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NADA Successful in Effort to Protect Auto Dealer Exclusion in House Financial Reform Bill

WASHINGTON — Led by NADA's strong grassroots efforts, auto dealers would be exempt from oversight by a new Consumer Financial Protection Agency (CFPA) under a sweeping overhaul of the nation's financial regulatory system passed by the U.S. House of Representatives on Dec. 11.

An amendment supported by NADA and sponsored by Rep. John Campbell, R-Calif., to exclude auto dealers from CFPA jurisdiction gained broad, bipartisan support, while a separate amendment that would have included auto dealers under the jurisdiction of CFPA was withdrawn by its sponsor, Rep. Mel Watt, D-N.C. The 1,279-page bill passed by a vote of 223-202.

To address concerns from Rep. Watt and other committee members, NADA worked with Rep. Campbell to clarify the scope of the exemption. Under the bill, banks and finance companies that fund and service auto loans arranged by dealers for their customers would be regulated by CFPA, including dealerships that operate “buy here, pay here” lots.

“It is quite clear that Representatives on both sides of the aisle realized auto dealers were not part of the problem that caused the economic downturn,” says David Westcott, chairman of NADA’s Government Affairs Committee and a multifranchise dealer from North Carolina. “Dealer-assisted financing is already effectively and efficiently regulated at both the federal and state levels.”

The financial reform legislation now heads to the Senate Banking Committee, which will consider it in early 2010. (More)

NADA Encouraged by Congressional Passage of Dealer Rights
NADA Applauds New SBA Floorplan Loans
NADA Supports a Single National Fuel Economy Standard
NADA Pushes to Jumpstart Floorplanning Securitization Under TALF
NADA Leads Effort for Full Disclosure of Totaled and Flooded Vehicles

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NADA Offers Dealers an Extra Incentive to Attend Upcoming Convention

McLEAN, Va. -- As an added incentive to attend NADA's upcoming Convention & Expo, all dealers and their managers will receive a $200 voucher when they check in at the convention in Orlando.
 
The $200 voucher can be used to purchase any product or service from any exhibitor on the expo floor during the three-day convention, February 13-15, 2010.

“It’s as if dealers can attend the convention for free if they use the coupon for training, marketing or product purchases on the exposition floor,“ said NADA Convention Chairman Brian Hamilton. The extra cash will also help exhibitors with sales, he added.
 (More)
 
 Industry Leaders to Discuss the Future of Auto Retailing at NADA Convention
 Click here to register for NADA's 2010 convention in Orlando.



TIME Magazine Launches New Site for Dealer of the Year

TIME Magazine, NADA's partner in sponsoring the annual Dealer of the Year award, has launched an interactive Web site to accept nominations for the 2010 award, to be presented at NADA's Convention & Exposition in Orlando in February. 

"We are excited to bring NADA and its members a streamlined, user-friendly new Web site, which will make the nominating process even easier," says Robin Bigelli, TIME's Dealer of the Year program director. The new Web site is at https://www.timedealeroftheyear.com/. Anyone with questions about the program may contact Bigelli at robin@timedealeroftheyear.com or (212) 522-0346. (Read more)



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NADA Enhances Convention Experience Through Social Media
Follow the latest convention developments and interact with attendees, workshop presenters and exhibitors on LinkedIn, Facebook, Twitter and YouTube

To enhance the experience for attendees, NADA — for the first time — has launched a social media campaign using the popular LinkedIn, Facebook, Twitter and YouTube platforms.

“By using these social media sites, dealers and exhibitors can get a head start on what to expect at the convention,” says Steve Pitt, NADA vice president of conventions and expositions. “Attendees will receive breaking news announcements. Dealers and their managers will also be able to interact online with instructors before workshops begin and get a jump-start on reviewing exhibitor products and services that can improve their businesses.”
 
To follow convention developments on the social media sites, visit
www.nada.org/convention and click on the icons.

Source: NADA Newswire

 

 
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