What an excellent start to the NIADA Leadership Conference and Legislative Summit. I am proud to be part of an industry that is so passionate about legislative involvement, continued growth and the well-being of independent dealers.
Last night we heard from a number of senators who are truly committed to our industry and who work tirelessly to protect the interests of independent dealers. These leaders work hard to keep legislation fair for both dealers and consumers in the drafting, voting and promoting stages of bills that directly affect the automotive industry.
I am also inspired by the representation from the state independent dealer associations at this conference. For independent dealers that don’t feel like they have access to the legislative and regulatory information that most directly affects their business, state associations are a great resource for support and an excellent channel for state-specific communication.
The general session this morning started with a presentation regarding the Consumer Financial Protection Bureau (CFPB). This is definitely a hot topic, and this post can’t do justice to the information shared. However, I strongly encourage dealers to visit the CFPB website for more information about current and upcoming policy and legislation. Setting up a Google Alert with the keywords of “CFPB” and “consumer finance” will ensure that dealers will never miss a potential update.
The Associate Director of the Federal Trade Commission (FTC), Lois Greisman, presented at the second session this morning with a legislative update regarding FTC regulations.
A topic of focus touched on unfair or deceptive marketing and communications through misinformation or not disclosing enough pertinent information. Greisman made the interesting point that FTC actions not only protect the consumer, but also the dealer, against unfair competition. She spoke to the claim that dealers make regarding the robust inspection of used vehicles for sale. The danger is that many times safety issues are found during these inspections but not disclosed. Future FTC action and focus will continue on the relationship between inspection and the disclosure of needed repairs.
She also highlighted the topic of data security. Data security, the protection of consumer or personal data, is an FTC focus and is highly prioritized. “Start With Security” is a business guide presented by the FTC that provides businesses with a guide for keeping sensitive information secure.
I am honored to help provide transparency and assist by representing the field of inventory finance to the officials that shape the industry with the legislation they create, and I’m encouraged by each and every person that is passionate about improving the lives and businesses of dealers and consumers through the legislative process. Be sure to follow NextGear Capital’s social media accounts for live updates.