1. Alleged misrepresentations and other misconduct in consumer leasing transactions;
2. Consumer and business education;
3. Alleged abuses by automobile dealers that significantly harm consumers; and
4. Widespread dealer conduct that currently is lawful but may nevertheless harm consumers.
The FTC is examining these topics to determine what, if any, actions it should initiate to further protect consumers. The actions it may pursue include rulemaking, enforcement, and consumer and business education.
As with the two prior FTC roundtables in Detroit and San Antonio, NADA representatives provided a vigorous defense of the dealer-assisted financing model and provided extensive information to correct and rebut a series of misstatements made about various dealer practices.
NADA also underscored that, despite repeated requests for empirical information from the FTC, the consumer group allegations of dealer misconduct were anecdotal and unsupported by current and reliable data demonstrating that they are widespread.
NADA will remain actively engaged in this matter and will continue to work with the FTC to promote a better understanding of the extraordinary value and benefits that dealer-assisted financing provides to millions of consumers each year.
NADA will also continue to stress to its members the need to keep current with the full range of federal and state legal requirements governing their operations.
The NADA Story
The NADA story began in 1917 when 30 auto dealers traveled to the nation’s capital to convince Congress not to impose a luxury tax on the automobile. They successfully argued that the automobile is a necessity of American life, not a luxury. From that experience was born the National Automobile Dealers Association. Today, NADA represents nearly 16,000 new-car and -truck dealerships with 32,500 franchises, both domestic and international. For more information, visit www.nada.org.