AUGUST 16, 2011

IN THIS ISSUE

DEALER NEWS & INFORMATION

Auto Industry News at a Glance

 

REGULATORY & LEGAL UPDATES

Record Retention Guidelines - Credit Reports

Reminder: License Fees Increased July 1st

 

UPCOMING SEMINARS

Upcoming Seminars

FREE Webinar: How to Eliminate or Reduce Fines from OSHA, EPA, and DOT


CALENDAR OF EVENTS
Upcoming Events

CADA Annual Golf Event

NADA Washington Conference

2012 NADA and ATD Convention & Expo

Colorado Dealer Breakfast


DEALER MILESTONES,
HIGHLIGHTS & TRANSITIONS

Share Your Accomplishmens

 

THE AFTERFACT

All the News That's Fit to Email!


ARCHIVES

CLICK HERE for Open Road
e-newsletter archives.

CLICK HERE for an Index of Regulatory
& Legal Articles
from the Open
Road e-newsletter.

CLICK HERE for Bulletin archives.

CLICK HERE for Colorado Auto
Outlook
archives.

CLICK HERE for Denver Auto
Outlook
archives.


ONLINE REGISTRATION

CLICK HERE to register online
for various CADA seminars & events.


MEMBERSHIP RESOURCES

CLICK HERE for details on the
Speaker and Educational
Resources
.

CLICK HERE for a list of current
Endorsed Vendors/Programs
.

CLICK HERE for a list of current
Allied Members
.

CLICK HERE for an order form for
CADA forms
.

CLICK HERE for information on all member services.



www.nada.org


www.aiada.org

CLICK HERE for NADA
Regulatory Affairs information
.


STATE GOVERNMENT RESOURCES

CLICK HERE for the Auto Industry
Division
of the Colorado Dept.
of Revenue.

CLICK HERE for the Title and
Registration section
of the
Colorado Dept. of Revenue,
Motor Vehicles Division.

CLICK HERE for the Colorado
Department of Labor &
Employment
website.




Visit us at www.coloradodealers.org.


CADA Hours of Operation
Monday to Thursday, 7 a.m. to 5 p.m.
Friday, 7 a.m. to 4 p.m.

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CADA STAFF

CLICK HERE for a CADA staff listing


If you have questions
or suggestions
regarding this
e-newsletter, please
contact Lauren Stadler at
lauren.stadler@coloradodealers.org

CLICK HERE or scroll to the bottom
of this page if you want to be
added or removed from our list.


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ENDORSED VENDOR/PROGRAMS

CLICK HERE for information about the
Endorsed Vendors/Programs
.

 

 

 

 


If you have trouble viewing any of the links or documents in this e-newsletter, please CLICK HERE to access the web-based version.


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 AUTO INDUSTRY NEWS AT A GLANCE

Listed here are several articles pertaining to the
auto industry in general that appeared recently in newspapers and other media outlets across the nation.



…more news articles are included at the end of this issue.




RECORD RETENTION GUIDELINES - CREDIT REPORTS
Re-run from CADA Open Road, October, 31, 2007

QUESTION:  What are the recommendations for retaining and/or shredding consumer credit reports given both the safeguards rule to protect this information, and the need to keep deal documents as proof of compliance or in defense of a consumer complaint or lawsuit?

ANSWER:
The answer varies between those who become customers and those who do not:

1. CREDIT APPLICANTS WHO DO NOT BECOME A CUSTOMER =  SEVEN YEARS
The Colorado Statue of limitations is longer than the relevant federal statutes of limitations (FACT Act / FCRA, five years), so state law necessitates seven years. This includes any circumstance where an application was received and/or a credit report was run but a car was not sold or leased (not just those where the credit was denied * ).

* IMPORTANT REMINDER:  If a consumer is denied credit, check to ensure you are notifying the consumer of any “adverse action” taken due to their credit report.

2. CREDIT APPLICANTS WHO DO PURCHASE AND BECOME A CUSTOMER =
    TEN YEARS

For a completed deal, it is generally the state law statute of limitations relating to potential lawsuits that determines the recommended timeframe. In Colorado, it is recommended that deal jackets and related customer files (including the credit application and the credit report) be retained for TEN YEARS to ensure records are available for lawsuits that could arise against a dealer.

CLICK HERE for an overall Record Retention Checklist covering all dealership files.

* * * * * * * *

REMINDER: LICENSE FEES INCREASED JULY 1ST  

The Motor Vehicle Dealer Board approved a 5% increase in license fees for July 1, 2011 to June 30, 2012.  CLICK HERE for  the latest fee schedule.  A dealer license is now $435, and a new salesperson application is $105.  Off-premise sales applications remained the same at $250.  A reminder that license fees are subject to change once each year on July 1st, and the new schedule is always made available on the Auto Industry web site prior to July 1st each year.  Visit http://www.colorado.gov/revenue/AID under “Forms and Publications”.   Be sure to remit the updated fee amount—most state license application forms do not include the fee amount since they are subject to change each year. 

* * * * * * * *

If you have questions on any legal or regulatory topic, please contact:

DISCLAIMER: CADA is not authorized to dispense legal advice.The information contained in this weekly email is intended to provide important updates and reminders regarding statutes, litigation, and regulations. CADA always advises that dealers should consult legal counsel on the specifics of any laws or regulations to ensure proper compliance


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FREE WEBINAR: HOW TO ELIMINATE OR REDUCE FINES FROM OSHA, EPA, AND DOT
Keep a small fine from becoming a big one and eliminate the most common causes for penalties.

The Federal Agencies, FAA, DOT, EPA, and OSHA, take it seriously when they determine a business is not properly caring for the safety of employees and the overall health of the environment. Understanding the penalty process used by these organizations can help you better understand what types of violations carry the greatest penalties. Join Wayne Curtis to learn about Federal penalty policy for dealerships and how you can protect your business.

Presented by Wayne Curtis
Wayne has a Masters in Environmental Economics and Management along with 10 years of work experience in Environmental, Health and Safety compliance. Since his start with KPA in July of 2003, Wayne has overseen compliance and safety operations impacting over 1,000 dealerships across 20+ States.  Wayne is based out of our Southeast District Office in Duluth, GA.  

Thursday August 18, 2011
10:00am - 11:00am Mountain

Register Online!

* * * * * * * *

aTO REGISTER ONLINE FOR ANY CADA
SEMINAR OR EVENT, PLEASE VISIT:

www.coloradodealers.org/registration
Event Description
Date/Time
Location

FREE WEBINAR: How to Eliminate or Reduce Fines from OSHA, EPA, and DOT


Thursday, August 18
10:00am - 11:00am

Register Online!

If you have a particular area of interest or would like to suggest a training seminar topic, please contact Lauren Stadler at 303.457.5123 or lauren.stadler@coloradodealers.org


CADA ANNUAL MEMBER GOLF EVENT

Monday, September 12, 2011

GREEN GABLES COUNTRY CLUB
Schedule of Events:

11:00 am Registration, boxed lunches, practice range

12:00pm Shotgun Start

Awards Reception immediately following play

Registration online!

CADA Dealer Member Registration

CADA Endorsed and Allied Member Registration

CLICK HERE to learn more about sponsorship opportunities!



Event Description
Date/Time
Location

CADA
Annual Golf Event



Monday, September 12, 2011

12:00pm Shotgun Start


Green Gables Country Club
6800 West Jewell Avenue
Denver, 80232

Registration online!

CADA Dealer Member Registration

CADA Endorsed and Allied Member Registration

NADA Washington Conference



September 20-21, 2011


JW Marriott Hotel
1331 Pennsylvania Avenue N.W
Washington, DC

Register online today!

2012 NADA & ATD Convention & Expo

February 3-6, 2012


Las Vegas, NV

Register Online!

Colorado Dealer Breakfast

Sunday, February 5
7:30 am - 9:00 am


Las Vegas Hilton
Ballroom D
3000 Paradise Road
Las Vegas, NV  89109

More details coming soon!




LET US KNOW ABOUT YOUR ACCOMPLISHMENTS!

Have you or anyone else at your dealership won an award recently? Have you or your dealership provided any outstanding community service? We want to recognize such accomplishments. Please send us a brief write-up of the award or event along with any other information to milestones@coloradodealers.org. Also include your contact information for further follow-up.


THE AFTERFACT

  • Ford confronts slower growth in new car sales in Asian market
    The Detroit Free Press, August 11
    Ford, which is betting heavily on its growth strategy in China and India, is starting to see lower prices on certain vehicles as the growth of new car sales slows in the world's largest market, its top Asian executive told analysts Wednesday.
  • Gas Tax Fight Looms
    Forbes, August 14
    The federal gas tax is 18.4 cents per gallon of gasoline (and 24.4 cents per gallon for the handful of you who still rely on diesel). That rate hasn’t changed since President Clinton was in office – in 1993 – and is, remarkably, not indexed to inflation.
  • Ford pushes expansion in China, India to catch rivals
    The Detroit News, August 11
    Ford Motor Co. is convinced its aggressive expansion plans to introduce more models, add dealerships and build assembly plants in China and India will allow it to quickly catch up to more entrenched automakers in these key emerging markets.
  • Strapped Americans try to stretch car dollars
    USA Today, August 10
    For the past four months, Margaret McCormick's 2001 Toyota Celica has been sitting in the parking lot of her condo complex, with one flat tire and a broken transmission.
  • GM picks A123 Systems for battery pack contract
    The Detroit News, August 11
    General Motors Co. says battery maker A123 Systems Inc. will produce batteries to be used in future electric vehicles being sold in select global markets.
  • Ram to partner with Wal-Mart for pickup events
    Detroit Free Press, August 11
    Chrysler’s Ram truck brand is planning to launch a partnership with Wal-Mart Stores this fall to promote its pickup trucks at thousands of stores across America.

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Colorado Automobile Dealers Association
290 East Speer Boulevard Denver, CO 80203
Telephone: 303.831.1722 | Facsimile: 303.831.4205
www.coloradodealers.org