Americans Well-informed on Automobile Retailing Economics

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AWARE (Americans Well-informed on Automobile Retailing Economics) is a national nonprofit organization that was formed in 2005 to enhance consumer understanding of the vehicle financing process. [1]

A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is dedicated to furthering a particular social cause or advocating for a shared point of view. In economic terms, it is an organization that uses its surplus of the revenues to further achieve its ultimate objective, rather than distributing its income to the organization's shareholders, leaders, or members. Nonprofits are tax exempt or charitable, meaning they do not pay income tax on the money that they receive for their organization. They can operate in religious, scientific, research, or educational settings.

Contents

Background

AWARE is focused exclusively on auto financing education for students and adults. It provides free educational resources (including curriculum, calculators and worksheets, and brochures and wallet cards in English and Spanish) [2] to K-12 educators and organizations interested in increasing consumer understanding of auto loans and leases.

AWARE is supported by the National Automobile Dealers Association (NADA), the American Financial Services Association (AFSA), [2] the National Association of Minority Automobile Dealers (NAMAD), the American International Automobile Dealers Association, Ally Financial, American Honda Finance Corporation, American Suzuki Financial Services, AutoNation, Ford Motor Credit Company, Group 1 Automotive, Inc., Lithia Motors, National Auto Finance Company, Nissan Motor Acceptance Corporation, Sonic Automotive Inc., Toyota Financial Services, United Auto Group, Inc., and Wells Fargo Auto Finance. [3]

National Automobile Dealers Association

The National Automobile Dealers Association (NADA) is an American trade organization representing nearly 16,500 franchised new car and truck dealerships, both domestic and foreign. Established in 1917, the organization is based in Tysons Corner, Virginia. As the automotive retail industry's primary trade association, NADA monitors federal legislation and regulation affecting dealerships and publishes forecasts and reports about industry trends. American Truck Dealers, established in 1970, is a division of NADA representing nearly 1,800 heavy- and medium-duty truck dealerships throughout the United States.

American Financial Services Association (AFSA) is a trade association for the U.S. consumer credit industry headquartered in Washington, D.C.. AFSA’s 350 members include consumer and commercial finance companies, vehicle finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry suppliers. AFSA is a founding member of Americans Well-informed on Automobile Retailing Economics.

The American International Automobile Dealers Association is a United States lobbying force dedicated to the economic and political interests of America's international nameplate automobile dealers. Headquartered in Alexandria, Virginia, its primary focus is on promoting free trade and opposing tax increases.

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Cox Enterprises company

Cox Enterprises, Inc. is a privately held American conglomerate based near Atlanta in Sandy Springs. Cox is also a communications and automotive services company. The company owns newspapers, television stations, radio stations, Cox Communications, Manheim Auctions, AutoTrader.com, Kelley Blue Book. They previously owned Savings.com and Valpak before being sold to Platinum Equity. Cox Enterprises is currently headed by the daughter of founder James M. Cox, Anne Cox Chambers, and the two children of her late sister Barbara Cox. Its chairman is Barbara Cox's son, James C. Kennedy. Fourth generation members of the Cox family are on the company's board of directors.

The Toyota Group is a group of companies that have supplier, vendor and investment relationships with Toyota Industries and Toyota Motor vehicle manufacturing facilities. It is similar to a keiretsu in that no particular entity has outright control over the entire group, although unlike most keiretsu it does not contain a major bank.

Ford Motor Credit Company LLC, d/b/a Ford Credit, is the financial services arm of Ford Motor Company, and is headquartered in Dearborn, Michigan.

Ally Financial American financial services company

Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgages, credit cards, and brokerage firm services for investing online.

Car dealership business which sells, buys, and trades new and/or used cars, trucks, SUVs, and vans

A car dealership or vehicle local distribution is a business that sells new or used cars at the retail level, based on a dealership contract with an automaker or its sales subsidiary. It employs automobile salespeople to sell their automotive vehicles. It may also provide maintenance services for cars, and employ automotive technicians to stock and sell spare automobile parts and process warranty claims.

AutoNation company

AutoNation is an American automotive retailer, which provides new and pre-owned vehicles and associated services in the United States. The company was founded by Wayne Huizenga in 1996, and has more than 360 retail outlets. Based in Fort Lauderdale, Florida, the company's Chief Executive Officer is Carl Liebert III.

Hyundai Capital Services (Hangul:현대캐피탈) is a South Korean provider of consumer financial services ranging from auto-financing, private financing, and corporate financing. The company is a financial service unit of Hyundai Motor Group. Hyundai Capital has expanded to overseas markets, providing auto financing services in five countries outside Korea – the U.S., the U.K., China, Germany and Canada. Hyundai Capital also runs auto financing consultancies in Russia, Brazil, India, and Australia to support the sales of Hyundai and Kia cars at respective countries.

Genuine Parts Company

Genuine Parts Company (GPC) is an American service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. GPC serves numerous customers from more than 2,600 operations around the world, and has approximately 48,000 employees. It owns the NAPA Auto Parts brand.

Midas (automotive service) American chain of automotive service centers headquartered in Palm Beach Gardens, Florida

Midas, Inc. is an American chain of automotive service centers headquartered in Palm Beach Gardens, Florida. In its North American main and home market, Midas stores are company-owned or franchised. In the 17 other countries it operates in, the service centers are either licensed or franchised. Midas is one of the world’s largest providers of automotive services, offering brake, maintenance, tires, exhaust, steering and suspension services at more than 2,000 franchised, licensed and company-owned Midas shops in 13 countries, including nearly 1,300 in the United States of America and Canada. Midas also owns the SpeeDee Oil & Auto Service business, with more than 150 auto service centers in America.

The Federation of Automobile Dealers Associations (FADA) is an apex national body representing automobile dealers of India. It was founded in 1964 by four regional Auto Trade associations to protect and promote the Indian retail automobile market. It is now a registered body under the Companies Act 1956.

General Motors Financial Company, Inc. is the financial services arm of General Motors. The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe, and China. The company is headquartered in Fort Worth, Texas, where it is one of the city's largest employers.

Lithia Motors Lithia Motors, Inc. is a nationwide automotive dealership network headquartered in Medford, Oregon. It is the seventh largest automotive retailer in the United States, In 2015, Lithia Motors broke into the Fortune 500 list at #482.

Lithia Motors, Inc. is an American nationwide automotive retailer headquartered in Medford, Oregon. It is the fourth largest automotive retailer in the United States. In 2015, Lithia Motors broke into the Fortune 500 list at #482, making it one of only three Oregon-based companies in the Fortune 500. This followed a year that saw the acquisition of the DCH Auto Group, one of the 10 largest dealer groups in the country, with 27 dealerships, before being purchased by Lithia Motors. In 2016, Lithia climbed to #346 and that same year made the Fortune 500 List of Top Ten Companies with the biggest jump in rank on the Fortune 500. As of 2018, Lithia is ranked #294 on the Fortune 500. Lithia employs more than 14,150 people in stores across the nation including Alaska and Hawaii. Lithia operates 180 stores in 18 states.

Car finance refers to the various financial products which allow someone to acquire a car, including car loans and leases.

The Motor Vehicle Owners' Right to Repair Act, sometimes also referred to as Right to Repair, is a name for several related proposed bills in the United States Congress and several state legislatures which would require automobile manufacturers to provide the same information to independent repair shops as they do for dealer shops.

Automotive industry in the United States

The automotive industry in the United States began in the 1890s and, as a result of the size of the domestic market and the use of mass production, rapidly evolved into the largest in the world. However, the United States was overtaken as the largest automobile producer by Japan in the 1980s, and subsequently by China in 2008. The U.S. is currently second among the largest manufacturer in the world by volume, with approximately 8-10 million manufactured annually. Notable exceptions were 5.7 million automobiles manufactured in 2009, and peak production levels of 13-15 million units during the 1970s and early 2000s.

The Automobile Manufacturers Association was a trade group of automobile manufacturers which operated under various names in the United States from 1911 to 1999.

Credit Acceptance Corporation is an auto finance company providing automobile loans and other related financial products. The company operates this financial program through a national network of dealer-partners, the automobile dealers participating in the programs. The company operates two programs: the "Portfolio Program" and the "Purchase Program". Through these programs, the company can advance money to automobile dealers in exchange for the right to service the underlying consumer loans and can buy the consumer loans from automobile dealers. By the end of 2013, the company made an annual revenue of $175,300,000.

FCA Bank, a joint venture between Fiat Chrysler Automobiles Italy S.p.A. and Crédit Agricole Consumer Finance S.A is a bank dedicated to motorists, which mainly operates in the automotive financing sector and cooperates with prestigious automotive brands as well as motorhome and caravan manufacturer Erwin Hymer Group.

RoadLoans is a direct-to-consumer auto lender operating online and specializing in subprime auto loans. Established in 2000, RoadLoans finances and services new and used car loans as well as offering auto refinance options.

References

• AWARE (http://www.AutoFinancing101.org)