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September 30, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Lawmakers Give CFPB's Cordray Earful Over Auto Lending Crackdown
Automakers Summoned to Washington Amid Reporting Lapses, Fines
VW's Diesel Tax Breaks Could be a Focus for U.S. Prosecutors
REMINDER: Chip Card Readers Required by October 1
Cox Can Buy Dealertrack if it Sells Inventory Management Unit, U.S. Says
Ford's Model T: Still Amazing at 107
Top Stories
Lawmakers Give CFPB's Cordray Earful Over Auto Lending Crackdown

Lawmakers from both political parties on Tuesday sharply criticized the Consumer Financial Protection Bureau's attempt to restrict or eliminate auto dealers' ability to mark up a loan by citing their partnering lenders, arguing it would result in higher prices for consumers. At a hearing, House Financial Services Committee members keyed off of stories in the American Banker that referenced internal agency documents in which officials acknowledged sometimes overestimating the amount of bias at lenders and detailed efforts to target the dealer markup. They argued the agency is unfairly pursuing auto lenders and dealers, even though dealers are exempt from the CFPB's jurisdiction, and raised questions about its disparate impact methodology, in which lenders are cited for unintentional discrimination if statistics show minorities receive higher rates at the dealership.
Source: American Banker
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Automakers Summoned to Washington Amid Reporting Lapses, Fines

The U.S. Transportation Secretary says he is going to summon the major automakers to Washington to discuss the need for accurate reporting of safety defects, an action that comes amid a series of high-profile lapses and scandals involving the industry. “We have millions of people who rely on them every day,’’ Anthony Foxx said of the automakers in a meeting Tuesday with reporters. “We need to have confidence information we get is real and accurate.”
Source: Bloomberg

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VW's Diesel Tax Breaks Could be a Focus for U.S. Prosecutors

Volkswagen's push to secure tax breaks that kick-started a market for its new diesel cars could now help U.S. investigators build a case against the automaker for deceiving the government about their emissions, lawyers said. VW was among several automakers that lobbied the administration of George W. Bush to secure around $50 million in tax breaks under an incentive program that included the first wave of VW Jetta TDI drivers in the United States. Around 39,500 customers bought 2009 model year VW vehicles eligible for the $1,300 rebate, according to the research firm Autodata Corp.
Source: Reuters

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REMINDER: Chip Card Readers Required by October 1

As a reminder to dealers, several credit card companies announced that retailers must implement “chip-card” (EMV) reading devices by Oct. 1, 2015, or they could face potential contractual liability for any fraud that may occur. Dealers should consult their counsel and their credit card providers to determine the outlines of their contractual obligations. Click here for NADA’s memo.
Source: NADA Regulatory Affairs


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Cox Can Buy Dealertrack if it Sells Inventory Management Unit, U.S. Says

The U.S. approved Cox Automotive Inc.’s $4 billion agreement to buy Dealertrack Technologies Inc., which offers technological assistance to car dealerships, on the condition the companies divest an inventory management services unit to preserve competition. The companies agreed in August to sell Dealertrack’s inventory management solutions business, Inventory+, which uses algorithms and analytics to help car dealers manage their inventory, to DealerSocket Inc. or another buyer approved by the U.S., according to a Justice Department statement Tuesday. DealerSocket said that after the purchase Inventory+ would remain in Dallas and run independently from the rest of the DealerSocket product suite.
Source: Bloomberg
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Ford's Model T: Still Amazing at 107

After age 100, it’s hard to find new angles for celebrating a birthday. But volunteers at the historic Ford Piquette Plant thought the 107th anniversary of the Model T, which bowed in 1908, needed some recognition. They settled on an open house to honor the iconic car and invited Model T enthusiasts to attend. Click here for photos.
Source: The Detroit News
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Quotable
"You directed an extraordinary and deceitful approach that harms some of the very people that you are trying to help."

   --- Rep. David Scott (D-Ga.), questioning CFPB Director Richard Cordray about the Bureau's efforts to eliminate dealer discounts in auto financing, American Banker, Sept. 29

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