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NADA takes the offensive on charges of F&I wrongdoing

November 22, 2010
BY RAY SCARPELLI METRO CHICAGO NADA DIRECTOR

Dealership F&I practices have been under a public and media microscope lately, and the NADA is taking action to make sure the truth is out there. Immediate Past Chairman Alan Starling is leading the NADA's F&I working group, and NADA Public Affairs is kicking off an aggressive media relations and grassroots effort to counter negative financing accusations and proposed legislation. During a speech to the Consumer Bankers Association in Atlanta this month, Starling presented $10,000 to Junior Achievement to help fund the Financial Park program, which brings middleschool students to dealerships to learn about the entire finance process. To be sure your dealership isn't accused of wrongdoing, review the NADA's new video, "F&I: Absolute Integrity, 100% of the Time," available fromwww.nada.org/ mectalog/ So far the controversy doesn't seem to be keeping customers out of showrooms; car and especially truck sales are on the upswing, with large, truck-based SUVs up 27.9 percent in February versus a year ago. Crossover utility vehicle sales were up 23.1 percent, traditional truckbased SUVs up 8.3 percent, and pickup sales were up by 4 percent last month, compared to a year ago. According to NADA chief economist Paul Taylor, with February sales at an annualized rate of 16.5 million units and with an improving economy, we are on track to reach sales of 16.8 million units for the year. Help keep your key staff up-tospeed on the latest legal, technical, ethical and industry issues with NADA's new Associate Program. Look for an ad in this month's AutoExec to learn more about the initiative, which brings pertinent NADA communications directly to dealership managers, help them work more efficiently. Another way to improve your business operations is to join a NADA 20 Group, and now NADA has even more to choose from now. A new used-car department group is forming, focusing specifically on profit opportunities and marketing efficiencies in that area of the dealership. Information on this and the recently added GM Commercial Core Sales Managers 20 Group is coming to your mailbox this month. This GM truck 20 Group will meet April 15 and 16, just prior to the 2004 ATD Convention in Seattle. Another specialty 20 Group geared to managers is the Nissan Service 20 Group, and there are openings available in a group for Cadillac/ Hummer dealers. And Internal Management Review 20 Groups are available for interested non-competing, multi-franchise dealers. Call NADA at 800/2148-2632, Ext. 5889 to find out more. In other NADA news: ??Learn how to "Hire the Heroes" at www.autoretailing.org/ military, and find out how the Veterans Administration will help pay for veterans' training once they're hired: log on to www.military.com, then click on the Education, Education Resources, and VA Programs. And visitwww.autojobstoday.com for more ideas on educating promising young people-both civilian and military-to consider jobs in automotive retail. ??Look like an Internet pro by using NADA Express to set up your perfect personalized home page. Go to www.nadaexpress.com for this free service. As always, let me know your ideas and concerns, so that I can truly meet your needs as a NADA director. Let's take advantage of all NADA has to offer and turn other industries green with envy.

 

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