January 2023

Tuesday, Jan. 31, 2023, 04:45 PM Think of the used-car supply picture back in 2010 through 2012. These were the years in the aftermath of the Great Recession, automaker bankruptcies and, ultimately, new-vehicle sales tanking. “All you dealers out there that remember trying to get used cars, especially lease maturities back in 2010, 2011, they weren’t there,” Jonathan Banks, vice president of product and vehicle valuations at J.D. Power, told a crowd at the J.D. Power Auto Summit last week in Dallas. “We’re in a similar situation with … Source Article

Tuesday, Jan. 31, 2023, 03:10 PM Dealers Auto Auction Group said Monday it has promoted Stacy Brown to serve as the group’s vice president of digital sales. In this role, Brown will lead a team to drive growth in the DAAG digital platform across the U.S. Brown has been in the industry for more than 24 years and returned to her hometown auction of DAA Jackson in 2020. DAAG currently has 10 auctions throughout the Southeast, including such markets as Atlanta; Chattanooga, Tenn.; Columbia, S.C.; Johnson City, Tenn.; Memphis; Jackson,… Read More »Dealers Auto Auction Group names VP of digital sales

Tuesday, Jan. 31, 2023, 03:00 PM America’s Group has added to the management team of its America’s Auto Auction Charleston and America’s Auto Auction Savannah locations, announcing that Bo Baxter has returned to be the marketing and sales manager for the two auctions. Baxter was the marketing and sales manager for what was then Charleston Auto Auction between 2003 and 2008, before starting his own print and marketing company. In the new role, Baxter will head up a call center and marketing department supporting both Charleston and Savannah, while also… Read More »America’s Group hires marketing & sales manager for Savannah, Charleston auctions

Tuesday was the last day of January, but the experts at Black Book already are thinking about spring. They said that “early signs of a potential spring bump in the market are starting to emerge.” With wholesale prices softening only 0.50%, Black Book pointed out in the newest installment of Market Insights that those spring signals also included prices in the sporty car segment increasing for the second consecutive week. Furthermore, Black Book noticed that older vehicles — models 8 to 16 years old — posted a lower depreciation rate… Read More »Lane watch: Spring signs already sprouting

While still on the watch for “cutting corners to fuel their profit model,” the Consumer Financial Protection Bureau (CFPB) recently released its annual report that details improvements made by the three largest credit bureaus  — Equifax, Experian and TransUnion. The Fair Credit Reporting Act requires the CFPB to submit an annual report about complaints submitted by consumers regarding the nationwide consumer reporting companies. Officials said the report is based on the 488,000 consumer complaints the CFPB transmitted to Equifax, Experian, and TransUnion from October 2021 through September 2022. The CFPB… Read More »CFPB spots 3 improvements made by Equifax, Experian and TransUnion

Tuesday, Jan. 31, 2023, 11:28 AM Coinciding with the National Independent Automobile Dealers Association and Buckeye Dealership Consulting announcing an integration of the NIADA 20 Groups with Buckeye’s Dealer Performance Groups, NIADA is welcoming back one of its previous moderators. According to another announcement from NIADA, David Brotherton is back with the association, having worked with NIADA prior to June 2021. “To me, this merger represents an opportunity to prove to everyone that we are in fact, better together,” Brotherton said. “This merger shows a renewed commitment to the buy-here,… Read More »Brotherton returns to NIADA to moderate 20 groups

Tuesday, Jan. 31, 2023, 11:26 AM NextGear Capital closed the opening month of the new year by announcing the promotion of three individuals from Cox Automotive to fill key roles on its client-facing team. The moves are aimed strengthen its partnerships and further its commitment to independent dealer success.  The three executive promotions include: • Kali Gipson joins NextGear Capital’s sales team as a regional sales director. He started at Cox in 2013 and spent the last seven years at Manheim Houston where he led the dealer sales team. •… Read More »Cox Automotive promotes 3 execs to fill key roles at NextGear Capital

Monday, Jan. 30, 2023, 05:19 PM The sky is not falling in the used-car market, but certainly the expectation is for another challenging year in sales. Brighter days may be on the horizon, but the year appears to have started on a bumpy note. TrueCar is forecasting … Source Article

Along with announcing the winners of the 6th annual Women Driving Auto Retail Contest, the National Automobile Dealers Association revealed the upcoming start of a program aimed at addressing one of the most pressing needs at dealerships. On Friday at NADA Show 2023 in Dallas, officials from NADA, National Urban League and Urban League of Louisiana announced the February launch of a pilot service technician apprenticeship program in New Orleans and Baton Rouge, La. NADA is partnering with the Louisiana Automobile Dealers Association (LADA) and the Urban League of Louisiana’s… Read More »NADA addresses technician shortage with latest project

Both incoming and outgoing chairs of the National Automobile Dealers Association addressed their peers during NADA Show 2023 in Dallas. During his first address on Saturday, 2023 NADA chairman Geoffrey Pohanka stressed that franchised “dealers and their OEMs essentially want the same things: to give customers a great buying experience and to sell a lot of cars and trucks.” And a day earlier during his final remarks as NADA chairman, Mike Alford highlighted the evolving auto retail business model and how dealers and auto manufacturers “are connected by the desire… Read More »Incoming & outgoing association chairs make strong statements at NADA Show 2023