Which EVs qualify for the tax credits? In order for EVs to qualify for the tax credit, final assembly of the vehicle must occur in North America. Dealers can enter a Vehicle Identification Number (VIN) into an online application from the U.S. Department of Transportation to determine such eligibility. Visit U.S. Transportation’s VIN decoder Tool August 17,
California Decision Impacts on Virginia
August 29, 2022 The California Air Resources Board (CARB) is responsible for evaluating the emission control systems and setting mandates for zero-emissions new vehicles and engines in California. On August 25, California established a year-by-year roadmap so that by 2035, 100% of new cars and light trucks sold in California will be zero-emission vehicles, including
Dealertrack: Pocket more profit
August 2022 Holding costs are what a dealership spends to hold unsold inventory, including storage space, labor, insurance, interest charges, and more. Can they vary? They sure can, thanks to changing operating expenses, floor plan fluctuations, and the cost of capital, including interest rates. According to recent studies, dealerships could be paying as much
Keeping Eyes on the Chip Shortage — and Solutions
August 2022 Your team at the Virginia Automobile Dealers Association continues to monitor the chip shortage and its impact on Virginia dealers. This summer the U.S. Senate approved funding to bring chip manufacturing back to the U.S., and we provided the public and members some additional analysis on the big move. This is, clearly,
Dealers Need Customer Experience Technology to Address Current Market Challenges
August 2022 Note: Digital Air Strike, a leading consumer engagement and customer experience (CX) technology and services company, has been selected by VADA to provide needed Customer Experience technology to our dealer body. The company’s technology enables more targeted and relevant communication with consumers throughout the vehicle research, shopping, purchase, and ownership journey. They
Immediate Attention: EV Tax Credits
What are the new tax credits for EVs? VADA’s Anne Gambardella breaks it down. August 2022 This week, President Joe Biden signed the “Inflation Reduction Act,” a $750 billion tax-and-spend bill that includes a complete revamping of the Section 30D federal electric vehicle (EV) tax credit. The legislation was passed by the Senate and House
GoEVVA.com: Senate Strikes Deal that Includes EV Tax Credits
The Senate has reached a deal on a broad $369 billion legislative package for climate and energy spending. The legislation means carmakers will be able to continue offering $7,500 in tax credits for the purchase of new clean cars. The policy includes some restrictions and, for the first time, tax credits for buyers of used
A Cease and Desist Order for Every Dealer
July 18, 2022 By Michael G. Charapp Charapp & Weiss LLP The Federal Trade Commission has issued for comment a proposed trade regulation rule on motor vehicle sales. Although the National Automobile Dealers Association has requested more time to comment, as of now comments are due September 12, 2022, sixty days following publication in
Dealertrack: Keep cash flow moving
Reg and title solutions for saving money July 14, 2022 Surging consumer demand has recently led to record profits for dealerships despite the pandemic and chip shortages. However, we’ve seen a decline in sales over the past few months. According to Cox Automotive’s recent auto weekly summary from Jonathan Smoke, consumer confidence declined in
Cox Lowers Full-Year New-Vehicle Sales Forecast
Persistent Supply Problems Continue to Hold Back Auto Industry June 28, 2022 June U.S. new-vehicle sales are expected to show a market still constrained by a lack of supply and one that is virtually unchanged since January. The seasonally adjusted annual rate (SAAR) of new-vehicle sales this month is expected to hit 13.8 million That’s