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December 8, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Auto Dealer Offers Advice to Maximize Educational Workshop Experience at NADA Show
GAO Effectively Scraps CFPB Auto Lending Guidance
Subprime Loans for Autos Show a Big Decline as Term Length Hits a Record High
Ford to Test New Self-Driving Vehicle Technology in 2018
Job Growth Signals Robust Economy, With Gain of 228,000
Top Stories
Auto Dealer Offers Advice to Maximize Educational Workshop Experience at NADA Show

NADA Show 2018 offers 60 new workshops in Las Vegas next March.

When it comes to continuing education for managers at new-car dealerships, Shirley Quinn has experienced numerous training programs over her 43-year career working in the retail-automobile industry. After attending the NADA Show (formerly the NADA Convention & Expo) for the past nine years, she gives high marks to the educational workshops offered at the NADA Show.


The dealership management team from Laurel Auto Group in Johnstown, Pa., attend a recent NADA Show in New Orleans.


“Whether you are a seasoned manager or a new manager, my advice is to attend the NADA Show,” said Quinn, who has worked as the fixed operations director at Laurel Toyota in Johnstown, Pa., for the past 10 years. “The workshop topics are new year to year. The topics are current and based on the ever-changing automotive world we live in.”
 
NADA Show 2018 returns to Las Vegas from Thursday, March 22, to Sunday, March 25, offering 60 new educational workshops, which include the six traditional tracks, distinguished speaker series, super session and specialty workshop. In all, there are 102 workshop sessions.  

“My co-managers and I attend as many workshops as the time slots allow,” added Quinn. “Where else could you cover that many sessions within a few days?” Click here for the full article.

Click here for the full workshop schedule. Click here to register and book your hotel stay today. Five hotels have already sold out.
Source: NADA

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GAO Effectively Scraps CFPB Auto Lending Guidance

The Consumer Financial Protection Bureau’s 2013 guidance putting indirect auto lenders on the hook for unintentional discrimination by their partner dealers should have been subject to congressional review and must be resent by the agency, the Government Accountability Office said Tuesday. The decision effectively scraps the auto lending guidance because it was not properly sent to Congress for review — and therefore it can no longer be used by agency examiners until that occurs.
Source: American Banker (subscription required)

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Subprime Loans for Autos Show a Big Decline as Term Length Hits a Record High

The percentage of subprime auto loans saw a big decline in the third quarter despite growing concerns that auto dealers and banks are writing too many loans to borrowers with checkered credit histories, according to new data. In fact, Experian says the percentage of loans written for those with subprime and deep subprime credit ratings fell to its lowest point since 2012.
Source: CNBC

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Ford to Test New Self-Driving Vehicle Technology in 2018

Ford Motor Co. will begin testing its latest self-driving vehicle technology next year in at least one city but has not changed its plan to begin commercial production until 2021, the company said. The automaker said on Thursday that it would test self-driving prototypes in various pilot programs with partners such as Lyft, the ride services company in which rival General Motors Co owns a minority stake, and Domino's Pizza Inc. However, Ford has still not decided whether to operate its own on-demand transportation service.
Source: Reuters

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Job Growth Signals Robust Economy, With Gain of 228,000

The American job market is the strongest it’s been in a decade, and arguably the strongest since 2000. The United States has now added jobs for 86 consecutive months — a downward blip in September was later revised to show a small gain — and the unemployment rate is lower than it ever got during the last boom, which ended when the housing bubble burst. Even wage growth, long the weak spot in an otherwise strong recovery, is showing signs of picking up.
Source: The New York Times

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Quotable
"The market turning more prime is an encouraging trend. It indicates that industry professionals are using data and analytics as part of the lending process, and consumers are taking a more active role in managing their credit before buying a car."

    -- Melinda Zabritski, Experian's senior director of automotive finance, commenting on the decline in subprime auto loans, CNBC, Dec. 7

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