What To Expect at the 2024 NADA Show with NADA President Mike Stanton

Paul J Daly: 0:05

All right, here we are, again with Mike Stanton, President and CEO of NADA, thank you so much for giving us some time. I know you've been bouncing back and forth from event to event today.

‍Mike Stanton: 0:13

It's great as always to be with you guys. Thanks for having me. Nice fun.

Paul J Daly: 0:15

Alright, so we're at public policy day, a lot of talk going around about the FTC ruling EVs, what is kind of trickling to the top of your mind as we have a bunch of lawmakers and media and you know, auto manufacturer representatives here.

Mike Stanton: 0:29

I'm glad both you guys are here, because you get to see some of what we do for dealers in action. Yeah, now we're talking to the FTC about, about that rule of vehicle shopping rule that they've put out. And this is where we do it. We do it a days, days, like public policy days, we've also a lot of concerns about EVs and moving too far too fast. Our representatives from the EPA are here, we're in constant discussions with them, their rule is yet to go final. But just want dealers to know that we've got their voice. We're saying the right things. We hear their concerns, we know they're stacking up. And aren't all our lawmakers know, too, that the dealers are we're invested in this. You know, we've we're the biggest Evie customer out there, dealers have gotten $6 billion worth of electric vehicles sitting on our lap. Right, they're starting to stack up. And you got to remind the public policy folks that we're not collectors, we're dealers, you know, we bought those cars. So today, we're not. We are we are all in

Unknown: 1:24

voluntary collectors, I

Kyle Mountsier: 1:25

was on this stage today, there have been multiple people who are like, the moderators and communicators that are not just the policymakers that are that have mentioned, hey, it's public knowledge that these are stacking up. It's not just dealer knowledge, it's getting out there that they're stacking up. So that's gonna meet in the middle at some

Mike Stanton: 1:45

Yeah, it has to right or we're going to have a problem. It's I think it was Cox, automotive 133 days supply. Yes. Yep. Comparative at 7879 for ice. And look, we sold a lot of EVs last year up 49% As an industry versus prior year. But the demand has started to slow and I plateaued in September 7.9% of the mix, this is BV BV only, and December 7%. So we're seeing consumers are, are tapping the brakes

Kyle Mountsier: 2:13

a little bit not because they're not available. That's

Mike Stanton: 2:15

not the

Paul J Daly: 2:17

Well, speaking of things that are in high demand. I hear that the NADA show that we're going to be at in just a couple of weeks here. Is tracking record attendance that I hear that right? Well,

Mike Stanton: 2:27

I don't know, if it's record yet, we always get a lot of walk up. You know, whoever said that the in person shows or conventions are gonna go die. So yeah, I mean, nothing. I for one hate virtual, you know, it's how do you get to know somebody virtually. And this industry doesn't work. It's a relationship based industry. So we've got to be face to face and the numbers, you know, the exhibits been sold out for months, there's a waiting list. Our numbers are tracking significantly higher than Dallas, better than Vegas two years ago. And then even better for you years ago. Pre COVID. Vegas, we're kind of we're back. Yes, yeah. Back to two. And hopefully, you know, we'll see what the walkup attendance looks like, hopefully better than ever. Yeah.

Kyle Mountsier: 3:10

Now, obviously, the cars shopping rule, and the FTC and the Evie talk will be in high demand. But what do you see, as as things that maybe dealers are asking questions, or as you're talking to dealers, that, that they're really coming to the table, whether it's in the OEM meetings, wondering, or on the floor, wondering out of the industry partner? Well,

Mike Stanton: 3:31

you've got the public policy, which of course, is important, and it's a big part of what NADA does, but we also advocate for dealers with manufacturers, you know, there's concern about the Hyundai Amazon partnership. And we're in the middle of that there'll be a lot of discussion about that at the show. Amazon, Sony has yet to commit to the franchise system. And we've still got Scout hanging out there with a yet to commit position. And that's just not okay. I mean, here we are, as an industry trying to move forward investing billions of dollars or manufacturers dealers, we got to be in this together. And we're very encouraged by the recent announcement that vinfast made moving toward a franchise model well, right, right. They see it, they saw the light, they realized the value there. We talk a lot about cost of distribution, but we really are value added resellers and vinfast was able to see that Fisker as well. So very encouraging news. You know, we all thought that this was going to change agency model. Nobody's talking about it. We're back to write this because the inventory the

Paul J Daly: 4:30

only time I've heard the agency model mentioned is when Steve Greenfield said we're not going to talk about the agency model and 2024 Yes, sir. The only time I

Mike Stanton: 4:37

think Steve's right,

Paul J Daly: 4:38

yeah, I do, too. So big pre show party this year at the sphere, the sphere. It's cool because the sphere has been this cultural phenomenon that has happened. And so how far in advance Did y'all have that book? Because it must have been before it was open. Like

Mike Stanton: 4:54

you know, Paul, I don't I don't know. I don't know. I was like happy When have you ever made the call? Good. Get on him. Well, I, you know, I was more focused on the budget. But, but I was just at CES last week, and I saw the outside of the sphere. And it's amazing. And we got a great show team. And they put this together always amazing. It's almost like right after we finish with Vegas, we'll be on to New Orleans thinking about the next they're probably already thinking about the next event. So I credit the team. And they are they're super negotiators. This will be a fun event for everyone. I'm all I'm just worried to make people show up. You know, we're back and forth with this fear. We want to make sure that everybody that shows up has a great experience and it could walk you know, walk right through, because I understand I've seen this stuff on the YouTube footage on YouTube. But I hear it's just gonna be pretty darn cool.

Paul J Daly: 5:45

As always, thank you so much for just serving the industry the way you do given us some of your time and we'll see you in a couple of weeks, maybe in the sphere. Now

Mike Stanton: 5:53

we're in this together. You guys are doing a fantastic job getting the word out too. I appreciate it. Thank you. Thanks. Yeah, thanks, guys.

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