There are always two sides to any story and this business always benefits from a little intellectual tug of war. That’s why I’ve invited the Center for Responsible Lending’s Josh Frank and Delvin Davis to share the center’s views on HR 2309.
Washington sure can react to a crisis, but the real question is, “How effectively can Washington react to a crisis?” Apparently not well for you, or so pending legislation on Capitol Hill would have us believe.
When Consumer Protection Goes Wrong
On May 12, Congress held a hearing on a bill that would give the Federal Trade Commission broad new powers to regulate automobile dealers. The bill, H.R. 2309, directs the FTC to adopt rules that prevent unfair and deceptive practices by dealers regarding credit and lending.
In these tough economic times, the last thing business needs are unreasonable impediments on the sale of goods and services. Hasn’t all the bailout and stimulus spending been focused on unfreezing credit markets so folks can spend money and boost the economy?
In these tough economic times, driving business into the showroom is more important than ever. Many merchants invest significant resources into advertising their products in a manner designed to entice potential customers.
Dealers have helped tell the story of Chrysler, Ford and General Motors, but who's telling their story? One dealer is, and he needs your help. Find out what you can do.
In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.
Tough times usually mean an increase in the number of consumer complaints filed against retailers and creditors, at least that's been the case in my experience. So, as we face what many believe will be a difficult year for profits, it’s probably a good idea for you to be diligent about enforcing your store’s compliance policies and procedures.
In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.
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