WASHINGTON, April 7, 2009 — A broad, bipartisan and influential group of senators today sent a clear message to President Barack Obama that he should turn his attention to the impact of the credit crisis on auto retailing and the need to expand dealer access to credit. The letter initiated by NADA and led by Sen. Jeanne Shaheen (D-N.H.) urges the President to expand access to Small Business Administration (SBA) lending for auto dealers and restore liquidity for retail auto and floorplan lenders. Shaheen recently visited a New Hampshire dealership to see first-hand how access to credit is essential to keeping dealers in business and purchasing new vehicles.
Click here to read Shaheen's letter (
.pdf).
While senators are home for a two-week recess, dealers should take the opportunity to thank the senators who signed the Shaheen Auto Credit letter. Dealers are encouraged to reach out to all members of both the House of Representatives and the Senate to explain retail and floorplan credit problems and the urgency of correcting the problem. Unless the dealer credit problem is fixed, efforts to revitalize the auto industry will not work.
Click here to view a list of Senators that signed the letter to the President.
Source: NADA Newswire