Category: Financing

Peer-Reviewed Study: Dealership Competition Lowers Consumer Prices

New study in the journal Applied Economics analyzed data on new car sales, finding that dealership competition “significantly” lowers consumer prices on new car and truck purchases.

CFPB Taskforce Promotes NADA Fair Credit Program

In January 2020 Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger appointed a taskforce on Federal Consumer Financial Law to explore and make recommendations on ways to improve consumer protection in the marketplace.

ABA Promotes Adoption of NADA Fair Credit Program

The action represents the latest recognition by a diverse and growing number of public and private groups of the value of the optional NADA fair credit program as an effective mechanism to address fair credit concerns while preserving competition in the marketplace. 

Register Today for NADA’s Latest Webinars

NADA is launching three new webinars to help dealers and their employees navigate today’s business realities.

Letter to the Editor: Peter Welch Responds to False Claims in Wall Street Journal Article

For the second time in three months, the Journal has cited fewer than a handful of cases as “proof” that fraud is widespread in the vehicle finance industry – which just so happens to engage in more than 35 million transactions every year.

Dealer Data and Related Digital Issues are High Priority for NADA

The collection, storage, use and sharing of information raises many complicated legal, regulatory and business issues for dealers.

NADA Launches Voluntary Protection Products Policy

Just like NADA’s 2014 Fair Credit Compliance Policy and Program, the VPP policy was rolled out with our friends at NAMAD and AIADA. It offers critical guidance on how dealerships can successfully navigate the VPP terrain …

Our Commitment to Fair Credit

In today’s market, America’s new car and truck dealerships sell around 50,000 new cars and trucks a day. Consumer access to affordable credit at dealerships, and interest rate discounts that local dealerships can provide their customers, are keys to driving those sales.

The Curious Case of the FICO Indirect Financing “Stats”

Last week, an item in Automotive News, that many readers may have glossed over, nearly caused me fall out of my chair.

Debunking the Auto Loan Delinquency ‘Crisis’

Lying (or twisting the truth) is exactly what some people are doing with the Fed’s recently released data regarding auto loan delinquencies.

One NADA

NADA is the force that unites new-car dealerships against the obstacles they couldn’t overcome individually.

Auto Loan Delinquency Doesn’t Suggest the Sky is Falling; it Suggests the Exact Opposite

A recent article by employees of the New York Federal Reserve Bank’s Research and Statistics Group provided an update (of sorts) on the state of auto lending at the end of 2018.

Policy Spotlight in Washington, D.C.

NADA, ATD take on some of the biggest legislative and policy issues facing dealers

Affordability Must Guide Our Path To Improved Fuel Economy

The goal of federal fuel economy regulations shouldn’t just be the highest possible standards, but rather the highest standards the industry can achieve while keeping new vehicles affordable.

Franchised Dealers Gather in Washington to Tackle Legislative Issues

If there is strength in numbers, America’s franchised auto dealers are stronger than ever, as nearly 500 dealers and dealer association executives representing all 50 states gathered in the nation’s capital this week for NADA’s annual Washington Conference and Congressional fly-in.

NADA Refutes Grossly Inaccurate, Misleading and Unethical NPR Report on Voluntary Protection Products

On Monday, Aug. 13, 2018, National Public Radio (NPR) aired a story about the Military Lending Act that was riddled with inaccuracies, false statements and misleading claims about the voluntary protection products that millions of consumers have chosen to purchase at franchised new-car dealerships.

Auto Dealers Uphold Fair Credit and Consumer Competition

Our program helps dealers to offer competitive rates to our customers while abiding by the nation’s fair credit laws. It’s good for our customers, good for our businesses, and implementing it is the right thing to do.

Congress, President Act to Protect Auto Loan Discounts for Consumers

President Trump signed into law S.J. Res. 57 – a measure passed by Congress to reject a Washington bureaucracy’s rule which could have eliminated the ability of car dealerships to discount loans for their customers.

The History of the CFPB’s Campaign to Eliminate Consumer Discounts in Auto Financing

Today’s vehicle financing model is extraordinarily efficient and competitive and provides access to affordable credit to consumers in all credit tiers.

The Final Drive Against the CFPB’s Auto Financing Guidance

My fellow dealers, we are on the 2-yard line. And if we can get the ball across the goal line, our efforts to finally rescind this deeply flawed and anti-consumer CFPB guidance will have at long last have paid off.

Senate Passes NADA-Backed S.J.Res. 57 to Rescind Flawed Auto Lending Guidance

Yesterday, by a bipartisan vote of 51-47, the Senate approved S.J.Res. 57, which rescinds the Consumer Financial Protection Bureau’s (CFPB’s) flawed auto finance guidance. 

Dealer Alert: Senate Vote Today on Repeal of CFPB’s Flawed Auto Finance Guidance

All Dealers Should Call Their Senators TODAY to Urge a “YES” Vote for S.J.Res. 57.

NADA Supports Efforts in Congress to Preserve Consumer Auto Loan Discounts

Two separate measures are under consideration in Congress to repeal the Consumer Financial Protection Bureau’s (CFPB) deeply flawed and anti-consumer auto financing guidance from 2013 that pressures indirect auto lenders to eliminate the ability of local dealerships to offer discounted auto loans to their customers.

NADA Mark Scarpelli Detroit

Tax Reform Bill Means Opportunity and Success for Dealers

This critical amendment was more than just another tax issue to us. The floor plan loan is the economic cornerstone of the franchised dealership.

Dealerships 101: What is Auto “Floor Plan” Lending?

Many consumers who purchase new cars or trucks from local dealerships may not realize that the dealership actually owns those cars and trucks, which they purchase directly from the factories. So how are dealerships able to afford keeping an inventory of all of those new cars and trucks on their lots? 

NADA Chairman Discusses the Negative Consequences of Stair-Step Incentive Programs

NADA Chairman Mark Scarpelli on Tuesday urged automakers to consider how stair-step incentive programs are damaging their brands, and alerted manufacturers about the unintended consequences of such programs that erode consumer trust and lead to a lack of loyalty to – and desire for – their brands over time.

Hundreds of New-Car and Truck Dealers Visit Capitol Hill During Annual Washington Conference

More than 400 new-car and truck dealers and dealer association executives from across the country traveled to the nation’s capital this week urging lawmakers to implement pro-growth tax reform.

These 5 New-Car Dealerships are Changing the Face of Automotive Retail

MyDealership.org is an initiative by America’s local new car and truck dealerships, designed to show the benefits of local dealerships to consumers, local communities, and car manufacturers.

A Good Relationship Is a Two-Way Street

I am holding strong to the stance that if factory efforts such as stair-step incentive programs run afoul of everything we and our customers care about, including fairness and transparency, then we are obliged to tell our factory partners that the stairs are merely steps leading directly to the basement.

NADA Praises CHOICE Act Provisions to Preserve Consumer Discounts in Auto Financing

On Wednesday, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) introduced the Financial CHOICE Act, H.R. 10, a comprehensive financial reform bill.

3 Reasons to Attend America’s Premier Dealership Training Program

If you work in automotive retail, chances are that you or someone you know has benefited from the NADA Academy. Founded in 1979, the industry standard for dealership operations training has prepared generations of automotive leaders for successful dealership careers.

7 Key Facts About Automotive Retail

NADA’s 100th anniversary is a great opportunity to check the pulse of the industry, and then roll up our sleeves for the next 100 years.

100 Years of Standing Up for Our Customers

We should never forget that this association’s genesis was in 1917 when dealers wanted to defend their customers from unfair policies in Washington, D.C.

Auto Dealers Rally Behind Consumer-Focused Senate Bill

NADA’s battle to tame the CFPB continues and Senate bill S. 2663 is the next chapter.