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Stephen Wade Elected 2011 NADA Chairman

The National Automobile Dealers Association (NADA) announced at the end of last week the name of its chairman for 2011. Replacing Ed Tonkin as chairman will be Stephen Wade, the 67 year old who owns the Stephen Wade Auto Center in St. George, Utah. Helping Wade in achieving his goals will be vice chairman William P. Underriner, the owner of the Underriner Motors in Billings, Montana.

The two new NADA officials plan to continue on the same line as this year, with the main focus for 2011 being avoiding the potential damages to dealers which rules to be created by the new US Consumer Financial Protection Bureau might cause.

The Consumer Financial Protection Bureau, to be jump started under the guidance of Harvard law professor Elizabeth Warren, will be in charge with overseeing consumer financial products such as mortgages and credit cards. It will also have the power to regulate financing of consumers' auto purchases provided by banks, credit unions and other lenders.

“It's the regulatory unknown we're dealing with,” Wade told Autonews. “We're not out of the woods yet.”

Wade will inherit a dealers' association which fought like crazy for its members last year, when GM and Chrysler was pulling the dealers to the bottom of the sea so that they can get back to surface; it however managed to do little.

Wade himself was in the middle of a controversial story, last year after having accepted a Chrysler franchise in December 2009, after a competitor was rejected by Chrysler during its bankruptcy process.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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