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article imageNevada auto dealers visit Sen. Reid to talk 'Cash for Clunkers'

By Jay David Murphy     Sep 18, 2009 in Business
Representatives from the National Auto Dealers Association visited with Senator Harry Reid in Washington to thank him for the help in extending the "Cash for Clunkers" federal incentive program.
The “Cash for Clunkers” federal program was a big success with car buyers this summer during the critical months of auto sales. But the federal program has been a little slow to pay dealers the incentive monies they built into deals.
Representatives of the National Auto Dealers Association (NADA) visited with Nevada Senator Harry Reid to thank him for his leadership in extending the “Cash for Clunkers” program.
Wayne Frediani, the executive director of NADA and David Regan, Vice President, and Ivette Rivera, Executive Director of Legislative Affairs for NADA, also discussed repayment of dealers in the program.
Sen. Reid has previously written a letter to Secretary Lahood on behalf of Nevada’s car dealers, expressing the their concern that the Department of Transportation has not been prompt in processing dealers claims as a part of the program.
This meeting and the Senator's letter to the DOT may speed up the remittance to dealers who honored the federal program.
Their biggest concern is that the new cars they sold were “floored” by the manufactures (flooring is credit extended to the dealers from auto manufactures) and they must be paid promptly to avoid extra interest payments by the new car dealers.
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