April 2009
Newsletter
Automotive April 2009 Newsletter
1. Lack of correlation between Social Security number range and date of birth.
2. Suspicious addresses supplied, such as a mail drop or prison.
3. Phone numbers associated with pagers or answering service.
You can get more information about developing your Red Flags program in the Guidelines issued with the Red Flags Rule, available at www.ftc.gov/os/fedreg/2007/november/071109redflags.pdf. (The Guidelines are on pages 63773-63774 of the document.)
Management
If you don't have a clear path of where you're headed, you could be on a dead-end road. Read what veteran industry sales consultant Jeff Ward says about planning ahead.
Marketing
Car marketing consultant Randy Johnson shares his in-depth industry experience to give you the competitive edge on customer service and retention. Read his article:
Training
Gain valuable insight on how to tap into and relate to the far-reaching purchasing power of women consumers in this article by sales and marketing guru Jody DeVere. Read More
Industry News
U.S. May Set Greenhouse Limits
The Obama administration is considering establishing national rules for regulating greenhouse gas emissions for automobiles, according to White House officials, a move backed by both auto manufacturers and some environmentalists. Read More
Obama Gets Tough With GM
In a decidedly hard-line stance, Barack Obama has pushed Rick Wagoner, CEO of General Motors, to resign. Wagoner stepped down after the Obama administration threatened to withhold additional bailout money. He has been replaced by Fritz Henderson, the company's chief operating officer. Obama is readying further actions to restructure GM as well as Chrysler. President Obama stated, "If you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe. In fact, it will be safer than it's ever been. Because starting today, the United States government will stand behind your warrantee." Read More
Fitch: Declining Credit Metrics To Continue for U.S. Auto Finance Companies
According to a recent report by Fitch Ratings, U.S. auto finance companies are likely to experience higher funding costs throughout this year. Read More
AutoNation In Florida Provides "Job Loss" Car Payment Protection For Its Customers Plan is rolled out in 33 Florida AutoNation locations.
The plan, "Payment Protection", is designed to assist out-of-work AutoNation customers as they search for a new job. This move may be the catalyst to persuade major car manufacturers to offer similar protections. Read more at:
R.L. Polk Study - One-Third Of Consumers Expect To Purchase A Vehicle Within Next 12 Months
According to a recent market study by R. L. Polk & Co., the uncertainty of today's economy has a major effect on consumer vehicle buying decisions. Among the survey findings:
- Average length of ownership increases to 56.3 months, up from 49 months six years ago
- One third of consumers plan to purchase another vehicle in the next 12 months; 26 percent predict a vehicle purchase within two years; pent up demand for vehicle sales prevalent
- 70 percent of consumers likely to consider used vs. new for next vehicle purchase
- 72 percent of consumers would consider a domestic brand as their next vehicle purchase
A complete copy of the report is available for download at:
