December 16, 2014



Online Automotive Platform Sponsor

TITLE SPONSOR OF THE
2014 CHARITY PREVIEW PARTY

IN THIS ISSUE

a DEALER NEWS & INFORMATION

Colorado Dealer Breakfast

CADA Annual Meeting and 100 Year Anniversary Gala

Webinar: Dangers Lurking for Dealers With Massive Recalls

Auto Industry News at a Glance

Automotive News Best Practices

Clear The Air Foundation 60 Second Video

 

SPECIAL ANNOUNCEMENTS

We Deliver Business

 

UPCOMING SEMINARS

SAVE THE DATE! CADA Webinar on Recalls featuring Fairfield and Woods attorney Michael J. Dommermuth

KPA WEBINAR - Last Chance: Understanding New OSHA Injury Reporting Regulations

Upcoming Seminars

 

REGULATORY & LEGAL UPDATES

FTC Takes Action Against Two Auto Dealer Chains for Repeated Advertising Violations

 

ALLIED MEMBERS / ANNUAL MEMBER GOLF EVENT SPONSORSHIP ADS

Accelerated Services

Heider, Tanner & Dirks, Inc., CPA

35 Years of Raising the Standard In F&I

 

ENDORSED PROVIDER

UniFirst... The Nation's Preferred Auto Uniform Supplier

 

LEGISLATIVE UPDATE

NADA Supports Bipartisan Effort to Reform CFPB Auto Lending Guidance

CADA Bill Tracker


CALENDAR OF EVENTS

Upcoming Events


DEALER MILESTONES,
HIGHLIGHTS & TRANSITIONS

Let Us Know About Your Accomplishments!

 

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.


Need Acrobat Reader
to view linked
documents?
CLICK HERE for a FREE
download from Adobe.


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.
________

American Fidelity Assurance Company
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.unifirst.com

Uniforms / Standard Workwear
________

www.wfis.wellsfargo.com

Insurance Services

 


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


aCADA Open Road is now beginning its eighth year of service, providing uninterrupted weekly news and information for Colorado automotive professionals to better compete in our industry, since its first issue on
Jan. 3, 2007.


COLORADO DEALER BREAKFAST


CADA ANNUAL MEETING AND 100 YEAR ANNIVERSARY GALA

To view a slideshow of photos from the Annual Meeting and 100th Anniversary Gala Celebration click here!


WEBINAR: DANGERS LURKING FOR DEALERS WITH MASSIVE RECALLS

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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.


CLEAR THE AIR FOUNDATION 60 SECOND VIDEO


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FTC TAKES ACTION AGAINST TWO AUTO DEALER CHAINS FOR REPEATED ADVERTISING VIOLATIONS
NADA 60-Second Email, Dec. 12, 2014

The Federal Trade Commission (FTC) announced today (December 12) that it is taking action against two auto dealer chains for deceptively advertising the cost of buying or leasing a car. These actions follow consent orders the FTC entered into with the same dealer chains in 2012 to resolve allegations that they engaged in deceptive advertising related to negative equity and failed to satisfy the disclosure requirements that apply to credit and/or lease ads containing “trigger terms.”  Because the dealer chains agreed in those orders “not to misrepresent any material fact regarding the cost and terms of financing or leasing any newly purchased vehicle,” the FTC is now seeking civil penalties in addition to other forms of relief such as the imposition of extensive compliance monitoring, compliance reporting, and recordkeeping requirements.  

According to the FTC’s press release, one of the dealer chains has agreed to settle the charges and, as part of the agreement, pay a civil penalty in the amount of $360,000. The other dealer chain has not entered into a consent agreement, and the Department of Justice has sought remedies in that case by filing a complaint in federal district court. 

With regard to the dealer chain that settled the charges, the FTC states: “the dealerships and advertising company violated the 2012 FTC administrative order by frequently focusing on only a few attractive terms in their ads while hiding others in fine print, through distracting visuals, or with rapid-fire audio delivery. For example, some dealership ads promoted low monthly payments or attractive annual percentage rates and finance periods, while concealing other material items, such as low payments were for leases, not sales; major limits existed on who could qualify for discounts; and offers often included significant added costs.” With regard to the other dealer chain, the FTC states, in part, that it “allegedly misrepresented the costs of financing or leasing a vehicle by concealing important terms of the offer, such as a requirement to make a substantial down payment… [and] failing to make credit disclosures clearly and conspicuously, as required by the TILA.” 

These cases represent the fourth set of advertising enforcement actions brought by the FTC against auto dealers since 2012.  

* * * * * * * *

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.


 

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

Thursday December 18, 2014, 10:00 am Mountain Time
10-11am (MST)

Last Chance: Understanding New OSHA Injury Reporting Regulations

Tips to staying compliant with new OSHA 300 Log and injury reporting requirements.

In the past, new and used car dealerships have been exempt from completing and posting the OSHA 300 Log. However, effective January 1, 2015, a new rule will require that all dealers maintain an OSHA 300 log. Reporting requirements for serious injuries at all workplaces have also changed. Join Amanda Rawls, KPA Risk Management Consultant, and Kathryn Carlson, KPA Vice President of Human Resource Product, as they teach you how to how to keep your OSHA 300 log up-to-date, review the new requirements for injury reporting, and discuss how to train your staff on these changes.

Click here for upcoming Human Resources webinars.

Click here for upcoming EH&S webinars.


Previously recorded webinars are also available

aa

* * * * * * * *

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

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

CADA Webinar on Recalls featuring Fairfield and Woods attorney Michael J. Dommermuth 

Tues., Dec. 30

2:00-3:00pm

 

CLICK HERE for more info.!

KPA Weekly Webinar

Special Event: HR Practices Webinar for Group Dealerships


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


ACCELERATED SERVICES

* * * * * * * *

HEIDER, TANNER & DIRKS, INC. CPA

* * * * * * * *

35 YEARS OF RAISING THE STANDARD IN F&I


UNIFIRST... THE NATION'S PREFERRED AUTO UNIFORM SUPPLIER



NADA SUPPORTS BIPARTISAN EFFORT TO REFORM CFPB AUTO LENDING GUIDANCE
  
NADA is urging Congress to pass HR 5403, a bipartisan bill that nullifies the Consumer Financial Protection Bureau's (CFPB) flawed guidance on auto lending and requires more transparency and accountability from the agency on future guidance.

The new bill, "Reforming CFPB Indirect Auto Financing Guidance Act," would allow the agency to reissue its guidance under a more transparent process.

As previously reported by NADA, in March 2013, the CFPB issued guidance that threatens to eliminate the flexibility of new-car dealerships to discount the interest rate offered to consumers to finance vehicle purchases. The CFPB claims that negotiated interest rates between dealers and their customers create a significant risk of unintentional "disparate impact" discrimination. However, there are a variety of legitimate business-related factors that can affect finance rates, such as beating a competing rate.

"HR 5403 is needed because it requires the CFPB to follow a transparent process when issuing auto finance guidance," said NADA Chairman Forrest McConnell. "The bill would rescind the 2013 auto finance guidance and require public participation for future guidance before it is issued."

NADA urges dealers to contact their House members today to co-sponsor HR 5403.

Find your House representative 

View NADA brief on HR 5403 

* * * * * * * *

CADA BILL TRACKER

Follow the Colorado Auto Dealers Bill Tracker HERE!


Event Description
Date/Time
Location

Stay tuned!

 

 

 

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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.



ALL THE NEWS THAT'S FIT TO EMAIL!

  • Woman engineer will become director of Ram
    The Dallas Morning News, December 10

    Ram might be the most masculine pickup on the market, run presumably by big Midwestern guys in boots who like to hunt and bounce around off-road.
  • Car Lover Christmas Gift Idea: Automotive Apps
    Top Speed, December 10

    Fifteen years ago, if you were left unsatisfied by the information relayed by your vehicle’s stock readouts, you’d need to delve into the aftermarket, purchase a cluster or two, buy an individual gauge for each parameter you were interested in monitoring, tear out the dash, break out the wire splitters, and sweat over wayward electrons.
  • Faster is better in F&I, Power survey shows
    Automotive News, December 10
    The latest J.D. Power Sales Satisfaction Index Study underscores how important it is to get customers in and out of the F&I office as quickly as possible.
  • BMW brand outsells Audi and Mercedes globally but lead narrows
    Automotive News, December 10

    BMW brand reported its highest-ever November sales, beating Audi and Mercedes-Benz brand, but the two rivals remain on course to narrow BMW's 2014 lead in the global luxury car market.
  • Chevy Colorado beats F-150 for Truck of the Year
    CNN Money, December 3

    You might have figured Ford's new all-aluminum F-150 would be a shoo-in for Motor Trend's 2015 Truck of the Year award, but you'd be wrong. General Motors had its own all-new truck in the running and that vehicle, the mid-sized Chevrolet Colorado, took the prize.
  • Ford, GM, Chrysler cash in on posh pickups
    USA Today, December 15
    With luxury vehicles proving to be the hot, profitable part of the auto market, it would seem German or Japanese brands would be taking the lion's shares of sales. But actually, Detroit is cashing in -- and not necessarily because of brands like Lincoln and Cadillac.
  • Fiat Chrysler prices share offering at $11 each
    Reutuers, December 11

    Fiat Chrysler Automobiles NV said it had priced an offering of 87 million common shares at $11.00 each as the carmaker seeks funds to cut debt and pay for an ambitious investment plan.

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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