Mike Kaufmann Inducted Into AASP/NJ Hall of Fame

During the Alliance of Automotive Service Providers of New Jersey’s (AASP/NJ) recent Annual Meeting, Mike Kaufmann of the Mike Kaufmann Dealer Group became the newest inductee into the association’s Hall of Fame.

Kaufmann has devoted his career to automotive parts distribution and is well-known throughout the Garden State for his work.

Upon presenting him with the honor, AASP/NJ Treasurer Tom Elder recalled meeting Kaufmann 30 years ago when the future Hall of Fame inductee worked as a parts manager at a dealership. Right away, he knew Kaufmann was a “pretty sharp guy.”

Elder referred to Kaufmann’s presence in the industry as “quite a force,” as he went on to start the Mike Kaufmann Dealer Group and has offered a helping hand to body shops for more than 20 years.

Kaufmann also works with Auto Body Distributing, Co. and serves as an allied AASP/NJ board member. He was re-elected to a three-year term during the Board of Directors elections also held during the meeting.

“I was so humbled,” Kaufmann reflected on the induction. “I’ve been in this industry for 45 years, and I really love what I do, so it’s quite rewarding to be acknowledged in this way. This honor has made the ride well worth it.”

Kaufmann said one of the best decisions he’s ever made was becoming a member of AASP/ NJ’s Board of Directors.

“I don’t own a body shop, but I know a lot of what they go through from being part of the group and serving on the board,” he said. “That understanding has benefited me in my own business as I am able to relay my knowledge when working with dealerships. I respect the knowledge and expertise of everyone on the board and have made great friends.”

For more information on AASP/NJ, visit aaspnj.org.

— Source: AASP/NJ

New-Vehicle Monthly Payment Hits Another Record High in October

New-vehicle affordability declined again in October with auto loan rates reaching a 20year high as prices increased slightly, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.

The number of median weeks of income needed to purchase the average new vehicle in October increased to 42.8 weeks from an upwardly revised 42.6 weeks in September.

Average Monthly Payment for New Car Hits Another Record High

Supporting affordability, median income grew 0.4%, and incentives from manufacturers increased. All other factors moved against affordability.

The average price paid for a new vehicle in October increased by 0.2% to $48,281, according to Kelley Blue Book. The average interest rate increased another 30 basis points. As a result of these moves, the estimated typical monthly payment increased by 1.1% to $748, a new record high.

“Higher rates are already shifting access to vehicles and financing towards wealthier consumers,” said Cox Automotive Chief Economist Jonathan Smoke. “Affordability will be challenged for years to come in both the new and used markets. It’s not the Fed’s fault, but it will impact consumer access to transportation.”

New-vehicle affordability in October was much worse than a year ago when prices were lower, incentives were higherand interest rates were much lower. The estimated number of weeks of median income needed to purchase the average new vehicle in October was up 7% from last year when the index stood at 40 weeks.

The next update of the Cox Automotive/Moody’s Analytics Vehicle Affordability Index will be published Dec. 15.

— Source: Cox Automotive

NABC Announces New Board Members

At the 2022 NABC® Annual Meeting, the National Auto Body Council held its board elections for the upcoming year.

In addition to re-electing four members whose terms were expiring, it also welcomed three new members to the NABC Board.

Active members in attendance at the in-person and virtual NABC annual meeting had an opportunity to vote on the board members to guide the organization forward over the next three years. Newly elected board members include Justin Clark, senior director of sales–U.S., LKQ; Kyle Medeiros, business solutions manager, Entegral; and Roy Schnepper, president, Butler’s Collision.

The re-elected board members include: Doug Schlueter, principal, MSO business development, I-CAR; Matt Immerfall, CEO, All Star Auto Lights; Scott Sampley, vice president of the Replacement & Leisure Division, Enterprise Holdings, Inc.; and Alan Scrimager, senior lending officer, Pinnacle Financial Partners. — Source: NABC 3600 William Penn Hwy. Easton, PA 18045

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