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

AdAgencyOnline.Net Uses Social Media To Teach Automotive Advertising Agencies About Automotive Advertising On The Internet

Automotive advertising agencies don’t know what they don’t know and they are turning to social networking communities like http://AdAgencyOnline.Net to listen and learn about the increasing role of social media in automotive advertising. Philip Zelinger, the President of Ad Agency Online, L.L.C. — a national network of independent automotive advertising agencies — hosts a blog talk radio station — WAAOL, All Automotive Advertising News All The Time — where he regularly shares best practices with his affiliated automotive advertising agencies and automotive advertising decision makers that regularly follow his shows and contribute to their shared portal. Read the rest of this entry →

Well hello to all of the automobile lenders out there that wish they could have been part of the TARP Program at the NIADA Annual Convention in Las Vegas. I had a lender call today and advise that due to an unforeseen event, they will not be able to make the TARP Event in Las Vegas. Its too bad for them, however, this means that I have an opportunity for a lender to “sneak in” at the last minute. Sure, I know the convention is in less than one week away, however, these opportunities don’t happen often.

There is still time to participate. Please reach out to me as soon as possible by phone at 740.338.0488 or by email at LJ@LJKing.com to make your last minute arrangements. You will be pleased with your decision to participate!

For additional convention information, please visit www.NIADA.com.

Thanks,

L.J. Marhefka
The Car Counselor’s TARP Program Event Coordinator

AdAgencyOnline.Net Promotes 2010 NIADA Convention and TARP Lending Program To Automotive Advertising Agencies

Philip Zelinger, the President of Ad Agency Online, L.L.C. and host of the automotive advertising resource/networking portal — http://AdAgencyOnline.Net — promoted the 2010 NIADA Convention and the TARP Lending Program on his blog talk radio station featured on AdAgencyOnline.Net — WAAOL, All Automotive Advertising News All The Time. The National Independent Automobile Dealers Association, (NIADA), is hosting their annual convention at Caesar’s Palace Hotel and Casino in Las Vegas from June 14th, 2010 through June 17th, 2010. Philip Zelinger will be attending the convention and sitting on a panel discussing social media that is being hosted by Keith Whann, the General Counsel for the NIADA, host of a new auto industry social networking portal — http://Auttr.Com — and the originator of the TARP Lending Program — Together Automotive Retailers Prosper. Read the rest of this entry →

To the Maryland Dealer that asked the question, “Does anyone know what the law states in Maryland, if anything, about offering and paying referal fees to previous customers for new business?”

Here is the relevant Maryland Code that refers to your question:

Here is the section of the Maryland Code – Transportation, Section 15-101 that defines a motor vehicle salesperson: g) (1) “Vehicle salesman” means, except as provided in paragraph (2) of this subsection, any individual who:

(i) For a commission or other compensation, under any form of agreement or arrangement with a dealer, buys, sells, or exchanges or negotiates or attempts to negotiate a sale or exchange of an interest in a vehicle of a type required to be registered under Title 13 of this article; or Read the rest of this entry →

Keith, LJ, Christina, Kyle and the whole Tarp Family,

Thank you for all that you have done to bring Independent Dealers and Lenders together during this past year. You have accomplished more than anyone could have imagined and the OIADA is very proud and appreciative for all that you have done.

March 25, 2010

COLUMBUS, Ohio — Huntington Bank, one of the highest volume auto lenders in Ohio, is apparently spreading the word that new-vehicle sales declines from last year are boosting trade-in values, which can ultimately lead to better financing terms for consumers

Nick Stanutz, senior executive vice president, auto finance and dealer services group executive for Huntington Bank, shared an example of what could happen with a $2,000 difference in trade-in value.  Stanutz assumed a vehicle that likely would have brought $10,000 in value last year probably would fetch $12,000 now because of tight used-vehicle volumes. Pushing that $12,000 trade-in value into a contract for a $25,000 model at an interest rate of 5 percent, Stanutz determined the monthly payment would be $246. Read the rest of this entry →

March 18, 2010

WASHINGTON, D.C. — The National Automobile Dealers Association, along with other commercial lending executives representing four major banks, met with the Small Business Administration recently to discuss ways to make the SBA’s dealer floor plan pilot program more effective.

The association urged the SBA to make the pilot program permanent and to simplify it so it’s more user-friendly and can allow loan advances of up to 100 percent of inventory value with the maximum SBA guarantee.

“The SBA clearly recognizes the importance of helping the retail auto industry. But significant changes need to be made to the agency’s dealer floor plan program to make it work,” explained Ed Tonkin, NADA chairman, who participated in the meeting. Read the rest of this entry →