January 13, 2022

Automotive dealers are all wondering how to deal with waning inventory levels that continue to plague the industry. So, what can dealers do to ramp up vehicle sales when the inventory does not exist? Some dealers are reviewing the lease schedules for their brand and asking customers with lower mileage units to see if they are interested in selling their vehicles back to the dealership — in some cases, for more than the customer paid for the vehicle! Crazy times to say the least. Mining the outstanding leased vehicle listings may be a good way to find vehicles for your inventory. Auction houses are reporting record-level prices, especially in metro markets.

The employee retention credit (ERC), a refundable payroll tax credit for employers, was established by enacting the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. This article emphasizes two key qualifiers that may affect the potential eligibility of auto dealerships to qualify for this payroll tax credit in 2021. To qualify for the ERC, eligible employers must satisfy one of the following provisions:

Compliance Management Systems (CMS) ensures dealers follow consumer protection regulations required by the Federal Trade Commission. Dealerships have a legal obligation to administer a qualified CMS and ensure components of that system are embedded in the organization’s Document Management Services Platform (DMSP). Document scanning services offer an excellent way to help dealers create (and sustain) a culture of oversight and compliance.

NADA PAC helps to elect to Congress qualified individuals who understand the needs of new car and truck dealers. NADA PAC is consistently credited as being one of the nation’s top trade association political action committees in terms of both total fundraising and contributions to federal candidates. NADA PAC supports candidates for Congress on a bipartisan basis from the recommendations of the NADA PAC dealer leadership for each state.

NJ CAR appreciates the support of the 312 dealers who contributed to CAR-PAC, the Coalition’s political action committee, between Jan. 1, 2021, and Sept. 30, 2021. CAR PAC needs the contributions of ALL dealers to ensure it has the necessary financial resources to support candidates (on both sides of the aisle) who support the franchised retail automotive industry in New Jersey and ensure the dealers’ voice is heard in Trenton on a wide variety of important public policy issues. CAR-PAC has been (and will continue to be) very active in supporting the candidates who support our industry.

Customer Experience is such a buzzword these days, but what about the Employee Experience? Research shows that both the Employee and Customer Experience are key to running a successful dealership.

Assemblywoman Verlina Reynolds-Jackson What inspired you to run for office and become a legislator? I was inspired to run for office because I felt there was not enough being done in the areas of advocating for youth with special needs or advocating for services for seniors. What is your greatest achievement and your greatest disappointment

The New Jersey Auto Retailers Unite campaign has raised more than $2.5 million to help the children of The Valerie Fund since 2014. The generosity of more than 200 neighborhood new car and truck dealerships throughout New Jersey has made an extraordinary impact on the lives of the 6,000 children with cancer, sickle cell disease and other blood disorders The Valerie Fund cares for every year.

According to NADA’s Chief Economist, Patrick Manzi, new light-vehicle sales in November came in below expectations, with a SAAR of 12.9 million units, down 19% from November 2020. Despite November’s month-to-month decline, sales through the first 11 months of the year are up by 7% compared with the same period in 2020. (In New Jersey, sales are up 17.1% through the first 11 months of the year, compared to 2020.)

The November 2021 election in New Jersey had considerably more drama than we typically experience in the Garden State. Not only did Governor Phil Murphy win reelection in a much tighter race than expected, but Senate President Steve Sweeney, one of the most powerful legislators in the State, suffered a major upset when he was defeated by a Republican newcomer.