Thank you Keith Whann and thank you Sante Esposito from Federal Advocates. Your dedication and representation of automotive retailers, not just independent dealers, has given the industry the legs to continue their spirit of growth and community. Without your tireless effort, the shape of the retail auto industry could have been irreparably damaged and changed forever. For every dealer continuing to have a business that supports their family and their community, we are all very grateful. The independent dealer is REPRESENTED.

Thanks to all of the folks in the auto industry that made an effort to contact thier Senators and Representatives asking that auto dealers remain exempt from the CFPA. I know of several instances where these legislators did not understand the adverse impact that this would have caused not only to dealers but also to car buying consumers.

As you may already know, after a 20-hour conference, auto dealers continue to be exempt from the bill. I spoke with Keith Whann earlier this morning where he expressed cautious optimism. He advised that once he has had the opportunity to review the exact language of the 2000-page Bill, he will likely have additional comments, which I look forward to hearing.

Thanks again to all of those that helped! And a special thanks to Keith Whann and the group at Federal Advocates in Washington, D.C.

L.J. Marhefka

As is being reported, House and Senate members on a joint conference committee reconciling House and Senate versions of the Consumer Financial Protection Services Act did reach an agreement early this morning  .

The final details, including creation of an agency to protect consumers in the financial marketplace and new regulations to reduce risk-taking by large banks and limit their trading of complex derivatives, were hashed out in a marathon 20-hour session that began Thursday morning.

This far-reaching legislation is about 2,000 pages long and I have not yet had the opportunity to see the Bill as agreed.  It is my understanding from talking with our lobbyist, Sante Esposito with Federal Advocates, that our auto financing exemption remained in the Bill.  I will confirm this after I have seen the actual Bill language.

The House and Senate are expected to approve the bill next week, meeting President Obama’s July 4 deadline for passage of his top legislative priority heading into November’s midterm elections.  Lawmakers named the Bill the Dodd-Frank Act after the two main architects, Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) and House Financial Services Committee Chairman Barney Frank (D-Mass.).

Please contact your Senator and your Representative in as many ways possible asking that auto dealers be exempt from the regulatory control of the new Consumer Financial Protection Act.

Here is one way to contact your Federal Government:

http://2gov.org/

Also, go to: http://www.usa.gov/Contact/Elected.shtml

Sometime later today – probably by midnight – the Senate will either agree to exempt dealers from oversight in the Wall Street reform bill or will force the House to accept a version of the legislation that includes dealers.

This new agency is going to tell you what financial products you can sell, how much you can sell them for, and which banks you can do business with. Your profits out of that department are going to disappear.

Today is it. You get no other chances. President Obama likely will sign the bill by this weekend. This thing is going down to the wire. The White House, the Pentagon and more than 40 consumer advocacy organizations are fighting you every step to make sure the legislation does not create a dealer exemption. So your phone calls and emails are needed.

Get on the phone now with your senator – and send emails – urging them to exempt dealers.

For information on how to contact your Senator or Representative, please follow this link: http://www.usa.gov/Contact/Elected.shtml

Keith Whann -

Will you please provide an update, when available, as to the exemption status of auto dealers with regard to the CFPA?

Thanks, L.J. Marhefka

Be sure not to miss “The Internet: Your Virtual Showroom” Panel I will be moderating at the 2010 NIADA Convention on Thursday morning from 8 to 9:30 AM.  My panel of industry experts Michael Page (cars.com), Howard Polirer (AutoTrader.com) and Amanda Savage (Manheim Online Solutions) will tell you the secrets you need to know about creating your own virtual showroom and maximizing your Internet presence.

Dealers and those who wish to view the Keith Whann presentation from the NIADA Convention can download the show here. This was a great event and now you can review valuable information from the show.

The NIADA Convention is a great event and the Auttr.com booth (#313) has been busy. Stop by and see how Inventory Management, Education and Social Networking can help your dealership. We’re here to help!

You won’t want to miss the “Social Media and Networking” Panel discussion I will be moderating at the 2010 NIADA Convention on Wednesday morning from 8 to 9:30 AM.  We have an outstanding panel with a wealth of knowledge to pass on to you.  Be sure to attend and hear what Philip Zelinger (Ad Agency Online), Jody Devere  (Askpatty.com), Ken Gibson  (Gibson Internet Marketing and Consulting) and Don Walker  (Walker Investments) have to say on this important topic!