Coronavirus Dealer Relief - TrueCar just cut our rates by half for April. Who's next?

[Jeff Kershner]

Has anyone heard how Shift will be administrating this?

 

[Auto_NC]

Has anyone heard how Shift will be administrating this?

Nothing as of yet, gotta imagine they announce something soon, can't just go radio silent with everything going on.

Can hear somewhere Brian Pasch already drafting up his next exposé.

 

[Alexander Lau]

Hmmmm...!?

Latest Coronavirus Relief Draft Bill Includes Suspending Car Payments - Jalopnik

The federal government may freeze your car payments, automakers are shifting production to health equipment for Coronavirus relief, dealerships aren’t sure if they should stay open, we don’t know where to park all the planes, and a lot more in The Morning Shift for Tuesday, March 24, 2020.

jalopnik.com

1st Gear: Car Payment Crisis Relief
A new $2.5 trillion stimulus proposal from U.S. House of Representatives Speaker Nancy Pelosi, the third version of a bill originally introduced by Republican leadership and rejected by Democrats, now includes more progressive and stricter guidance on corporate economic relief while attempting to ease financial pressure on the working class, including temporarily suspending car payments.

Pelosi’s 1,400-page bill would have broad implications for the financial sector. It would force lenders to grant a temporary reprieve from mortgage and car payments and credit card bills. It would order the Federal Reserve to provide loan servicers with liquidity to allow borrowers to stop paying their mortgages for up to 360 days. Public housing residents would get a temporary reprieve from paying rent, and student loan borrowers would have $10,000 of debt forgiven.

Negative consumer credit reporting would be halted. Foreclosures and evictions would be banned.

 

[Dan Sayer]

Dianne Craig, CEO of FordDirect, did reply to the questions of whether the discounts from the vendors will pass through the OEM programs to the dealer. Answer is "yes", below, but not sure of the amount yet. I have reached out to FCA (Denver Business Office) with no reply. I have received affirmation that Mazda, from Mazda marketing, is working towards solutions as well but no word from Shift.

 

[Auto_NC]

As of now, sounds like FCA/AutoData & Shift haven't made any decisions on their portion, but I know many dig ad providers are cutting their fees and looking to both parties to support them in that, so we'll see.

 

[Dan Sayer]

I got a pretty terse reply yesterday from FCA of "The FCA Digital program already operates at reduced rates" and when we pushed, got this, "Again I am unaware of any reduced rates. Whatever you are currently paying should be the expectation moving forward."

Not gonna lie, that really pissed me off. Not just the tone but that FCA wouldn't have jumped out in front and gave some sort of well-worded announcement to dealers.

 

[Auto_NC]

I got a pretty terse reply yesterday from FCA of "The FCA Digital program already operates at reduced rates" and when we pushed, got this, "Again I am unaware of any reduced rates. Whatever you are currently paying should be the expectation moving forward."

Not gonna lie, that really pissed me off. Not just the tone but that FCA wouldn't have jumped out in front and gave some sort of well-worded announcement to dealers.

That's what I've heard & seen as well, pretty insane that they're sticking with that. I've heard Shift is being more flexible with their programs and working with providers on it, although haven't seen any formal communication yet.

 

[Dan Sayer]

That's what I've heard & seen as well, pretty insane that they're sticking with that. I've heard Shift is being more flexible with their programs and working with providers on it, although haven't seen any formal communication yet.

At least FordDirect made a formal announcement and the tone I've had from Mazda has been encouraging. Keep in mind, I don't think Shift runs FCA programs any longer. Isn't it Internet Brands now? Or am I wrong?

 

[Auto_NC]

Yeah, AutoData/InternetBrands took over the FCA program in May 2018 I believe it was.

 

[Dan Sayer]

Woah, just got a letter from FCA explaining what they're offering. Finally! Basically VGP and PAP program enhancements along with Digital Retailing reimbursements. It'll be interesting to see what FordDirect sends out today.

Anyone see any language from other OEMs that they can share in regards to discounting or enhancement of co-op programs, etc?