While much of the political discussion around the nation is already buzzing about the 2016 presidential election, the National Automobile Dealers Association has its sights set on a more immediate governmental topic bubbling up in Washington, D.C.

The issues and challenges surrounding the Consumer Financial Protection Bureau are at the top of the to-do list for incoming NADA chairman Bill Fox, who shared some of his chairmanship goals with Auto Remarketing at the end of the holiday season.

“One of our most pressing regulatory challenges is the CFPB issue. The auto financing market is huge and fiercely competitive, and that’s good for car buyers,” Fox said. “We are continuing to demonstrate the value of NADA’s optional Fair Credit Compliance Program for dealers as a central means to addressing the CFPB’s fair credit concerns while preserving robust competition in the marketplace.

“We’re also working to ensure that guidance documents issued by the CFPB on auto finance in the future are the result of a transparent and informed process,” he continued. “Many of the problems that resulted from CFPB’s guidance issued in March 2013 could have been avoided had the process simply been more open and informed.”

With a Bachelor’s degree in finance from Georgetown University and a Juris Doctor degree from St. John’s University, Fox is no stranger to the financial or legal worlds, nor to the myriad of challenges and opportunities facing auto dealers, given his near-40 years as a car dealer and extensive experience on dealer leadership boards.

Fox, a partner at Fox Dealerships Inc. in upstate New York, was elected to NADA’s board of directors in 2006, has worked in a number of its committees and served as the association’s vice chairman this past year.

Now, he steps into a new role: front-and-center of NADA as its 2015 chairman.

“There are several important issues on the front burner at NADA. Preserving the ability of new-car dealers to competitively price auto loans in their showrooms for their customers is one of our top priorities. America’s auto finance market is very competitive, and we want to keep it that way,” Fox said.

“When banks, credit unions and captive finance companies compete for business, car buyers win. We’re urging members of Congress to cosponsor legislation that will rescind the Consumer Financial Protection Bureau’s flawed guidance on auto finance and will keep auto loans affordable and accessible for car buyers. In the last session of Congress, nearly 150 House Democrats and Republicans supported legislation to rescind the CFPB guidance,” he added.

The Importance of the Franchised Dealer

Of course, Fox has plans for NADA beyond the financial and regulatory sphere. Emphasizing the advantages of the dealership network to the masses is also something that NADA has on its radar for 2015.

“Local new-car dealerships provide the most competitive and most cost-effective way of buying and selling new cars for both car buyers and manufacturers. The consumer benefits of the dealer network sometimes gets lost, so we’re promoting the price competition, accountability during warranty and recall claims and the local economic benefits that dealerships bring to communities across the country,” Fox said.

“NADA launched a ‘Get the Facts’ initiative last June to inform car buyers, policymakers and the media about the benefits of the dealer network, and we plan to launch even more materials next year. A series of videos, fact sheets and infographics are available at www.nada.org/getthefacts,” he added.

An Evolving Automotive Space

Fox got into the car business nearly four decades ago when he and his sister bought a Weedsport, N.Y., Chevrolet dealership. Starting with this small store, the siblings would then expand their acquisitions, and today Bill Fox and Jane Fox run four dealerships located throughout Auburn, N.Y., and Phoenix, N.Y.

The brands they sell and service include Chevrolet, Chrysler, Dodge, Honda, Jeep, Ram, Scion, Subaru and Toyota.

When asked how the business has changed during his time in the field, Fox said: “Over the years there’s been some consolidation and a decline in the number of new-car dealerships across the country, but the marketplace will determine the right number dealerships.

“New-car dealers have been at the forefront and catalysts for change. Dealers have survived economic recessions, the credit crisis and automaker bankruptcies because we meet the challenges and adapt to change,” he said. “Changes in automotive retailing are driven in part by customer demands and new technology.”

And technology is actually one of the top areas of opportunities for dealers, Fox said.

“The online world of automotive retailing and digital marketing continues to evolve. The Internet and advances in technology present new ways of retailing vehicles, managing inventory and how we interact with our current and future customers on a day-to-day basis,” he said.

“Car buyers demand transparency. Dealers are striving to speed up the car buying and delivery process,” Fox continued. “It all comes down to how well we implement these new technologies with the ultimate goal of improving the car buying experience for our customers.”