NADA Updates - November 2023

What’s New: On November 14, 2023, the Environmental Protection Agency (EPA) launched its Vehicle Dealership Energy Star Certification. This launch is a product of a long-term partnership between NADA and EPA to promote energy efficiency and sustainability at dealerships.

Why it matters: ENERGY STAR helps dealerships determine the most cost-effective approach to managing their energy use—enabling dealerships to save energy and money, as well as to demonstrate dealers’ commitment to sustainability. This project and partnership promote goodwill with the EPA while showcasing dealers’ contributions to a sustainable future in their communities.

Eligibility for ENERGY STAR certification means a dealership performs more efficiently than 75% of similar buildings nationwide. This is the first time franchised dealerships will have the opportunity to earn recognition.

More than 5,000 franchised dealerships currently benchmark their facility energy use with ENERGY STAR’s online tools and these dealerships will be primed to apply and earn the ENERGY STAR certification.

For dealers who want to show their leadership: Submit your application for ENERGY STAR certification by Tuesday, Jan. 9. The first dealers to meet the certification requirements will be recognized nationally by EPA and NADA.

Go Deeper: 

• Webinar: Be Recognized by EPA as the First ENERGY STAR Certified Dealership
• About the 1-100 ENERGY STAR score for U.S. Vehicle Dealerships
• Be the First to the Finish Line 

NADA Retirement- 401(k) Contribution Limits Increase for 2024

The IRS recently announced adjustments affecting the dollar limitations on 401(k) plans for tax year 2024. Since these changes impact everyone who currently sponsors (or is considering sponsoring) a 401(k) plan, we are sharing a chart reflecting the changes with all members, not just those who currently sponsor a NADA Retirement plan.

Now is the time to plan any changes to your personal 401(k) contribution strategy for 2024 and to ensure that your payroll system will capture the new limits beginning in January. Helping dealers and their employees reach their financial goals is our mission. Let us help you ensure that the 401(k) plan that you sponsor is keeping up with the needs of your dealership.

NADA and Empower have created a unique relationship through which Empower offers flexible, competitive 401(k) plans with fiduciary support and an award-winning service model. For more information please contact us directly or complete a request for a plan comparison.

If you have any questions about these updates, please email regulatoryaffairs@nada.org.