Pub. 1 Issue 4

9 WINTER 2014 their competitors. The current system yields credit that is widely available and competitively priced. NADA Unveils Second Annual Industry Report on Dealership Workforce NADA has unveiled its second annual industry report on car and truck dealer- ship employee compensation, benefits, retention and turnover, and hours of operation and work schedules. The 2013 Dealership Workforce Study Industry Report was produced in partnership with DeltaTrends, and was designed to help dealers meet the challenges of recruit- ing, hiring and retaining top talent. The report provides dealers with hard data culled from 290,000 car and truck payroll records, and analysis by DeltaTrends. To purchase the 2013 Dealership Workforce Industry Report, contact NADA Univer- sity Online at (800) 557-6232 or complete the form at www.nadauniversity.com/ workforcestudy. The opportunity to participate in the 2014 study opened to NADA and ATD member dealers at the 2014 NADA Convention & Expo in New Orleans, January 24-27, 2014. New Consent Requirements for Telephone Calls and Text Messag- es Effective October 16th NewFCC consent requirements for phone calls and text messages went into effect on October 16, 2013. Dealers should review the rules and work with their counsel and any third party vendors to ensure that all phone calls and text messages they make or send (or that are made or sent on their behalf) meet these new requirements. Used Vehicle Prices Fall by Largest Amount in Two Years Wholesale used vehicle prices for units up to eight years in age fell by 3.5% in Octo- ber, nearly a point higher than the decline recorded in September. This marked the largest fall since October 2011’s similar drop of 3.5%. Analysts at the NADAUsed Car Guide believe that if the government shutdown hadn’t occurred in September and October, the rate of decline would have most likely been directly in line with recent seasonal norms. The NADA Used Car Guide produces a monthly report on new and used vehicle sales trends and price movement called Guidelines. SIX OF THE 22 MEMBERS ON THE SENATE BANKING COMMITTEE SIGNED A LETTER TO MR. CORDRAY ON OCTOBER 30, 2013 EXPRESSING CONCERN ABOUT THE CFPB’S GUIDANCE ISSUED IN MARCH 2013 “THAT COULD CURTAIL A PRO-COMPETITIVE FEATURE OF THE INDIRECT VEHICLE FINANCING MARKET AND TO REQUEST GREATER TRANSPARENCY FOR THE BUREAU’S ACTIVITY RELATED TO THIS MATTER.