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Wednesday, April 28, 2010 RSSSEND TO A FRIENDPRINT
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Top Stories
Car Dealers Seek Exemption
Senator Predicts Passage of Dealer F&I Amendment
CBS Evening News: NADA Chairman Says Dealers Are Not Banks
C-SPAN: Brownback Urges Fellow Senators to Listen to Local Auto Dealers on Wall Street Reform Bill
For Third Day, GOP Blocks Vote on Regulation
Top Stories
Car Dealers Seek Exemption

Close to 100 auto dealers from more than 40 states flooded Senate offices Tuesday, meeting with lawmakers and aides to urge support for an amendment written by Sen. Sam Brownback (R., Kan.) which would exempt almost all of the country's dealers from new consumer protection rules. (Read more)
Source: The Wall Street Journal

Editor's Note: More than 100 small business dealers were on Capitol Hill yesterday to explain how they help car buyers find affordable auto loans. In meetings with their senators on the Wall Street reform package, dealers emphasized that including them in the proposed Bureau of Consumer Financial Protection (BCFP) would have broad unintended consequences for auto finance, including making it extremely difficult and costly to secure loans for all consumers. Many senators expressed concern after learning how additional rules imposed by the BCFP would impact automobile dealers’ local economies and jobs. At a press conference with Sen. Sam Brownback, R-Kan., NADA Chairman Ed Tonkin stressed that “the Wall Street reform bill should fix Wall Street, and not hurt neighborhood dealerships.” The Brownback amendment to the Wall Street reform bill would keep dealers regulated by the FTC, the Federal Reserve and state consumer protection agencies. With the Senate currently debating the financial reform package, NADA strongly urges all dealers to immediately contact their senators and ask them to support the Brownback amendment. Senators can be reached through the Capitol switchboard at (202) 225-3121. To locate your Senators visit www.senate.gov. For arguments in support of the Brownback amendment, visit www.nada.org/Brownback.

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Senator Predicts Passage of Dealer F&I Amendment

WASHINGTON -- Sen. Sam Brownback, R-Kan., predicted Senate passage of an amendment he was filing to exempt dealer-assisted financing from oversight by a proposed consumer-protection agency. (Read more)
Source: Automotive News

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CBS Evening News: NADA Chairman Says Dealers Are Not Banks

In an interview aired Tuesday night on CBS Evening News with Katie Couric, NADA Chairman Ed Tonkin explained why dealers should not be included in proposed financial reform legislation in the Senate. (Read more)
Source: CBS News

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C-SPAN: Brownback Urges Fellow Senators to Listen to Local Auto Dealers on Wall Street Reform Bill

WASHINGTON – Sen. Sam Brownback, R-Kan., on the Senate floor Tuesday, urged his fellow senators to listen to the concerns of local auto dealers on the Wall Street reform bill. (Read more)
Source: C-SPAN

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For Third Day, GOP Blocks Vote on Regulation

For the third time in as many days, Republicans on Wednesday blocked an effort to begin debate on far-reaching new financial regulations, saying again that the current legislation could harm small businesses and leave the door open to future taxpayer bailouts. (Read more)
Source: The Washington Post

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Quotable
 
"It's using a sledgehammer to go after a gnat, and we're not that gnat."

    -- NADA Chairman Ed Tonkin, on the proposed financial regulation bill, which he says would drive up the cost of auto financing, The Wall Street Journal, April 28

Video Highlights
 

CBS Evening News: NADA Chairman Says Dealers Are Not Banks


C-SPAN: Sen. Brownback on Need to Exclude Auto Dealers from Financial Reform

NADA Marketplace 
 

NADA University: 'We Build Champions'


 
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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.