March 26, 2013



Online Automotive Platform Sponsor

TITLE SPONSOR OF THE
2013 CHARITY PREVIEW PARTY

IN THIS ISSUE

a DEALER NEWS & INFORMATION

Auto Industry News at a Glance

 

REGULATORY & LEGAL UPDATES

NADA and NAMAD Question CFPB's Approach in Its Guidance on Auto Lending

 

LEGISLATIVE UPDATE

CADA Bill Tracker

 

UPCOMING SEMINARS

KPA Weekly Webinar

Upcoming Seminars


CALENDAR OF EVENTS

19th Annual Damon Runyon Award Banquet

Upcoming Events


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.


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 Marsha Temple at
marsha.temple@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 PROVIDER/PROGRAMS

CLICK HERE for information about the
Endorsed Programs
.

Contact Polly Penna at CADA to request more information on any of the programs below: polly.penna@coloradodealers.org

Choosing a CADA endorsed provider supports our work for the Colorado retail vehicle industry.
________

www.afadvantage.com

Supplemental Employee Benefits
________

www.americanexpress.com

a Corporate Card - Rewards Program
________



www.bradfordpublishing.com

Dealer Retail Installment Sales Contract (“Rocky Mountain Bank Note”)
________

www.federatedinsurance.com

a General Liability
________

www.incom-direct.com

Merchant Transaction Processing
________

http://www.kpaonline.com/

HR Management & Online Compliance

Environmental / Health & Safety Compliance
________

www.lbtelecom.net

Telecommunications
________

https://www.nadart.org/

Retirement plan management
________

www.business.officedepot.com  

Office Supplies
________

www.siegeloil.com

Oil, Lubricants, Service Chemicals & Reconditioning Products
________

www.unifirst.com

Uniforms / Standard Workwear
________


www.pinnacol.com

Workers Compensation


 

 


If this e-newsletter does not display correctly,
CLICK HERE
to access the web-based version.


CADA Open Road is now beginning its sixth year of service, providing uninterrupted weekly news and information for Colorado automotive professionals to better compete in our industry, since January 3, 2007.


a


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.




NADA AND NAMAD QUESTION CFPB'S APPROACH IN ITS GUIDANCE ON AUTO LENDING
NADA 60-Second Email, March 22, 2013

Yesterday afternoon, the Consumer Financial Protection Bureau (CFPB) issued to those finance sources that are subject to its authority some unfortunate guidance concerning indirect auto lending. A copy of that guidance is available here and the press release announcing it here.

In response, NADA, together with NAMAD, issued a statement available here. Both the Regulatory Affairs and Legislative Affairs Committees will be discussing this issue in depth at their meetings early next month and will be refining NADA’s continued advocacy on this important issue.

Additional Perspective from Colorado Attorney, Mike Dommermuth, Fairfield and Woods, P.C.

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on March 21, 2013 directed to at least four finance companies that participate in indirect vehicle financing.    This bulletin notifies lenders that the CFPB is contemplating enforcement actions against the finance companies over dealer-assisted financing.  The CFPB apparently believes that the dealer-assisted financing practices create a “significant risk of pricing disparities on the basis of race, national origin” or other protected groups.  The CFPB’s methodology supporting these findings is suspect and subject to legal challenge.

The contemplated enforcement action is a thinly-veiled, backdoor attempt to regulate motor vehicle dealers by the CFPB.  Recall that NADA successfully lobbied Congress to exempt motor vehicle dealers from the regulatory authority of the CFPB when the CFPB was created.  However, this bulletin is clearly directed at dealers.

NADA and NAMAD (National Association of Minority Automobile Dealers) promptly issued a joint response challenging the CFPB’s Bulletin.  Their response discusses the benefits of dealer-assisted financing to consumers, including increased access to and reduced costs of consumer credit for millions of Americans.

Dealers should be prepared to support CADA and NADA in their efforts to defeat the CFPB’s efforts to regulate dealer-assisted financing.

Dealers may also want to consider a proactive approach by adopting a financing policy that contemplates a standard rate for dealer participation and the use of a standard rate exception process to document the basis for any deviation from that standard rate.  Such a process may help satisfy various lenders in terms of their exposure on this issue.  A good example of a policy can be found through subscription to www.autodealerlaw.com/fairlending.*  It is likely that lenders, faced with this strong pronouncement from the CFPB—regardless of underlying merit—will  begin to place increased mandates and restrictions on dealer assisted financing.  

*NOTE:  Those who attended CADA’s Auto Dealer Law training presentations (in September, 2012) by Rob Cohen and purchased the Auto Dealer Law guide should have received access to the above web site—a one-year subscription was included with the guide.  A few additional copies of this guide are still available from CADA at the $295 price (a $100 discount from the regular rate) and will include a one-year subscription to their web site.  CLICK HERE for an order form; contact Tammi McCoy at CADA with questions.

* * * * * * * *

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

Tammi McCoy, VP, tammi.mccoy@coloradodealers.org, 303.282.1449

Tim Jackson, President, tim.jackson@coloradodealers.org, 303.282.1448

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

* * * * * * * *



CADA BILL TRACKER


Follow the Colorado Auto Dealers Bill Tracker HERE!



KPA WEEKLY WEBINAR: 
Covers an Environment & Safety or an HR topic each week

Every Thursday

10:00-11:00am (MST)

CLICK HERE for upcoming topics and to register!

Previously recorded webinars are also available at the above link.

aa

* * * * * * * *

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

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

KPA Weekly Webinar

Covers an Environment & Safety or an HR topic each week


Every Thursday  

10:00-11:00am (MST)


CLICK HERE for upcoming topics and to register!

Previously recorded webinars are also available at the above link.

If you have a particular area of interest or would like to suggest a training seminar topic, please contact Marsha Temple at 303.457.5123 or marsha.temple@coloradodealers.org


19th Annual Damon Runyon Award Banquet

Friday, April 12, 2013
Time:
Silent auction 6-7:30 p.m.
Doors open 6:20 p.m.
Dinner 7 p.m.
Program 7:55 p.m.

Event Venue
Marriott City Center
1701 California Street

Register Online!

* * *

The Denver Press Club presents its premier event of the year, the 19th Annual Damon Runyon Award Banquet. Our honoree and guest speaker is Mike Lupica, sportswriter and cityside columnist for the New York Daily News, broadcaster, radio host and book author.

Tickets are $90 for members of the Denver Press Club, Denver Woman's Press Club, Colorado Press Women, the Colorado chapter of the Society of Professional Journalists, the Colorado chapter of the Public Relations Society of America and the Colorado Association of Black Journalists. For the general public, tickets are $110 each.
This event is open to everyone. In addition, DPC offers a $25 ticket to attend the VIP reception at the club, which goes from 5-6 p.m.

MANDATORY RESERVATIONS



Event Description
Date/Time
Location

19th Annual Damon Runyon Award Banquet





Friday, April 12, 2013
Time:
Silent auction 6-7:30 p.m.
Doors open 6:20 p.m.
Dinner 7 p.m.
Program 7:55 p.m.

 

Marriott City Center
1701 California Street

Register Online!




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.



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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