88.1% compared with May 2022. Incentive spending varies greatly by OEM and vehicle segment. As expected, OEMs and segments with the most in-demand vehicles still have very low incentive spending, while those OEMs and segments where inventory levels are higher have more available incentives. According to J.D. Power, average transaction prices in May 2023 reached $45,838, an increase of 0.7% year-over-year. OEMs have increased the builds of more affordable vehicles, but many of these units are flowing to fleet customers. Looking ahead, NADA predicts year-over-year sales increases in the coming months as new-vehicle availability continues to improve, with a forecast for new light-vehicle sales in 2023 of 14.6 million units. Review the entire NADA Market Beat report here: www.nada.org/media/8084/download?inline. FBI Cyber Division Issues Updated Ransomware Guide Ransomware is a form of malware designed to encrypt files on an electronic device, rendering them (and the systems that rely upon them) unusable. Malicious actors hijack the systems and demand a ransom in exchange for decryption. Businesses of all kinds and sizes have been victimized in recent years, and dealers are not immune. The FBI Cyber Division, through the Multi-State Information Sharing and Analysis Center (MS-ISAC), which includes the Department of Justice, Cybersecurity and Infrastructure Security Agency, and National Security Agency, has issued a #StopRansomware Guide, which can be found here: www.cisa.gov/stopransomware/ransomware-guide. The guide provides best practices, prevention checklists, and other steps that dealers could consider as part of their efforts to combat ransomware. The guide can also be found at www.ic3.gov and the internet crime complaint center, which contains additional guidance and resources. Dealers and their IT vendors should review this guide and consider applying these practices in dealerships. NADA Show 2024: The Industry Event of the Year Takes Place February 1-4, 2024, in Las Vegas The NADA Show and ATD Show are the largest and most prestigious automotive industry events of the year. They attract tens of thousands of attendees and feature prominent keynote speakers, educational workshops, dealer/manufacturer franchise meetings and more. Each Show also features hundreds of exhibitors offering cutting-edge products and services. Learn more about NADA Show 2024 here: www.nada.org/nada-show. continued from page 12 THE NATIONAL AUTOMOBILE DEALERS ASSOCIATION (NADA) ACTIVELY WORKS ON BEHALF OF DEALERS ACROSS THE COUNTRY. 14 new jersey auto retailer
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