1. Q4 2013
NADA Used Vehicle
Price Report:
Incentive Analysis
and Impact
AT A GLANCE
The factors that drove incentive
spending to historic highs in the early 2000s
How current conditions and spending
levels compare to the past
How various types of incentives
(i.e., cash, finance and lease) directly
or indirectly affect used vehicle prices
Dollar estimates of the impact
on used prices by incentive types
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2. NADA Used Vehicle Price Report: Incentive Analysis and Impact
The role of incentives in the automobile business has changed considerably
over the past 50 years. As in most retail industries, they were originally used
as a tactic to help move stale product. In other words, incentives facilitated the
sale of outgoing model year units and models nearing the end of their lifecycles,
or they helped address supply-and-demand imbalances due to production
miscalculations.
In the latter half of the 1990s, however, the use of incentives became increasingly
strategic meaning they played more of a lead role in influencing sales for
—
all new models. From 1994 to 2004, the average amount spent on incentives
grew from approximately $675 per unit to a record-high $2,932 — an increase
of 334%.
The rise in incentive spending had a profound effect on new vehicle sales over
that period, helping deliveries reach an all-time high of 17.3 million units in
2000. But while incentives helped achieve record new sales levels, they also
helped depress used vehicle values. By 2004, used vehicles as a commodity
had lost significant ground with their prices down significantly.
By the middle of the 2000s, manufacturers began to pay closer attention to the
circular relationship between new vehicle promotions and used vehicle retention.
In fact, in the years leading up to the Great Recession, they made a concerted
effort to reduce their use of incentives.
New vehicle incentives have steadily declined since the end of the recession,
but an expected leveling off of new sales growth combined with an increase in
production capacity over the next few years raises the risk that manufacturers
will again revert to an over-dependency on incentives.
NADA does expect incentives to rise modestly in the near term, but we don’t
foresee a return to destructive levels of the past. Our latest report explores
how the industry has used incentives over the past 20 years and what’s been
trending in incentive spending — and provides estimates as to how incentives
impact used vehicle prices.
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3. NADA Used Vehicle Price Report: Incentive Analysis and Impact
A BRIEF HISTORY
For the better part of the 20th century, the only consistent new vehicle sales
incentive available was in the form of bargaining with your local dealer. If the
customer was an effective bargainer, the new car price would lower, the dealer
profit margin would shrink, and that was the extent of the deal.
By 1970, manufacturers offered more and more package discounts to correct
for inaccuracies in production planning. By the 1980s, stair-step programs were
beginning to have an influence — a minimal one, by current standards — on the
sales process.
In the stair-step approach, original equipment manufacturers (OEMs) began to
incentivize dealers to hit various volume quotas on slow-moving inventory. But
dealers used these incentives inconsistently. All of them labored to increase
sales volume, but some put the money in the bank, while others allowed it to
flow through to the customer.
Believing the latter action was more likely to increase sales volume, manufacturers
offered cash discounts and low-rate financing directly to consumers. Incentives
gradually became more public, standardized and ingrained in the sales process.
ANNUAL U.S. NEW VEHICLE SALES: 1990–2002
19.0
Number of Sales (millions)
19.0
17.0
16.0
Sales grow
by 8.7%
Recession:
Jul. '90–
Mar. '91;
sales
decline
by 11%
Recession:
Mar.–Nov. '01;
sales decline by 1.3%
Sales recover by an
average of 6.9% p / yr
15.0
14.0
13.0
12.0
11.0
10.0
1990
1991
1992
1993
1994
Source: U.S. Bureau of Economic Analysis
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1995
1996
1997
Calendar Year
1998
1999
2000
2001
2002
Fast-forward to 1999, and the United
States was in the midst of one of the
longest-running periods of economic
prosperity in its history. Fostered in
large part by the Internet boom, the
U.S. economy expanded by an average
annual rate of nearly 4.9%, the Dow
Jones Industrial Average rose by more
than 21%, and new car sales exploded
by 8.7% to a then-record 16.9 million
units. Sales grew by another 2.8%
in 2000 to reach what stands as an
all-time high of 17.3 million units.
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4. NADA Used Vehicle Price Report: Incentive Analysis and Impact
Sales were hitting records, but so was incentive spending. According to CNW
Research, total incentive spending grew by 31% from 1996 to 2000, and was
more than 133% higher than it was at the beginning of the previous decade.
By the beginning of 2001, the industry’s biggest spenders largely comprised
domestic brands. Autodata™ data show that in January 2001, Oldsmobile, Jeep
and Dodge were spending a combined average of $2,554 per unit on incentives,
and Ford and Chevrolet averaged $1,324 and $1,144 per unit, respectively.
By comparison, Toyota and Honda were spending $717 and $282 per unit
on incentives.
Not coincidentally, the era also marked a tipping point in domestic market
share. WardsAuto data reveal that after reaching 88.7% in 1996, domestic
OEMs began to steadily cede share to their import counterparts. So, despite
the economic growth of the 1990s, domestic manufacturers felt compelled to
extend discounts due to increasing competitive pressure.
Once 2001 arrived and the 9/11 attacks occurred, many feared a cataclysmic
drop in sales. Manufacturers pushed discounts up to an average of $2,000 in
October of that year — an increase of 36% from the year’s nine-month average
of $1,473. The ploy worked. While consumer spending plunged overall, 0%
financing and large cash discounts led to a 34% surge in the annual new vehicle
sales rate. Consumers were so taken by incentive promotions, in fact, sales
that would have taken place in the first quarter of 2002 were pulled ahead to
the fourth quarter of 2001.
Incentives never returned to pre-9/11 levels. The amount of money allocated to
incentives nearly doubled in the years that followed, moving from an average
of $1,547 per unit in 2001 to an average of $2,932 per unit in 2004.
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5. NADA Used Vehicle Price Report: Incentive Analysis and Impact
THE REVERSAL
By 2004, used vehicle prices had fallen by more than 10% from the level
recorded five years earlier, and used vehicles as a commodity had lost pricing
ground to all other products by nearly a quarter.
Banks, many OEMs and industry analysts were convinced that incentives — whether
used to offset overproduction or product deficiencies, or to gain competitive
advantages — were the primary reason for the ongoing decline in used vehicle
prices.
INCENTIVES AND USED VEHICLE PRICES
The change in manufacturer incentives and used vehicle prices from 1995–2004.
Used prices are for units up to 8 years in age.
Used Vehicle
Prices
Incentives
400
Index Value (Jan-95 = 100)
350
Incentive spending
explodes in the late-’90s ...
300
250
200
... while used vehicle
prices decline.
150
100
Source: CNW Research, NADA
4
n0
Ja
3
n0
Ja
2
n0
Ja
1
n0
Ja
0
n0
Ja
9
n9
Ja
8
n9
Ja
7
n9
Ja
6
n9
Ja
Ja
n9
5
50
Calendar Year
In a mixed fashion, all manufacturers started to understand this issue in the
years leading up to the Great Recession. Domestic manufacturers remained
saddled with constraining legacy obligations and overcapacity, but began to
subtly reduce their dependency on incentives — particularly cash discounts.
In 2006, GM opted to institute a pricing strategy that essentially lowered
manufacturer’s suggested retail prices (MSRPs) to better align them with actual
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6. NADA Used Vehicle Price Report: Incentive Analysis and Impact
transaction prices. Paul Ballew, GM’s then-executive director of global market
and industry analysis, stated that the move was made “because incentives had
gotten too complex, and there was a lot of noise out there in the marketplace, and
it was hard for consumers to understand.” He went on to add that GM’s pricing
strategy would be “simple pricing, transparent pricing and simple messaging.”
This marked a turning point for domestic manufacturers. Instead of offsetting
unrealistic MSRPs with substantial rebates, they would attempt to set more
reasonable retail prices and reduce the amount allocated to incentives. There
was a twofold benefit to this: Consumers would become less inclined to expect
gargantuan incentives, and manufacturers would realize an improvement in
residual values, thanks to MSRPs being closer to actual transaction prices.
By 2007, Chevrolet was spending roughly 40% below 2004 levels on total and
cash incentives, while spending at Ford and Chrysler had essentially flattened
out. At an industry level, total incentive spending reached an average of $2,631
in 2007, down some 10% from 2004’s figure. More significantly, the amount
spent on customer cash fell from an average of $1,860 to $1,306 over the
period, a decline of nearly 30%.
Spending ticked up during the recession, but this was in response to the
economic malaise gripping the country and not a reversion to old habits. The
bankruptcies of GM and Chrysler in 2009, along with a substantial restructuring
at Ford, allowed domestic manufacturers to reduce the scale of incentives use
even further.
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7. NADA Used Vehicle Price Report: Incentive Analysis and Impact
POST-RECESSION IMPROVEMENTS
Domestic manufacturers exited the recession with the flexibility to better
compete across an entire product lineup, while a substantial 8% chunk had
been removed from North American
CONSUMER PRICE INDEX: NEW VEHICLES
production capacity over the course
All consumers, U.S. city average. Seasonally adjusted.
of 2007 to 2010.
It took nearly 16 years for new
vehicle prices to return to levels
recorded in 1996.
Index Value (1982–84 = 100)
150.0
145.0
140.0
135.0
130.0
13
12
n-
n-
Ja
11
Ja
10
n-
09
n-
Ja
Ja
08
n-
n-
Ja
07
n-
Ja
06
n-
Ja
05
Ja
04
nJa
n-
03
Source: U.S. Bureau of Labor Statistics
Ja
02
nJa
01
nJa
00
nJa
99
nJa
98
Ja
n-
97
n-
Ja
n-
nJa
Ja
96
125.0
Month
AVERAGE INCENTIVE SPENDING, BY INCENTIVE TYPE
Annual change in incentive spending, 2007 vs. 2013 YTD (through September).
Avg. per Unit in 2007
Avg. per Unit in 2013
Average Spent per Unit
$4,500
$3,500
$2,500
$1,500
$500
Total Incentive
Dealer Cash
Incentive Type
Source: Autodata
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Customer Cash
These changes, along with dramatic
improvements in product design and
quality, have allowed new vehicle
transaction prices to trend higher
over the past few years. In 2008,
prices were nearly 7% below the
level recorded in 1996, including
incentives; over the same period, the
price of other goods had increased
by nearly 40%. Starting in 2009,
net new vehicle prices began an
increase that still continues the
—
average retail sale price of new
vehicles over the first half of 2013
was $31,321, up 9% from 2007’s
average of $28,797.
Incentive spending has fallen as new
vehicle prices have grown. The average
discount per unit stood at $2,781
in 2009; through September of this
year, the average was $2,543 a
—
decline of nearly 9%. Spending is
back to pre-recession levels for both
finance and lease subvention, but
consumer cash discounts are down
7

8. NADA Used Vehicle Price Report: Incentive Analysis and Impact
by 9.3% from 2007’s level. As we’ll discuss in the next section, the reduced
reliance on cash discounts is an especially positive change from a used vehicle
retention perspective, as direct cash rebates have a highly corrosive effect on
used vehicle prices.
THE IMPACT OF INCENTIVES
We’ve discussed how incentives have been used in the auto sector, with largely
qualitative evidence of their impact on used vehicle prices. In the following
section, we’ll describe the specific ways incentives impact used vehicle prices
and provide a quantitative assessment of the relationship between used prices
and various types of incentives.
Incentives impact used vehicle prices in three distinct ways:
1. y reducing the current new vehicle price, they reduce prices of related
B
older vehicles.
2. hey also reduce the starting point of the current model used vehicle
T
depreciation curve, resulting in lower prices in the future.
3. hey reduce the value of the brand by stimulating price-based “push”
T
purchases instead of product-based “pull” purchases.
SIMPLE MARKET IMPACT
The first two impacts are straightforward. In the first case, demand for a used
Jeep Grand Cherokee or Toyota Corolla is directly related to the price of a new
Grand Cherokee or Corolla, and incentives push down prices of all related
vehicles currently selling in the marketplace, both new and used.
In the second case, the price of a vehicle today is very much a function of the
price of the same vehicle yesterday, because yesterday’s price is a key reference
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8

9. NADA Used Vehicle Price Report: Incentive Analysis and Impact
point for today’s buyers (along with current prices for similar vehicles). So the
legacy of a steep new car discount will continue to be present on a used vehicle
as it ages.
BRAND IMPACT — INCENTIVES BECOME THE MESSAGE
The third impact requires a bit more explanation, but it’s altogether more
important.
Manufacturers communicate two possible messages about their brands to
consumers: “We make great products” or “We make bargains.” The first message
builds brand value — additional money consumers will pay for a fixed quantity of
goods simply because those goods are associated with a specific brand name
they trust. The second message can help stimulate additional sales, but over
time it can also detract from brand perception and, thus, value.
As discussed earlier, in the past decade there was a sharp contrast between the
messages of some brands — some product-focused and others price-focused.
Product-focused brands interacted with consumers through a discussion of its
products — quality, design, features, safety and resale values. All too frequently,
price-focused brands interacted with consumers by loudly communicating the
extent of their discounts and bargains.
The differing approaches led to profound differences in used vehicle retention.
Ten years ago, the gap in value between product-focused and price-focused
brands was roughly 30%. This means that with controlling for differences in
equipment, horsepower and other performance measurements, the design, and
the current method of going to market (pricing, incentives and channels), one
could expect vehicles from price-focused brands to sell for 30% less than ones
from product-focused counterparts.
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10. NADA Used Vehicle Price Report: Incentive Analysis and Impact
Brand value is very difficult to increase and relatively easy to decrease. Hyundai
and Kia have realized dramatic improvements in brand value in the last 10
years, but only through huge, coordinated, passionate and expensive efforts to
track down and eliminate defects — and to reflect this improvement in quality
with dramatically improved design and advertising.
INCENTIVES AND USED VEHICLE PRICES — A MEASURABLE IMPACT
NADA employs a statistical model to estimate the price of a used vehicle as
a function of all of its key characteristics and the sales strategy used (incentive
use, fleet and lease penetration). We then can explore different questions,
including the effect of incentive spending by type. Specifically, we look
at consumer cash, dealer cash, and finance and lease subvention on used
vehicle prices.1
TOTAL INCENTIVE
VEHICLE PRICES
Using this model, NADA estimates that $1,000 in combined incentive spending
will reduce used vehicle prices by averages ranging from $563 for a one-yearold vehicle to $133 for an eight-year-old vehicle. This “pass-through effect”
means incentives continue to exert
a sizable negative influence on
prices far removed from more recent
SPENDING AND USED
model years.
The estimated impact of $1,000 in combined incentives on used vehicle prices, by vehicle age.
Impact on Used Vehicle Prices
$0
($100)
($165)
($200)
($133)
($203)
($249)
($300)
($319)
($400)
($381)
($500)
($600)
($474)
($563)
12
24
36
60
Vehicle Age (months)
Source: NADA
1
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72
84
96
Assuming market conditions — the
economy, time of year, level of
supply, etc. and MSRPs remain
—
constant, if a manufacturer were to
place $1,000 worth of incentives
on a model that previously had no
discounts, we could expect the price
of a one-year-old used version of the
same model to fall by $563, while
the price of a three-year-old model
would fall by $381.
A
large class of incentives are hidden from the customer, but often reach the customer through dealer advertising. These include stair-step
bonuses, dealer holdback, floor plan support, advertising support and a variety of other bonus plans. Since dealers can use and communicate
these incentives in a variety of ways, their impact on used vehicle prices is much less certain.
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11. NADA Used Vehicle Price Report: Incentive Analysis and Impact
Note that NADA’s estimates for total spending on incentives are based on
different types of incentives employed by manufacturers over the years. As
such, estimates are not based on a standardized blend of incentive types (e.g.,
a consistent mix of consumer cash and finance subvention).
NADA believes that as the level of discounting increases, so too does the rate
of impact on used prices (meaning the relationship between the two is slightly
non-linear). For example, we estimate that increasing total incentive spending
from $1,000 to $2,000 would reduce 12-month-old vehicle prices by $607,
while increasing incentive spending from $2,000 to $3,000 would reduce prices
by an additional $651. This is because the influence of incentives on shopper
behavior becomes more significant as they get higher.
There are some exceptions. In cases where a $6,000 incentive available for
many months in a row increases to $6,500, we would expect less impact. We
would also expect the initial use of cash incentives for a brand that previously
did not use them to be significantly impactful.
Not all incentives resonate equally with consumers, which means they don't have
equal impact on used prices, either. For example, cash incentives convey a simple
and potent message — an easily understood quantity would be “$7,000 off!”
But most finance incentives are more removed from the understood quantity — for
example, “2.9% financing!” This requires a good deal of math that most people
do not do. Most lease incentives are still removed from the understood quantity
in this way.
Customer cash has an easily understood relationship with used prices; a oneyear-old used vehicle must carry a price below a new vehicle less its cash
discount for it to logically be considered during the purchase process. That’s
why customer cash incentives have the greatest negative influence on used
vehicle prices. NADA estimates that a $1,000 cash incentive on a new vehicle
reduces the price of a one-year-old used vehicle by $642. This compares to
estimates of $436, $165 and $89 for dealer cash, finance incentives and lease
incentives, respectively.2
2
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I
t’s important to note that these estimates do not include the long-term impact to brand value, which as discussed earlier can be dramatic in
cases where very large incentives are used over a long period of time.
11

12. NADA Used Vehicle Price Report: Incentive Analysis and Impact
While direct dealer cash has a similar impact to customer cash, this form of
discount comprises a relatively small portion of overall incentives. As far as
finance subvention is concerned, the immediate impact to used vehicle prices
isn’t as harmful as cash incentives, but over time they can indirectly inflict
damage by reducing an OEM’s profitability, and thus their ability to reinvest in
product development. Similar to a cash discount, a 0% financing offering is an
easily understood number — it means no interest and requires no computation.
But in most cases, a consumer must have an excellent credit score to qualify
for this promotional rate. If all consumers were able to achieve this level of
discount, the impact of financing on used prices would be more substantial.
ESTIMATED IMPACT OF INCENTIVES
ON USED VEHICLE PRICES: BY INCENTIVE TYPE
The estimated impact of $1,000 per incentive type on used vehicle prices, by vehicle age.
Customer Cash
Dealer Cash
Finance Support
Lease Support
Impact on Used Vehicle Prices
$0
($100)
($200)
($300)
($400)
($500)
($600)
($700)
Source: NADA
12
24
36
48
60
72
84
96
Vehicle Age (months)
Under the right conditions, heavily subsidized lease payments — think $199 per
month — would have a more severe immediate impact on used vehicle prices
than what NADA currently estimates. But for this to occur, down payment
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13. NADA Used Vehicle Price Report: Incentive Analysis and Impact
and credit score requirements would have to be low enough to materially shift
demand away from the used market over to the new one. This is not the case
right now, as Experian Automotive data show that the average new lease credit
score stood at 760 in the second quarter of 2013, well above the average used
score of 660.
Longer-term, inflated lease subsidies can have a profound impact on used
prices. Increasing the quantity of units demanded and subsequently
—
leased — complicates residual estimation, as higher volumes of units entering
the used vehicle market over a concentrated period of time must be taken into
account. Should forecasted residuals be grossly overestimated, consumers and
dealers will be unlikely to purchase a vehicle at lease-end (because positive
equity will be nonexistent). This will inflate the number of units returning to
the market.
A toxic combination of these events occurred on a wide scale back in the
late 1990s and early 2000s. Overestimated lease residuals and loose credit
standards pushed consumer lease penetration rates above 30% at times between
1996 and 1997 (today’s rates are around 20%). The resulting fallout cost the
industry billions of dollars, caused numerous banks to cease leasing altogether
and contributed to the used vehicle price decline.
INCENTIVES OUTLOOK
While total incentive spending currently remains below pre-recession levels, it
has ticked up by 2% this year. Even more noteworthy, customer cash spending
has grown by 8%, while slower new sales growth and fiercer competition give
reason to believe that spending will increase even more over the next few years.
However, there’s a significant difference between the current level of spending
and what was observed through the better part of the past decade. Total incentive
spending remains 13% below 2004 levels, while customer cash discounts are
36% lower. In addition, it is now firmly integrated into the philosophy of all
manufacturers that excessive incentives are something to avoid.
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14. NADA Used Vehicle Price Report: Incentive Analysis and Impact
It is certainly possible for this philosophy to change back, but manufacturers
continue to state publicly that profitability will not be sacrificed at the expense
of chasing market share — rhetoric domestic manufacturers can finally live up
to, thanks to greater production flexibility.
That being said, production capacity is set to grow significantly over the next
few years. LMC Automotive predicts that North American production will grow
from 17.7 million units this year to more than 20 million units in 2016 an
—
increase of 13.5%. This would place capacity well above the 19.1 million unit
level reached back in 2004 and 2005.
With growth primarily coming from import manufacturers, some of the added
capacity will go toward reducing the number of units imported to North America
and a portion will be destined for countries outside of the United States. However,
a large percentage of the additional 1.4 million units of capacity is intended to
support an ongoing rise in new vehicle sales domestically. LMC estimates new
vehicle sales will increase by 7.3% over the next three years, improving from
15.6 million units in 2013 to 16.7 million units in 2016.
NORTH AMERICAN AUTO CAPACITY AND U.S. LIGHT-DUTY SALES
Actual and forecast.
N.A. Capacity
U.S. Sales
20,000,000
19,000,000
18,000,000
Volume
17,000,000
16,000,000
15,000,000
14,000,000
13,000,000
12,000,000
11,000,000
Source: LMC Automotive
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t.
20
16
Es
t.
20
15
Es
t.
20
14
Es
t.
20
13
Es
12
20
20
11
10,000,000
Calendar Year
14

15. NADA Used Vehicle Price Report: Incentive Analysis and Impact
Should demand not live up to expectations, manufacturers will face a tough
choice between sacrificing capacity utilization to match demand or keeping
factories humming — and rely on higher incentives to move excess product.
Production concerns noted, barring a material decline in economic growth, NADA
believes manufacturers will maintain their current approach to incentives — at
least in the near term — due to lessons learned as well as the growth achieved
in both new vehicle prices and used vehicle retention over the past few years.
OEMs will likely protect these advances by continuing to focus discount strategy
around finance and lease subvention rather than customer or dealer cash.
While we do expect to see incentive spending increase moderately in 2014,
the aforementioned discount mix and a commensurate rise in MSRPs will keep
new vehicle transaction prices from falling. This in turn will mitigate downward
pressure to used vehicle prices.
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16. NADA Used Vehicle Price Report: Incentive Analysis and Impact
CONCLUSION
It’s much more likely that the industry will revert to an over-dependency on
incentives than that spending will return to the low levels of the early 1990s.
However, the hard lessons of the past and the extraordinary amount of time,
cost and effort it has taken to rebuild new and used vehicle pricing power will
hopefully minimize the risk of this occurring any time soon.
The past few years have proven that by adopting a longer-term view (i.e., a
dedicated approach to producing high-quality, desirable vehicles rather than
simple commodities sold on price alone), manufacturers can profitably sell new
vehicles and improve used value retention, with the latter point stimulating
both future lease business and providing a better cost of ownership experience
for customers.
Today, manufacturers as a whole are building what is arguably their best product
ever, and as we’ve discussed, there’s no better way to build brand value — and
thus new and used pricing power — than through the creation of great product.
Hitting a home run with product is not easy, and even when done successfully,
the benefits can quickly be wasted without a prudent approach to incentives.
As we’ve shown, value preservation is as much a function of the type of incentive
used as it is the total amount spent. Although cash incentives have a more
profound and immediate impact on used vehicle prices, the negative effect
resulting from the unwise use of finance and lease promotions can be just as
severe under the right conditions.
Understanding this, the industry at large can better assess the risk posed to
used vehicle prices by various incentive types, while manufacturers can use
NADA’s findings to help calibrate incentive programs to promote new vehicle
sales without unduly threatening used price retention.
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17. About NADA
NADA Used Car Guide
Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of marketreflective vehicle valuation products, services and information to businesses throughout the
United States and worldwide. NADA collects and analyzes more than one million combined
wholesale and retail automotive-related transaction prices per month. Its guidebooks, auction data,
analysis and data solutions offer automotive, financial, insurance and government professionals
the timely information and reliable solutions they need to make better business decisions.
Visit nada.com/b2b
NADA Consulting Services
NADA’s market intelligence team leverages a database of nearly 200 million automotive transactions
and more than 100 economic and automotive market-related series to describe the factors driving
current trends to help industry stakeholders make more informed decisions. Analyzing data at
both wholesale and retail levels, the team continuously provides content that is both useful and
usable to the automotive industry, financial institutions, businesses and consumers.
Complemented by NADA’s analytics team, which maintains and advances NADA’s internal
forecasting models and develops customized forecasting solutions for automotive clients, the
market intelligence team is responsible for publishing original content in the form of blogs, white
papers and market reports. Throughout every piece of content, the team goes beyond what is
happening in the automotive industry to confidently answer why it is happening and how it will
impact the market in the future.
For more information on this white paper or about NADA Consulting Services, contact:
Jonathan Banks
Senior Director
Vehicle Analysis Analytics
|
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Allyson Toolan
Manager
Public Relations
jbanks@nada.org
703.749.4709
866.975.6232
Larry Dixon
Senior Manager
Market Intelligence
ldixon@nada.org
703.749.4713
atoolan@nada.org
703.821.7165
17

18. Additional Resources
Used Car Truck Blog
Written and managed by the market intelligence team, the Used Car Truck Blog
analyzes market data, lends insight into industry trends and highlights relevant
events. Join the conversation at nada.com/UsedCar
Commercial Truck Blog
Updated twice per week by Senior Analyst Chris Visser, the Commercial Truck
Blog provides real-time analysis of incoming sales data from the industry’s leading
used truck sales database. Join the conversation at nada.com/CommercialTruck
Guidelines
Updated monthly with a robust data set from various industry sources and
NADA’s own propriety analytical tool, Guidelines provides the insight needed
to make decisions in today’s market. Sign up to receive Guidelines monthly at
nada.com/b2b/contactus
White Papers
Q4 2013
NADA Used Vehicle
Price Report:
Incentive Analysis
and Impact
NADA’s white papers and special reports aim to inform industry stakeholders on
AT A GLANCE
The factors that drove incentive
spending to historic highs in the early 2000s
current and expected used vehicle price movement to better maximize today’s
How current conditions and spending
levels compare to the past
How various types of incentives
(i.e., cash, finance and lease) directly
or indirectly affect used vehicle prices
Dollar estimates of the impact
on used prices by incentive types
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opportunities and manage tomorrow’s risk. Sign up to receive White Papers
quarterly at nada.com/b2b/contactus
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