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Insider Tip of the Week

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July 28, 2016 - Industry News

ORIAS Offers Prize to Industry Summit Attendees

Organizers of the upcoming Industry Summit have announced that Old Republic Insured Automotive Services (ORIAS) will award two $500 American Express gift cards in a random drawing of attendees who register by this Friday, July 29.

Tags: Compliance Summit, F&I manager, F&I trainer, Industry Summit, ORIAS

July 14, 2016 - Industry News

Consulting Group Offers Advice on Preventing Employee Theft

While unfortunate, employee crimes against dealers do happen. This week, Automotive Compliance Consultants released a list of tactics dealers can employ to prevent employee theft at their store.

Tags: Compliant, Dealership, Security, Theft

July 8, 2016 - Industry News

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

July 5, 2016 - Industry News

Jumpstart: 60% of Millennials Buy a New Vehicle Every Three Years

A study from Jumpstart and Ipsos Connect found that 74% of Millennials now take four weeks or less when shopping for a car. It also found that women continue influence a majority of all vehicle transactions.

July 5, 2016 - Industry News

KBB: Average Transaction Price Rises in June

Fueled by domestic brands and the sale of trucks and SUVs, the average price for a new vehicle in June increased 2% from a year to $33,652, according to Kelley Blue Book.

Tags: Fiat Chrysler, Ford, General Motors, KBB, transaction prices

June 28, 2016 - Industry News

96.7% of Jeeps Are U.S.-Built, Experian Reports

An Experian analysis found that out of all auto brands that sell in the United States, Jeep had the highest percentage of vehicles built domestically. According to the analysis, 96.7% of Jeeps on U.S. roads were assembled in the country.

Tags: American, Analysis, Experian, Experian Automotive, Jeep

June 27, 2016 - Industry News

KBB Predicts Record Sales in June

Kelley Blue Book expects June new-vehicle sales to increase 5% from a year ago to 1.55 million units. This predicted increase should result in an estimated 17.1 million seasonally adjusted annual rate (SAAR).

Tags: Compact Segment, CUV, June Sales, KBB, Kelley Blue Book, Mid-Size Segment

June 23, 2016 - Industry News

ADESA Promotes Two to Dealer Services Leadership Roles

The business unit of KAR Auction Services has promoted C.J. Lopez to director of major dealer accounts, and Kjersta Loyd to regional dealer sales manager for the Mideast and Midwest regions.

Tags: ADESA, Auto Auctions, used vehicles

June 22, 2016 - Industry News

Black Book: Depreciation Rates Showing Consistency

Over the last four weeks, depreciation rates for both cars and trucks have begun to show some consistency, according to Black Book, with truck depreciation picking up from the spring season.

Tags: Black Book, Used-Car Values, vehicle depreciation

June 21, 2016 - Industry News

F&I Dealer of the Year: Nomination Deadline Extended

David-Moore Automotive's Sean Tarbell accepts the 2015 award from The Warranty Group's Ash Bauer and F&I and Showroom's Gregory Arroyo.

F&I and Showroom has extended the nomination deadline for its F&I Dealer of the Year award to Wednesday, July 13.

Tags: F&I Dealer of the Year, F&I department, F&I manager, F&I Pacesetters, F&I process

June 21, 2016 - Industry News

NIADA's New President Begins Term

The National Independent Automobile Dealers Association (NIADA) presented Billy Threadgill with its President’s Ring and officially opened his term as president during the National Leadership Awards Banquet at the association's 70th annual convention and expo.

Tags: Independent Automobile Dealers Association, NIADA, President

June 8, 2016 - Industry News

Wholesale Prices Rise Again in May, Manheim Reports

Wholesale used-vehicle prices increased again in May, suggesting dealers have continued to achieve efficiency gains that allow them to bid-up auction prices even as gross margins narrow, according to Manheim’s Used Vehicle Value Index.

Tags: Manheim, Manheim Used Vehicle Report, used-vehicle values, Wholesale Pricing

June 7, 2016 - Industry News

NADA Announces New Senior Vice President of Dealership Operations

Peter L. Fong has joined the National Automobile Dealers Association as senior vice president of dealership operations. One of his key areas of interest will be to accelerate the process of moving dealerships toward the ‘online to in-store’ car-buying experience for consumers.

Tags: Dealership Operations, hiring, NADA, National Automobile Dealers Association

June 7, 2016 - Industry News

General Motors Appoints New Director of Dealer Development

General Motors named Mark Rainey director of dealer development. He will be responsible for the growth of minority and female dealers within the automaker's U.S.-based Chevrolet, Buick-GMC and Cadillac dealer networks, according to the company.

Tags: Dealership, General Motors, hiring

June 7, 2016 - Industry News

LHM Dealerships Acquires Three Stores in Denver Area

Dealer Doug Moreland, who sold seven of his Arizona stores to LHM Dealerships in 2013, has struck another deal with the 58-rooftop dealer group. This time, he sold three of his Colorado stores to LHM Dealerships, bringing the number of Colorado stores operated by the group to 11.

June 7, 2016 - Industry News

May Sales Fall 6% From a Year Ago, Autodata Reports

May brought with it two fewer selling days and year-over-year sales declines for most manufacturers. Only four manufacturers — FCA, Hyundai, Kia and Volvo — performed better last month than the same period last year.

Tags: 2016, Autodata Corp, May, Vehicle Sales

June 2, 2016 - Industry News

International Nameplates Gaining Market Share, AIADA Reports

Based on its May sales totals, the American International Automobile Dealers Association (AIADA) reported that a larger percentage of new vehicles sold during the month came from international brands.

Tags: AIADA, May Sales, new-vehicle sales, SAAR

May 31, 2016 - Industry News

SUV/CUV Loyalty Soars to Record Levels, IHS Automotive Reports

The analysis, which looked at more than 1.9 million return-to-market events during the first quarter, found that 63% of SUV/CUV owners who returned to market for a new vehicle during the first quarter purchased another SUV or CUV.

Tags: Consumer Buying Habits, CUV, Market Trend Analysis, New Vehicle Registrations, SUV

May 26, 2016 - Industry News

DRIVIN Raises $7.5 Million in Additional Funding

The company that aims to change the way dealers sell, source, acquire, and deliver used cars announced it has raised an additional $7.5 million in equity capital. Launched in mid-2015, the Chicago-based startup has now raised $17.5 million in funding.

Tags: Auto Auctions, DRIVIN, inventory, used-vehicle sales, used-vehicle values

May 24, 2016 - Industry News

AP Poll: Two-Thirds of Americans Can’t Afford $1,000 Emergency

Conducted by The Associated Press-NORC Center of Public Affairs, the poll found that 75% of households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill.

Tags: Consumer Buying Habits, consumer confidence, consumer debt, Great Recession, parts and service, Repairs, Service Contracts

May 19, 2016 - Industry News

Labor Department Publishes New Overtime Pay Rule

The finalized rule updating overtime regulations will automatically extend overtime pay protections to more than four millions workers within the first year of implementation. The NADA said it is developing outreach materials on the rule’s impact on dealerships and is evaluating potential participation in potential litigation and Congressional oversight.

Tags: employment, Fair Labor Standards Act, U.S. Department of Labor

May 19, 2016 - Industry News

Calif. New Light Vehicle Registrations Exceed 500,000 Units in Q1 2016

The 500,000 units sold in the first three months of the year has California dealers on track to sell more than million units in 2016, according to the California New Car Dealers Association.

Tags: California New Car Dealers Association, CNCDA, New Vehicles, Registrations, used vehicles

May 18, 2016 - Industry News

New Dry-Erase Hang Tags Offer Potential Cost Savings

The hard plastic, dry-erase tags give dealers the ability to reuse them instead of throwing them away, as is the case with traditional paper tags. These tags also eliminate the possibility of misprints due to their dry-erase nature.

Tags: Dealership, Hang Tags, Products

May 17, 2016 - Industry News

Consumers Prefer Brands With 'Social Good Campaigns,' KBB Says

Consumers not only prefer to buy from brands with social good campaigns, they expect auto manufactures to carry them out. According to a KBB survey, 64% of respondents expect automakers to carry out social good campaigns. An even larger percentage, 70%, would like to see more automakers promote social good campaigns.

Tags: Campaign, dealers, Ford, Honda, KBB, Millennials, Subaru

May 12, 2016 - Industry News

GM Replacing 88% of Lineup By 2020

General Motors should gain market share by replacing 88% of its light-duty lineup by 2020, while Volkswagen and Korean automakers are relying too heavily on cars with consumer demand shifting toward SUVs and trucks, a Bank of America Merrill Lynch analyst has said.

Tags: Bank of America, Chevrolet, Fiat Chrysler, Ford, General Motors, Hyundai, Kia, Merrill Lynch, Nissan, Toyota, Volkswagen