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FORD VEHICLES COMPARABLE TO TOYOTA, NISSAN IN QUALITY, STUDY SAYS:

Consumers might not believe it yet, but the quality of Ford, Lincoln and Mercury vehicles is about the same as that of Toyota and Nissan, according to the first- quarter 2007 model-year Global Quality Research System report by the RDA Group, a market research firm based in Bloomfield Hills. Ford, Lincoln, Mercury brand vehicles had 1,456 problems per 1,000 vehicles, compared with Nissan, which had 1,457 and Toyota, which had 1,453.

Detroit Free Press, April 18, 2007

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BHPH

BHPH Consultant Says Confusion over IRS Document Threatens Note Deals
Situation

Creditors could have problems w/ debt discharges on IRS 1099-C form
Says Ken Shilson, founder of National Buy-Here, Pay-Here Dealers

2006 rules raises questions if recovery activity can continue if form is filed

Significant Points

BHPH dealers who don't sell paper not affected

Only concerns creditors who purchased dealer paper

When creditor writes off bad debt, consumer must report amount as income

Sometimes IRS completely eliminates debt, prohibits further recovery action

Suggests dealers consult tax attorney to determine if they must report 1099-C

Also whether or not collection rights are surrendered

Read Quotes Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=21584

Sourced From: Used Car News, February 19, 2007

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Finance Companies Still Wary of Independent Dealers

Situation

Finance companies, independent dealers discussed state of relations at National Automotive Finance Association conference

Credit companies still favor franchise dealers over independents

Independents seeking credit advised to tighten applicant screening

Focus more on financing vehicles than selling vehicles

Make sure they send right applicants to right finance companies

Significant Points

Drop in bankruptcies has reduced finance company losses

Companies reaching out to independent dealers in quest for business

But still worry about stability of independents

Say it's too easy for independents to just close up shop

Independents need to improve/streamline application process

Finance companies avoid dealers who waste their time

Read Quotes

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=21464

Sourced From: Used Car News, February 5, 2007

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LATE BREAKING NEWS TOYOTA, GM TOP LIST FOR BEST OVERALL VALUE: Toyota Motor Corp. offers consumers the best selection of vehicles that retain their value over time and feature other ownership cost benefits, according to awards that will be announced today at the Chicago Auto Show. Toyota received 11 "Best Overall Value of the Year" awards, handed out by IntelliChoice.com, a car-shopping Web site. Lexus, Toyota's luxury brand, grabbed seven awards. General Motors Corp.'s Chevrolet brand came in a close second, with 10 awards, led by its new Silverado truck. Wall Street Journal

CHANGING THE FIVE HUNDRED TO TAURUS SHOWS MULALLY GETS FORD: If Alan Mulally hadn't stepped out of a Boeing jetliner, I'd be tempted to say he came down from the mount, sent to lead Ford from the wasteland with one simple command: "Tell me why." As in this question: "Why did we squander two decades of name recognition and millions of customers' loyalty by killing the Taurus name?" Detroit Free Press

TOP EXEC SAYS GM WILL STAY THE COURSE: General Motors Corp. won't budge from its strategy of reducing rebates and other incentives just because it saw a steep sales drop in January, a top executive said Saturday. GM's sales were off 16.6 percent compared with January 2006, but the company will continue its efforts to raise transaction prices and car resale values, Troy Clarke, GM's North American president, said in an interview. LA Times

ECONOMIC SLOWDOWN IMPACTING RETAIL DEMAND, WHOLESALE PRICES: A slowing economy and weak retail demand combined late last year to cause a year-over-year decline in wholesale vehicle prices in the last two months of 2006 according to the latest issue of Pulse released today by ADESA Analytical Services. The report, which provides a periodic review of economic indicators in the vehicle remarketing industry, also notes that the employee discounts widely available in 2005, also impacted the current vehicle marketplace in several ways. ADESA

MANHEIM CONSULTING RELEASES '07 USED CAR MARKET REPORT: Despite a modest decline in retail used vehicle sales volume in 2006, activity in the wholesale market was at its strongest level in years, Tom Webb, Manheim's chief economist explained this weekend as he unveiled Manheim's 2007 Used Car Market Report at the National Auto Dealers Association's convention. Auto Remarketing

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2007 Vehicle Finance Conference and Exposition

Henderson, NV

January 31 - February 2, 2007

J.D. Power and Associates Automotive Roundtable

Las Vegas,NV

February 1-2, 2007 9th

Annual Michigan International Auto

ShowGrand Rapids, MI

February 1-4, 2007

12th Annual Spirit of Leadership Awards

Las Vegas, NV

February 3 - February 3, 2007

NADA Convention and Exposition

Las Vegas, NV

February 3-6, 2007

Visit Calendar of Industry Events for More Information on These Events http://www.automotivedigest.com/calendar.asp?mod=calendar

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Tax Refunds Key To Extra Sales

Tax Refunds Key To Extra Sales

New year has just begun, and 2007 tax season may be almost over

Retailers competing for consumers' tax refund money

Dealers begin stocking lots for tax season in early fall; consumers start shopping in Oct

Busiest day for Tax Refund Services Tax Max the day after Thanksgiving for processing promissory contracts

Tax Max expected to process 100+ applications each day in Dec

Did 3.5K deals by Nov 30, 2006, compared to 3K by Nov 30, 2005

Significant Points :

Dealers need to get in as quickly as possible

End-of-year activity expected to impact 1st quarter sales

Dealers advertising ability to sell cars using promissory contracts

Selling cars on consumer promise to pay when refund received can be risky

Less than 10% of consumers fail to return; still significant loss to small dealers

More interest from franchise dealers who can take gamble for extra sales

Read QuotesClick Here for Full Digest and Source Article:

http://www.automotivedigest.com/view_art.asp?articlesID=21179

Sourced From: Used Car News, January 1, 2007

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Ford Credit Affiliate Pays $2.5M Discrimination Case Settlement


Primus Financial Services, a Ford Motor Credit affiliate, to pay almost $2.5M settlement in car loan discrimination case

Company accused of discriminating against minorities in lending practices
Specifically of "marking up" loan interest rates to discriminate against black consumers

Company admits no wrongdoing, says suit settled due to mounting costs

Significant Points

Primus to pay $1.9M in fees to plaintiffs' attorneys, $550K in court-related expenses

3 named plaintiffs to get individual payments between $10K - $20K

Lawyers for both sides negotiated directly, and w/ federal mediator

Primus will limit difference between buy rate and APR on contracts purchased from dealers as part of settlement Read Quotes

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=20725

Associated Press via Detroit News, November 9, 2006

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Auto News

FED OFFICIAL SEES EASING INFLATION, BUT CONCERNS ABOUT PRICES REMAIN: Federal Reserve Bank of San Francisco President Janet Yellen said Monday that while she remains concerned about the current level of inflation, she believes the present stance of monetary policy appears well suited to bring those pressures back in line over time. "I do want to see inflation move down, but I believe policy may now be well-positioned to foster exactly such an outcome while also giving due consideration to the risks to economic activity," Ms. Yellen said in comments prepared for delivery before the California Independent Bankers 16th Annual Convention in Laguna Beach, Calif. Wall Street Journal

GM CERTIFIED USED VEHICLES OFFERS FINANCING INCENTIVE: GM Certified Used Vehicles has kicked off a nationwide fall rate-incentive program for select GM vehicles. The new rate incentive went into effect last week and will last until Jan. 2, 2007. It provides well-qualified buyers with GMAC 3.9 percent or 5.9 percent APR financing for up to 60 months on select GM Certified Used Vehicles purchased from participating dealers. Auto Remarketing

NATIONALEASE, AMERIQUEST TO MERGE: One of largest leasing networks in North America has signed an agreement to merge with AmeriQuest Transportation and Logistics Resources Corp.Under the agreement with NationaLease Purchasing, AmeriQuest will be the provider of purchasing and value-added services and will have annual revenues in excess of $500 million...Upon completion of the merger, the leasing members of both AmeriQuest and NationaLease will unite to form one of the largest full-service leasing systems in North America. Today's Trucking

GM: THINGS ARE ABOUT TO GET NASTY: So it begins. Billionaire Kirk Kerkorian, who owns 9.9% of General Motors' (GM) stock, may be drawing up battle lines for a proxy fight with the troubled automaker.Just a few days after GM's board unanimously voted down Kerkorian's proposal to get the carmaker in an alliance with Renault-Nissan (NSANY), the billionaire's liaison to the board, Jerome York, abruptly quit. Business Week

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TOTING THE NOTE CARRIES HEAVY BURDEN: The reason for getting into the buy-here, pay-here business is simple: the chance to make a lot of money. And the reason for avoiding it is simple too: the chance to lose a lot of money. Used Car News

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AmeriCredit to Offer $500 Million Convertible Senior Notes

AmeriCredit to Offer $500 Million Convertible Senior Notes
September 12, 2006

AmeriCredit Corp. announced today its intention to offer, subject to market and other conditions, $250 million principal amount of Convertible Senior Notes due 2011 and $250 million principal amount of Convertible Senior Notes due 2013 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities of 1933, as amended. In certain circumstances, the notes may be converted into cash up to their principal amount, and into shares of AmeriCredit common stock for the conversion value above the principal amount, if any.

The interest rate, conversion rate and other terms of the notes will be determined by negotiations between AmeriCredit and the initial purchasers of the notes. AmeriCredit expects to grant the initial purchasers a 15-day option to purchase up to $25 million principal amount of additional 2011 notes and up to $25 million principal amount of additional 2013 notes, in each case, solely to cover over-allotments.
AmeriCredit plans to use the net proceeds from the offering of the notes for:

• 
  The purchase, from affiliates of one or more of the initial purchasers, of convertible note hedges with respect to AmeriCredit's common stock, which are expected to reduce the potential dilution upon conversion of the notes. Concurrently with entering into the convertible note hedges, AmeriCredit will issue warrants to purchase its common stock. In connection with establishing their initial hedges of the convertible note hedge and warrant transactions, AmeriCredit has been advised that the counterparties to such transactions or their respective affiliates expect to enter into various derivative transactions with respect to AmeriCredit's common stock and/or purchase AmeriCredit's common stock in secondary market transactions concurrently with, or shortly after, the pricing of the notes, and may enter into various derivative transactions with respect to AmeriCredit's common stock and/or purchase or sell AmeriCredit's common stock in secondary market transactions following pricing of the notes. If the initial purchasers exercise their option to purchase additional notes, AmeriCredit expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional convertible note hedge transactions. AmeriCredit may also enter into additional warrant transactions, if the over-allotment is exercised.
  
• The repurchase of approximately $200 million of its common stock in privately negotiated transactions concurrently with the offering of the notes.
  
• General corporate purposes, including repurchasing shares of AmeriCredit common stock in the open market or in privately negotiated transactions from time to time.

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A Mid-Year Report On the Buy Here, Pay Here Industry

A Mid-Year Report On the Buy Here, Pay Here Industry
By Kenneth B. Shilson, CPA

My CPA firm recently completed an informal survey of several Buy Here, Pay Here dealer clients nationwide to determine how the first six months of 2006 compare with the same period in 2005. Based upon responses from our sample, most dealers indicated that sales revenues were either flat or down slightly from the preceding year. Although our survey is not purported to be a true statistical sampling of the estimated 30,000 Buy Here, Pay Here dealer marketplace, it does provide a reasonable indicator of 2006 industry performance.

We also discussed the possible causes for the apparent market decline, and dealers offered the following explanations:

1) Gasoline prices have hovered around $3.00 per gallon for most of 2006. These higher fuel prices have reduced the disposable cash flow of their credit impaired customers which has impaired their ability to make large purchases.

2) Higher energy and utility bills have also reduced customer’s disposable cash flow. A particularly warm summer throughout the US made utility bills particularly expensive.

3) Immigration reform has left considerable unrest among many Buy Here, Pay Here customers. Fears of job loss and possible deportation have made these customers more reluctant to make large purchases. The loss of or reduction in Hispanic customer traffic has been particularly noticeable. Immigrants are an important part of the Buy Here, Pay Here customer base.

4) New car franchise sales have been softer during 2006. This seems to have a corresponding effect on the Buy Here, Pay Here market. Buy Here, Pay Here customer traffic has apparently been lighter this year compared to last, according to most dealers we talked to.

It is difficult to pinpoint which of the factors above have had the single biggest effect. In addition, consumer prices for virtually all daily living expenses have continued to rise more rapidly than subprime customer income. In my opinion, all of these factors have combined to make the Buy Here, Pay Here marketplace more challenging.

Fortunately for the industry, it provides transportation to customers who have limited transportation alternatives. Therefore, it is my belief that these customers will eventually adapt to the factors above and find ways to purchase vehicles which are vital to their employment. Unfortunately, these adjustments take time and therefore, in the short term, softer market conditions may continue.

Although most Buy Here, Pay Here operators can withstand short-term fluctuations in sales, collections are a different matter. Collections are the fuel which drives the Buy Here, Pay Here engine, particularly during softer sales periods. Most of the dealers I surveyed reported that collections have remained strong even while sales have softened.

It is my belief that dealers with good underwriting and collection procedures always fare better whether in good or bad economic times. In periods like 2006, where customer cash flow is tighter, dealers must compete for every dollar. This really requires that dealers be on “top of their game” in the underwriting and collection areas. Technology such as starter interrupt and GPS tracking devices facilitate the collection process. These devices discipline customers to make timely payments and enable dealers to recover vehicles quicker when customers don’t pay. In addition, collection costs are reduced by improved efficiencies caused by the use of these devices.

In addition to electronic payment devices, techniques for skip-tracing and for locating customers who have defaulted have improved. The Internet and other new technology have increased recoveries for those dealers who use them.

On another positive note, most dealers reported that vehicle acquisition costs (which spiked sharply during the first quarter of 2006) have now declined. Some argue that these costs have really reached a level where they should have been all along! Although the industry no longer sees sharp declines in vehicle cost during the summer months that it did a few years ago, a more moderate leveling of costs seems to have occurred. Vehicle cost reductions will enable dealers to manage portfolio risk more easily in the months ahead while staying competitive in the marketplace. This occurs because payment terms and the length of customer contracts don’t have to be increased to absorb vehicle cost increases.

Unfortunately, some uncertainties are still ahead. Will gas go to $4.00 per gallon or drop to $2.00? Will utility prices decline? How will immigration laws change? All of these factors could impact Buy Here, Pay Here sales during the rest of 2006 and beyond. However, in the past, successful operators have solved these challenges, made the necessary adjustments, and have prospered. Collections should be your focus during these challenging economic times. Good luck!

Kenneth B. Shilson, CPA, is Managing Partner of Shilson, Goldberg, Cheung & Associates, LLP, a Houston based CPA firm which serves the used car industry. He is President of Subprime Analytics, which performs electronic portfolio analysis. Mr. Shilson is also the founder of the National Alliance of Buy Here Pay Here Dealers (NABD) which will host a BHPH Collection Academy near Atlanta, Georgia, at the Manheim DRIVE Center, January 9 – 11, 2007. For further information, visit the NABD website at www.bhphinfo.com or call 713-290-8171.

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Rising Oil Prices Could Trigger Worst Vehicle Sales Downturn in Decade

Situation:

• Oil prices surged to all-time high of $78.40/bbl
• Fears that conflict in Middle East could widen
• Some energy market analysts have said oil could reach $100/bbl
• Implies future US gasoline prices of $4/gal, up from just under $3 now
• US automakers already reeling from consumer flight from SUVs, trucks
  Now face risk that higher oil prices will trigger worst sales downturn in more than decade
  

Significant Points :

• High energy prices, weakening housing market, rising interest rates threaten economic growth, consumer confidence
  
• Economic growth less than 2% could tip auto sales into cyclical downturn
  
• Every $10 increase in crude oil drops US annual vehicle sales 200-400 units
  
• Aggressive sales incentives, discounts last 5 years have pulled demand forward
• Read QuotesRead Background
• Click Here for Full Digest and Source Article:
  http://www.automotivedigest.com/view_art.asp?articlesID=19634
  

Sourced From: Reuters via Automotive News, June 14, 2006
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CON ARTISTS RUN SCAM FROM COAST TO COAST:

The targeting of used-car dealerships in financing scams nationwide continues to expand. Several dealerships in Wisconsin have been approached by a Washington company called Instant Funding Systems. This companys methods are almost identical to Auto Credit Solutions, which is now being investigated by the FBI for taking nearly $130,000 from dealerships in Arizona, Michigan, Georgia, Wyoming and Oklahoma.
Read full story here Used Car News

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As Online Automotive Retailing Evolves, Diversification is Key to Survival

Situation:

1. Fewer consumers using 3rd-party web sites for vehicle price quotes
2. Automakers, dealers generating more leads through own web sites
3. Analysts say only large operators likely to survive market shakeout
4. Autobytel, Dealix Corp, AutoUSA have large, established dealer networks
5. Investing in technology to improve lead quality, consumer/dealership interactions
6. Are diversifying into businesses other than lead generation

Significant Points:


1. Consumers want more info than price alone, faster response from dealers
2. Dealer web sites becoming more sophisticated, interactive
3. Rising search marketing prices squeeze marginal lead generation operations
4. Dean Evans, Dealix VP of marketing: "Ping" technology reduces lead duplication
5. Says marginal players can't afford such software
6. Major players providing content on web sites to attract leads w/o paid searches

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=19512
Sourced From: Automotive News, June 26, 2006

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ADESA Income Up 3.7% in 1st Q; Revenue up 17.7%

1. ADESA reports 1st Q results
2. Income of $36.3M up 3.7% over 1st Q 2005
3. Revenue of $285.6M up 17.7% over same time 2005
4. ADESA notes company strengthened senior management during quarter
5. Named A R Sales as president/COO; Ron Beaver as EVP/chief information officer
6. Also acquired NE Penn salvage, Sarasota used vehicle auctions

1. Officials say favorable Canadian currency exchange impacted revenue by $3.3M
2. Auction and Related Services (ARS) revenue up 17.2%
3. Revenue per vehicle sold in ARS segment at $471, up from $415 in 1st Q 2005
4. More institutional vehicles drove revenue; require more ancillary services
5. Dealer financing (AFC) revenue up 21.4%; revenue per loan transaction up 20%
6. AFC operating profit up 25.9%


"I am particularly pleased with the growth of AFC and with the signs of improving volumes that we are seeing in our ARS operations and across the industry." -- David Gartzke, chairman and
CEO, ADESA

"In addition, during the quarter we have taken significant actions to strengthen our management team by adding A. R. Sales and Ron Beaver, which will enable us to more effectively implement our key strategic initiatives." -- Gartzke

"These actions, together with numerous other actions that are being implemented across the company, position us well to take advantage of the improving industry trends." -- Gartzke

Sourced From: ADESA.com, May 1, 2006

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Upside Down Deals Tougher To Complete

Situation
1. JD Power says 1/3 of US car buyers were upside w/ trade-ins in 2005
2. Mitsubishi, Isuzu, Suzuki, Kia see about 1/2 of buyers w/ negative equity trade-ins
3. Upside-down buyers lean toward those brands; looking for inexpensive vehicles
4. Suzuki had lowest average transaction price of any company at $16,390
5. Low residuals also hurt; Kia, Isuzu, Suzuki hold 34% or less of value after 3 years
6. Typical value of all brands in 2005 was 44%

Significant Points

1. Reasons for negative equity include no money down, trade-ins w/ poor resale value
2. Customers w/ highest negative equity generally own most expensive vehicles
3. Negative equity doesn't necessarily reflect customer's credit worthiness
4. Dealers, finance companies also suffer when customers are upside down
5. Dealers see customers applying rebates to reduce negative equity

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=18935
Sourced From: Automotive News, April 17, 2006

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J.D. Byrider founder dies in plane crash

J.D. Byrider founder dies in plane crash
Son-in-law and pilot also killed; James DeVoe started chain in 1989
By Jeff Swiatek
jeff.swiatek@indystar.com
March 24, 2006
J.D. Byrider Systems vowed Thursday to carry on with the used-car franchising formula developed by its founder and head, James F. DeVoe, 62, who died in a fiery plane crash in Florida.
The crash, which also killed DeVoe's son-in-law Steele Gudal and a pilot, leaves the Carmel firm without the man who turned J.D. Byrider into the nation's largest used-car chain.
Sheriff's investigators in Brevard County, Fla., said autopsies will be needed to positively identify the three badly burned bodies on the twin-engine private plane that crashed Thursday on the outskirts of the coastal city of Melbourne. But J.D. Byrider officials confirmed they were DeVoe, Gudal and an unnamed pilot.
DeVoe had been visiting with Gudal's family in Jacksonville, Fla., and apparently was flying to Melbourne to check out a possible location for a franchise that Gudal wanted to open there, said Bill Ackermann, vice president of franchise operations.
"It's a real tragic loss," Ackermann said.
Gudal, who owned six Byrider franchises, had earned a pilot's license in the past year and may have been piloting the plane, which crashed in a wooded area, miles short of the runway to Melbourne Airport.
"My guess is he was flying it," Ackermann said of Gudal.
The crash was "pretty devastating," setting off brush fires, said Lt. Andrew Walters, a spokesman for the Brevard County Sheriff's Office.
On Tuesday, DeVoe and other company officials had wrapped up a meeting with franchise operators and owners in Atlanta, Ackermann said.
The company "will go on" without its chairman, president and chief executive, he said. "It's not going to cripple the business. We have a very solid management team."
The company is "very privately held," with DeVoe the primary shareholder, Ackermann said.
In 1989, DeVoe, then a Marion car dealer, founded J.D. Byrider and built it into a chain of 123 dealerships in 28 states. They generated revenue in 2004 of $523 million.
DeVoe's idea was to standardize the used-car sales concept and offer financing to buyers whose credit wasn't good enough to get them conventional bank loans. He sometimes was called the Colonel Sanders of the used-car business. He gave the company his own initials and took the name Byrider from an early electric car.
Carmel Mayor James Brainard said DeVoe was a good corporate citizen and a quiet man who helped others without making a big splash. "I particularly admire his business experience and his contributions to the community," Brainard said.
DeVoe was a contributor to a school for autistic children, Ackermann said. The school was founded by Gudal and his wife, Amy.
DeVoe lived in Fishers with his wife, Andrea L. DeVoe. They have six children. One, James Jr., is president of the 13 company-owned

By Jeff Swiatekjeff.swiatek@indystar.com

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