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September 14, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Hundreds of New-Car and -Truck Dealers Visit Capitol Hill for NADA's Washington Conference
Early Bird Pricing for 2017 AutoConference LA Ends Sept. 15
There’s Never Been a Hotter Time to Freeze Your Credit
Carmakers Can Expect Sales Surge After Irma, Harvey
Samsung Enters Self-Driving Race with New Business, Funding
Top Stories
Hundreds of New-Car and -Truck Dealers Visit Capitol Hill for NADA's Washington Conference
 

NADA Chairman Mark Scarpelli delivers remarks at NADA's 2017 Washington Conference.
 
WASHINGTON -- More than 400 new-car and -truck dealers and dealer association executives from across the country traveled to the nation's capital this week urging lawmakers to implement pro-growth tax reform. Doug Knust, NADA's Legislative Affairs Committee chairman from South Dakota, urged dealers to remind lawmakers that "changes to the tax code should NOT negatively impact our small businesses."
 
Among the provisions discussed were the need to: 1) treat pass-throughs fairly, 2) maintain the LIFO accounting method--since repealing it would take away working capital that could create jobs and 3) eliminate the estate tax.
 
"We're here to educate and explain," said 2017 NADA Chairman Mark Scarpelli. "That the ongoing challenge for dealers is to promote fair credit compliance while keeping credit competitive and affordable. To get ahead of new legislation that will define the future of our industry. To explain that rules on self-driving vehicles MUST maintain state franchise laws. To explain that parts availability is crucial to the recall process. And that local dealerships have the capacity and the expertise to help EVERY customer who receives a recall notice."
 
This year's annual conference marks a special occasion as NADA celebrates its 100th anniversary. And now, more than ever, NADA members are stepping up their advocacy efforts to shape the laws that will impact our communities for the next 100 years.
 
Click here to view some social media highlights from this year's conference.
Source: NADA

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Early Bird Pricing for 2017 AutoConference LA Ends Sept. 15

AutoConference LA, co-hosted by NADA and J.D. Power, will be held at the InterContinental Los Angeles Downtown on Tuesday, Nov. 28, 2017. The half-day conference precedes media days at the L.A. Auto Show.

Doll

Kerssemakers

Tucker

Speakers include Tom Doll, president and chief operating officer for Subaru of America; Lex Kerssemakers, senior vice president, Americas region and president/CEO of Volvo Cars of North America; Jeremy Tucker, vice president of marketing communications and media for Nissan North America; Mark Scarpelli, NADA chairman; Finbarr O’Neill, CEO and president of J.D. Power and others.

Now in its sixth year, the event focuses on the auto industry in the western United States with a focus on the marketplace in California and Los Angeles. The conference typically attracts more than 400 attendees representing automakers, dealers, suppliers, marketers and advertisers.

The conference kicks off with a noon luncheon and ends with a networking reception. For the complete agenda or to register, visit www.autoconferencela.com.
Source: NADA/J.D. Power

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There’s Never Been a Hotter Time to Freeze Your Credit

After the Equifax data breach, consumers are freezing their credit reports in greater numbers, which could have unintended knock-on effects

Until the Equifax Inc. hack, many consumers didn’t know what a credit freeze was. Now, the credit-reporting company’s massive data breach has people reaching for the tool, a move that could have a host of implications for both consumers and the financial industry. A freeze typically prevents lenders from accessing a potential borrower’s credit report, although it doesn’t affect existing credit arrangements such as outstanding loans or cards. A freeze makes it unlikely a firm would immediately extend new financing, which, while helping prevent fraud could also slow legitimate business.
Source: The Wall Street Journal

Editor's note:  Dealership employees should recognize that due to the scope and scale of the reported Equifax data breach, they are likely to: (a) get questions from customers, and (b) see an increase in “credit freezes” and fraud alerts related to credit applicants’ credit reports.  Of course, it is important to explain that the reported breach occurred at Equifax, and does not involve the dealership or dealership processes.  Dealership personnel can also point consumers to the FTC’s consumer guidance regarding the Equifax breach here.  That guidance provides information about how consumers can determine if their information is at risk, as well as steps consumers can take to protect their credit, including how to place a fraud alert, or a credit “freeze” on their account.

Dealership personnel should also understand what to do if they see a fraud alert, or encounter a “frozen” credit report.  If a customer’s credit is “frozen” then a creditor cannot view the credit report for that customer until the customer takes steps to “unfreeze” their credit report.  If there is a fraud alert on the credit report, then generally the dealership must take certain steps to verify the identity of the applicant (generally including calling a phone number that the consumer provided at the time they placed the fraud alert and speaking with the consumer) before the credit process can be finalized.  Dealership employees should review the FTC guidance here, here and here for more details.

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Carmakers Can Expect Sales Surge After Irma, Harvey
 
Damage dealt by catastrophic hurricanes in Texas and Florida, striking nearly back-to-back, has automakers and dealers accounting for losses even as they prepare to get people back on the road down south.
 
High winds from Hurricane Irma — which dissipated in the southeast on Wednesday following days of destruction in Florida — didn’t cause as much damage as Hurricane Harvey’s flooding inflicted last month in Texas, according to initial analysis from Cox Automotive. Yet, the estimated 200,000 to 400,000 vehicles damaged by Irma, coupled with the 320,000 to 580,000 vehicles destroyed by Harvey, mean September promises to be a busy month for the automakers.
 
General Motors Co., Ford Motor Co. and Fiat Chrysler Automobiles NV said hundreds of their dealerships in Florida are still assessing damages, and recovery efforts in Texas are moving quickly. But the automakers want to get dealerships up and running again as quickly as possible.
Source: Detroit News

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Samsung Enters Self-Driving Race with New Business, Funding
 
Samsung Electronics plans to become a major player in autonomous driving, building on its recent $8 billion acquisition of audio and auto parts supplier Harman and its prominence in mobile communications markets. Samsung will form a separate business unit within Harman to house self-driving products and is plowing $300 million into a new fund investing in startups in the technology, the company said in a statement.
Source: Automotive News

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Quotable
"Changes to the tax code should NOT negatively impact our small businesses."

    -- Doug Knust, chairman of NADA's Legislative Affairs Committee, in remarks at NADA's annual Washington Conference, NADA Blog, Sept. 14

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