![\"\"](\"https:\/\/niada.com\/dashboard\/wp-content\/uploads\/sites\/2\/2024\/09\/DSC_3875-683x1024.jpg\")
<\/figure>\n\n\n\n\u201cIt was a great conversation. They were very receptive and not intimidating,\u201d said Jack Carter of Turn and Burn Motors in Austell, Georgia, who was with the group of dealers meeting with the CFPB. \u201cIt was a roundtable discussion where they were seeking to understand our industry.”<\/p>\n\n\n\n
Lisa Marshall of North Main Motors in Marysville, Ohio, Tim Ehde of Carhop in Kirkland, Washington, Nick Markosian of Markosian Motors in Salt Lake City, Utah, and Dan Grosvenor of 5 Star Auto Plaza in St. Charles, Missouri, took part in a panel discussion with NIADA CEO Jeff Martin about the agency meetings.<\/p>\n\n\n\n
Dealers helped bring awareness to the work they do on behalf of consumers.<\/p>\n\n\n\n
\u201cThey felt enlightened on what we are doing for consumers,\u201d said Marshall, who met with FTC officials. \u201cWe are very much for the consumers. We need their referrals and their repeat business.\u201d<\/p>\n\n\n\n
Marshall also stressed how dealers work with consumers to allow them to purchase a vehicle within their monthly budget.<\/p>\n\n\n\n
\u201c[The FTC] is laser-focused on getting the offering price. We are definitely going to disclose the all-in price, but we want to play to the needs of our customers,\u201d Marshall said. \u201cFor them, the budget is what matters. They are interested in a payment that fits within their household budget.\u201d<\/p>\n\n\n\n
Ehde said the conversation with the FTC broached the Combatting Auto Retail Scams (CARS) rule and the record retention requirements.<\/p>\n\n\n\n
\u201cThey didn\u2019t understand the change in recordkeeping,\u201d Ehde said. \u201cOne of the people we met with helped draft the CARS rule, and they didn\u2019t know the burden.\u201d<\/p>\n\n\n\n
The CFPB meeting included questions about access to capital.<\/p>\n\n\n\n
Grosvenor said they were able to share information about the price of capital to issue loans to consumers. They were asked about possibly borrowing from community banks. Dealers stressed the framework is not established for the banks to issue loans to dealers offering financing to subprime borrowers.<\/p>\n\n\n\n \u201cI got the sense they want a collaborative relationship,\u201d Grosvenor said. \u201cIt was the best back-and-forth conversation we have had with the CFPB.\u201d<\/p>\n\n\n\n Greg Zak of Dixon Motors in Houston, Texas, went through a deal jacket with members of the CFPB to convey the large amount of paperwork that is part of selling a vehicle.<\/p>\n\n\n\n \u201cWhat we were able to convey is it\u2019s hard on everybody, and the more paperwork required, the less effective it becomes,\u201d said Nick Markosian.<\/p>\n\n\n\n Dealers were encouraged by the conversations and the possibility to continue communications with the agencies.<\/p>\n\n\n\n \u201cWe\u2019re not going to be able to agree on all the issues, but we can continue that dialogue,\u201d Marshall said.<\/p>\n","protected":false},"excerpt":{"rendered":"Independent dealers representing the NIADA held conversations with members of the Federal Trade Commission and Consumer Financial Protection…\n","protected":false},"author":1,"featured_media":5209,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[10,3],"tags":[],"class_list":["post-5207","post","type-post","status-publish","format-standard","has-post-thumbnail","category-advocacy","category-industry","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/5207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=5207"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/5207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/5209"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=5207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=5207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=5207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/niada.com\/dashboard\/wp-content\/uploads\/sites\/2\/2024\/09\/DSC_3918-1024x683.jpg\")
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