Used Car Dealer Insurance (NEW Buyers Guide Info!)

The Your Car Dealer Podcast episode #4 is bringing value by really spotlighting the California Used Car Dealer Insurance Buyer’s Guide! All dealers need to read through this if you have an active DMV Dealer License in 2018.

 

Episode #4 starts off discussing the upcoming laws that take effect in 2019 that require California used car dealer salespeople to be educated online. The online education that will be required will not be exhaustive and is positive in most cases. Although it may be a bit inconvenient, DMV licensed salespeople that are able to transact on behalf of the dealer should have to go through some type of training.

 

 

Skipping right through episode 4, Mike Ramos starts to dive into the California Used Car Dealer Insurance Buyers Guide that was published 6 weeks ago. This comprehensive how-to manual is the absolute gold standard for California used car dealers purchasing insurance in 2018 and beyond. Here are just a few of the sections discussed:

  • How many Licensed Motor Vehicle Dealers do not have a Dealer Insurance Policy?
  • Finding the Right Insurance Producer
  • New in Business (aka New Ventures)
  • Loss Runs
  • 5 quick-tips to consider if you are purchasing dealer insurance:
  • Coverages to Consider for Reasons Less Discussed
  • Leverage your Dealer Insurance!
  • What Should I Expect During an Inspection?
Used Car Dealer Insurance

Mike also discusses a recent article written by a Southern California newspaper that specifically

 

Sales binge: Auto slump spurs big deals at SoCal dealerships

By HANNAH MADANS | [email protected] | Orange County Register

PUBLISHED: August 31, 2017 at 4:38 pm | UPDATED: September 1, 2017 at 10:03 am

 

Excerpt is taken from this article:

 

Tim Fleming, an analyst at Kelley Blue Book, said many of the deals will be on leased vehicles as thousands of cars are returned as leases expire.

 

In Orange County, sales teams were gearing up to hit milestones going into the holiday weekend.

Scott Wade, general manager of David Wilson’s Villa Ford in Orange, said his dealership was offering an extra $1,000 in trade-in assistance and clearance rebates of up to $10,000. The dealership, he said, wants to see a 10 percent growth in sales over last year’s holiday weekend.

 

“We feel that we’re better equipped this year, better staffed and we have better inventory,” Wade said. “There’s a lot of pent-up demand we feel like we can tap into.” K.C. Heidler, OCADA’s president and owner of Carmenita Ford in Santa Fe Springs, said “sales are down and inventories are starting to build up,” leading to bigger incentives.

 

California Car Dealer Insurance Buyers Guide

Tips for buyers

 

To make the most of car-buying, Montoya suggests doing research and test drives beforehand. All you’ll have to do when things are crowded over the weekend, then, is sign the papers.

“You don’t want to arrive there and start the process from the beginning. You won’t get the same level of care and attention you would on a regular day,” he said.

Wade said the holiday weekend would be incredibly busy. To keep customers happy, Villa Ford will have food and entertainment for people waiting to buy a car.

He suggested customers make an appointment ahead of time to avoid waiting for help on the lot.

Another pro tip? Line up financing before going to the dealer.

Buyers may also want to keep in mind, Montoya said, that many of the deals expand beyond Labor Day. When they do, you can go later and avoid the crowds.

Certified pre-owned vehicles won’t have as many incentives, but may have promotional interest rates, Montoya said.

If now’s not the time, Montoya said some deals might be better at the end of the year, but the supply would be much slimmer.

 

Auto sales slump

 

Year-to-date, vehicle sales in Southern California declined 2.3 percent through June according to the California New Car Dealers Association. Car sales have decreased 11.7 percent in the period while light truck sales are up 10.1 percent.

Light trucks sales have seen an insurgence due to more construction in the region and low gas prices.

In Los Angeles and Orange Counties sales overall decreased 3.3 percent, according to the CNCDA.

 

Auto highlights

 

In the state, the bestselling car was the Honda Civic. The best selling mid-size car was the Honda Accord and the best selling compact/mid-size pickup was the Toyota Tacoma.

In July, auto sales in Orange County were down 6.4 percent compared with the same month in 2016, according to OCADA. 

Sackrison said the year in auto sales for Orange County would likely end with a 3 percent to 4 percent slump compared with last year.

Perspective, though, is key.

“Sales are still quite high,” Fleming at KBB said. “When you compare it to years past, sales are still at a strong pace, just not at record levels. It could have an impact on deals, especially with dealers where inventory has stocked up. That’s never a good thing. You don’t want cars sitting on the lot for a long time. That’s where more of the deals can be found and why its a good time to buy those 2017 models that are being phased out. The ones sitting on the lots longer have the most flexibility (with price).”

 

Used Car Dealer Insurance (NEW Buyers Guide Info!)

Another excerpt taken from a completely different article but basically having the same grim outlook on the used car dealer industry:

 

Car Dealerships Face Conundrum: Get Big or Get Out

In the age of Uber and Tesla, locally owned dealerships are becoming a thing of the past

 

By Adrienne Roberts

 

Americans who have been buying cars from the same mom-and-pop dealership for generations could be greeted by a different kind of for-sale sign the next time they visit.

Small to mid-size dealer groups are selling their businesses to auto-retail giants or investment firms at a robust clip even as auto sales remain strong. The trend—highlighted by Warren Buffett’s entry into the dealership business in 2014—has gathered momentum as electric, shared and autonomous vehicles threaten to reshape the car business.

 

This is the type of value that you have come to expect from the Your Car Dealer Podcast! Please email us to let us know what you would like us to create content about. We will continue to do create content on the subject matter that we think is best for our car dealer audience but if there is anything we need to discuss, please let us know! YCDB is here to serve.

 


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