NIADA participated in the American Financial Services Association’s (AFSA) Annual Meeting in Washington, D.C., Oct. 27, joining roundtable discussions with two of AFSA’s standing committees, the Independent Auto Finance Executives Group and the Commercial Credit Committee. These committees include many of the leading bank and nonbank lending institutions in the auto finance industry.
During the discussions, NIADA emphasized the value of strong dealer-lender relationships, highlighted its Certified Master Dealer and 20 Group programs, and outlined key policy initiatives being advanced on Capitol Hill and with federal agencies. Attendees expressed appreciation for NIADA’s insights and advocacy, and reaffirmed the vital partnerships their institutions maintain with independent dealers nationwide.
New data from AFSA and Oxford Economics released this week found that vehicle-finance providers contributed $125.5 billion to U.S. gross domestic product in 2023, equivalent to $17 for every $100 in loans originated. The sector supported about 680,000 full-time equivalent jobs and generated $24.6 billion in tax revenue, including $16.3 billion federally and $8.3 billion to states and localities.
Financial institutions originated 30.2 million vehicle loans and leases worth $727 billion, helping millions of households purchase cars essential for work and family life.
