USED CAR NEWS
Used Car News 12/18/2023
2023 Movers and Shakers Jeff Martin took over as CEO of the National Independent Automobile Dealers Association in 2023. He took over the leadership position after 17 years leading the Texas IADA. Jeff Martin NIADA put on a great convention at the Wynn Las Vegas and led the group in its lobbying efforts in Washington D.C. this September. His message to the NIADA: “This is a member-owned, member-governed association.”
Dave Cardella, chief executive officer of the Colorado IADA, was this year’s Association Executive of the Year. In addition to leading the state association, Cardella is a past president David Cardella of the group. He also served as president of an automobile dealership group. Under Cardella’s leadership, the CIADA raises hundreds of thousands of dollars each year for local Colorado charities.
David Blake was named executive director of the Independent Auction Group this year, following the retirement of Lynn Weaver. Blake is an auction veteran who first served as gen- David Blake eral manager of Auto Auction of New England for a decade before moving across the country to run DAA Seattle with the McConkey Auction Group.
IN THIS ISSUE: • Mary Barra • In Memoriam • Compliance
Coup of the Year—New Leadership Used car industry trade associations appeared to hit reset with a slate of new leaders in 2023, almost across the board. As seen above, Jeff Martin, longtime executive director of the Texas IADA took the reins of the NIADA. Auction vet David Blake took
over the position of executive director of the Independent Auction Group following the retirement of Lynn Weaver. But those weren’t the only changes. The National Auto Auction Association brought in Paul Lips as its new chief executive officer.
Lips had spent more than a quarter century with ADESA and former parent company KAR Global. Lips took part in his first convention as CEO this fall in Chicago. The International Automotive Remarketers Alliance chose Mark Coleman as its new executive di-
rector. IARA’s former executive director Tony Long left IARA after 10 years in the top post. But he wasn’t idle for long as he moved into the executive director post for the American Recovery Association.
Flop of the Year—Auto Lending
Rush - Dated Material
Rising interest rates during the year were bad enough, but major lenders pulled back from the automotive space causing pain for both dealers and consumers. In the first half of the year, for example, Wells Fargo and Citizens
Bank trimmed their auto loan portfolios while Capital One and Fifth Third dumped their floorplan business. Consumers also felt the pain. Experian reported loan payments have increased while subprime finance has hit record lows in Q3.
As late as October, a Fed survey of senior loan officers about bank lending practices revealed that “a moderate net share of banks reported tighter standards for auto loans.” “Similarly, banks reported tightening most queried terms on auto
loans on net.” The survey showed significant net shares of banks reported weaker demand for car loans and also reported being less likely to approve auto loans to consumers with a 620 score.