ISSUE 3, 2023 14 NEW Digital CNCDA Resources for Members 18 CNCDA Foundation New Goals, New Team Official Publication of the California New Car Dealers Association CALIFORNIA
Business Transactions • Buy-Sell Agreements • DMV, BAR, and other governmental approvals • Lender flooring and capital loan agreements • Entity formation and structure • Shareholder Agreements • Manufacturer approvals and relations • NMV non-profit association representation Estate Planning • Succession planning for businesses • Trust Agreements including lifetime benefit trusts • Gift and Estate Tax planning Tax • Property Tax planning, audits, and appeals • Federal estate and gift tax controversy audits • EDD Audits BUSINESS LAW | LITIGATION | ESTATE PLANNING | REAL ESTATE | TAX | EMPLOYMENT PRACTICES FERRUZZO & FERRUZZO, LLP | A Limited Liability Partnership, including Professional Corporations 3737 Birch Street, Suite 400, Newport Beach, California 92660 | PH: (949) 608-6900 | ferruzzo.com Business Litigation • Consumer Legal Remedies Act lawsuits • Sales and Service Agreements • Disputes before the CA New Motor Vehicle Board • Consumer claims regarding the sale of automobiles • Manufacturer audit disputes • Hearings before the AQMD, RWQC and OSHA Real Estate • Dealership site acquisition and dispositions • Lease agreements • Lender Opinion Letters Employment Practices • Wage and hour class action lawsuits • Private Attorneys General Act (PAGA) claims • Arbitration Agreements • Employer Handbooks and Employer Compliance Procedures Ferruzzo & Ferruzzo, LLP began providing legal representation to new car and truck dealers over four decades ago. Over the course of that time, one of the central goals of the firm has been to remain rooted in our client relationships. With the strength of over 25 attorneys, we provide a spectrum of legal services to support every aspect of running and owning your new car and/or truck dealership. We have practice groups in each area of the law that service the needs of you and your dealership.
1067 Park View Drive | Covina, CA 91724 | (626) 858-5100 | Fax (626) 332-7012 YOUR SUCCESS... IS OUR SUCCESS ➢ Committed to our Dealer Clients for over 40 Years ➢ Helping to Optimize your Business Operations ➢ Providing the Highest Quality Tax and Accounting Services ➢ Consulting & Management Support ➢ Estate Planning & Dealer Succession Opportunities George R. Applebaum, CPA Shareholder (626) 858-5100, ext. 215 gapplebaum@rogersclem.com Scott M. Biehl, CPA Managing Shareholder (626) 858-5100, ext. 229 sbiehl@rogersclem.com Andy R. Jones, CPA Shareholder (626) 858-5100, ext. 237 ajones@rogersclem.com
21 CONTENTS 11 ISSUE 3, 2023 7 President’s Message Accelerating the Shift: Dealers Embracing Evolution in BEV Adoption By Brian Maas, President, California New Car Dealers Association 10 2023 Officers and Directors 12 PAGA History and Update By CNCDA Staff and John Boggs, Fine Boggs & Perkins, LLP 14 NEW Digital CNCDA Resources for Members 16 Don’t Miss CNCDA’s Annual Convention 17 Celebrate With Us! 100 Years ©2023 California New Car Dealers Association (CNCDA) | The newsLINK Group, LLC. All rights reserved. The California New Car Dealer Quarterly is published four times each year by The newsLINK Group, LLC for the CNCDA and is the official publication for this association. The information contained in this publication is intended to provide general information for review, consideration and dealer education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your specific circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the CNCDA, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. The California New Car Dealer Quarterly is a collective work, and as such, some articles are submitted by authors who are independent of the CNCDA. While the California New Car Dealer Quarterly encourages a first-print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at 855.747.4003. California New Car Dealers Association 1517 L St. Sacramento, CA 95624 www.cncda.org (916) 441-2599 Staff Brian Maas President Michael Walsh, MBA Chief Financial Officer Anthony Bento Chief Legal Officer Autumn Heacox Director of Communications & Marketing Cathy Mason Director of Operations Rebecca Matulich Director of Education & Events Kenton Stanhope Director of Government Affairs Andrea Daugherty Political Engagement Manager Lauren Johnston Membership Manager Liza Hernandez Staff Accountant Michaela Martinez Executive Assistant Stacey Barawed Administrative Coordinator McKenna Bediamol Administrative Coordinator 12 16 18 18 CNCDA Foundation New Goals, New Team By Kim McPhaul, President, CNCDA Foundation 20 Q&A With the CNCDA Foundation Sponsors By Kim McPhaul, President, CNCDA Foundation 22 CNCDA 2023-2024 All Upcoming Events 25 Ask Alison California Will Eliminate the State Disability Wage Cap in 2024 By Alison McCallum, EPIC Insurance Brokers and Consultants 28 California Auto Outlook 38 Thank You 2023 Sponsors
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Brian Maas, President California New Car Dealers Association PRESIDENT’S MESSAGE Accelerating the Shift Dealers Embracing Evolution in BEV Adoption and feasibility to support this massive public BEV adoption. Our members simply want to continue to offer California’s motoring public an exceptional car purchasing and servicing experience. Dealers want to give customers the same confidence and information about their BEVs purchase as they’ve been providing for traditional ICE vehicles for decades. CNCDA is doing its part to provide our members with cutting-edge information to answer logistical questions specifically related to California’s energy grid and supply. At our recent Electrifying California webinar, we discussed the importance of advanced planning for electrifying dealerships, communicating with utility partners to get started early on the permitting process and ensure proper infrastructure, and allowing for, in some cases, a 50-60 week timeline for adequate charging installation. Additionally, with the BEV market growing, we are seeing shifting OEM charging partnerships and offerings (think Blu-ray and HD DVD hitting the market at the same time). As customer education and preference (as well as our OEM partners) dictate vehicle charging options, like NACS v. CCS, these offerings remain in flux for now. Again, the need to remain adaptable is constant. With our recently reported 2Q 2023 BEV market share numbers at 21.1% (thanks to data from Experian Automotive), our dealers are proving more than willing Dear CNCDA members, As the Automotive Trade Association Executives (ATAE) Board Chair this year, I’ve had the opportunity to connect with my professional peers across the nation for interactive events, meetings and more. Recently, I participated in the ATAE Conference in Boston, where the theme was “embracing change.” As dealers are facing upheaval in our industry, so too are dealer association leaders — national, California and metro. Adapting to new laws, modified revenue streams, and more, is what ATAEs do on behalf of our dealers. California dealers are subject matter experts on remaining nimble and welcoming growth. They know that customers in the Golden State are quick to learn and curious about new models and innovations in automotive offerings. Californians don’t fear change. Rather, they adopt it, fit it into their lifestyles, and then improve upon it. “Embracing change” aptly describes our franchised dealer members, especially regarding the adoption of battery electric vehicles (BEVs). This massive shift in how vehicles are built, driven, purchased and serviced is “change” in the truest sense of the word. The BEV transition is the biggest disruptor to our industry since moving from horses and buggies to automobiles. And while the learning curve is steep, our dealers have voluntarily adopted an “all in for EVs” mindset. However, this adaptability doesn’t mean dealers don’t have questions and concerns regarding the logistics 7 California New Car Dealer Quarterly
to help educate and sell BEVs to Californians. We expect this number to increase significantly as trust in charging stations is addressed. Manufacturers and their partners need to provide customers with chargers that are 1) accessible anywhere they travel, 2) quick, 3) functioning properly and finally, 4) affordable for all income levels. CNCDA dealers continue to do their part to revolutionize the automotive industry, remain educated, offer innovative products and provide exceptional service to Californians. We look forward to seeing our manufacturing partners also play their part in this electrification of California’s new vehicles. Achieving 100% of new BEVs sold by 2035 requires OEMs to adopt a realistic approach. Recognizing the challenges dealers face in installing EV infrastructure, including existing constraints and tight timelines, is vital to ensure a successful transition. By combining innovative vehicle selection, meeting consumer needs, considering affordability and preferences, and honoring the strong relationships between franchised dealers and our manufacturing partners, we can effectively prepare for California’s electrified future. Sincerely, Brian Maas, President California New Car Dealers Association CNCDA is doing its part to provide our members with cutting-edge information to answer logistical questions specifically related to California’s energy grid and supply. 8 California New Car Dealer Quarterly
Running a dealership comes with its share of uncertain terrain. But one thing is certain. Our Dealer Financial Services team is dedicated to being by your side with the resources, solutions and vision to see you through. John Alexander john.f.alexander@bofa.com 213.621.8724 Liane Low-Bevett liane.low-bevett@bofa.com 925.692.7088 business.bofa.com/dealer Making business easier for auto dealers. Especially now. James Diedrich james.a.diedrich@bofa.com 916.326.3103 Bob Ludwig robert.ludwig@bofa.com 949.287.0635 “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value | ©2022 Bank of America Corporation. All rights reserved. 4826555 08-22-0145
2023 Officers and Directors EXECUTIVE COMMITTEE Tony Toohey Chairman Auburn Toyota Hilary Haron Vice Chairwoman Haron Jaguar Land Rover Volvo David Simpson Secretary-Treasurer GMC Cadillac of Buena Park John Oh Immediate Past Chairman Lexus of Westminster Rick Niello Region 1 Vice President The Niello Company Jessie Dosanjh Region 2 Vice President Stevens Creek Chevrolet Cheryl Bedford Region 3 Vice President Sunset Auto Center Bruce Hamlin Region 4 Vice President Guaranty Chevrolet Motors, Inc. Robb Hernandez Region 5 Vice President Camino Real Chevrolet 10 California New Car Dealer Quarterly
DIRECTORS Randy Denham SJ Denham, Inc. Taz Harvey Dublin Mazda Matthew Hall AutoNation Western Region Rick Niello The Niello Company Tony Toohey Auburn Toyota Jessie Dosanjh Stevens Creek Chevrolet Ryan Fitzpatrick Coliseum Lexus of Oakland Dave Moeller City Toyota Mark Normandin Normandin Chrysler Jeep Dodge Ram Cheryl Bedford Sunset Auto Center Cliff Cummings Toyota of San Bernardino Bill Hatfield Hatfield Buick GMC Hilary Haron Haron Jaguar Land Rover Volvo Ellena Sweet Fresno Acura Bruce Hamlin Guaranty Chevrolet Motors, Inc. Greg Kaminsky Toyota of El Cajon John Oh Lexus of Westminster David Simpson Simpson Chevrolet of Irvine Anne Boland Bob Smith BMW Matt Browning Browning Automotive Group Rinaldi Halim Los Angeles Chrysler Dodge Jeep Ram Sal Gonzales Culver City Volvo Robb Hernandez Camino Real Chevrolet Devinder Singh Bains Turlock Chrysler Dodge Jeep Ram Region 1 Region 2 Region 3 Region 4 Region 5 11 California New Car Dealer Quarterly
PAGA History and Update By CNCDA Staff and John Boggs, Fine Boggs & Perkins, LLP Last month, the California Supreme Court issued its long-awaited decision in Adolph v. Uber Technologies, Inc., holding that an order compelling arbitration of the individual Private Attorneys General Act (PAGA) claims does not strip the plaintiff of standing as an aggrieved employee to litigate claims on behalf of other employees under PAGA. In doing so, the Court disagreed with the U.S. Supreme Court, which held in Viking River Cruises, Inc. v. Moriana, that the plaintiff lacked standing to litigate PAGA claims on behalf of other employees once the plaintiff’s individual claims were ordered into arbitration. The impact of the Adolph decision is that employers will still be required to litigate the claims of other employees in court even though the plaintiff’s own claims are arbitrated. In other words, as expected, the California courts found a way to save PAGA claims for employees despite the U.S. Supreme Court’s ruling in Viking River Cruises, Inc. v. Moriana. This is another in a long line of cases in which the California courts have refused to narrow the standing requirements to curb abuses of PAGA. A brief perspective on the history of PAGA: • 2004: The inception of the PAGA. While intended to protect employees, “the substantial majority of [PAGA cases] fell short of protecting the interests of the state and workers.” — Labor Commissioner’s Office • 2006: Law firms specializing in PAGA cases emerge. These lawsuits take nearly 2x longer to resolve, pay employees 4.5x less, cost employers billions, and the law firms take nearly one-third of settlement amounts. • 2014: CA courts broadly interpret PAGA to curb the use of arbitration agreements. • 2016: PAGA cases explode by 1,440% with over 5,000 cases filed. Employers have paid more than $8 billion in public settlements in the last seven years and are expected to reach $16 billion in the next five years. • 2018: $1,118,777: Average cost of one PAGA settlement to an employer. • 2020: COVID-19 significantly changed CA employment law, dramatically increasing the likelihood that employers will face more lawsuits from predatory attorneys. • 2022: CNCDA members lead a coalition of business groups to successfully qualify PAGA reform on the November 2024 ballot (raising over $5 million, over half of the funds raised). • TODAY: While the business coalition continues to grow, both in new members and fundraising dollars, the Adolph v. Uber Technologies, Inc. ruling by the CA Supreme Court is the latest in a long line of cases confirming that employers will get no PAGA relief from California courts. The tsunami of egregious and frivolous PAGA lawsuits will continue, absent decisive action by the legislature or voters. The Californians for Fair Pay and Accountability Act will go before the voters on the November 2024 ballot. It is now more vital than ever that our members and the public are educated and actively engaged on this issue. We ask that all dealers, staff, friends and family encourage each other to support the initiative to protect all California businesses and their employees. If you would like to donate to support CNCDA’s Issues PAC to help stop PAGA cases from hurting California employers and employees, please visit www.cncda.org today or scan the QR code. A https://www.cncda.org/ advocacy/paga/ 12 California New Car Dealer Quarterly
We have the road map. Arent Fox’s Automotive Group drives innovative strategies forward. Our cutting-edge, national practice advises automotive leaders as the industry faces a dizzying array of competitive and regulatory hurdles. Key Contacts Aaron H. Jacoby Automotive Practice Leader, LA 213.443.7568 aaron.jacoby@arentfox.com Russell P. McRory Partner, NY 212.484.3942 russell.mcrory@arentfox.com Victor P. Danhi Partner, SF 415.757.5505 victor.danhi@arentfox.com Smart In Your World arentfox.com 13 California New Car Dealer Quarterly
NEW Digital CNCDA Resources for Members The following resources can be accessed by members at www.cncda.org/comply. 7th Edition F&I Compliance Manual CNCDA is proud to offer our members an updated version of our F&I Compliance Manual (now our 7th Edition). This manual was created with careful insight and expertise from our association’s legal team, including counsel at Manning Leaver, with document support from Reynolds and Reynolds Document Services. CNCDA’s long-standing relationship with Reynolds and Reynolds Document Services greatly enhances our compliance resources, including this new manual. Our relationship allows us to work together to develop LAW® branded F&I documents (some of which are in the manual) to help our dealer members manage their compliance risks. The excellent relationship between our two organizations has allowed us to offer the F&I documents found in this publication for use by our membership. We hope this proves a useful compliance tool and resource at your dealership. 2023 California Privacy Law Handbook Earlier this year, the Consumer Privacy Rights Act (CPRA) became more stringent and now has the resources of an entirely separate government entity, the Consumer Privacy Protection Agency, to enforce regulations on California businesses. To stay on top of these new regulations, CNCDA announced the release of a revised 2023 California Privacy Law Handbook. ComplyAuto played a significant role in creating this manual and also in helping CNCDA members understand their responsibilities while equipping them with the necessary tools to fulfill these complex requirements. These include a cookie consent banner, privacy policy, notice at collection postings, a consumer request portal, data mapping and employee training. A 14 California New Car Dealer Quarterly
SEND YOUR SUBMISSIONS TODAY! communications@cncda.org (916) 441-2599 x105 Celebrate With Us! Celebrate with us as CNCDA marks our 100 year anniversary in 2024! To honor this historic milestone, we’re featuring our members in a special commemorative issue of California New Car Dealer Quarterly. If your dealership has recently achieved significant years in business, received accolades or your owner is an award recipient for good works, please share your photos and stories with us to be showcased in this momentous publication. Join the celebration and become a part of CNCDA’s enduring legacy!
CNCDA Foundation NEW GOALS, NEW TEAM By Kim McPhaul, President, CNCDA Foundation
Last year, the CNCDA Foundation relaunched its giving and fundraising efforts to support a new mission with a new leader and support staff. Kim McPhaul spearheads as the Foundation’s President, and Sonny Davey is the Program Coordinator. The new mission of the Foundation is dedicated to creating career pathways for highly skilled automotive service professionals throughout California. The Foundation accomplishes its mission by connecting with the education community and youth organizations to build awareness and interest in auto careers and connect youth with training. Kim and Sonny also collaborate with California’s new car and truck dealers and automotive manufacturers to provide youth with a clear college and technician career path. With over 1,400 dealerships in California and a staff of two, the Foundation relies on an amazing team of volunteers who bring their expertise in the automotive industry and education to serve on the Board of Directors and Workforce Development Advisory Board. Volunteers are critical to the success of the vision that the CNCDA Foundation will support California dealers by leading the way in training highly skilled professionals for today’s clean vehicle technology. Running on grants, donations and commitment from California’s dealers, the CNCDA Foundation awards scholarships, connects students with mentor managers at dealerships throughout the state and is developing a Clean Vehicle Technician Apprenticeship. The current and ongoing need for skilled automotive professionals throughout California continues to rise. Last year, there were 5,792 unfilled positions for auto techs in the state, further proving that these jobs are in high demand and likely to endure regardless of the ups and down trends in the economy, more so now as new BEV models are hitting the market. “Our Foundation helps students to get their foot in the door at a local dealership, where they can grow as skilled employees. We are thrilled to make young people who have a special mechanical gift aware that they have the opportunity to pick a rewarding career in an industry where they will be valued and have huge growth potential,” says Kim. Upcoming events for the Foundation include four Automotive Technology Career Days held throughout the state between October 2023-April 2024. At these expos, dealers and manufacturers will get to connect with and engage thousands of high school and college automotive tech students and teachers, while showcasing their hottest new vehicles and technologies to get students excited about working with their brands. The Foundation is partnering with California’s metro associations to host the events and encourage dealers to attend, meet and recruit the best and brightest automotive students in California, and enroll students in their brand’s educational track. If you are looking for ways to engage with the CNCDA Foundation or become a sponsor for Career Days, please scan the QR code or visit www.cncdafoundation.org. A https://www.cncdafoundation.org/ Kim McPhaul can be reached at kmcphaul@cncda.org or (916) 441-2599 x.117. The new mission of the Foundation is dedicated to creating career pathways for highly skilled automotive service professionals throughout California. 19 California New Car Dealer Quarterly
Q&A With CNCDA Foundation Sponsors By Kim McPhaul, President, CNCDA Foundation In this Q&A, we asked automotive dealers who have generously sponsored student scholarships about their motivation to support the CNCDA Foundation’s efforts. These industry leaders understand the importance of nurturing young talent and fostering a thriving automotive community. Through their support and mentorship, they aim to make a lasting impact on the future of the automotive industry. Q: Why did you choose to sponsor a student technician? A: “I started in this business as a Service Cashier and have been a dealer for 40 years. It has been my pleasure to be active with the Foundation and serve as its Chairwoman and the CNCDA Chairwoman over the years. I’ve been sponsoring students in honor of my father Bill Bader, past CNCDA Chairman, for many years because it’s the right thing to do. By supporting and investing in students, we are ensuring the future of the industry and helping to cultivate the next generation of automotive professionals, because technicians are the lifeblood of the dealership. It’s critical that we have the right people in our small dealership because our employees — their experience and knowledge — represent us when serving our customers.” — Cheryl Bedford, Sunset Auto Center A: “Gold Rush Chevrolet-Subaru, Auburn, California has awarded Joseph Vue a $1,000 scholarship to American River College. Joseph is interested, willing and passionate about working for a Subaru dealership. In his interview, he was dressed in a coat and tie, was on time, and brought his baby sister, his two brothers, a friend and his college instructor. They were all very supportive of his decision to be a Subaru technician. To prepare for his work experience, Joseph completed 11 college courses, obtained two certifications, acquired relevant job skills, is a community volunteer, and was named American River College Outstanding Student of the Year two years in a row. All of us at Gold Rush Chevrolet-Subaru are committed to helping make Joseph a valued and knowledgeable employee.” — Steve Snyder, Gold Rush Chevrolet-Subaru A: “The demand for skilled technicians in the automotive industry has been consistently high throughout my 35+ years as a dealer. Now, with the evolution of autonomous systems and ZEVs, the need becomes even more critical. The CNCDA Foundation Scholarship Program is finally connecting us with local students who are eager to enter the industry. Presenting a check to a student invests in their future but also contributes to the overall growth and sustainability of the automotive industry, and the associated mentorship program is a crucial aspect of ensuring the success of these young individuals after they enter the industry.” — K.C. Heidler, Tom’s Truck Centers A Steve Snyder and Gold Rush ChevroletSubaru team with Joseph Vue. Claudia Duran, Scholarship Recipient and Tom’s Truck Centers Team. 20 California New Car Dealer Quarterly
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Ask Alison CALIFORNIA WILL ELIMINATE THE STATE DISABILITY WAGE CAP IN 2024 By Alison McCallum, EPIC Insurance Brokers and Consultants Starting in 2024, the wage cap for California State Disability Insurance (SDI) payroll deductions will be eliminated. Eliminating the wage cap will result in higher taxes and payroll deductions for individuals earning greater than $153,164 (the 2023 wage cap) per year. Background Starting in January 2024, as part of California Senate Bill 951 (SB 951), all wages earned will be subject to state disability payroll deductions. This new measure is intended to help pay for California state-mandated disability insurance, which will increase the average weekly wage replacement to between 63% and 90% (varying on an individual’s average weekly wage) starting on Jan. 1, 2025. To fund the increased benefit amount, the state is removing the wage cap on contributions to the state insurance disability fund effective Jan. 1, 2024. With the California SDI wage ceiling eliminated, highearning employees ($153,164 for 2023) will face higher payroll taxes. To mitigate the increased tax impact, employers have the option to offer voluntary disability insurance (VDI) to replace state disability insurance. For certain employee populations, a VDI plan can be less expensive than the state plan allowing employers to pass on lower tax contribution rates and/or wage ceilings (subject to approval). Employees not impacted by SB 951 will also see the value of a lower contribution percentage, increased benefits and seamless administrative integration. The table below shows the payroll tax impact on individuals earning greater than $153,164 next year. California State Disability Insurance The California SDI program provides short-term Disability Insurance (DI) and Paid Family Leave (PFL) wage replacement benefits to eligible workers who need time off work. Employers with employees working in California may participate in the State plan or apply for approval to provide a voluntary plan to employees. Employees may be eligible for SDI if they are unable to work due to a non-work-related illness or injury, pregnancy or childbirth. To be eligible, individuals must be employed or actively looking for work at the time the disability begins and have earned at least $300 from which disability insurance deductions were withheld during the base period. Benefits for the State plan are funded through employee payroll deductions at a rate of 0.9% in 2023. The taxable wage limit in 2023 is $153,164 with a maximum annual withholding for an employee being $1,378.48. Starting in 2024, the taxable wage limit maximum cap for payroll deductions will be Employee Earnings $100,000 $200,000 $300,000 $400,000 2023 Contributions $900 $1,378 $1,378 $1,378 2024 Contributions* $900 $1,800 $2,700 $3,600 Difference $0 $422 $1,322 $2,222 *Assuming the contribution percentage remains 0.9% 25 California New Car Dealer Quarterly
eliminated, meaning that all wages will be subject to the 2024 contribution rate with no annual maximum. The 2024 contribution rate has not been announced and may be less than, equal to or greater than 0.9%. Voluntary Disability Plans Employers may offer a stateapproved voluntary plan (VDI) to employees instead of State Disability Insurance. Voluntary programs must meet a specific set of requirements and be approved by the California Employment Development Department (EDD). VDI program requirements include: • Written approval from the majority of employees eligible for coverage • Cannot cost employees more than SDI • Provide all the same benefits as SDI plus at least one that is better • Allow employees to reject the VDI plan and choose SDI coverage • Covered employees must be given a written document that outlines their benefits. • Must be offered to all eligible California employees of the employer. A separate program must be maintained for each FEIN with employees in California. • Must be updated to match any increase in benefits that SDI implements because of legislation or approved regulation The EDD will first grant conditional approval, pending submission of a security deposit based on the amount of the employer’s previous year’s taxable wages and the annual payroll deduction percentage (0.9% in 2023). Once an employer’s VDI is approved, they are no longer required to send State disability payroll deductions to the state, but rather the funds should be placed in a separate trust fund to pay their employees’ disability and paid family leave claims. An assessment paid to the state based on employees’ taxable wage amount is still required annually. Next Steps for Employers Work with your EPIC team to determine if a VDI plan is a good fit for your organization/employees: • Do you have a highly paid workforce that will be adversely affected by the removal of the wage cap on SDI contributions? • Is your disability and PFL incidence rate low that would allow for a lower contribution rate or wage cap than SDI? • Is your company prepared to assist in funding the VDI plan in the event employee contributions are not sufficient to pay claims and administrative costs, especially in the early years? • Are you working with an STD claims administrator that can also manage a VDI plan or will you need to find a new or separate vendor? • Is your benefits/financial team equipped to take on the additional administrative and financial reporting responsibilities required by the EDD? • Does your company operate under a single FEIN within California? Employers with multiple FEINs must maintain separate plans for each FEIN including separate bonds and bank accounts. If you would like more information on this change, EPIC will provide details to CNCDA members. A Alison McCallum has been in the employee benefits industry for over 20 years and personally works with more than 60 Southern California Dealerships. She is a Principal with EPIC Insurance Brokers and Consultants, CNCDA’s only licensed Health and Workers Comp. Insurance broker. With this partnership, EPIC offers unique dealership expertise and services available to CNCDA dealer members at no cost. If you have questions or would like further information, please feel free to contact her at (949) 417-9136 or alison.mccallum@epicbrokers.com. 26 California New Car Dealer Quarterly
EPIC is proud of its partnership with more than 300 California dealerships and is the CNCDA’s only licensed broker for Health Insurance and Workers’ Compensation. As the dealers’ consultant, experience what EPIC can do for you today, including: • A team producing real results and decades of experience with dealerships and their specific needs • Proprietary Workers’ Compensation and specific insurance products tailored for dealerships • Full compliance, along with audit and claims management EPICBROKERS.COM ©2023 Edgewood Partners Insurance Center. All rights reserved. | CA License: 0B29370 LEARN MORE ABOUT OUR SERVICES BY CONTACTING: Alison McCallum (949) 422-6431 alison.mccallum@epicbrokers.com Eric Kitei (949) 228-2779 eric.kitei@epicbrokers.com RS18001-CarDealerAd-jy04-final3-outlines.indd 1 12/11/18 1:28 PM 27 California New Car Dealer Quarterly
California Auto Outlook Comprehensive Information on the California Vehicle Market Volume 19, Number 3 Released July 2023 Covering Second Quarter 2023 TM Publication Sponsored By: Recovery Gains Momentum; 2Q ‘23 Registrations Up 16.8% vs. 2Q ‘22 TWO YEAR PERSPECTIVE Historical Data sourced from Experian Automotive. *2023 forecast by Auto Outlook. Historical figures have been updated since the previous release. California Annual New Light Vehicle Registrations - 2008 thru 2023 ANNUAL TRENDS QUARTERLY RESULTS California Quarterly New Light Vehicle Registrations Percent Change vs. Year Earlier Data sourced from Experian Automotive. 1.33 0.96 1.08 1.19 1.49 1.66 1.78 1.99 2.03 2.03 1.99 1.89 1.60 1.77 1.59 1.80 0.0 0.5 1.0 1.5 2.0 2.5 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23* New vehicle regs. (millions) Years California U.S. YTD '22 YTD '23 Change YTD '22 YTD '23 Change Registrations TOTAL 811,318 905,752 11.6% 6,698,490 7,436,260 11.0% Car 258,069 279,589 8.3% 1,395,833 1,542,396 10.5% Light Truck 553,249 626,163 13.2% 5,302,657 5,893,864 11.1% Domestic 283,227 340,180 20.1% 2,916,131 3,277,404 12.4% European 121,326 135,719 11.9% 681,849 740,739 8.6% Japanese 335,597 344,455 2.6% 2,433,536 2,617,976 7.6% Korean 71,168 85,398 20.0% 666,974 800,141 20.0% Market Share Car 31.8 30.9 -0.9 20.8 20.7 -0.1 Light Truck 68.2 69.1 0.9 79.2 79.3 0.1 Domestic 34.9 37.6 2.7 43.5 44.1 0.6 European 15.0 15.0 0.0 10.2 10.0 -0.2 Japanese 41.5 38.0 -3.5 36.3 35.2 -1.1 Korean 8.8 9.4 0.6 10.0 10.8 0.8 Data sourced from Experian Automotive. -1.8% -27.7% -14.1% 11.6% 6.5% 16.8% 1Q '22 vs. 1Q '21 2Q '22 vs. 2Q '21 3Q '22 vs. 3Q '21 4Q '22 vs. 4Q '21 1Q '23 vs. 1Q '22 2Q '23 vs. 2Q '22 % change vs. year earlier New vehicle registrations in California are predicted to approach 1.8 million units this year and increase 13.4 percent from 2022. A significant number of new vehicle purchases have been postponed since the onset of the pandemic in 2020. Estimated pent-up demand in the state has reached 700,000 units, approximately 40% of average annual registrations. This “stored potential” should more than offset the drag on sales resulting from softening vehicle affordability. The market has enough gas in the tank to move higher this year, with recovery almost certainly lasting into 2024. New light vehicle registrations in California increased 11.6 percent during the first six months of this year versus the year earlier, higher than the 11.0 percent improvement in the Nation. Light truck market share in the state reached 69.1 percent. However, the surge in light truck market share during the past several years can send a misleading signal regarding the apparent shift to bigger vehicles. The proliferation of small crossover SUVs, which are typically classified as light trucks, are in many ways more similar to traditional passenger cars (see page 7). New vehicle registrations in the state increased for the third consecutive quarter in 2Q ‘23. The total exceeded 475,000 units, the highest total since 2Q ‘21. The pace of improvement should continue in the second half of the year versus weak results in the second half of 2022 when supply chain interruptions significantly impacted sales. California and U.S New Light Vehicle Registrations YTD ‘22 and YTD ‘23 thru June 28 California New Car Dealer Quarterly
We’re more than a financial partner. We’re an invested one. True relationships matter. We don’t take this lightly. The best are built on a deep understanding of your short- and long-term goals and always backed by thoughtful, strategic advice in support of your vision. With full-service financial solutions and a deep bench of industry expertise, we’ll build a team around your organization to focus on your success. So, let’s drive further—together. To learn more, contact Jason W. Smith, head of Dealer Commercial Services, 407-237-4011 or Jason.w.smith@truist.com. Truist.com/DealerServices © 2022 Truist Financial Corporation, Truist, Truist purple and the Truist logo are service marks of Truist Financial Corporation. All rights reserved. Truist Securities is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. | Lending, financial risk management, and treasury and payment solutions are offered by Truist Bank. | Deposit products are offered by Truist Bank, Member FDIC.
Page 2 California Auto Outlook 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% Franchised Dealerships Direct Sellers 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2016 2017 2018 2019 2020 2021 2022 YTD '23 Market Share Electric Hybrid (excl. plug ins) Plug in Hybrid Non-Luxury SUVs, 34% Luxury SUVs, 20% Pickups and Vans, 15% Luxury & Sports Cars, 12% Small Cars, 11% Non-Luxury MidSize & Large Cars, 8% Non-Luxury SUVs, 35% Luxury SUVs, 17% Pickups and Vans, 16% Luxury & Sports Cars, 12% Small Cars, 11% Non-Luxury MidSize & Large Cars, 9% SEGMENT MARKET SHARE TRENDS Luxury SUV Market Share Hits 20 Percent HYBRID AND ELECTRIC VEHICLES Electric Vehicle Market Share Exceeded 21 Percent in First Half of 2023 Segment Market Shares in California YTD 2022 thru June Segment Market Shares in California YTD 2023 thru June The two graphs above show market shares for primary segments during the first six months of 2022 and 2023. Data sourced from Experian Automotive. Non-Luxury SUV Share YTD ‘22: 35% Hybrid and Electric Vehicle Market Share Data sourced from Experian Automotive. Non-Luxury SUV Share YTD ‘23: 34% Hybrid and Electric New Vehicle Registrations and Market Share 2019 2020 2021 2022 YTD 2023 Electric registrations 99047 92398 161860 260233 191041 Electric share 5.2% 5.8% 9.1% 16.4% 21.1% Hybrid regs. (excl. plug ins) 92285 97934 160192 144846 88309 Hybrid share (excl. plug ins) 4.9% 6.1% 9.0% 9.1% 9.7% Plug in hybrid regs. 48359 29155 54414 42586 29583 Plug in hybrid share 2.6% 1.8% 3.1% 2.7% 3.3% Percent Change in New Retail BEV Registrations for Vehicles Sold by Franchised Dealerships and Direct Sellers YTD 2023 thru June vs. YTD 2022 Up 125% New retail registrations for battery electric vehicles sold at franchised dealerships increased by 125 percent during the first six months of this year versus the year earlier. New registrations for vehicles sold by direct sellers increased 40 percent. Franchised dealership share of the state’s new retail BEV market increased from 23.2 percent in the first half of 2022 to 32.8 percent this year. Data sourced from Experian Automotive. BEV share: 2022 annual: 16.4% YTD ‘23: 21.1% Up 40% Data sourced from Experian Automotive. Hybrid vehicle market share excludes mild hybrids. 30 California New Car Dealer Quarterly
Covering Second Quarter 2023 Page 3 The table below shows the top five selling models during the first six months of 2023 in 18 segments. In addition to unit registrations, it also shows each model’s market share in its respective segment. Sales results for many models are still being negatively impacted by supply chain issues and limited vehicle inventories. MODEL RANKINGS Tesla Model Y is Best-Seller in California New Vehicle Market BEST SELLERS IN PRIMARY SEGMENTS Small Cars: Honda Civic Full Size Pickup: Ford F-Series Mid-Size and Large Cars: Toyota Camry Compact SUV: Toyota RAV4 Near Luxury Cars: Tesla Model 3 3 Row Mid-Size SUV: Toyota Highlander Comp./Mid Size Pickup: Toyota Tacoma Luxury Compact SUV: Tesla Model Y Data sourced from Experian Automotive. Figures for Prius include Prius Prime. Model Regs. Share Model Regs. Share Model Regs. Share Model Regs. Share Honda Civic 20358 22.1 Toyota Camry 27169 38.4 Ford Mustang 3965 37.7 Tesla Model 3 41718 50.8 Toyota Corolla 16539 18.0 Honda Accord 20934 29.6 Dodge Challenger 1843 17.5 Lexus ES 4422 5.4 Kia Forte 12052 13.1 Chevrolet Malibu 5975 8.4 Chevrolet Camaro 1669 15.9 BMW i4 4324 5.3 Chevrolet Bolt 10868 11.8 Nissan Altima 5298 7.5 Toyota 86 1073 10.2 Mercedes C-Class 4142 5.0 Hyundai Elantra 7350 8.0 Hyundai Sonata 3538 5.0 Mazda MX5 937 8.9 BMW 3-Series 3536 4.3 Model Regs. Share Model Regs. Share Model Regs. Share Model Regs. Share BMW 5-Series 3809 15.7 Toyota Tacoma 19186 50.1 Ford F-Series 21288 29.9 Honda Odyssey 4099 34.8 Mercedes EQS Sedan 2140 8.8 Ford Maverick 4724 12.3 Chevrolet Silverado 18731 26.3 Toyota Sienna 4021 34.2 Tesla Model S 1900 7.9 Nissan Frontier 3270 8.5 Ram Pickup 11153 15.6 Chrysler Pacifica 2632 22.4 Mercedes S-Class 1755 7.3 Ford Ranger 2451 6.4 GMC Sierra 10411 14.6 Kia Carnival 798 6.8 Chevrolet Corvette 1510 6.2 Chevrolet Colorado 2442 6.4 Toyota Tundra 5754 8.1 Chrysler Voyager 213 1.8 Model Regs. Share Model Regs. Share Model Regs. Share Model Regs. Share Ford Transit Connect 5053 35.1 Honda HR-V 10134 17.4 Toyota RAV4 26032 19.9 Subaru Outback 8223 21.7 Mercedes Sprinter 3763 26.1 Subaru Crosstrek 8659 14.9 Honda CR-V 18680 14.3 Toyota 4Runner 4801 12.7 Ram Promaster 3216 22.3 Kia Niro 6137 10.5 Jeep Wrangler 10802 8.3 Ford Mustang Mach-E 4789 12.6 Chevrolet Express 792 5.5 Kia Soul 4642 8.0 Nissan Rogue 9179 7.0 Jeep Grand Cherokee 4455 11.8 Ford E-Series 681 4.7 Hyundai Kona 4600 7.9 Hyundai Tucson 8059 6.2 Hyundai Santa Fe 4141 10.9 Model Regs. Share Model Regs. Share Model Regs. Share Model Regs. Share Toyota Highlander 12677 21.0 Ford Bronco 5975 30.9 Mercedes GLA-Class 2002 17.6 Tesla Model Y 74765 68.2 Ford Explorer 9329 15.4 Chevrolet Tahoe 3853 19.9 Audi Q3 1981 17.4 Audi Q5 6104 5.6 Honda Pilot 6151 10.2 Chevrolet Suburban 2372 12.3 Lexus UX 1813 15.9 Lexus NX 6083 5.6 Kia Sorento 4605 7.6 Ford Expedition 1756 9.1 Volvo XC40 1407 12.4 BMW X3 3886 3.5 Chevrolet Traverse 4575 7.6 GMC Yukon 1644 8.5 Audi Q4 E-Tron 1274 11.2 Porsche Macan 3363 3.1 Model Regs. Share Model Regs. Share Model Regs. Share Model Regs. Share Lexus RX 8891 18.8 Mercedes EQS SUV 2309 14.9 Tesla Model 3 41718 14.9 Tesla Model Y 74765 11.9 Mercedes GLE-Class 5317 11.3 Cadillac Escalade 2273 14.6 Toyota Camry 27169 9.7 Toyota RAV4 26032 4.2 BMW X5 5246 11.1 Land Rover Range Rover 2171 14.0 Honda Accord 20934 7.5 Ford F-Series 21288 3.4 Tesla Model X 5099 10.8 BMW X7 1941 12.5 Honda Civic 20358 7.3 Toyota Tacoma 19186 3.1 Acura MDX 3134 6.6 Rivian R1S 1807 11.6 Toyota Corolla 16539 5.9 Chevrolet Silverado 18731 3.0 Luxury and High End Sports Cars Compact/Mid Size Pickup Full Size Pickup Mini Van Top Selling Models in Each Segment - New Retail Light Vehicle Registrations (YTD 2023 thru June) Small Cars Mid Size and Large Cars Sports/Pony Cars Near Luxury Cars Luxury Mid Size SUV Luxury Large SUV Top Selling Passenger Cars Top Selling Light Trucks Large Van Subcompact SUV Compact SUV 2 Row Mid Size SUV 3 Row Mid Size SUV Large SUV Luxury Subcompact SUV Luxury Compact SUV 31 California New Car Dealer Quarterly
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Page 4 California Auto Outlook 2.4% 1.5% 4.3% 1.9% 4.0% 2.4% 5.8% 2.1% 5.1% 5.2% 11.1% 12.2% 7.2% 4.3% 12.0% 2.1% 2.1% 2.5% 2.9% 3.6% 3.7% 4.0% 4.0% 4.1% 4.8% 6.9% 8.1% 9.3% 13.6% 14.7% 0.0% 6.0% 12.0% 18.0% Mazda Audi Jeep Lexus Subaru BMW Nissan Mercedes Hyundai Kia Chevrolet Ford Honda Tesla Toyota Market Share State U.S. BRAND SUMMARY Registrations Increased for 25 of Top 30 Selling Brands in First Half of 2023; Toyota is Best-Selling Brand Registrations increased by more than 22 percent for Rivian, Polestar, Genesis, Tesla, Chevrolet, Cadillac, Audi, and Hyundai. California and U.S. Market Share - YTD 2023 thru June (Top 15 selling brands in CA) Percent Change in Brand Registrations YTD 2023 thru June vs. YTD 2022 (Top 30 selling brands in CA) Data sourced from Experian Automotive. Toyota, Tesla, Honda, Ford, and Chevrolet were market share leaders in California during the first half of this year. -19.1% -18.0% -10.7% -6.5% -2.0% 0.9% 2.9% 4.8% 5.0% 6.6% 7.2% 8.0% 8.7% 10.2% 10.7% 13.5% 13.6% 14.9% 15.8% 16.7% 17.2% 17.6% 22.9% 28.4% 32.4% 35.4% 36.7% 38.8% 65.7% 197.7% Dodge Ram Chrysler Toyota Jeep Nissan Subaru Mercedes Infiniti Ford Mazda Volvo MINI Lexus Volkswagen BMW Porsche Land Rover Kia Acura Honda GMC Hyundai Audi Cadillac Chevrolet Tesla Genesis Polestar Rivian 33 California New Car Dealer Quarterly
Covering Second Quarter 2023 Page 5 BRAND REGISTRATIONS Detailed Results for All Brands in California Market The table above shows new light vehicle (car and light truck) registrations in California. Figures are shown for the Second Quarters of 2022 and 2023, and year to date totals. Vehicle registrations are recorded based on when the vehicle title information is processed by the state, which typically occurs after the vehicle is sold. The top ten ranked brands in each category are shaded yellow. Historical figures have been updated since the previous release. California Auto Outlook Published by: Auto Outlook, Inc., PO Box 390 Exton, PA 19341 Phone 610-640-1233 Email: jfoltz@autooutlook.com Any material quoted must be attributed to California Auto Outlook, published by Auto Outlook, Inc. on behalf of the California New Car Dealers Association. Data source must also be shown as “Data sourced from Experian Automotive.” Please contact CNCDA with any questions or comments regarding the publication. Copyright: Auto Outlook, Inc. July 2023. At Auto Outlook, we strive to provide sound and accurate analyses and forecasts based upon the data available to us. However, our forecasts are derived from third-party data and contain a number of assumptions made by Auto Outlook and its management, including, without limitation, the accuracy of the data compiled. As a result, Auto Outlook can make no representation or warranty with respect to the accuracy or completeness of the data we provide or the forecasts or projections that we make based upon such data. Auto Outlook expressly disclaims any such warranties, and undue reliance should not be placed on any such data, forecasts, projections, or predictions. Auto Outlook undertakes no obligation to update or revise any predictions or forecasts, whether as a result of any new data, the occurrence of future events, or otherwise. California New Car and Light Truck Registrations Second Quarter Year to date thru June Registrations Market Share (%) Registrations Market Share (%) 2Q '22 2Q '23 % Change 2Q '22 2Q '23 Change YTD '22 YTD '23 % Change YTD '22 YTD '23 Change TOTAL 407,120 475,480 16.8 811,318 905,752 11.6 Acura 3,660 4,300 17.5 0.9 0.9 0.0 6,756 7,887 16.7 0.8 0.9 0.1 Alfa Romeo 405 338 -16.5 0.1 0.1 0.0 940 637 -32.2 0.1 0.1 0.0 Audi 8,229 10,401 26.4 2.0 2.2 0.2 15,110 19,395 28.4 1.9 2.1 0.2 BMW 13,594 17,551 29.1 3.3 3.7 0.4 29,641 33,654 13.5 3.7 3.7 0.0 Buick 784 1,041 32.8 0.2 0.2 0.0 1,689 2,324 37.6 0.2 0.3 0.1 Cadillac 2,242 3,197 42.6 0.6 0.7 0.1 4,675 6,191 32.4 0.6 0.7 0.1 Chevrolet 25,753 31,225 21.2 6.3 6.6 0.3 46,377 62,785 35.4 5.7 6.9 1.2 Chrysler 1,952 1,696 -13.1 0.5 0.4 -0.1 3,596 3,211 -10.7 0.4 0.4 0.0 Dodge 3,974 3,632 -8.6 1.0 0.8 -0.2 7,979 6,456 -19.1 1.0 0.7 -0.3 Ford 33,881 37,593 11.0 8.3 7.9 -0.4 68,621 73,168 6.6 8.5 8.1 -0.4 Genesis 1,581 2,151 36.1 0.4 0.5 0.1 3,079 4,273 38.8 0.4 0.5 0.1 GMC 7,914 9,100 15.0 1.9 1.9 0.0 15,202 17,873 17.6 1.9 2.0 0.1 Honda 34,032 46,161 35.6 8.4 9.7 1.3 72,065 84,428 17.2 8.9 9.3 0.4 Hyundai 17,508 20,084 14.7 4.3 4.2 -0.1 30,498 37,471 22.9 3.8 4.1 0.3 Infiniti 1,212 1,436 18.5 0.3 0.3 0.0 2,547 2,675 5.0 0.3 0.3 0.0 Jaguar 348 293 -15.8 0.1 0.1 0.0 760 641 -15.7 0.1 0.1 0.0 Jeep 10,987 11,959 8.8 2.7 2.5 -0.2 23,508 23,046 -2.0 2.9 2.5 -0.4 Kia 19,587 22,552 15.1 4.8 4.7 -0.1 37,591 43,526 15.8 4.6 4.8 0.2 Land Rover 2,524 2,907 15.2 0.6 0.6 0.0 5,386 6,188 14.9 0.7 0.7 0.0 Lexus 12,334 14,799 20.0 3.0 3.1 0.1 24,184 26,643 10.2 3.0 2.9 -0.1 Lincoln 1,045 1,109 6.1 0.3 0.2 -0.1 1,999 2,217 10.9 0.2 0.2 0.0 Maserati 316 240 -24.1 0.1 0.1 0.0 649 422 -35.0 0.1 0.0 -0.1 Mazda 7,888 10,135 28.5 1.9 2.1 0.2 17,564 18,837 7.2 2.2 2.1 -0.1 Mercedes 18,542 18,800 1.4 4.6 4.0 -0.6 34,464 36,109 4.8 4.2 4.0 -0.2 MINI 853 1,229 44.1 0.2 0.3 0.1 2,296 2,496 8.7 0.3 0.3 0.0 Mitsubishi 1,145 905 -21.0 0.3 0.2 -0.1 2,288 1,807 -21.0 0.3 0.2 -0.1 Nissan 18,171 19,669 8.2 4.5 4.1 -0.4 35,691 36,010 0.9 4.4 4.0 -0.4 Other 1,071 1,362 27.2 0.3 0.3 0.0 1,859 2,610 40.4 0.2 0.3 0.1 Polestar 838 508 -39.4 0.2 0.1 -0.1 1,544 2,559 65.7 0.2 0.3 0.1 Porsche 4,237 4,433 4.6 1.0 0.9 -0.1 7,652 8,695 13.6 0.9 1.0 0.1 Ram 8,223 7,470 -9.2 2.0 1.6 -0.4 17,514 14,369 -18.0 2.2 1.6 -0.6 Rivian 870 2,225 155.7 0.2 0.5 0.3 1,316 3,918 197.7 0.2 0.4 0.2 Subaru 14,848 16,285 9.7 3.6 3.4 -0.2 31,872 32,793 2.9 3.9 3.6 -0.3 Tesla 42,647 69,212 62.3 10.5 14.6 4.1 90,320 123,482 36.7 11.1 13.6 2.5 Toyota 73,593 67,482 -8.3 18.1 14.2 -3.9 142,630 133,375 -6.5 17.6 14.7 -2.9 Volkswagen 7,129 8,459 18.7 1.8 1.8 0.0 15,364 17,004 10.7 1.9 1.9 0.0 Volvo 3,203 3,541 10.6 0.8 0.7 -0.1 6,092 6,577 8.0 0.8 0.7 -0.1 Data sourced from Experian Automotive. 34 California New Car Dealer Quarterly
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