Used Car NewsUsed Car News

  • ABG +0.14 - +0.29%
  • AN +0.05 - +0.11%
  • CACC -0.04 - -0.02%
  • CAR -0.98 - -3.82%
  • CARZ -0.60 - -2.05%
  • CPRT +0.02 - +0.06%
  • CPSS +0.00 - +0.00%
  • CRMT +0.90 - +3.94%
  • DAI
  • F -0.17 - -1.50%
  • FIATY +0 - +0%
  • GM -0.81 - -2.92%
  • HMC -0.48 - -1.89%
  • HTZ -0.43 - -5.71%
  • KAR -0.35 - -1.08%
  • KMX -0.98 - -2.27%
  • LAD +0.19 - +0.24%
  • MZDAF -1.15 - -7.66%
  • NSANY -0.27 - -1.56%
  • PAG +0.25 - +0.80%
  • SAH -0.37 - -2.26%
  • TM -1.69 - -1.58%
  • TRAK +0.00 - +0.00%
  • TSLA +6.80 - +4.73%
  • TTM -1.85 - -8.26%
  • VLKAY +0.20 - +0.82%
  • VROM

Featured News

Subprime Finance Grows as Delinquencies Remain Low
U.S. automotive loan balances climbed 11.5 percent to reach $987 billion in the fourth quarter of 20...

Read more

Subaru Says Hoods Might Open Unexpectedly
Subaru of America Inc. is recalling 77,000 model year 2006-14 Tribeca vehicles manufactured Nov. 16,...

Read more

Columbus Fair Names GM
Columbus Fair Auto Auction has named Chuck Dearing as general manager.

Dearing will brin...

Read more

Consumers Claim More Than $2 Million for Lemons
New York's Attorney General announced that more than $2 million was refunded in 2015 to 53 New York ...

Read more

Subprime Finance Grows as Delinquencies Remain Low
Subaru Says Hoods Might Open Unexpectedly
Columbus Fair Names GM
Consumers Claim More Than $2 Million for Lemons...

Used Car News | Home

Proposed CFPB Director Gets High Marks from Dealer Association

Richard Cordray, President Obama's nominee to head the Consumer Financial Protection Bureau, comes with a reputation as somebody who works well with business owners, including used-car dealers.

Cordray has a long history in government. He most recently served as Ohio's attorney general.


Jim Mitchell, executive director of the Ohio Independent Automobile Dealers Association, dealt with Cordray regularly.


"He was fair," Mitchell said. "That's all we can ask of any of our regulators."


Keith Whann, counsel for the National Independent Automobile Dealers Association, operates out of Ohio. He knows Cordray well.


Whann called him "a good guy" who is very bright and fair minded.


He said Cordray takes a balanced approach. He looks at what's best for both businesses and consumers.


Most importantly, Cordray is an experienced regulator.


"What you always want is uniform interpretation and a consistent approach," Whann said.


One criticism of Elizabeth Warren, who has been overseeing the Bureau's ramp up, is her lack of management experience. The new agency's learning curve becomes flatter with Cordray at the helm.


"He's used to running an office with hundreds of lawyers dealing with all sorts of business," Whann said.


The other criticism of Warren is she's too idealistic.


"She may have good ideas, but she was far too polarizing to get anything accomplished," said attorney Michael Benoit.


Cordray is already getting criticized by both the left wing of the Democratic Party, as well as the right wing of the Republican Party.


"If both parties don't like him, that's good," Whann said.