NIADA’s President Steve Jordan Delivers Positive Updates for the Used Vehicle Market

On today’s featured CBT News interview we’re very pleased to welcome Steve Jordan, President and CEO of The National Independent Automobile Dealers Association (NIADA) to discuss the used vehicle market.

NIADA, founded in 1946 has represented quality independent automobile dealers for over 70 years. NIADA assists its members in becoming more successful within the used vehicle industry and brings them industry education, valuable information, services, and benefits designed to prepare its members for an ever-changing marketplace.

In this segment, Jim and Steve open their conversation by discussing the current state of the used vehicle market. Steve advises us that reports are very positive and that the market is “close to pre-COVID” levels. Dealers have cited the stimulus payments as being one reason that they haven’t suffered a major blow to sales throughout the pandemic, calling that period of time, “tax-time 2.0”. Steve also cites findings from a recent survey conducted by the association of its members titled the NIADA COVID-19 Dealer Impact follow-up study, most notably that only 1% of NIADA dealer members have had to permanently close their locations due to the pandemic as of early July.

Jim and Steve continue their dialogue by discussing current trends in auctions and wholesale prices, the current credit situation for independent dealers, the inventory floor plan, other key takeaways from the NIADA COVID-19 Dealer Impact follow-up study, and in closing, they discuss the plan for NIADA’s annual conference.

To hear more from Steve and the used vehicle market, tune-in to the full interview above, and please let us know your comments or questions below.