The BEBdata tribe is putting the final touches on plans for our attendance at the 2015 NADA Convention & Expo. This is the “it” conference for the auto industry and we never miss it!
This year’s keynote speakers include Jeb Bush and Jay Leno! For a complete listing of speakers click here.
Excellent workshops such as, “Exceptional Experience that Win Digital Buyers” and “NexGen Dealers Leading the Future Their Way Today” are only a few of the exciting and trending topics that will be discussed.
We’ll have the latest information on BK trends and you can review our data card by clicking below! Hope to see you there!
Joe Overby of Auto Remarketing shared that Certified Pre-Owned (CPO) vehicle sales climbed nearly 20% year-over-year in September! That’s the best quarter ever for the market, says Autodata Corp. Continue reading →
Fueled by a record high level of borrowing for car purchases, Americans probably bought about 1.4 million motor vehicles this month, pushing sales up more than 10 percent from July 2013. By most forecasts this will be the best July on record since 2006, more than a year before the start of the Great Recession that sent the auto industry into a crisis.
Read more from this International Business Times article by pressing here.
Today, people are able to buy new cars even with a credit score lower than 500. A year ago that would have been very difficult to pull off. Dealerships all over the country are offering deals for high credit risk buyers as long as they have a good job, current utility bills that are in good standing, and some money for a down payment.
The market for subprime borrowing is hot and this time the car business is leading the way. The central bank’s stimulus is making it easier for people with spotty credit to buy cars as investors purchase riskier bonds linked to auto loans. Below are some interesting facts surrounding subprime lending:
Subprime car buyers account for more than 27% of loans for new vehicles, compared to 25% last year and 18% in 2009.
Issuance of bonds linked to subprime auto loans soared to $17.2 billion this year, more than double the amount sold during the same period in 2010.
Some experts believe that vehicle loans are safer because the underlying asset can be more accurately valued, it’s easier to repossess, and people who need a car to get to work make that payment a priority.
58% of loans taken out to purchase Chrysler’s Dodge brand vehicles in October were with loans above the industry average of 4.2% annual percentage rate, according to Edmunds, a researcher that tracks vehicle sales.
Buyers with imperfect credit account for 27% of loans for new vehicles.
Last Tuesday, GM’s board named Mary Barra, a 33-year company veteran, as its next CEO, making her the first woman to lead a major car company.
Barra replaces Dan Akerson, who moved up retirement plans by several months to help his wife, Karin, battle advanced cancer.
When Barra starts her new job on January 15, she will lead a company that’s made nearly $20 billion since emerging from bankruptcy in 2010, much of it from the cars and trucks she helped develop. But she still faces challenges…read more by clicking here.
Credit card and vehicle financing subprime lending is in a stimulation mode. A recent study showed 25% of risk managers at banks and other financial institutions surveyed expect subprime lending to expand in the next six-months. About 50% of those predict a rise will surface in auto loans which indicates that the market may be loosening.
The NADA is the Automotive Industry Event of the Year!
It is the world’s largest international gathering for franchised new-vehicle dealers. This convention offers dealers a rare chance to meet face-to-face with executives of major auto manufacturers and features hundreds of exhibitors showcasing the latest equipment, services and technologies and over 40 workshops with the industry’s best trainers. We’ll be there, will you!? Contact us today! Check out our video promoting the event by clicking onto the link below:
Subprime approvals for both new and used vehicle sales are 62.5% higher than they were one year ago because dealers are finding it easier to place subprime used vehicle paper.
Breaking down its sales predictions, industry expert, CNW thinks franchised dealers will turn 1.33 million used models this month, marketing a 11.7% gain.
Thanks to inventories and supply becoming more stable and improvements in inventory make-up, the firm contends independent dealers are looking at a significant year-over-year used sales gain in September. Expectations are for independent lots moving 1.28 million units, which would translate to into a 9.7% jump from a year ago.