In starting his tenure as NIADA President, Gordon Tormohlen delivered a securing message to dealers as they head into what could be a turbulent end of 2023.<\/p>\n\n\n\n
Tormohlen told dealers during the Welcome General Session at the NIADA Accelerate 2023 Convention and Expo, they are not alone, with the Board of Directors, NIADA staff and vendors ready to work for them and \u201chave their back.\u201d<\/p>\n\n\n\n
\u201cI look forward to this next year,\u201d Tormohlen said. \u201cWe\u2019ll spend more time together, have conversations, and I\u2019ll get to meet all of you. That\u2019s the biggest reward of all. As your president, it\u2019s a high honor for me and I\u2019m grateful for you for it.\u201d<\/p>\n\n\n\n
He also reminded dealers they are ready for what is to come because of their courage and grit, which has allowed them to chase their dreams in the first place.<\/p>\n\n\n\n
\u201cLook at you now, you\u2019re an entrepreneur,\u201d Tormohlen said. \u201cI hope you don\u2019t mind me saying, \u2018I\u2019m proud of you.\u2019\u201d<\/p>\n\n\n\n
The dealers are also helping many others from their families, their employees and the customers, who are receiving safe and reliable vehicles.<\/p>\n\n\n\n
\u201cEveryone benefits by you chasing your dream,\u201d he said.<\/p>\n\n\n\n
Before Tormohlen addressed the general assembly, the 2022-23 Chairman of the Board Joe McCloskey reflected on his nine years on the board.<\/p>\n\n\n\n
\u201cThis is the culmination of an extraordinary chapter of my life,\u201d McCloskey said.<\/p>\n\n\n\n
During that time, NIADA worked to influence policy and protect the industry in Washington D.C. It also brought dealers together for education.<\/p>\n\n\n\n
\u201cWe\u2019ve worked to keep the heart of the independent industry beating,\u201d McCloskey said. \u201cWe\u2019re not only taking care of the customers, but each other.<\/p>\n\n\n\n
\u201cLet us continue to be a beacon of integrity, innovation and excellence in the automotive industry. May we always remember that our greatest strength relies in our unity, shared commitment to excellence and our unwavering dedication to the industry we serve.\u201d<\/p>\n\n\n\n
NIADA Vice President of Dealer Development Jeremy Beck gave dealers an extensive market report.<\/p>\n\n\n\n
The average sales price for used vehicles is up to $25,497 in 2023 from $24,965 in 2022. The front-end gross is down from $4,110 to $4,068. But dealers are making up the difference with F&I products, seeing an increase of nearly $200 to $1,603.<\/p>\n\n\n\n
Reconditioning costs continue to rise, hitting $1,741.<\/p>\n\n\n\n
For the buy here, pay here sector, the average reconditioning cost is at $1,267. In BHPH deals, the average financed is up nearly $1,000 to $13,117.<\/p>\n\n\n\n
\u201cAs the costs have gone up, the down payments have not gone up,\u201d Beck said.
Beck also pointed out the delinquency rates are rising.<\/p>\n\n\n\n
\u201cAll the indicators are pointing to it\u2019s a good time to be a BHPH dealer,\u201d Beck said.<\/p>\n\n\n\n
He added dealers need to stay engaged with the market and tighten inventory management.<\/p>\n\n\n\n
\u201cWhere there\u2019s challenges, there\u2019s opportunities,\u201d Beck said.<\/p>\n","protected":false},"excerpt":{"rendered":"In starting his tenure as NIADA President, Gordon Tormohlen delivered a securing message to dealers as they head…\n","protected":false},"author":1,"featured_media":3956,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[28,3],"tags":[],"class_list":{"0":"post-3955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-independent","8":"category-industry","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/3955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=3955"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/3955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3956"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=3955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=3955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=3955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}