Firm Changes Name

May 20, 2020

Xcite Advertising, an automotive marketing company, announced a complete rebranding and name change to Xcite Automotive. The Chicago-based company is expanding its product offerings to the automotive industry through the recent acquisition of Car Studio Pros, which has enhanced the customer’s car-buying journey for its car dealer clients.

Xcite’s rebranding effort is a renewed commitment to dealers and OEMs to offer a more robust service and digital experience to help dealers move inventory more quickly and efficiently online.

 

The 2020 Auto-ISAC Cybersecurity Summit, titled “Building Cybersecurity Resilience – an Attack on One is an Attack on All,” has been scheduled for Oct. 14-15 in Detroit.

Auto-ISAC (Automotive Information Sharing and Analytics Center ) is an industry-wide forum for companies to collaborate and identify threats sooner and share solutions to enhance vehicle cybersecurity.

General Motors will host the event.

The summit is an automotive cybersecurity conference that showcases insights from manufacturers, suppliers, thought leaders, lawmakers, practitioners and other stakeholders and highlights the commitment of members to trust, share, teach, learn, and act.

 Summit topics will explore the state of the global automotive cybersecurity landscape and how Auto-ISAC can help ensure consistent industry-wide cybersecurity capability to build critical resilience.

The S&P/Experian Consumer Credit Default Indices show the composite rate of consumer credit defaults was nine points lower at 0.9 percent. It also showed the auto loan default rate dropped 15 basis points to 0.66 percent

The data, released from the S&P Dow Jones Indices and Experian through April 2020, represent a comprehensive measure of changes in consumer credit. It showed the bank card default rate rose 29 basis points to 4.23 percent. and the first mortgage default rate fell 11 basis points to 0.66 percent.

(PRNewsfoto/S&P Dow Jones Indices)
(PRNewsfoto/S&P Dow Jones Indices)

Three of the five major metropolitan statistical areas showed lower default rates compared to last month Miami increased 11 basis points to 1.54 percent while Los Angeles rose three basis points to 0.74 percent.f the five major metropolitan statistical areas showed lower default rates compared to last month. Chicago showed the largest decrease, down 15 basis points to 1.06 percent. Dallas fell 13 basis points to 0.88 percent, while Los Angeles rose three basis points to 0.74 percent.

The table below summarizes the April 2020 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

  

National Indices

 

 

 

 

 

Index

April 2020
 Index Level

March 2020
 Index Level

April 2019
 Index Level

Composite

0.90

0.99

0.88

First Mortgage

0.66

0.77

0.65

Bank Card

4.23

3.94

3.83

Auto Loans

0.66

0.81

0.94

Source: S&P/Experian Consumer Credit Default Indices

Data through April 2020

 

Nearly 2/3 of dealers surveyed by the National Independent Automobile Dealers Association recently reported they have begun the process of bringing back employees they had previously laid-off or furloughed.

The survey of 846 dealers conducted from May 9-May 14 showed 63 percent of dealers are bringing back employees. The survey also showed that 47 percent of dealers surveyed had remained at full staffing, while 20 percent of those surveyed said they were not bringing back employees at the time of the survey.

According to NIADA, 31 percent of dealers looking to bring back employees had problems since employees were hesitant to come back since they were making more money through unemployment, which has been boosted by an additional $600 through the COVID-19 crisis. Thirty-nine percent of dealers had no problems bringing employees back.

The survey also showed dealerships opening up again, with 44 percent doing business as usual (compared to 27 percent in April), 34 percent open by appointment only and 10 percent selling online only. Just 11 percent remain closed temporarily – down from 27 percent – and one percent reported they have closed permanently.

“I am encouraged that the COVID-19 pandemic hasn’t put more dealers out of business permanently, as was originally feared,” NIADA CEO Steve Jordan said. “Recovery and signs of life are showing, as 88 percent of dealers are open for business, with almost half open for ‘business as usual.’

“Unfortunately, open for business as usual doesn’t always mean sales have returned.”

Indeed, sales remain below pre-COVID levels for most dealers – 53 percent of the respondents said their sales were down 50 percent or more for the previous two weeks. Twelve percent of dealers said their sales were back to normal levels and 6 percent said sales were actually better than before the pandemic.

Rebuilding sales and customer traffic is by far the greatest challenge currently faced by independent dealers, cited by 38 percent of respondents. That’s twice as many as the second choice, access to inventory at 19 percent, which was followed by funding and access to capital at 17 percent.

Hyundai’s Tucson SUV recently surpassed the milestone of 1 million unit sales in the U.S. market. The Tucson nameplate entered the U.S. market in 2004 and has spawned two all-new model generations since its introduction, in 2010 and 2016. Within Hyundai’s formidable SUV line-up, Tucson is the company’s strongest selling SUV model, with April retail sales up 7 percent year-over-year. As of April 2020, more than two-thirds of all Hyundais sold were SUVs, reflecting the growing popularity of its SUV line-up with U.S. consumers.

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