GNYADA August 2017 Newsletter

Bob Vail Reelected as NADA Director for Metro New York Immediate Past GNYADA Chairman Bob Vail was officially reelected as NADA Director for the Metro New York region. Bob has been on the NADA Board since January, when he was elected to serve out the remainder of Neale Kuperman’s term. With his reelection, Bob now starts a new three-year term, and the Association again wishes to congratulate him on this substantial achievement.

NADA Director’s Column Mobilizing on Dealer-Friendly Tax Reform

In addition, NADA also intends to continue voicing its concerns about the new border adjustment tax (BAT), which is also a provision of the Tax Blueprint. The BAT could significantly increase the cost of imported vehicles and domestic vehicles made with imported parts, and this provision has seen resistance in the Senate. These issues will be among the major talking-points during NADA’s Washington Conference, taking place on September 12 and 13.

The congressional proposal aims to lower corporate and individual tax rates and broaden the overall tax base through several provisions that would represent very positive steps for dealers. These include: maintaining the LIFO inventory accounting method; eliminating estate taxes; and, lowering overall rates and accelerating cost recovery for businesses. NADA will continue working with Congress and the Administration to support tax reform that financially empowers consumers and provides dealers access to the affordable working capital necessary to maintain jobs and investment in their communities. n n n

by Bob Vail, Vail Buick GMC, NADA Director Metro New York

NADA was recently invited to the White House to meet with senior staffers from the Trump Administration and the Treasury Department. The discussion focused on the “Tax Blueprint” put forth by House Republicans, which contains a number of priority tax reforms NADA has vocally supported since late April.

Congress Passes Bill to Reform CFPB The U.S. House of Representatives passed H.R. 10, also known as the Financial CHOICE Act. This legislation ultimately passes in the U.S. Senate and becomes law, the CFPB will then be held accountable to the traditional checks and balances that are imposed on government agencies. n 5

upon to produce the guidance publicly available; and Study the costs and impacts of the guidance. The new law also brings the CFPB under the regular congressional appropriations process. “This is the result of the cooperative work of Dealer Associations across the country and our members,” said NADA Director for the Metro New York region, Bob Vail. “This is great news for dealers.”

legislation, which passed by a 233- 186 vote, was heavily supported by NADA and contains provisions to rein in and reform the Consumer Financial Protection Bureau. This bill is very similar to the congressional bill that was passed overwhelmingly by the House in November of 2015, which nullified the CFPB’s flawed guidance on indirect auto financing. If this

The bill would require the CFPB to:

Allow for public notice and comment before issuing any additional auto-financing guidance; Make all studies, data, method- ologies, or other information relied

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Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • August 2017

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