independent Contractors

The U.S. Department of Labor (DOL) has withdrawn two guidance documents issued by the Obama Administration’s Wage and Hour Division that significantly increased the likelihood that a business could be considered a “joint employer” of non-employee workers, making it responsible for complying with a host of employment laws and mandates applicable to such workers.

A 2016 guidance outlined both “horizontal” and “vertical” types of “joint employers.” Under a “horizontal” model, employees are held to work for two or more employers that are only technically separate. Under a “vertical” model, employees work for an intermediary, such as a staffing agency, which is then hired by another company. Withdrawal of the 2016 guidance means that DOL will no longer apply these tests during audits. A 2015 DOL guidance, also withdrawn, suggested that DOL had a bias aimed at finding most workers to be “employees,” not independent contractors. It focused on whether workers are economically dependent on their “employers” or in business for themselves.

The withdrawal of these guidance documents does not change a dealer’s legal responsibilities under the Fair Labor Standards Act. Nor does it impact a 2015 National Labor Relations Board ruling that a company could be considered a joint employer with another company, even if it had only indirect or unexercised control.  

For more information on joint employment issues, contact NADA Regulatory Affairs at regulatoryaffairs@nada.org.  
Source: NADA

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Honda to Focus on Self-Driving Cars, Robotics, EVs through 2030

Japanese carmaker Honda Motor Co. on Thursday spelled out for the first time its plans to develop autonomous cars which can drive on city streets by 2025, building on its strategy to take on rivals in the auto market of the future. Unveiling its mid-term Vision 2030 strategy plan, Honda said it would boost coordination between R&D, procurement and manufacturing to tame development costs as it acknowledged it must look beyond conventional vehicles to survive in an industry which is moving rapidly into electric and self-driving cars.
Source: Reuters

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Autonomous Cars (No Human Backup) May Hit the Road Next Year

Autonomous vehicles with no human backup will be put to the test on publicly traveled roads as early as next year in what may be the first attempt at unassisted autonomous piloting. Automotive electronics and parts maker Delphi and French transport company Transdev plan to use autonomous taxis and a shuttle van to carry passengers on roadways in France.
Source: The Associated Press

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Quotable
"We're going to place utmost priority on electrification and advanced safety technologies going forward."

    -- Honda CEO Takahiro Hachigo, commenting on its product strategy, Reuters, June 8

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