Hey folks! Just a reminder to stop by Columbus Fair Auto Auction on Friday December 3, 2010 for the Car Counselor’s “TARP 2.0″ Program. The event begins at 9 am. Keith Whann promises a great event. Get there as soon as you can! NO RESERVATION IS NECESSARY and there is no charge to participate. Learn more about the event: http://whanntarp.com/

The Wall Street Journal is reporting that Sen. Christopher Dodd and Rep. Barney Frank are at odds over who should lead the Consumer Financial Protection Bureau.

Frank, the House Financial Services Committee chairman, has joined his party’s liberal base in pushing for Harvard Law Prof. Elizabeth Warren to head the bureau, and wants her named without delay. Dodd, the Senate banking chairman, questions whether Ms. Warren could get the 60 votes needed for confirmation. He appears to be waging a one-man campaign to persuade the White House to nominate anybody else.

Even if Warren could be confirmed, a heated battle over her in the Senate would likely delay the new agency’s writing of new financial rules, something Dodd wants to avoid. READ MORE…

IRVINE, Calif. — New research from the Kelley Blue Book Market Intelligence Group revealed today that more vehicle buyers are apparently turning to used units, as well as tending to pay in cash rather than financing their purchases.

The study findings showed some startling vehicle buyer sentiment about potential purchasing and financing plans.

Stemming from what analysts believe to be unsteady economic conditions, the survey determined most in-market shoppers are planning to spend a relatively small amount of money on their next vehicle purchase. Additionally, KBB found these same consumers are more likely to buy a used vehicle versus a new unit.

Furthermore and most relevant to auto finance companies, more than one-third of in-market vehicle shoppers involved in the survey say they plan to pay the entire cost of their next vehicle purchase in cash, and they are not influenced by incentive offers.

KBB indicated 74 percent of the individuals surveyed plan to purchase a vehicle within the next six months. Of that cluster, more consumers emphasized they are in the market for a used vehicle (67 percent) rather than a new one (33 percent).

Again, returning to what could pique the interest of finance companies, KBB found that 42 percent of used-vehicle shoppers and 20 percent of new-vehicle shoppers said they plan to pay the entire cost of their next vehicle in cash.   …Read More

Monday was business as usual at the NIADA Convention. There were several business meetings and a great welcome reception on Monday evening. The crowd was great and the music was fun.

Be sure to join Keith Whann and me all day today for the day-long General Education Program – a full day of Extended TARP – in the Octavius Ball Room at Caesars in Las Vegas.

Be sure to ask you questions on Auttr.com and we’ll answer them throughout the day (live when possible).

Enjoy the convention!

L.J. Marhefka

Well hello to all of the automobile lenders out there that wish they could have been part of the TARP Program at the NIADA Annual Convention in Las Vegas. I had a lender call today and advise that due to an unforeseen event, they will not be able to make the TARP Event in Las Vegas. Its too bad for them, however, this means that I have an opportunity for a lender to “sneak in” at the last minute. Sure, I know the convention is in less than one week away, however, these opportunities don’t happen often.

There is still time to participate. Please reach out to me as soon as possible by phone at 740.338.0488 or by email at LJ@LJKing.com to make your last minute arrangements. You will be pleased with your decision to participate!

For additional convention information, please visit www.NIADA.com.

Thanks,

L.J. Marhefka
The Car Counselor’s TARP Program Event Coordinator

On behalf of the NIADA Certified program, I would like to thank Keith Whann, LJ Marhefka, and the Fredericksburg Manheim team for yet another successful TARP Regional Seminar Series. We had many new signups on the Certified program. Dealers understand the value of having a fully insured program and one that will help them get a higher resale value on the car, which will lead to higher monthly gross profits. For more info on the NIADA CPO Program go to www.NIADAcertified.com or call 800-840-2567.

The Car Counselor’s Program is at Frederickburg, VA. Right now, Howard Polirer is on stage sharing Internet Marketing and Advertising Best Practices. If case you missed us in Virginia, you have one more chance to participate in the program in Las Vegas in June at the NIADA Annual Convention. There will be National and Regional Lenders in Las Vegas that are looking forward to new business relationships with quality automobile dealers. Please visit http://www.niada.com/Education/convention.html

At the recent NIADA Car Counselor’s TARP Conferences, the main focus of many of the dealer attendees has naturally been on dealership financing issues.  Obviously, to sell a car we need three things: cars, customers and credit.  Dealers tell me that they know how to find the cars and customers, the challenge is often finding lenders willing to extend credit in our industry and knowing how to review a lender’s dealer agreement.  As with many of the legal and business issues that arise in the motor vehicle industry, reviewing lender dealer agreements can seem like an overwhelming task.  In reality it is quite simple if you understand a few basic principles. Read the rest of this entry →

The last few years have been a challenging period for the used motor vehicle industry and our Country as a whole.  After a lengthy period of time with a very strong economy, today is very much different.  We currently find ourselves saddled with a sluggish economy, a national decline in the average consumer’s creditworthiness, bankruptcy rates at an all time high and, as if that were not enough, a shortage of lenders in the used car marketplace.  Naturally, one topic on everyone’s mind (and we hear this a lot at The Car Counselor’s TARP Programs)  is how to find new ways to sell cars to customers the dealership cannot otherwise get financed.

With the number of lenders conducting business in the used motor vehicle industry decreasing, one of the keys to attracting a lender to your dealership is to demonstrate the ability to minimize the lender’s risk.  When it comes to quantifying risk, all lenders have methods for evaluating customer creditworthiness and collateral, so these items speak for themselves.  A motor vehicle dealer should be able to make a case as to the positive creditworthiness and reputation of his dealership.  Lenders will often request credit information and references pertaining to both the dealership and the dealer principal.  Tax returns, along with well-prepared financial statements, should be available upon request. Read the rest of this entry →

Next: Keith Whann T.A.R.P. Event
Friday, March 12th, Manheim’s Dallas – Fort Worth Auto Auction

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