Devastation in Texas – A Special Report on the Auto Industry featuring NADA, HADA and Mike Jackson

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Auto industry feels Harvey’s impact

We have all seen the videos, the photos and have heard the news about the tragic events in the South East part of Texas.  The damage is like nothing we’ve ever seen since Katrina.  Part of what has been lost is vehicle inventory from dealer lots in areas like Houston, San Antonio, Austin, Corpus Christi and Beaumont/Port Arthur.
There are approximately 366,000 new vehicles on dealer lots in Texas that could be affected by Harvey according to Jessica Caldwell, Senior Analyst with Edmunds. Many of these vehicles are high-profit trucks and SUVs, so the automakers will feel a slight pinch, at least in the immediate term.

Texas is the Second-Largest Auto Market in the U.S.

Texas is the second-largest auto market in the U.S. with 9% of the nation’s retail sales. Edmunds estimates 2 percent fewer vehicles will be sold in August due to Harvey, with declines likely continuing into early September. “Harvey is an unprecedented storm and it’s going to take time to fully comprehend exactly how much it will impact the automakers…an event of this magnitude is going to make a dent in sales.” warns Caldwell.

Texas is the top sales market for Ford, Fiat Chrysler Automobiles-owned RAM, General Motors-owned GMC and Cadillac, and Mitsubishi vehicles.

In this Video

In this video, CBT News interviews spokespeople from around the industry about the devastation Harvey has had on not only the vehicles, but the thousands of dealership employees in and around South Texas and what the industry is doing to help.
Featured in this report:
Mark Scarpelli -Chairman, National Automobile Dealers Association
Mike Jackson -Chairman & CEO, AutoNation (CNBC)

How Can You Give Assistance?

Hurricane Emergency Relief Fund

For thousands of families in the Houston area, Harvey has had life-changing effects. Between flooded homes, lost wages, and property loss, it could take years to recover and financial aid is most assuredly required in some form.

You can contribute to aid agencies in the United States that include the American Red Cross, United Way of Greater Houston’s Flood Relief Fund, and through the Salvation Army. Most agencies provide tax-deductible receipts for donations.

As well, the National Automobile Dealers Association, NADA, will disperse funds through its NADA Foundation Emergency Relief Fund. Those who wish to do so can donate, while those in need of relief can apply directly through NADA.org.
Personal or corporate checks can be made payable to Emergency Relief Fund, c/o NADA Foundation, 8400 Westpark Drive, Tysons, VA 22102. For more information, call 703.821.7102. (Donations to the NADA Foundation are generally tax-deductible; contributors should consult their tax advisors for details.)

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