Tag Archives: nada

Gutting Consumer Finance Protection Bureau Hurts Auto Biz

As a congressman, Mick Mulvaney sponsored legislation to abolish the CFPB. A White House budget proposal cuts funding for the CFPB by ~$150 million – 25% of its total budget. Mulvaney has already frozen hiring and put a temporary hold on payments to victims of illegal banking practices. Three to 5 million American households turn to payday loan companies whose storefronts in working class neighborhoods outnumber McDonalds and Starbucks. Continue reading

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FCA Auto Dealer Wes Lutz 2018 NADA Chair

NADA was founded in 1917 when 30 auto dealers traveled to the nation’s capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. Continue reading

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New Car Dealership Employment Sets Record in 2016

“Total dealership employment has consistently risen every year since the Great Recession,” said NADA Chief Economist Steven Szakaly. “In addition, hundreds of thousands of other local jobs are dependent on dealerships.” Continue reading

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NADA Celebrates Its 100-Year Anniversary

Founded in 1917, NADA was formed when a group of local dealers set out to fight Congress on levying a luxury tax on new automobiles. Continue reading

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Wages Rising at New Car Dealerships. Turnover Problematic

During 2015, America’s new-car dealerships created new jobs and provided median weekly earnings of $1,026, which exceeded non-farm, private-sector median weekly earnings of $825 by 24%. Over a five-year period, average compensation across all dealership positions increased steadily at an average annual rate of 3.2%, while median income growth of all positions grew at an average annual rate of 2.6%. Continue reading

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U.S. Vehicle Sales to Remain Strong in 2016?

Despite disappointing July sales results and some economic and political uncertainty with the upcoming elections, the National Automobile Dealers Association (NADA) is holding to its sales forecast of 17.7 million new cars and light trucks for 2016 in the U.S. Continue reading

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New-Car Dealership Jobs Up 4.3% in 2015

In 2016, expect new-car dealership employment to reach an all-time high. The past six years have been the longest period of new-vehicle sales growth since the 1920s, and the outlook for 2016 is just as bright. Continue reading

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Is 17.7 Million 2016 Sales of Light Vehicles in the US a Fantasy?

“We are living peak auto sales right now, and we will see one more year of that growth in 2016,” Szakaly added. “But only because of rising incentives that will keep consumers coming into showrooms. The real worry now is whether we’re starting to pull sales ahead from future years.” Continue reading

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US Used Car Prices Stable in August

In the U.S. during August used vehicle depreciation fell by 1.9%, followed by a 0.6% new vehicle sales drop when compared to July. At this time of year, wholesale used vehicle sales begin to slow, traditionally making it a tricky time for shoppers, as local dealer inventories will determine prices. Continue reading

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Record Sales of Car, Light Trucks Predicted at CAR Conference

Sales of new cars and light trucks will continue their post-recession recovery, reaching a record high of 17.46 million vehicles in 2016, said Steven Szakaly, chief economist of the National Automobile Dealers Association. Continue reading

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NADA Opposes Credit Reform on Auto Lending Practices

the National Automobile Dealers Association (NADA) is lobbying members of the U.S. House Financial Services Committee to pass H.R. 1737, a bill that would repeal the Consumer Financial Protection Bureau’s (CFPB) 2013 guidance on fair auto lending practices Continue reading

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CFPB Scoffs at NADA FOIA Request on Auto Lending

The Consumer Financial Protection Bureau, aka CFPB, has rejected a Freedom of Information Act – FOIA – request by the National Automobile Dealers Association to release a memorandum that NADA alleges shows that the agency is seeking to exercise jurisdiction over auto dealers financing, which is prohibited under the Wall Street Reform and Consumer Protection Act of 2010, also called Dodd-Frank. Continue reading

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NADA FOIAs to CFPB on Targeting Auto Dealers

As always, it pays to shop since rates can vary drastically, and there have been cases of blatant discrimination where dealers charged varying amounts even though the victims have the same credit scores. (Read AutoInformed on Asian Auto Lending Discrimination in Los Angeles?) Continue reading

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2015 New Vehicle Sales on Pace for 17 Million

In NADA’s view, stable gasoline prices are leading to a resurgence in demand for SUVs and CUVs, as well as pickup trucks – all of which have taken market share from small, midsize and luxury cars. Continue reading

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As Automakers Move to Eliminate Franchised Car Dealers, the “No Jobs” Debate Continues over the future of the US Economy

Not coincidentally, the survey comes as automakers are redoubling efforts to sell vehicles online as a way around traditional middlemen, specifically NADA members, which of course raises the end price of a new vehicle to buyers. Continue reading

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