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NADA Defends In-Dealership FinancingBack

NADADespite an auto sales turnaround over the past year, new-car dealers still face major industry and regulatory challenges, said David Westcott, the outgoing chairman of the National Automobile Dealers Association. “Last year, we faced a new threat to dealer-assisted financing and our business model,” said Westcott, in remarks [Saturday] at the 2014 NADA Convention & Expo in New Orleans. “In dealership financing has been enormously successful in increasing access to auto credit, and reducing the cost for millions of Americans. Consumers overwhelmingly choose dealer-assisted financing because it’s convenient and affordable.” Last March, however, the Consumer Financial Protection Bureau (CFPB) issued “guidance” to indirect auto lenders alleging that the industry has engaged in unintentional, statistical discrimination against protected minority classes. “Now let me be clear: our industry strongly opposes any form of discrimination in any aspect of our business. Discrimination is just wrong and illegal,” added Westcott, a Buick-GMC dealer in Burlington, N.C. “If a federal agency is making allegations that discrimination exists in our industry, it should have to explain itself, and it needs to be transparent with the public.”

Source: NADAFrontPage.com

Posted by Leana Kell on 02/02/2014