Automotive Group Leader Aaron Jacoby Speaks with Automotive News Regarding How the White House Could Shake Up Auto Finance
Automotive Group Leader Aaron Jacoby recently spoke with Automotive News about how more restrictive regulations and enhanced enforcement are likely on the horizon for the auto industry under President Joe Biden, which could have a significant impact on the nation’s dealers.
The article, which also talked about how maintaining proper procedures and managing compliance programs in the finance and insurance office should ease anxiety provoked by any uptick in federal scrutiny, quoted Aaron as he talked about how the industry is already heavily regulated and that many of the “bad outcomes” should be taken anecdotally and not as global statistical evidence of untoward practices.
“It’s not absence of regulation that is causing people to do bad things,” Aaron said. “It’s bad actors that are doing bad things.”
He went on to note that dealers should be still be concerned and politically aware of any efforts to severely limit or eliminate dealer-assisted financing, and that they also should assist NADA and their state associations with efforts to argue the position in favor of maintaining dealer reserve.
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