GNYADA October 2013 Newsletter

13 Dealers Visit Nation’s Capitol to Push Auto Agenda

GNYADA member dealers joined dealers from across the country in the nation’s capital in September to par- ticipate in the annual NADA Washington Legislative Conference. GNYADA dealers met with New York’s U.S. Senators, Charles Schumer and Kirsten Gillibrand, and with members of the House of Representatives from our region. Dealers addressed crucial issues: Recent “Guidance” issued by the Consumer Financial Protection Board (CFPB) could force banks to eliminate dealer participation in n

finance reserves. Dealers asked the legislators to rein in this over- reaching by the CFPB. Pending legislation would require dealers and rental car companies to repair all open recalls before a vehicle could be used as a loaner or rented. Senator Schumer, the co-sponsor of this legislation agreed to review the language. Dealers reminded legislators about the importance of preserving LIFO accounting methods upon which many dealers rely.

Dealers discussed potential threats to the franchise system from facto- ry stores, reinforcing the impor- tance of the franchise system, and asking legislators to be wary of any requests they receive to pre- empt state franchise laws. Dealers highlighted the hugely important impact that dealerships have on the economy and jobs. Legislators were receptive to dealer concerns, and GNYADA and NADA have continued to followed up on these key issues with them. n

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New York area dealers spent several days in Washington (before the federal shutdown!) to advance legislation to preserve the franchise system.

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

The Newsletter • October 2013 7