The National Association of Minority Automobile Dealers (NAMAD) has spearheaded the NAMAD Disaster Relief Fund to assist employees and families of NAMAD Dealer Members in areas affected by hurricanes.
In a member-wide "Call to Action," NAMAD has asked dealer members to contribute $2,000 for each dealership they own to this fund.
NAMAD has already collected more than $400,000 towards our goal of raising $1 million. Even its dealerships in the affected areas have donated.
All of the monies raised will be distributed to NAMAD member dealer employees and their families to help them deal with the loss of income, housing and stability hurricanes Harvey and Irma have created.
The Manheim Used Vehicle Value Index reached a record high for the fourth consecutive month in August.
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.75 percent month-over-month in August and 3.4 percent year-over-year. This brought the index to 131.3.
On a year-over-year basis, the mid-sized car category saw the largest decline (down 0.2 percent) in August, while pickups and vans saw gains greater than the overall market. Other car segments like compacts and luxury saw gains in August too.
The average price for rental risk units sold at auction in August was up 1 percent year-over-year, which was the first year-over-year increase since July 2016. Rental risk prices were up 3 percent compared to July.
Average mileage for rental risk units in August (at 41,700 miles) was 2 percent above a year ago.
The NIADA Foundation has established an emergency relief fund to provide a venue for members of the National Independent Automobile Dealers Association to assist fellow dealers and others in the automotive community devastated by the effects of Hurricane Harvey.
All contributions received will be donated to provide relief from the effects of flooding, help repair property damage and assist with other disaster-related needs attributable to the catastrophic weather event that struck Houston and other areas along the Texas coast.
The foundation's goal is to raise $100,000 for the fund.
Donations will be made in collaboration with the Texas IADA – NIADA's state affiliate – and will be considered on a case-by-case basis as identified through the collaborative disbursement relationship.
CarMax Auctions started celebrating Customer Appreciation Month on Sept. 5 for CarMax Auctions registered dealers.
CarMax Auctions customers will enjoy catered meals and giveaways at events held among CarMax’s 73 auction locations nationwide in September and October.
CarMax’s largest West Coast auction facility opened earlier this year in Murrieta, Calif., and will be hosting its first ever customer appreciation event on Oct. 30. The facility is expecting more than 400 people in attendance.