The National Automobile Dealers Association (NADA) works to advance the interests of the 17,000+ franchised new car and truck dealerships across the country. It has been very active in 2022 so far for NADA. Below are just some of the highlights.
NADA Announces The Development Of A Dealership EV Education Program
The auto industry continues to move, full-speed into an electric future, with 100+ new models with a plug in every vehicle category and every price point expected to arrive in dealership showrooms in the next few years. To help dealers get ready for this EV future, NADA announced an EV education program at NADA Show in Las Vegas.
While automakers are bringing more and more electric vehicles to market, dealers are vital to helping consumers understand the EV ownership experience and making them comfortable with their first EV purchase. Dealers must be ready to provide future EV buyers with model-specific information, as well as general information about charging options, EV infrastructure, EV service requirements, and much more.
NADA is developing an online program in partnership with the Center for Sustainable Energy (CSE) and Plug In America (PIA). The program will complement model-specific OEM training and will provide dealership sales teams with content to communicate with customers and close EV sales.
As many of you know, NJ CAR already offers a comprehensive PlugStar EV training program to New Jersey dealers in partnership with Plug In America. Details on how the comprehensive State program will mesh with the online program offered by NADA are still being ironed out.
NADA Continues Working To Secure LIFO Relief
Despite broad bipartisan congressional support for the Treasury Department to use its existing authority to allow LIFO relief to businesses if a “major foreign trade interruption” makes inventory replacement difficult, Treasury has, thus far, declined to act. The Department believes it needs additional legislative authority. As such, NADA’s efforts have shifted to securing LIFO relief through legislation that can pass both chambers and be signed by the President.
On April 4, the “Supply Chain Disruptions Relief Act” (H.R. 7382) was introduced, which explicitly provides Treasury with the legislative authority to provide LIFO relief. On April 28, a Senate companion bill (S. 4105) was introduced. NADA has been working feverishly to secure additional cosponsors to demonstrate widespread, bipartisan support.
In addition, 92 House members and 52 Senators signed letters sent to Treasury Secretary Janet Yellen supporting LIFO relief for dealers.
Regulation of Dealer-Assisted Financing and F&I Products
A recent major consent order underscores the FTC’s intention to hold dealer leadership, as well as the dealership entities themselves, responsible for alleged unlawful behavior. It also further highlights the need for dealers to conduct robust training and oversight of all aspects of their sale and finance operations.
As a reminder, NADA offers multiple products to assist dealers in this area, including the optional NADA/NAMAD/AIADA Fair Credit Compliance Policy and Program and the optional NADA/NAMAD/AIADA Model Dealership Voluntary Protection Products Policy, which provides guidance and a policy template to help promote compliance with the selection, sale, and administration of VPPs that are offered
Dealers should carefully review these products with an attorney who is familiar with federal, state, and local law governing fair credit and VPPs as well as their dealership operations to determine appropriate compliance measures to adopt for their dealership.
NADA Launches Brand New Website
NADA recently launch its new flagship website (www.nada.org), featuring a one-stop auto retail news hub for the dealership community (www.nadaheadlines.org). The new site will be updated around the clock with news and content spanning education, public policy, videos, blog posts and graphics. NADA’s vision is to have NADA Headlines serve as a hub where everyone who works in and around auto retail can get everything they need to effectively run their dealerships or departments.