Ding Dong! The Wicked Witch is dead.
-Wizard of Oz
Yes the "witch" is dead. Consumer Finance Protect Bureau Director Richard Cordray announced his resignation from the post by the end of November. It seems like my entire term as your NADA Director has been dotted with conflicts with Cordray and his overreaching agency.
Cordray has been on a crusade to eliminate our ability to discount interest rates for our customers ever since he took command of the most unaccountable agency in Washington. His legacy at the CFPB will be that of ruling by extortion and coercion.
I sat in a meeting in June of 2016 where he arrogantly told dealers and auto lenders that he was going to reduce our "dealer markup" (finance reserve) to a flat fee. He had no fear of retribution from anyone because he was accountable to no one!
Because of a specific exclusion for regulation of automobile dealers in the Dodd-Frank law that created the CFPB, Cordray has sought to get at dealers by overstepping its authority on regulating auto lenders since day one.
If you can't tell, I am rejoicing in this news and wishing the entire agency could die a quick death. Short of that, the best thing that can happen is for President Trump and Congress to take this opportunity to overhaul the CFPB and create some accountability.
I'm am now considering how to celebrate the demise of the "wicked witch". Perhaps some (amber) spirits would be in order!
Membership has Advantages
Each NADA and ATD member dealership now has access to complimentary online education and training. NADA University Online is the perfect tool for:
• New-hire Training: Helps new hires learn the business and develop core skills to succeed in the retail automotive industry.
• Cross-training: Develops employees’ skills and explores how their roles support the dealership’s overall operation.
• Career Advancement: Builds your staff from within through successful advancement opportunities and leadership training.
The NADA University Online Advantage
• Comprehensive Curriculum: A variety of course offerings that cover nearly all aspects of the dealership.
• Ultimate Convenience: Access content 24/7 from any device with high-speed internet.
• Practical Knowledge: Real-world, interactive exercises to develop skills that apply to daily operations.
• Reinforced Learning: Interactive learning activities such as knowledge checks, simulations and assessments.
• Promotes Accountability: Testing and reporting that allows employees and managers to track training progress.
Expo at NADA Show 2018 in Las Vegas is Sold Out
More than 500 companies occupying 700,000-plus square feet in two halls at the Las Vegas Convention Center will be exhibiting at NADA Show 2018. The show runs from Thursday, March 22, to Sunday, March 25.
In addition, the sold out Expo includes the NADA Pavilion – showcasing all of NADA’s key member services; NADA 2018 Live Stage – broadcasting real time interviews and programs; NADA Social Connection Zone – offering daily mini sessions on the best digital tools and practices; Expo Theater – featuring live Las Vegas style entertainment; and NADA’s Lifestyle Program – featuring three pavilions: Relax, Explore and Excite.
Keynote speakers are Mark Scarpelli, 2017 NADA chairman, and Nick Saban, head coach at The University of Alabama (Friday’s general session); Wes Lutz, 2018 NADA chairman-elect, and John Krafcik, CEO of Waymo LLC (Saturday’s general session); and Robert O’Neill, team leader at Naval Special Warfare Development Group (Sunday’s inspirational session).