DEALER TO DEALER
ONLINE AUCTION SALES REFLECT MARKET PULL FOR USED
VEHICLES
Auto dealers experiencing the shortage of
high-quality used vehicles across the country are expanding their
reach with a virtual online inventory of vehicles from
SmartAuction, Ally Financial's online wholesale remarketing auction
site. This increasing demand has allowed
SmartAuction to out-perform the industry by recording a nearly 14
percent increase in dealer-to-dealer online wholesale transactions
in the United
States for the first six
months of 2010 compared to the first six months last year.
According to the National Auto Auction Association's (NAAA) latest
Auction Industry Report, wholesale transactions of dealer-owned
vehicles were up 6.9 percent across the industry. In
addition to the sizable increases in SmartAuction's active dealer
base, average monthly postings per dealer are more than double what
they were last year. Source: www.reuters.com,
Sept. 8,
2010
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GLOBAL AUTO INDUSTRY OUTLOOK DIMS AS
U.S., CHINA MARKETS SLOW
General Motors plans to start trading shares again
on Nov. 18, timing that allows the company one more quarter of
earnings to build its case to investors, a firm that researches
initial public offerings said Thursday. Scott Sweet,
the managing partner of IPO Boutique, said GM plans to price the
shares on Nov. 17 and begin selling them the next day. He said the
automaker wants to start a two-week a road show to drum up investor
interest on Nov. 3, the day after the midterm congressional
elections. It's unclear if the IPO dates have been
finalized. Two people with knowledge of the process say the
automaker's board hasn't approved a date for the IPO but is
expected to meet next week to discuss the issue. GM is in a "quiet
period" before an IPO, so no one is authorized to discuss the
process publicly. The company filed paperwork for an
initial public offering with federal regulators last month. GM
spokeswoman Renee Rashid-Merem declined to comment Thursday on the
timing of the IPO. Source: www.bloomberg.com,
Sep. 9,
2010
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CONSUMERS FIND AUTO DEALS, DISCOUNTS
THING OF
PAST
For years, Americans shopping for cars were treated
to all sorts of deals and incentives, especially at the end of
summer. Think Cash for Clunkers, which paid up to $4,500, or
promotions that offered employee discounts to
everyone. Deals are getting more scarce because
automakers, newly lean and profitable, are holding the line on
those profit-eating promotions. In July, they offered $1,000 less
in incentives per car than a year earlier, according to
Edmunds.com. And with no one expecting the government
to offer a repeat of the clunkers program, get ready for fewer
discounts on your next car. "This may be as good as
it gets, and get used to it," says Jeff Schuster, the executive
director of forecasting for J.D. Power and
Associates. The standoff between buyers and car
makers could continue through the rest of the year, says Jesse
Toprak, TrueCar's vice president of industry trends and
analysis. "We really need some sort of catalyst to
take us up to a higher level," he says. Others say a
healthier economy -- not incentives -- is the only real driver for
higher sales. Source: www.detnews.com, Sept. 9,
2010
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LEGISLATIVE
NEWS
The number of people killed on U.S.
highways
fell last year to the lowest
level since 1950, the U.S. Transportation Department said,
crediting seat-belt use and campaigns to combat drunk-driving for
the decline. Fatalities in motor-vehicle crashes in
2009 fell to 33,808, a 9.7 percent decline from a year
earlier, the National Highway Traffic Safety Administration said
today in a statement. The decrease came as people in the
U.S.
drove
0.2 percent more than the year before. The death rate
fell to 1.13 deaths per 100 million vehicle miles traveled in 2009,
compared to 1.26 deaths for 2008, the agency said.
"Today's numbers reflect the tangible benefits of record seat belt
use and strong anti-drunk driving enforcement campaigns," NHTSA
Administrator David Strickland said in the statement. "But we are
still losing more than 30,000 lives a year on our highways, and
about a third of these involve drunk driving."
Source: www.autonews.com, Sept.
9, 2010
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ADP TOTAL DEALER SPEND
ANALYSIS
Reduce your dealerships spend. In
today's challenging marketplace, amidst the unprecedented economic
and credit crisis we understand that dealers are looking closely at
anything that can help reduce your dealership spend and drive more
profit to your bottom line. This usually means looking at every
expense...but what's the best way to go about this? Make sense of
it all with an accurate analysis. This is where we
can help. Only ADP has a proven process called the
ADP. Total Dealer Spend Analysis. We use this
step-by-step approach to gather, analyze and present results that
detail the areas in your dealership where you can begin reducing
spend while offering ways to increase revenue and drive more profit
to your bottom line. And, we do this analysis for free, whether you
are an ADP client or not. If interested call Tony Valdivia at (630)
776-1566 or tony_valdivia@adp.com
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Newtek
Business Services - The Small Business Authority
The Small Business Authority, Powered by Newtek
saves GMMDA members money! We have been able to identify savings
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CALENDAR OF
EVENTS
Sept.
12-14
Congressional
Hispanic Caucus
Washington, D.C.
Sept.
15-18
Congressional Black
Caucus
Washington, D.C.
Sept.
21-22
NADA Washington
Conference
Washington, D.C.
Sept. 30 -
Oct. 1
11th
Automotive Summit
Rainbow PUSH
Automotive
Detroit, MI
Jan. 9,
2011
15th
Urban Wheel Awards
Detroit,
Michigan
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Click on the names
below to learn more about the products and services offered by our
valued vendor partners
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GMMDA Member FREE Legal Assistance
Program
Contact Attorney Robert Byerts at Bass Sox
Mercer at (850) 878-6404 or via email at rbyerts@dealerlawyer.com to ask a question, receive legal advice or to find
out more about how Bass Sox Mercer can assist you with any
dealership problems or concerns. All GMMDA members
receive FREE legal services.
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