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Seventies super-salesman challenges new car-sales record

Some of the fondest memories from my youth were the Sunday afternoons spent walking between rows of new and used cars. This preceded the advent of widely available internet, so the cars didn't sell themselves online: A tentative buyer had to come see the cars in the metal, with old-school salesmen taking well-earned smoke breaks after putting someone behind the wheel of a new Saab 900. All-inclusive subscription services were unheard of. If you open a Guinness records book and look up car salesmen, you'll find Joe Girard. The definitely old-school Detroit salesman regularly sold over 1,000 new cars per year, with a particular high point of 1,425 cars in 1973 guaranteeing him a mention in the Guinness book. To reach that kind of sales figure, you had to be a pretty special salesman, and Girard was. He didn't take breaks unless absolutely necessary, and even his lunch hours were dedicated to selling more cars instead of shooting the breeze with other sales persons. By 1977 he was worn through, having sold over 13,000 cars in his career, and his physique couldn't take it anymore. He's been a motivational speaker since. Now, 44 years later, a Dearborn, Mich., Cadillac and Chevrolet salesman named Ali Reda has reportedly broken Girard's record. The books at Les Stanford Chevrolet Cadillac say Reda sold 1,530 new cars and 52 used cars in 2017, averaging 130 vehicles per month. But after Girard, 89, heard of the sales record, he called his attorney, not letting his record be broken without a fight — or at least an audit. The Dearborn dealer isn't too concerned about Girard's doubts, at least according to Gary Stanford, whose father founded the dealership. "It's very official, trust me," said Stanford to the Detroit Free Press. "Ali is the hardest worker I've ever seen. And if someone doesn't believe the data, well, they're more than welcome to consult with GM. It's all there in black and white." What Girard doesn't get is that Reda was honoring him with the accomplishment. "I read his book, 'How to Sell Anything to Anybody,' and it said it would teach you how to become the best," said Reda, who at age 44 was a newborn when Girard hit his peak. "He's an absolute legend in the industry. Your whole career, you're chasing his name.

Pushing Back: GM expanding Chevrolet into Korea, Daewoo out

Chevrolet Camaro goes to South Korea - Click above for high-res image
General Motors decided several years ago to begin heavily promoting Chevrolet as its global mainstream brand even in markets where its existing brands like Opel and Daewoo were a dominant force. Today, at the Busan Motor Show in South Korea, GM Daewoo president Mike Arcamone announced that the Camaro would lead the way in GM's efforts to market Chevrolet in South Korea.
For now at least Chevrolet and Daewoo-branded vehicles will coexist in the Korean market. However, while we were in China last week GM officials told us that the Daewoo brand, which has been somewhat tainted by past quality issues, would eventually be phased out in favor of Chevrolet. When the new Aveo launches next year it will likely be badged as a Chevrolet even though GM Daewoo is in charge of engineering the car.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.