MIAMI BEACH, Fla. -- What do you pay for chicken at the grocery?
Texas auto dealer Robert Turner and Patrice Ficklin, fair lending director at the Consumer Financial Protection Bureau, used the price of chickens at the supermarket to explain their positions on auto loan pricing during a lively give-and-take following Ficklin's speech at the annual National Association of Minority Automobile Dealers conference here.
As his dealer colleagues listened intently, Turner said every business buys goods at a wholesale price and sells them at a retail price. For example, grocery stores buy chickens for wholesale prices and then sell them at higher retail prices to cover overhead expenses, he said.
"Why should this industry be any different?" said Turner, in what became a lengthy soliloquy.
"All the dealers in the country provide a service. We spend millions of dollars to make sure that every consumer not only has the automobile they want to drive but also has the ability to keep that car rolling. It costs dealers millions of dollars to pay people.