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.
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.
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.
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.
The collection, storage, use and sharing of information raises many complicated legal, regulatory and business issues for dealers.
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 …
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.
Last week, an item in Automotive News, that many readers may have glossed over, nearly caused me fall out of my chair.
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.
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.
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.
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.
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.
Today’s vehicle financing model is extraordinarily efficient and competitive and provides access to affordable credit to consumers in all credit tiers.
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.
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.
All Dealers Should Call Their Senators TODAY to Urge a “YES” Vote for S.J.Res. 57.
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.
This critical amendment was more than just another tax issue to us. The floor plan loan is the economic cornerstone of the franchised dealership.
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 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.
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.
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.
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.
On Wednesday, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) introduced the Financial CHOICE Act, H.R. 10, a comprehensive financial reform bill.
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.
NADA’s battle to tame the CFPB continues and Senate bill S. 2663 is the next chapter.