Back in February, the NADA show was held virtually and was a great success. Today, the association is focused on its legislative priorities and so much more. On today’s show, we’re pleased to welcome back to our show the President and CEO of NADA, Mike Stanton.
Stanton begins the conversation by giving us an update on where the show stands today and some of the challenges dealers are facing. It was the first virtual show NADA has had and hoping it’s their last. He says they are already gearing up for Las Vegas next year and can’t wait. Vendors are wanting bigger spaces because they are expecting a big return. Although we are in the car business, Stanton says, they’re in the people business as well. Everyone missed each other and fed off each other’s energy.
Stanton says dealers are great at adapting but he projects June to be a difficult month. The pricing on new vehicles is sky-rocketing. With inventory shortages, he says it’s going to be a challenge but not impossible to make things happen. Stanton said, what everyone loves the most in the industry is the competition. It can be dealer versus dealer, manufacturer versus manufacturer but everyone wants to win.
The discussions around EVs are happening and Stanton says, it’s not a concern per se, because dealers love to sell stuff. He says, this industry doesn’t do a great job at forecasting, but the key is, the product is coming and it looks great. It’s time for everyone to get on board. There are about 20-25 EVs on the lot and that may double within the coming year. Dealers are market makers, so they are going to do their best to educate customers, answer questions and understand the difference in the process. Stanton says they will win if they have the best product and best customer experience in the marketplace.
Stanton ends the conversation by discussing the long-term goals for NADA. They said upfront, they could get better as an industry and they will get better as an industry but it’s going to be a journey. After talking to other industry leaders Stanton believes, they are stronger together.
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