We hope you and your families are safe and well. While it has been a couple of weeks since our last update, much work has gone on to continue our support of our NAC customers and each other. I am sure you are asking the same as most people in our country – When will we get back to some sense of normalcy? That is something that no one seems to be able to answer, even after six weeks. I can tell you that our goal is to make sure that we do all we can to ensure the health and safety of our NAC family. That said, we feel strongly that until the CDC provides guidance otherwise, we will continue our work-from-home status.

Even though we are not physically together, we are making things happen virtually. Our team has adapted, and I could not be more thankful for the effort and passion that we show each and every day. While we never know what tomorrow will bring, the Senior Leaders are working constantly to maximize our cash flow and are making as many adjustments as we can to ensure we remain financially strong. As we have outlined in previous communications, our goal is to preservice cash, support each other and support our customers.

One thing that I personally felt compelled to do in the past few weeks was to figure out how we could help F&I managers and their families who are in need – Supporting those who have supported us. As an industry group, no one has ever put something together to exclusively help F&I managers. They are the people who sell our product, support our industry and allow us to have the jobs we do. With that in mind, I sent a letter to 20 companies like ours, many of which are our competitors. My message was simple: let us all join forces and come together to donate funds to help those F&I managers in need. I personally committed $10,000 with a match from our company. To my surprise, 18 of the 20 companies committed more than $230,000 in only the first three days.

We have been lucky to receive an outpouring of support from various industry publications that are helping us get the word out about this effort – connecting us with more donors and making more F&I managers aware of this resource. See below for some press clippings including an insightful article from Auto Dealer Today.

Providers and Administrators Unite to Help F&I

7 top F&I execs to lead new relief fund for dealership finance managers

Relief fund offers aid for F&I managers impacted by COVID-19

F&I Providers Relief Fund announces $1 million fundraising goal

Much work has gone into this, and we have already warded dozens of grants to F&I managers in need. I hope that this gives you some idea of the commitment NAC has to the industry. Our goal remains the same – Putting Care into all we do.

Thank you all again, and let me know if you have any questions or comments.

Sincerely,

Tony