Well they have the Gold Cup every two years for CONCACAF.
I have long advocated merging CONCACAF and COMNEBOL. Sure it would be a little more tricky for the US to qualify if they had to deal with playing Brazil or Argentina, but it sure would make for a lot more meaningful games.
And actually in 2016, there will be such a tournament. The Copa America, which normally is held in South American for COMNEBOL, is going to be held in the US, and will include six teams from CONCACAF.
It is a one-off to celebrate the Centennial of COMNEBOL, but if it is a success, I could see it becoming permanent, and held concurrently with the Euro.