Beltway Talk: The Dealership Buy-Sell Market
On the latest Beltway Talk podcast, we sit down with Erin Kerrigan, Managing Director of Kerrigan Advisors, the leading sell-side advisor and thought partner to auto dealers in the U.S. In the last five years, the firm has sold 79 dealerships, including five of the Top 100 Dealership Groups, representing over $1.5 billion in client sales proceeds – more than any other firm in the industry. Erin shares with us her latest Blue Sky Report, an overview of the current state of the buy-sell market, and her outlook for the months to come – including what big-picture issues could impact dealership values. Listen and subscribe by clicking here.
Abe, Trump Head for Trade Deal; Auto Tariffs a Sticking Point
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe are expected to clinch a deal on farm tariffs and digital trade when they meet in New York next week, reports Reuters. Full details of the agreement have not been disclosed. Trump’s announcement of an initial deal earlier this week left unanswered questions over whether the agreement would deliver Japan one of the main prizes it seeks: a U.S. pledge not to impose national security tariffs of up to 25% on Japanese vehicles and auto parts under Section 232 of U.S. trade law. Japanese Foreign Minister Toshimitsu Motegi, who is in charge of talks with U.S. Trade Representative Robert Lighthizer, has said he wanted to reconfirm in writing that the tariffs would not be imposed. Japanese officials have said that under a September 2018 agreement, the United States would not impose added auto tariffs while trade talks were under way. Read more here.
Best Dealerships to Work For
Being a great employer means talented people want to stick around and grow their careers with you. For many dealerships, in an industry plagued with mounting turnover, it’s tough to come up with the right formula to attract and retain workers, reports Automotive News. But some dealers have figured it out, and their stories can be a source of inspiration to other dealerships across the country. We congratulate those stores that made Automotive News' eighth annual list of the Best Dealerships To Work For, which highlights the best of the best. Winning dealerships were ranked by Best Companies Group based on employee surveys and information from management. Click here to read more.
GM Strike, Day 4: 'Some Progress' in Auto Talks as Layoffs Hit Suppliers
"Some progress" has been made during the negotiations between the United Auto Workers and General Motors Co., UAW Vice President Terry Dittes said in a letter to union local leadership on Thursday, day four of a national strike against the automaker, reports The Detroit News. But Dittes, director of the UAW GM department, said "there are still many of our memberships' issues that remain unresolved." Meetings will continue into the weekend "and beyond" if a tentative agreement is not reached, Dittes wrote. The impact of the strikes has started to hit automotive suppliers. Read more here.
EPA Officially Moves to Revoke California's Authority to Set Own Fuel Standards
The Trump administration formally rolled back California's authority to set automotive vehicle emission standards, a move that state officials have vowed to fight in the courts, reports CBS News. At a press conference on Thursday, Environmental Protection Agency Administrator Andrew Wheeler and Transportation Secretary Elaine Chao announced that the EPA would withdraw the 2013 Clean Air Act waiver that enabled California to set its own tailpipe greenhouse gas emission standards. The rollback is a part of the new National Highway Traffic Safety Administration (NHTSA) and the EPA "One National Program Rule," which, as the name states, means the federal government will have one set of nationwide fuel economy and greenhouse gas emission standards for automobiles and light-duty trucks. Read more here.
Save the Dates: Join AIADA for One of Our 2020 Events
In 2020, AIADA will celebrate its 50th year of defending America's international nameplate dealers. Over the years, we have relied on engaged dealers like you to carry our message forward in defending our industry against damaging legislation and policies. Make plans now to join AIADA for one of our 2020 events to celebrate all our association has achieved and look forward to what's ahead for our industry. Click here to learn more.
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