Pub. 13 2014-2015 Issue 1

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S I S S U E N O . 2 , 2 0 1 4 8 new jersey auto retailer • Dealers bear the cost and risks of these investments—at virtually no cost to t he manufac t urers—and provide a vast distribution channel that benefits the consumer. The study is part of a major new “Get The Facts” initiative from NADA to promote the benefits of America’s franchised new- car dealership network. The initiative includes animated videos, a Web site and variety of multimedia resources available at www.nada.org/GetTheFacts. C F P B H e a r i n g Re i n f o r ces Need for Transparency Legislation Consumer Financial Protection Bureau (CFPB) Director Richard Cordray told a congressional panel recently that the bureau may of fer some insight into its effort to end dealers' f lexibility to discount the interest rate offered to car and truck buyers. However, the CFPB only offered to provide information on its analysis of the proxy methodology. The Bureau does not seem to be willing to provide information regarding other critical aspects of the analysis, including how the bureau ensures that it is only comparing similarly situated customers. This reluctance reinforces the need for the Bureau Guidance Transparency Act (H.R.4811), which would increase CFPB transparency. NADA has long asked the CFPB to provide greater detail regarding the methods used to develop its guidance issued last year. NADA urges dealers to contact their members of Congress and ask them to cosponsor t he Bureau Gu idance Transparency Act (H.R. 4811). This bill rescinds the bureau's 2013 auto guidance and requires a more transparent process prior to the bureau issuing future guidance. The bill also requires a public comment period and public access to documents supporting the guidance. NADA Foundat ion Seeks to Increase Charitable G i v i n g through Ambassadors Program The Amba s s ador s p r og r am of t he National Automobile Dealers Charitable Foundation wi l l provide more t han $250,000 in grants to hundreds of local organizations across the country this year and the Foundation hopes to continue increasing the number of Ambassadors. To become an Ambassador, an individual, association or company must makes a tax-deductible contribution of $10,000 in their name or in recognition of someone l iv i ng or decea s ed. They a r e t hen eligible to provide a $1,500 grant to an organization of their choice every three years in perpetuity. Today, there are 670 Ambassadors, representing 54 state and metro dealer associations. Thirteen of the 54 dealer groups have three or more ambassadorships and are designated Ambassadors of Distinction. They can provide $2,000 grants each year. For more information or to become an Ambassador, contact the NADA Foundation at (703) 821-7102 or foundation@nada.org. 2014 NADA Convent ion Recorded Wo r k shop s A r e Ava i l ab l e On l i ne Recorded workshops f rom t he 2014 NADA Convention & Expo are available at NADA Universit y On line (www. nadaun ive r sit y.com ). The re a re 64 recorded sessions, which cover seven t r a ck s: De a le r/Exe c u t i ve, Human Re sou r ce s, Lega l and Reg u l a tor y, Internet and Marketing, Sales, Business Office/F&I, Parts, and Service/Body Shop. Some of the workshops address hot topics like healthcare reform, and hiring and holding on to millennials. Premium subscribers to NADA University Online can access the workshops after logging in. Non-subscribers can purchase the workshops in the NADA University store at www.nadauniversity.com. DIRECTOR’S MESSAGE  continued from page 7