NAMAD Sends Letter of Support to the United States Treasury Department
On November 11, 2008 NAMAD President Damon Lester sent a letter to Secretary Paulson and Chairman Bernanke urging the Treasury Department to provide immediate access to capital under either the Emergency Economic Stabilization Act or other, current lending authority.
Specifically, I have asked the Treasury Department to:
when reviewing any request associated with automobile manufacturers' "captive" finance companies, a thorough review also be conducted as to the impact automobile dealers play with the financial institutions. I also urge that financial assistance be provided to dealers at low interest rates and on favorable terms;
dealer representatives be included in the discussions with automobile manufacturers. A healthy dealer body leads to a healthy automobile industry and a healthy economy;
a temporary release in the lending requirements be granted to allow automobile dealers access to capital and favorable floor plan loans, which include low interest rates. I also urge that loans be made directly to automobile dealers through the federal government;
establishment of a comprehensive automotive industry restoration package that will also provide distressed automotive dealerships owners and operators immediate access to funding that would accommodate their credit needs;
NAMAD Sends Letter of Support to President Bush for NADA Proposal to Implement Dealer Assistance Program
On November 4, 2008 NAMAD President Damon Lester sent a letter to the White House urging President Bush to provide immediate access to capital by way of an Automobile Dealer Emergency Loan Program and to implement steps to assist the entire retail auto industry.
Specifically, I have asked the President to:
Work with the Small Business Administration to immediately provide access to capital by way of an Automobile Dealer Emergency Loan Program.
Declare ethnic minority automobile dealerships a national economic disaster to qualify them for the Economic Injury Disaster Loan (EIDL) Program that is administered by the Small Business Administration
Provide refundable tax credits for car and truck buyers.
Federal support for "cash-for-clunkers"
Accelerated expensing/depreciation for vehicles
I've urged the President to act immediately to provide assistance to ethnic minority dealers to ensure the recovery of the nation's auto industry.
