For optimal viewing through your web browser or PDA, click here.

SPONSORED BY

NADA.org
Thursday, April 15, 2010 RSSSEND TO A FRIENDPRINT
nada.orgAdvocacyAffiliates | Convention | Jobs | Programs | Publications | Services | Training
Top Stories
NADA Organizes Dealer Fly-in to U.S. Senate in Support of Brownback Amendment
Top Stories
NADA Organizes Dealer Fly-in to U.S. Senate in Support of Brownback Amendment

‘The House exempted auto dealers for good reason,’ NADA says. ‘The Senate should do the same.’

WASHINGTON -- The National Automobile Dealers Association (NADA) is organizing a Dealer Fly-in on April 26 to meet with Senators and urge support for the Brownback Amendment which would exempt auto dealers from the proposed Bureau of Consumer Financial Protection. The proposed bureau would have sweeping powers to control dealer-assisted financing and even commissions for auto salespeople.

NADA is working with state and metro dealer association executives to put together a team of dealers that would fly into Washington on April 26 and meet with their Senators the following day.

Dealers are rallying behind an auto dealer amendment to the Senate financial regulation bill, sponsored by Sen. Sam Brownback, R-Kan.

“Auto dealers should never have been in the Senate bill in the first place,” said Ed Tonkin, NADA chairman. “The Brownback Amendment will correct that mistake.”

NADA’s legislative office pointed out that the House voted to exempt auto dealers from its financial reform legislation on a strongly bipartisan basis.

“The House bill covers auto loans, but not auto dealers because auto dealers are already heavily regulated at the federal and state level,” said David Regan, NADA’s vice president of legislative affairs. “The Senate should do the same.”

The announcement of the Fly-in comes one day after NADA issued a nationwide call-to-action to all dealers. The call-to-action alerted dealers that the Senate is soon to consider a financial regulation bill that would subject auto dealers to a whole new set of burdensome regulations. “Adding another layer of regulation will limit availability of credit and increase costs to consumers,” Tonkin added.

NADA also argues that including auto dealers as part of the new bureau is unnecessary. Banks and finance companies that underwrite and service auto loans would be covered by the new bureau. “We’re not banks; we’re not lenders; we’re facilitators, providing consumers with a wide variety of financing options from multiple financing sources,” Tonkin said.

NADA wants the Senate to focus financial reform on what caused the economic crisis. “Wall Street caused the financial meltdown, not local auto dealers on Main Street,” Tonkin said.
Source: NADAFrontPage.com

Editor's note: NADA’s legislative office is urging dealers to contact both of their Senators to support the Brownback Auto Dealer Amendment to the Senate Financial Reform Bill, and to include the amendment in any compromise legislation. Senators can be contacted through the Capitol switchboard at (202) 225-3121. Click here for the Supporting Arguments. Click here for the Issue Brief.

[back to top]

 
Quotable
 
"Auto dealers should never have been in the Senate bill in the first place. The Brownback Amendment will correct that mistake."

    -- NADA Chairman Ed Tonkin, referring to an amendment that would exempt auto dealers from the Senate Financial Reform Bill since dealers are already heavily regulated at the federal and state level, NADAFrontPage.com, April 15
Video Highlights
 

What About the Dealers?(CNBC)


Auto Dealers Forecast Higher Sales (CNNMoney.com)


Future of the American Auto Industry (Fox Business)


NADA University: 'We Build Champions'


NADA Launches New Online Magazine 

NADA Marketplace 
 
 
Think Spring. Think Savings. Think Lenovo!

Spring into the new season with a new Lenovo laptop. Use eCoupon USXSPRINGSAVINGS and save up to $875 on select ThinkPad X series and ThinkPad T series laptops! Make your purchase complete by adding accessories. To see this promotion and all discounted products from Lenovo
, visit NADA's PC Purchase Program site (member log in required).



Save up to $361 on the HP ProBook 5310m

NADA members can receive special pricing and great discounts on a wide range of HP business products. And now, through April 30, save $361 on the HP ProBook 5310m – the notebook named Editor’s Choice by NotebookReview.com, PCMag.com, Computer Shopper and Laptop Magazine. To learn more about these and other HP specials, visit NADA's PC Purchase Program site (member log in required).


Search Back Issues | Unsubscribe | Subscribe | Manage your subscription | email us
NADA For more information on NADA, visit www.nada.org or contact NADA, 8400 Westpark Drive, McLean, VA 22102. This email may contain an advertisement of NADA products and services. Any opinions or statements contained herein do not necessarily reflect the views of NADA. Factual errors are the responsibility of the listed publication. If you are a franchised new-car or -truck dealer and would like to become a member of NADA, please visit the Join NADA section of www.nada.org. Questions or comments concerning NADA Headlines content may be directed to media@nada.org.