Dealer Associations to Join Senator for Brownback Amendment Push
WASHINGTON, D.C. — U.S. Sen. Sam Brownback is planning to stand with leadership of the American International Automobile Dealers Association, the National Association of Minority Automobile Dealers, and the National Automobile Dealers Association this afternoon at the Capitol for a press conference.
The Kansas Republican is uniting with the dealership associations to reinforce their stance against dealers being included in the jurisdiction of the Bureau of Consumer Financial Protection. This bureau is among the segments of broad financial reform legislation being fiercely debated on the Senate floor.
What Brownback and officials from AIADA, NAMAD and NADA fear is the repercussions the bureau could have on dealers in regards to dealer-assisted financing and more. Brownback has proposed an amendment to exclude dealers from being under the bureau's proposed jurisdiction.
Along with the lawmaker, today's press conference is scheduled to include AIADA chairman Rick DeSilva, NAMAD president Damon Lester and NADA chairman Ed Tonkin.
AIADA added that it expects several of its members to be in attendance as well since the organization's fourth annual International Auto Summit is ongoing in Washington. Those dealers plan to visit their legislators and urge support for the Brownback amendment as well.
Debate over this amendment reached a new level of intensity last week when the White House came out adamantly against it. President Barack Obama described it as a "loophole" for dealers.
"This amendment would carve out a special exemption for these lenders that would allow them to inflate rates, insert hidden fees into the fine print of paperwork, and include expensive add-ons that catch purchasers by surprise," Obama believes.
Dealer-body leaders such as Tonkin have declared their position repeatedly in hopes the Brownback amendment is approved.
"We urge senators to resist this latest round of scare tactics and vote in favor of the Brownback amendment to preserve affordable auto finance options for consumers," Tonkin concluded.
Editor's Note: Stay tuned to AutoRemarketing.com for the latest developments regarding this story.