JACK KAIN TAKES NADA HELM

New NADA chairman Jack Kain

January 31, 2005—Incoming NADA chairman Jack Kain warned dealers during today’s general session that the F&I issue isn’t going away: “We expect more controversy, more media attention, and more state legislative action in the months ahead.” In fact, California has already reintroduced legislation to restrict dealer financing, and trial lawyers have announced plans to file more lawsuits. “So as you can see, this issue will not be resolved soon.” Kain added, “Our response must be open and straightforward and based on a greater transparency in the car-buying process.”

Another way to combat negative publicity about dealership business practices: Run the kind of company that emphasizes repeat business and customers for life, said Kain. The Kentucky Ford/Lincoln Mercury dealer told convention attendees he will work to improve dealers’ public image during his chairmanship. “Dealers are always ranked near the bottom of the list of whom the public trusts most,” he noted. “We dealers do too much for our customers, communities, and for our nation not to be held in higher esteem....I will not be satisfied until all of us are near the top of that list.”