MCLEAN, Va.--The National Automobile Dealers Association Monday called for the automotive finance industry to see the need for greater transparency and continuing education to build consumer trust, reported NADA Headlines.

"We must make sure that everyone--and not just the most creditworthy among us--is treated in an open and honest manner," said NADA director and past chairman Alan Starling, in a keynote address at the Consumer Bankers Association's Automobile Finance Conference and Trade Show in Atlanta. "If we can do that, then we can certainly increase customer satisfaction with the entire process."

NADA has taken several steps to improve consumer education. Starling presented the Junior Achievement organization with a $10,000 check to assist its finance literacy program schools. NADA's board of directors voted last month to support disclosing that dealerships might receive a portion of the finance charge or other compensation for helping to obtain financing, and that the finance rate may be negotiable. Also, NADA and the American Financial Services Association, in cooperation with the Federal Trade Commission, created a consumer education brochure for distribution at dealerships nationwide; it's available at www.nada.org and www.afsaef.org.

Starling's comments were similar to those of Charley Smith, current chairman, during his speech at NADA's convention in February.

"We are the retail face to much of the auto finance industry. We have helped provide millions of car loans to people who otherwise might not have been able to purchase a car. And by continuing to build trust with the customer, we will continue to provide convenient and competitive financing," said Smith.