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Inside this issue
NADA Backs Renewed Effort to Curb CFPB Oversight
Last Day to Receive Early-Bird Registration Rate for the NADA Convention!
Register Now for Upcoming NADA Webinar: 'Federal Defect and Noncompliance Safety Recalls'
GM Issues 2 Recalls, Stop-Sale Orders for 2015 Corvettes
Manheim Rolls Out Insurance Program that Lets Dealers Return Vehicles
Volkswagen Group Deliveries Rise 3% in August
Commentary: 'Hiring Our Heroes' Helps Fuel Auto Dealer's Drive To Hire Veterans
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
NADA Backs Renewed Effort to Curb CFPB Oversight

Critics of the Consumer Financial Protection Bureau are taking another run at curbing the bureau’s regulatory tactics of issuing industry “guidance” and entering into consent orders with individual auto lenders. Instead, supporters of a bill introduced in the House of Representatives this week want the CFPB to follow a process that would enable the auto finance industry and the public to weigh in on new rules and regulations before they become final.

The bill, introduced in the House on Monday, Sept. 8, is formally titled H.R. 5403, the “Reforming CFPB Indirect Auto Financing Guidance Act.” If passed, it would nullify the CFPB’s guidance on auto lending issued in March 2013, compel a “public notice and comment period” before future guidance is issued in final form and require the CFPB to conduct “a study on the costs and impacts of such guidance to consumers and women-owned, minority-owned, and small businesses.”

The National Automobile Dealers Association sent its members a “dealer alert” on Tuesday, urging members to contact their elected representatives and ask them to co-sponsor or otherwise support the bill. “The CFPB’s actions will likely raise the cost of credit for car buyers,” said NADA Chairman Forrest McConnell, a Honda and Acura dealer from Montgomery, Ala., in a written statement. “The CFPB is attempting to change the $905 billion auto loan market and limit market competition without prior public comment and without analyzing the impact of its guidance on consumers.”

One of the bill’s principal sponsors, Marlin Stutzman, R-Ind., on Wednesday, Sept. 10, addressed the 2014 NADA Washington Conference, an annual gathering of dealer delegations from across the country. In a written statement about his appearance, Stutzman said, “The auto industry back home in Indiana is a vital part of our economy, supporting almost 20,000 jobs and I fully intend to fight any bureaucratic overreach that will do more harm than good to American workers. I am looking forward to working with NADA and other groups to build support for this important bill.”

The CFPB declined to comment on the new bill for this report. But its efforts to oversee auto lenders continue. Next week, at a field hearing on auto finance in Indianapolis, the bureau is expected to issue a new “larger participant” rule that would give it wider latitude to supervise nonbank auto lenders.
Source: Automotive News

Editor's note: The bipartisan legislation currently has 50 cosponsors. Dealers are urged to contact their House members to cosponsor H.R. 5403. To locate your House member, click here. For the issue brief on H.R. 5403, click here.
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Last Day to Receive Early-Bird Registration Rate for the NADA Convention!

Dealers and their managers planning to attend the 2015 NADA Convention & Expo in San Francisco are encouraged to register by Friday, Sept. 12, to receive the early-bird registration rate—a $100 discount from the onsite rate—and make their hotel reservations. Hotel rooms are filling up quickly. Seventeen of the 43 hotels reserved for the NADA convention have already sold out.

The NADA convention runs Thursday, Jan. 22, to Sunday, Jan. 25, at the Moscone Center. Keynote speakers include former Florida Governor Jeb Bush and NADA Chairman Forrest McConnell on Friday, Jan. 23; Jay Leno and NADA Vice Chairman Bill Fox on Saturday, Jan. 24; and inspirational speaker Beck Weathers on Sunday, Jan. 25. Click here for the speaker bios.

Dealers can also meet face-to-face with manufacturer executives at franchise meetings, attend workshops and network with industry colleagues. The American Truck Dealers (ATD) Convention & Expo runs concurrently with the NADA convention. For more information or to register, visit www.nadaconvention.org.
Source: NADA Public Affairs

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Register Now for Upcoming NADA Webinar: 'Federal Defect and Noncompliance Safety Recalls'

Designed for dealers and their staffs, the Sept. 17 safety recall webinar will review the purpose and history of federal safety recalls and how best to access VIN-specific recall information on the National Highway Traffic Safety Administration's new website. Presented by experts from NHTSA and NADA, the webinar will also touch on how recall determinations are made, how recall campaigns are conducted, and how NHTSA oversees the process. Dealership obligations, such as the new vehicle sales prohibition, will also be highlighted.

To register for this free live webinar, click here. A webinar recording will also be made available on NADA University Online in late September.
Source: NADA University Online
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GM Issues 2 Recalls, Stop-Sale Orders for 2015 Corvettes

About 2,800 cars being held back for airbag, brake cable problems

General Motors is issuing two more recalls, both on the 2015 Chevrolet Corvette, according to stop-delivery orders sent to dealers [Thursday]. The recalls, GM's first in more than a month, bring its total number for the year to 67. They cover problems with airbags and parking brake cables on a total of nearly 2,800 cars, though very few have been sold to customers, a GM spokesman said. Neither recall has been announced publicly yet, and parts are not available for the airbag repair. They come amid strong sales of the redesigned Corvette Stingray, forcing dealers to turn down potential buyers until the problems are resolved.
Source: Automotive News

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Manheim Rolls Out Insurance Program that Lets Dealers Return Vehicles

Dealers who buy almost any vehicle at a Manheim auction location also can purchase the right to return those vehicles for any reason for up 21 days or 500 miles, whichever comes first. The nation's largest auto auction company said [Thursday] it is offering optional insurance from DealShield, its sister company, that guarantees the purchaser a 100 percent refund of the purchase price plus buyer's fees if they choose to return the vehicle. A typical fee to buy a single vehicle at an auction is about $300.
Source: Automotive News
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Volkswagen Group Deliveries Rise 3% in August

Europe, China gains offset U.S. decline

Volkswagen said group sales rose 3 percent in August to 740,500 vehicles, as gains in Europe and China continued to offset declines in the U.S. and South America. The result extended eight-month group deliveries to a total of 6.52 million vehicles, a rise of 6 percent, VW said in a statement.
Source: Automotive News
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Commentary: 'Hiring Our Heroes' Helps Fuel Auto Dealer's Drive To Hire Veterans
By Don Esmond, co-chair of the Veteran Employment Advisory Council for Hiring Our Heroes

While attending a “Hiring Our Heroes” job fair at Fort Bliss in El Paso earlier this year, I had a chance to talk with Steve Fox, a local auto dealer I’ve known for many years. In addition to a mutual love of cars, we share another passion: helping our military veterans find jobs in what is still a challenging market. I was there as part of my work with the Hiring Our Heroes program, a nationwide initiative launched by the U.S. Chamber of Commerce Foundation in March 2011 to help combat unemployment and underemployment among veterans, transitioning service members and military spouses. Steve was there as an employer trying to do his part to offer jobs at his auto dealerships in El Paso to qualified veterans.

In just 3½ years, Hiring Our Heroes has already scored some remarkable successes, conducting over 770 job fairs nationwide, with more than 24,000 confirmed hires by over 1,500 companies. In addition, the program’s “Hiring 500,000 Heroes” campaign with Capital One has secured over 460,000 hiring commitments from employers and 275,000 hires have been confirmed.  The program is on track to meet the goal ahead of schedule of 500,000 confirmed hires by the end of this year.
Source: Forbes

Editor's note: NADA is a proud partner of Hiring Our Heroes.
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Quotable
"We're working hard to make sure that as new vehicles come out, they achieve even higher levels of quality and safety. We’re very focused on being industry leaders."

   
-- GM CEO Mary Barra, commenting on the automaker's commitment to safety, Bloomberg, Sept. 11

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