GNYADA September 2015 Newsletter

Dealer Assisted Financing Is Complicated. Explaining It Doesn't Have to Be.

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on a combination of luck and good- will to get you out of there unscathed. As the saying goes, hope is not a strategy. Prep Strategy & Talking Points People can spend decades honing the craft of being a strong interviewee. Even just being "good" at being interviewed takes ample practice. When starting out, the best way to ensure success is to remember that your job is not to answer a cornering question; your job is to respond to the topic. Let the question serve only as a cue for you to say what you want to say. And the good news is that, with regard to dealer assisted financing, there are some pretty compelling things to say. Thanks to dealer discretion, auto dealers get to be in the business of discounting rates for consumers, which saves consumers money. And it happens all the time. (Chances are, you've done it yourself fairly recent- ly; don't be afraid to say so!). Second, consumers have a number of

Consumers, consumers, consumers.

basic rights. They have the right to seek out better deals. They have the right to negotiate. And they have the right to choose the loan that's best for them. Washington should not be in the business of denying consumers these rights. Third, dealer assisted financing is a pro-consumer system that gives con- sumers access to a wide variety of lenders, when they finance. Dealers help provide consumers with better access to this incredibly competitive market, which is one of the reasons why upwards of 80 percent of con- sumers who finance the purchase of a new vehicle choose financing through a dealership. This debate isn't about dealers. It's about consumers, and what's at stake for them. Saying so early, consistent- ly and repeatedly is the best way to turn an interview invitation into a positive media opportunity. Thanks to Jared Allen, Senior Director of Media Relations for NADA, for his contributions to this article.

If you remember nothing else about dealer assisted financing, remember that. In the coming weeks and months, many of you will be presented with opportunities to discuss dealer assist- ed financing with reporters. And you might be understandably leery of doing so; it's a complex topic that few within the industry — let alone the media — understand well enough to explain in a way that resonates positively. But remember, media interviews aren't a test of your policy knowl- edge. (Unless you invite them to be.) They're a test of your message and your ability to stick to it. Successful media interviews require preparation and discipline. Plan what you want to say ahead of time, and know and remember how to reiterate it throughout the interview. The ulti- mate goal is to control the process from start to finish. If you let the interviewer control it, you're banking

Save the Date

October 15 or October 21, 2015

2015 Annual Labor Law Seminar 9:30am-12:30pm • Center for Automotive Education & Training This Labor Law Seminar offers a comprehensive review of regulatory developments, an in-depth analysis of emerging employment issues, and best practices to maximize compliance with multiple labor laws to help reduce your legal risk.

ERP Members: First person free, $49 each additional. Non-member fee, $150. To register email phyllisa@gnyada.com.

Attendance at this seminar is mandatory to qualify for reimbursement of legal fees.

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

The Newsletter • September 2015 7