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CBT News: Consumer demand shifts towards smaller vehicles due to affordability concerns
CBT Now delved into spring 2024 sales results and what they mean for the automotive industry’s trajectory in an interview with Cox Automotive Senior Economist, Charlie Chesbrough, who analyzes the factors driving vehicle sales and what lies ahead for automakers, dealers, and consumers amid economic turbulence, shifting consumer preferences, and the upcoming election year, factors driving vehicle sales and what lies ahead for automakers, dealers,... -
NADA: Important NEW FTC Safeguards Rule obligation - Dealers must report “Notification Events”
The FTC Safeguards Rule contains a new requirement that requires dealers to notify the FTC if certain security events that could affect consumer data occur in dealer systems or third-party systems containing dealer data. NADA has updated its Driven Guide, A Dealer Guide to the FTC Safeguards Rule (L43), to include details about the new requirements. -
OEM Incentive Programs Return
Despite initial skepticism, the OEM's new commitment to manufacturing discipline may need to catch up. One consequence of this is the reappearance of old incentive programs. A recent report by Automotive News revealed that Ford Motor Company has reintroduced stair-step incentives to help sell its 2023 F-150 inventory. Under these incentives, dealerships receive $750 per vehicle if they meet their sales target and $1,000... -
Fisher Phillips: Auto dealers - If you haven’t been filing EEO-1 reports, it’s time to rethink everything, and fast
If you’ve always thought your dealership couldn’t face any real trouble for not filing your EEO-1 reports, it’s time to think again. The feds just filed lawsuits against 15 employers across the country – including two dealerships – because they are alleged not to have filed the mandatory reports. This is the first time the EEOC has taken such a drastic step, and it... -
UAW Makes a Bold Southern Push
Like Maj. Gen. William Sherman leading the Union Army on its famous march to Sea through Georgia, the United Auto Workers (UAW) campaign to unionize as many as 150,000 auto manufacturing employees at a dozen different factories located in southern right-to-work states got off to a productive start last week when 4,000 workers at the Volkswagen Chattanooga, Tenn., plant voted for UAW representation. It... -
Bolstered inventories, OEM incentives spark May vehicle sales jump admidst consumer interest rate and negative equity challenges
Despite the persistent challenges of high interest rates and negative equity, the automotive industry has demonstrated its resilience. In May, vehicle sales reached their highest seasonally adjusted rate in nearly a year at 16.08 million, a testament to the industry's ability to adapt and overcome. This was largely due to the significant improvements in inventory levels and the introduction of consumer incentives.
