Warranty and Service Contract Compliance: A Refresher
There are times when a dealer wants to offer some assurance that a vehicle she is selling is, in fact, a good buy. A guarantee that the dealer will assist with vehicle repairs, at least for a few weeks or months after a sale, is often the incentive that will close a deal. In
our latest blog post, we share a few points to remember so that the assurance you offer is fully compliant with the law.
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TIADA Conference Day Passes Available for Dealers
For only $300 ($400 for non-member dealers) you can choose either a Monday or Tuesday pass. Then find the
breakout sessions that will best allow you to grow your business and expand your knowledge. The sessions run the full range of topics including Repossession and Bankruptcy: The Nitty-Gritty, The Four Most Misunderstood Dealer Rules and Texting: The New Frontier in Car Sales. Day passes are one of the easiest and most convenient ways to attend this year's conference.
Register today!
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Those Used Car Prices That Were Supposed to Fall Are Not
A funny thing keeps happening to used-car prices, which were supposed to fall as the supply of 3-year-old, off-lease cars and trucks rose. Off-lease volumes are rising, all right. That was inevitable considering how leasing bounced back following the Great Recession. But on average, wholesale prices for used cars and trucks combined are defying expectations.
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Dealers' Sharp Focus Spurs F&I, Service Contract Sales
Sales of finance and insurance products, especially vehicle service contracts, are expected to range from flat to slow growth over the next several months, especially if interest rates remain low. Dealers' sharper focus on presenting the value of F&I products, broader acceptance by consumers and a wider array of products all help promote sales, said executives of companies that sell the products and others.
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Mazda Car Parking Brake May Not Hold, Company Issues Recall
Mazda is recalling more than 307,000 cars because the parking brake may not fully release or could fail to hold the cars, increasing the risk of a crash. The recall covers certain Mazda 6 cars from the 2014 and 2015 model years and the Mazda 3 from 2014 through 2016.
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U.S. Market Crash? It's Just Not Happening
AllianceBernstein analyst Max Warburton, whom Sergio Marchionne once called "the Charles Dickens" of auto analysts, says conventional wisdom about the U.S. auto market is way too pessimistic. "We are clearly past peak," the London-based analyst wrote in a note to investors last week. "But slightly weak YTD volumes (off record levels), falling used car prices (off record highs) and headlines about sub-prime lending have somehow been extrapolated into a U.S. auto market crash...This view is far too bearish. In fact, it is economically illiterate."
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Easing Buyers into Online Sales
While consumers purchase many items online without a second thought, the prospect of a "click to buy" button on dealership sites "scared consumers to death," says Cox Automotive COO Mark O'Neil. "They weren't thinking of it as 'quick and easy,' but 'handcuffs and shackles,' " he said. They feared getting locked into a deal or having $30,000 withdrawn from their bank account seconds after clicking on it, he said, citing the company's research.
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