Protecting and restoring the health of all Americans is rightly the top priority of the Biden administration as COVID-19 continues to claim thousands of lives daily across the nation. In addition to the physical and emotional toll, the virus continues to depress economic activity — in some sectors more than others. Ramping up vaccine production and promotion will get the most people back to work in whatever the next new normal will be.
For now, congressional leaders and administration officials are working on a relief package to revitalize the U.S. economy. It must be shrewdly crafted or billions will be wasted to the detriment of taxpayers everywhere.
A survey of auto dealers going into this year's virtual NADA Show indicated that 34 percent of respondents want to participate in a second round of forgivable Paycheck Protection Program small-business loans. This is after almost two-thirds of respondents made more money in 2020 — even amid a pandemic — than they did in 2019, and half said they expect 2021 results to top those of 2020.
These are not the survey results of an industry that needs federal intervention to survive. When so many other industries, including hospitality and travel, continue to suffer devastating losses, it looks like naked greed, pure and simple.
These pages have long advocated for the success of franchised auto dealers, recognizing their vital role as employers and leaders in their local communities. But in these times, dealers need to turn their considerable lobbying power in Washington — through the National Automobile Dealers Association and other groups, as well as through their own relationships with elected officials — toward advocating for economic relief for those who need it most.
Aid should go to the people, industries and institutions hardest hit by the calamity, including state and local governments, which have faced an array of rising costs while tax revenues fall far below projections. Focusing federal relief on those most in need will have the strongest impact on the U.S. economy. In time, a larger slice of consumers will be able to purchase vehicles — maybe even new ones.
It takes chutzpah to seek a handout after record profits and while others go hungry. Consumers will remember that.
This industry would be wise to look past self-interests right now and focus on our fellow citizens in their hour of need.
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February 01, 2021 at 12:00PM
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US economy needs assistance, but auto dealers do not - Automotive News
"assistance" - Google News
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