NIADA Focuses on Compliance Education & Regulatory Efforts


BOSTON - 

Since regulatory arms such as the Consumer Financial Protection Bureau turned their sites on the automotive business, NIADA — like many in the industry — has made compliance top of mind.

Steve Jordan, executive vice president of the National Independent Automobile Dealers Association, explained that dealer education is one of the association’s big focuses these days.

He outlined plans during this week’s “Beggs on the Used Car Market” video report; the original interview was filmed at the recent NAAA Convention and Expo.

When Ricky Beggs, editorial director at Black Book, asked Jordan to break down what the NIADA sees as its most important efforts these days, Jordan said there are “three prongs” to the association’s current plan of action:

  1. Continue to expand and grow regulatory and legislative effort

Jordan said that in November, the association will be holding its National Leadership Conference in Washington, D.C.

“We are planning on bringing about 135 dealers and leaders to the nation’s capital to lobby Capitol Hill and to get updates from all the regulatory organizations that govern our business,” said Jordan. Among those regulators are the FTC, CFPB, NHSTA and more, he said.

For example, given the new VIN-specific recall system that was recently released, NHTSA will be offering tutorials on the new program when the association travels to the capital.

  1. Growing membership through state associations

Jordan pointed out that NIADA membership is growing despite the fact the number of licensed dealers has stayed relatively stable over the past few years. He said membership is still expanding on a national level.

  1. Education

Highlighting one of the association’s most important education tools, Jordan said the Web-based NIADA Dealer Compliance module “allows dealer to really get a basic entry point for understanding compliance.”

NIADA also offers a certified master dealers educational program.

Beggs also asked Jordan for his outlook on the rest of the year and into 2015.

Jordan predicts increased sales, a softening in the subprime market and new opportunities for BHPH dealers.

“I think we’ll continue to see a steady uptick in automotive sales despite any kind of apprehension that consumers may have about the upcoming midterm elections in November,” he said.

“I do think we will see a softening in some of the subprime lending markets as some of the bigger banks feel some of the pressure from some of the regulators and media, which I think will set the stage nicely for buy-here, pay-here dealers leading into a good tax season starting in 2015,” Jordan concluded.

See the full Black Book interview with Jordan at the NAAA Convention above.

 

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