Senate Vote Exempts Auto Dealers From Extra Regulation (LAD, ABG, CPRT, CRMT, AN, SAH, GPI)
A Senate vote on Monday, which passed 60 to 30, proposes that auto dealers would not fall under the jurisdiction of the new regulatory body for consumer financial protection. More specifically, the loans that auto dealers offer would be exempt from oversight by the new regulatory body.
According to The New York Times, 52% of auto dealers’ profits in 2008 came from financing and insurance plans they offer on their cars, and dealers made more on these plans than they did on actual car sales in 2008. If the final version of the financial overhaul bill does contain this exemption, it will be good news for auto dealers.
Investors can track the Auto Dealer Stock Index, for performance trends and a suite of other metrics at tickerspy.com.
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