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CADA 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
Tickets for the 7th Annual Charity Preview Party are available for purchase at www.CharityPreviewParty.com or by clicking here. Early bird pricing of $99.00 is available until March 24th. Starting March 25 through the day of the event, the price is $120.
The Colorado Automobile Dealers Association (CADA) is proud to present the 2015 Denver Auto Show. The five-day show opens to the public on Wednesday, April 8th and runs through Sunday, April 12th. On Friday, April 10, 2015, from 5 pm – 10 pm, CADA is pleased to once again offer “Industry Night” for all dealership employees. Industry Night allows each employee to bring two guests and/or immediate family members (two adults and three children maximum) to enjoy the auto show free of charge. CADA is sending promotional posters and a sample employee verification letter to each store in the state this week, so be on the look out for these materials in the next few days.
For free admittance, please present the following at the Exhibitor Check-In Desk (Upper F Lobby outside the show entrance):
Please note that Industry Night is the only night dealership personnel are admitted free of charge to the show. They will be charged general admission prices at all other times.
If you have questions, please contact Jordan Wagner at 303-831-1722 or e-mail Jordan.email@example.com.
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The 2015 Denver Auto Show is quickly approaching and with that comes the return of the highly sought after and incredibly successful $2 off 2015 Denver Auto Show Dealer Coupon!
CHECK OUT CADA'S BLOGS
CADA also recently unveiled a new events and updates blog, which you can follow by clicking here.
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Listed here are several articles pertaining to the auto industry in general that appeared recently in newspapers and other media outlets across the nation.
NADA RELEASES ARTICLE ON WAYS TO PRESERVE CASH FLOW WHEN RECEIVING FACTORY IMAGE PAYMENTS
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ELECTRONIC LIEN & TITLE IMPLEMENTATION ON TRACK FOR MAY 1ST
Electronic Lien and Title (ELT) will soon be rolling out in Colorado – May 1st is the target implementation date. An industry working group consisting of the dealer associations, the credit union association, Ent Federal Credit Union, Bellco, and others helped drive this legislation forward – HB13-1289 was passed in 2013. The Department of Revenue (DOR) has been working hard to move this project forward, implement the computer system changes necessary, and develop materials to help all understand how it will work. A webinar, FAQs, and more information will be coming in early April from DOR. [Click here for the state ELT page; the state has begun to post this information]. Meanwhile, dealers will likely start receiving notices from lenders that plan to participate.
Implementation and transition to electronic liens/titles will happen gradually as lenders must sign up with ELT service providers and any new transactions are then elected to be processed electronically. Titles currently issued and in existence will be processed as they are today.
Under this new system, lenders must sign up with an ELT service provider that facilitates the exchange of data with the state. After a lender becomes a registered “ELT” lender, paperwork will then be submitted with this ELT number*; then for the duration of the lien the title record and lien information is stored electronically. Then, when the vehicle is paid off, that lender will transmit the ‘lien release’ to the state in a nightly data process. The lender will not have to track, file and retrieve a paper title. Additionally, in that data transmission, the Lender will be able to direct the state to mail the title directly to a dealer that paid off the lien. Through this process, titles/liens will begin to move electronic as new deals are done.
Key benefits to dealers include:
*ELT Number: A key aspect of the electronic process will require that dealers obtain the lender's ELT number in order to include it on the title application. The ELT# can be printed /noted in the name/address box on the existing title application, and DOR will likely provide an updated title application with a space for this information as well. It is only by inclusion of the lender ELT number that the title/lien moves electronic.
More information will be coming out in the month of April.
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If you have questions on any legal or regulatory topic, please contact:
Tammi McCoy, VP, firstname.lastname@example.org, 303.282.1449
Tim Jackson, President, email@example.com, 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.
Thursday April 9, 2015, 10:00 am Mountain Time
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Did you miss CADA¹s December 30 webinar on recalls featuring auto industry attorney Michael Dommermuth?
Purchase it On Demand!
Contact Trainor Walsh for more details:
KPA Weekly Webinar
CLICK HERE for upcoming topics and to register!
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 firstname.lastname@example.org
Federated Insurance’s “Claim of the Month” – Could it happen to you?
A sales rep drove a high-end demo home. That evening, she took friends out for dinner and drinks. On the way home, she caused an accident that resulted in two serious injuries, and the death of a single mother of three.
CLAIM AMOUNT: $3.5 million
What policies are in place to help prevent this from happening at your dealership? Do you know who’s driving your vehicles? Federated Insurance recommends several best practices to help protect your business and manage risks; for example,
These are just a few loss control recommendations you can use to help protect your dealership. To learn more, contact your local Federated Insurance representative and request a copy of our Auto Dealer “Keys to Success” risk management education materials. Federated Insurance is recommended by 18 state and national auto dealer associations just like yours for customized insurance programs and value-added risk management services, such as Federated’s Shield Network®, the Risk Management Resource Center, and the Federated Employment Practices NetworkSM. Visit www.federatedinsurance.com to discover resources you can use to create or ramp up your own risk management program, or to contact your local representative.
CLICK HERE to download a copy of this article.
Federated Mutual Insurance Company • Federated Service Insurance Company* • Federated Life Insurance Company Owatonna, Minnesota 55060 • Phone: (507) 455-5200 • www.federatedinsurance.com *Not licensed in the states of NH, NJ, and VT.
This article is for general information regarding risk prevention and should not be considered legal advice. The claim example is only a basis for discussion and illustrates only one possible scenario. Coverage for actual claims will be determined solely by individual policy terms and facts of the claim. The recommendations presented are not guaranteed to reduce or eliminate any risk of loss. Seek qualified counsel regarding questions specific to your circumstances. © 2015 Federated Mutual Insurance Company.
Federated Insurance specializes in general liability/business insurance for selected industries, including auto dealers. CADA members interested in more information, contact Mike Russell, Senior Account Executive, Cell: 480.216.5445 or email@example.com
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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.
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Colorado Automobile Dealers Association
290 East Speer Boulevard Denver, CO 80203
Telephone: 303.831.1722 | Facsimile: 303.831.4205