Posted by Jessica Beaudry on Thu, Apr 12, 2018 @ 04:00 PM
Auto dealers, automotive manufacturers and other industry leaders gathered at the link Las Vegas Convention Center March 22 – 25 for the NADA Show 2018. Presented by the National Automobile Dealers Association (NADA), the event held 120 educational sessions categorized under eight learning tracks in traditional and interactive formats with the opportunity to earn continuing education units (CEUs). Alongside sessions, NADA Show 2018 ran an exhibit hall staged with the latest automotive products, services and technologies.
NADA representatives and industry experts discussed key issues and trends affecting the market and offered solutions backed by data and discussions.
In his first official speech as 2018 NADA chairman, Wes Lutz outlined his 2018 goals for the industry stating, “the automobile is the most exciting platform for innovation in the next 100 years.” Lutz noted that while technology continues to increase the convenience of car sharing, it has also improved car ownership. Global car sales hit 90 million in 2017. The chairman encouraged auto dealers to adapt to the “retailing challenges ahead” by investing in new franchises, new facilities and new technologies.
- “Despite the economic headwinds likely to impact the retail-auto industry this year, NADA is sticking to its original sales forecast of 16.7 million new cars and light trucks in 2018.”
- With used cars, nearly 3.9 million lease returns are expected in 2018. This is an increase of 8 percent from 2017. “The rise in off-lease volumes will spur growth in the certified pre-owned (CPO) used market, and 2018 could very well be a record year for CPO sales.”
- Manzi expects interest rates to rise “three or four times this year with the federal funds rate above 2 percent, which will add pressure to already increasing vehicle-transaction prices and auto loan terms.”
In 2013, the Consumer Financial Protection Bureau (CFPB) issued an “auto lending guidance that threatened to eliminate a dealer’s flexibility to offer consumers discounted rates on auto loans.” In response, NADA fought for consumer affordability. “We knew something that everyone else failed to see: Consumers won’t be buying cars tomorrow if they can’t afford them today,” NADA Chairman Mark Scarpelli said in his talk. He cited defeating the auto lending guidance as a “great victory” for NADA and consumers.
The association launched the NADA Show mobile app on February 6, 2018. The app provides NADA Show attendees with an easy-to-use tool for viewing event details, schedule planning, connecting with peers, rating workshops and educational sessions, and real-time alters about the show. NADA Dealership operations announced NADA’s new 2018 Professional Series, a grant certification program for new and high-potential department managers. On Friday March 23, the Alliance of Automobile Manufacturers, the Association of Global Automakers and Carfax unveiled the Vehicle Recall Search Service.
Awards, Philanthropy and Contest Winners
The 2018 Time dealer of The Year title was awarded to Jack Salzman, owner of Lake Norman Chrysler-Dodge-Jeep-RAM in Cornelius, N.C. for his “exceptional commitment to giving back to his community.” Rick Reynolds, president of Peach State Truck Centers in Norcross, Ga., was named 2018 Truck Dealer of the Year. Jodie Teuton, the first woman to be elected chair of American Truck Dealers (ATD), addressed attendees in her first speech as chairperson on Saturday, March 24.
The Nellis Support Team (NST) received a $50,000 donation from NADA. The nonprofit organization supports over 30,000 airmen and women and their families at the Nellis Air Force Base, Creech Air Force Base and the Nevada Test and Training Range in southern Nevada. An auction hosted by ADESA raised more than $50,000 for the NADA Foundation, which supports Canine Companions for Independence (CCI). CCI trains and provides assistance dogs to children and adults with disabilities.
At the CrossCheck booth, David Sterk of Ciocca Automotive Group won our giveaway of an Apple HomePod.
Corporate General Manager Brett Boatright of Winslow Ford/Arizona Dodge, pictured with company President Robb Hatch, won CrossCheck's giveaway of one $200 gift card to Del Frisco's Steak House.
CrossCheck Supports Auto Dealers at NADA 2018
CrossCheck representatives Senior VP Charles Dortch III, Director of Sales Jason Lindell and Supervisor National Accounts, CSP Rasha Ismail ran the company booth. They discussed the benefits of C.A.R.S., our auto industry RDC solution.
This program allows auto dealers to save time and money by using Remote Deposit Capture to electronically process consumer checks. All authorized checks receive guaranteed funding by CrossCheck with funds deposited into business accounts in 48-72 hours. C.A.R.S. eliminates claims submissions, bank visits to deposit checks and the need to collect bad checks, leaving dealers with more time to perform essential tasks for running a business. In addition, our C.A.R.S. program includes two premiums:
- Multiple Check — provides an alternative payment plan for customers in need of additional time to fund purchases. Consumers write 2-4 checks that are deposited within a 30-day window. All checks receive guaranteed funding by CrossCheck.
- Check on Delivery (COD) for Parts and Service — approval of checks over the phone at the point of sale including checks from out-of-town, out-of-state, Canada and US territories. Helps to mitigate risk by eliminating return checks.
Learn more by downloading our free guide.