We are very fortunate to have two Senators (Thune and Rounds) and a Congresswoman (Noem) who understand and support small business issues. I can assure you that this is not universal. As I visit with directors from others states, they are increasingly frustrated with their representation and how Washington works (or doesn't work!).
At last year's conference, we focused on urging support for H.R. 1737, which nullifies the CFPB’s flawed auto finance guidance, requires the agency to study the true impact on consumers before issuing new guidance, places provisions for a public comment period and requires the CFPB to consult with the agencies that currently share jurisdiction over the indirect auto finance market.
After the Washington Conference last fall, the bill passed by a veto-proof majority vote of 332-96; including 88 Democrats! Once again, dealers got it done.
This year, we had over 300 dealers and ATAEs take to the Hill to advocate for S.B. 2663, the companion bill for H.R. 1737 on the Senate side. We urged support for and action on the bill.
Like H.R. 1737, the bill was written on a bipartisan basis and it deserves bipartisan support. But whether a Democrat or Republican, both have recognized a simple truth: Every consumer deserves access to competitive financing and great rates when they buy a new car or truck.
NADA hopes to get it passed in a "lame duck" session after the election. There are a lot of groups betting against the dealers. We'll see what happens!
Louisiana Dealership Employees Devastated by Flooding
Thousands of dealership employees and their families have devastating losses in the recent Louisiana floods. The need for financial assistance is great and will last for many weeks.
One of the more unique and uplifting facets of the retail automobile industry is the charitable and benevolent culture. Dealers are generous in their community and in their industry.
The NADA Foundation's Emergency Relief Fund is one of the means by which they extend their generosity. The fund was established in 1992. Almost $5 million has been distributed to more than 8,700 dealership employees in need.
Dealers can apply for aid on behalf of their employees. All money donated to the Emergency Relief Fund goes directly to the dealership employees since NADA picks up all administrative costs for this fund.
South Dakota families benefit from this fund during the flooding in Pierre several years ago. It is a great program.
You can help Louisiana dealership employees by making a tax-deductible contribution to the Emergency Relief Fund today. Donate online here or send a check, made payable to NADCF Emergency Fund, to NADCF, 8400 Westpark Drive, MS 7, Tysons, VA 22102. For more information, call 703.821.7233.