Pub. 1 Issue 3

M ore than 400 new-car dealers and association executives met with their members of Con- gress during NADA’s Washington Confer- ence on September 18-19 to discuss key poli- cy issues facing franchised auto dealerships. Among those from GLANCDA included John Symes of Symes Automotive, Ian Thomas (GLANCDA President) of Thomas Acura and Executive Director Bob Smith. The most prominent among them: the Consumer Financial Protection Bureau’s (CFPB) effort to end the discounts car buyers can negotiate when financing a car or truck through a dealership. During the visits to Capitol Hill, dealers asked their Senators to sign the letter authored by Sen. Rob Portman, R-Ohio, and Jeanne Shaheen, D-N.H., which requests that the bureau explain how eliminating a dealer’s ability to “meet or beat” a competitor’s rate is good for consumers. A key ally in the dealers’ fight, Rep. Gary Pe - ters, D-Mich., said he’s “very concerned” about the CFPB’s recent effort to alter the $800 billion auto finance marketplace without a hearing or offering analysis for public scrutiny. NADA and GLANCDA urge dealers to call their Senators and ask that they sign the Portman-Shaheen Auto Finance letter, which requests greater transparency from the CFPB on indirect lending. For a copy of the letter, go to: http://www.nadafrontpage.com/ upload/wysiwyg/CFPB_Letter.pdf. The Senate switchboard can be reached by calling (202) 224-3121. Operators will direct dealers to the senators from their state.  For more information, go to: http://www.nada.org/legislativeaffairs/ economy- financial/dealer-assisted_auto_financing.htm. GLANCDA Attends Washington Conference September 2012 “Your Voice” 9