New Jersey Coalition of Automotive Retailers’ Post

The 37,500 men and women employed by New Jersey's franchised new car and truck dealerships earned $3.66 billion in compensation, the automotive retail industry offers a wide variety of good-paying, local jobs that can't be outsourced. To learn more, visit https://ow.ly/uEou50SaZLI #njcar #njautodealers #njcardealers #njdealers #autoindustry #automotiveindustry #economicimpact #compensation #2023economicimpact

The 37,000 men and women employed by New Jersey's franchised new car and truck dealerships earned $3.75 billion in compensation, an increase of 22% from the previous year. The industry offers various good-paying, local jobs that can't be outsourced. Learn more by visiting https://ow.ly/BnPz50PkRr9. #njcar #njautodealers #njcardealers #njdealers #autoindustry #automotiveindustry #economicimpact #compensation #2022economicimpact

The 37,000 men and women employed by New Jersey's franchised new car and truck dealerships earned $3.75 billion in compensation, an increase of 22% from the previous year. The industry offers various good-paying, local jobs that can't be outsourced. Learn more by visiting https://ow.ly/BnPz50PkRr9. #njcar #njautodealers #njcardealers #njdealers #autoindustry #automotiveindustry #economicimpact #compensation #2022economicimpact

USA and car subscription: An inside look at the challenges and opportunities 🎯 The USA is a fast-growing car subscription market. Let's have a look at four major market developments in the past year, split into a small two-chapter series over the next few days. First off, Economic and political events have had a significant impact on the US car market this past year. 1️⃣ Growing interest rates are discouraging customers Interest rates for car loans in the United States continued their upward trend in 2023. Between 2019 and December 2021, the interest rate on five-year car loans in the U.S. experienced a decline, hitting a low of 3.85 percent. However, the following months/years saw a sharp rise, with rates climbing to 7.5 percent by September 2023. Concurrently, the average size of new car loans and leases in the U.S. has been on the rise over the past few years, amplifying the financial strain of borrowing.📈 High interest rates, along with the high price tag have made for a poor buying climate. While the increase seems to have slowed, if interest rates do not decline, this would mean consumers are holding onto their cars longer. That would result in mounting inventory at dealerships. 2️⃣ UAW strike has unforeseeable consequences The 2023 United Auto Workers strike was a labor strike involving automobile workers in the labor union United Auto Workers (UAW) and the three unionized automakers in the United States – Ford Motor Company, General Motors, and Stellantis. These three automakers' factories combined employ about 145,000 UAW members and produce about 50 percent of the vehicles manufactured annually in the US, accounting for 1.5 percent of the US GDP. The strike was suspended at the end of October as the automakers reached tentative deals that largely matched the #UAW demands. The long-term effects of this strike are yet to be seen but should make for unforeseen challenges in 2024. To meet the workers' new salary demands, the cost will likely fall back on car buyers due to higher costs for components. This will ultimately result in elevated new car prices. Car subscriptions will help consumers avoid this risk by offering a short-term fixed payment plan. Look out for part two later this week! #carsubscription #review #dealership #automotive

According to the National Automobile Dealers Association (NADA), the automotive industry has a turnover rate of about 40%. Employee benefits play a crucial role in attracting and retaining talent. There’s no one-size-fits-all approach. Our customizable solutions allow Dealers to tailor their benefits specific to their workforce needs. Three comprehensive services. One supportive partner. #employeebenefits #employeeretention #togetherthefutureisbright

Our latest #LeasingOutlook report shows a split between business and private demand for new vehicles, with the two market segments moving in opposite directions. Demand for Business Contract Hire #BCH is up 7.1% year on year, while demand for salary sacrifice cars surged by 47% over the same period. Meanwhile, Personal Contract Hire #PCH has fallen by 7.1% as personal deals bear the brunt of increasing costs and fewer incentives. Toby Poston, our Director of Corporate Affairs, said: “It is great to see the BVRLA member lease fleet growing, but this growing imbalance between the business and retail segments – particularly for EVs – is a real concern. “Benefit-in-kind and salary sacrifice incentives have fast-tracked corporate uptake of electric vehicles and are underpinning our progress towards the ZEV Mandate targets. Fleet operators and business drivers cannot bear the weight of the EV transition alone, especially as the Mandate targets ratchet up in future years. The spotlight must turn to the private sector. It needs igniting.” Also commenting in the report are Dylan Setterfield of cap hpi, Rachael Jones of Auto Trader UK and Vincent St Claire of Fleet Assist. https://lnkd.in/e86FHTFK #vehiclelease #fleet #businessdriver #salarysacrifice #BiK #EVs #ZEVMandate #RoadtoZero

First and foremost, the Billionaires are making all the money. Secondly, no one is really buying American cars right now as it is, they're to dam high, the interest rates are to high and they do not last as long. You can buy a Toyota, Honda or a Lexus and your car will outlast any GM model hands down. The warranties are better and their suspensions are 100% better. GM cars are crap, plus the whole EV Push, makes it even worse. Regular Americans do not want it. It isn't sustainable nor affordable. Most states, do not even have the infrastructure for it. If the UNION is on Strike why is FORD still building BLUE OVAL CITY??? It is all smoking Mirrors. Billionaires are going to continue making billions while the American people have to pay the heavy interest rates. #UAW, #CNN #FOXNEWS #DEMOCRATS #REPUBLICANS How the UAW strikes could impact car shoppers https://lnkd.in/gYndTR33