August 18, 2015

TITLE SPONSOR OF THE
2015 CHARITY PREVIEW PARTY

IN THIS ISSUE

SPECIAL ANNOUNCEMENTS

Final chance to RSVP for the Aug. 20 CADA Next Gen Dealer Event

Calling All Service Managers

Colorado D&H and Federal Advertising Enforcement

CADA Regional Meetings Road Trip

CADA Would Like To Thank Our Sponsors From the Charity Preview Party

Check out CADA's Blogs

 

UPCOMING SEMINARS & EVENTS

Calling All Service Managers

Colorado D&H and Federal Advertising Enforcement

KPA WEBINAR: Combating F&I Risk: Simple Steps to Safeguarding your Sales and F&I Practices

All Seminars & Events

 

a DEALER NEWS & INFORMATION

Automotive News Best Practices

Clear The Air Foundation 60 Second Video

Auto Industry News at a Glance

 

REGULATORY & LEGAL UPDATES

Revised Standard Disclosure Form DR 2434

A TO Z Compliance: [A]dvertising

 

ENDORSED PROVIDER

Federated Insurance: Auto Dealer Claim of the Month

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

 

ALLIED MEMBERS / ANNUAL MEMBER GOLF EVENT SPONSORSHIP ADS

35 Years of Raising the Standard In F&I


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.

open_sign


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.dealertrack.com

Dealertrack Technologies
 
- Dealer Management System (DMS)

________

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

Workers compensation insurance services

 


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


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
Jan. 3, 2007.


 

FINAL CHANCE TO RSVP FOR THE AUG. 20 CADA NEXT GEN DEALER EVENT

Now featuring special guest Jim Schoonover,
Sr. Director of Education and Consulting,
NADA U


Jim joined NADA in 1998. He has been an integral part of the Academy's educational initiatives, first as an IT instructor, then as a director and now as senior director. Along the way, Jim has spearheaded many key initiatives, including the implementation of a learning management system, ASTD Certification, Kirkpatrick Certification and the Academy's revised curriculum. Currently, he leads the new generation of NADA University Online, which includes developing cutting-edge course content and fostering increased collaboration between the experienced team of Academy instructors and 20 Group consultants.  Jim's group continues to update the high-quality educational offerings for dealers worldwide, providing an unrivaled learning experience to help boost dealership profitability.

 

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CALLING ALL SERVICE MANAGERS

* * * * * * * *

COLORADO D&H AND FEDERAL ADVERTISING ENFORCEMENT

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CADA REGIONAL MEETING ROAD TRIP

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CADA WOULD LIKE TO THANK OUR TITLE AND PLATINUM SPONSORS FROM THE CHARITY PREVIEW PARTY

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CHECK OUT CADA'S BLOGS

The 101” is CADA’s latest blog, featuring the Chair’s Column, written by 2015 CADA Chair Thom Buckley, which is printed in the Bulletin, CADA’S monthly print publication.

CADA also recently unveiled a new events and updates blog, which you can follow by clicking here.


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CLEAR THE AIR FOUNDATION 60 SECOND VIDEO


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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.



REVISED STANDARD DISCLOSURE FORM DR 2434

On Friday, August 14, 2015, the state Auto Industry Division published on their web site the revised DR 2434 disclosure form (Rev. 8/7/2015) that is required on all retail vehicle sales.  The associated, revised rule that outlines the requirements for this form became effective Friday, August 14, 2015.  An urgent alert was sent to all CADA dealerships by fax, mail and email on Friday. 

A summary of the key changes and requirements in the new rule and form include the following:

  • The VIN# has been added at the top of the form – be careful not to overlook the new field between the “initials” column headers.
  • The interest rate entered onto the DR 2434 form must be the SAME as the interest rate on the finance agreement / retail installment sales contract. (Rule)
  • The rule now includes the following requirement: 
    • A Dealer must complete a disclosure form with an interest rate that the Dealer reasonably believes can be obtained based on the creditworthiness of that prospective buyer.  (Rule)
  • The disclosure form now includes a notice of the existing requirement to notify a buyer within ten (10) calendar days if financing cannot be arranged:
    • If the Dealer will continue to seek alternative financing, the buyer must be notified in writing that daily usage and mileage fees will continue to accrue.  (Rule)
    • If financing is ultimately obtained at a higher interest rate, a new standard disclosure form must be completed.  (Rule)
  • Previously the rule was simply the form; this has been changed so the rule provided the general requirements of the form, and the substance of the form is adopted separately by the Board.

Click here for the CADA alert (8/14/2015)

Click here for the DR 2434 form (Rev. 8/7/2015)

Click here for the revised rule outlining the requirements for the form.

* * * * * * * *

This article continues a regular series that will review various state-level compliance topics in alphabetical order to provide reminders on compliance requirements and relevant resources that are available.  The topics are being pulled from the CADA Colorado Dealer Compliance Guide

Topic #2: Advertising  

As a reminder, state advertising rules were changed on December 30, 2014.    Ensure that you have the latest list of state advertising rules, and that you are screening each of your ads for compliance with these state rules (along with federal requirements):

Click here
for the Dec. 30, 2014, article outlining the changes.  

* * * * * * * *

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 August 20, 2015, 10:00 am Mountain Time
10-11am (MST)

Combating F&I Risk: Simple Steps to Safeguarding your Sales and F&I Practices

A KPA Sales & Finance Compliance Demonstration

Striking increases in government enforcement and lawsuits has created a growing focus on legal compliance in dealership sales & finance operations. Today’s dealers are tasked with finding and implementing strategies to avoid large monetary penalties as well as devastating reputation damage. With regulators and private attorneys continuously stepping up their attacks on dealership sales and F&I processes, these responsibilities are a handful - but with KPA Sales & Finance Compliance program, they don’t have to be.

Join KPA experts on dealership front-end compliance Ryan Lane, Jim Radogna, and Trevor Stage as they demonstrate how KPA’s Sales & Finance Compliance solution pairs the perfect combination of software and on-site expertise to reduce your dealership’s liabilities. KPA’s knowledgeable team will navigate through the software, reveal the 130+ topics included in the 14 trainings, demonstrate the use of important features such as Action Item Tracking and the Virtual Content Library, and discuss available on-site activities and services.

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

Calling All Service Managers

A special two-part seminar covering:

Part I — Legal Compliance for the Service Department

Part II — Managing Safety Through Good Hiring Practices


Tuesday, August 25th
7:30 - 10:00am
Durango

Wednesday, August 26th
7:30 - 10:00am
Grand Junction


REGISTER ONLINE!

CLICK HERE for more information

Colorado D&H and Federal Advertising Enforcement



Tuesday, August 25th
12:00 - 2:00
Durango

Wednesday, August 26th
12:00 - 2:00pm
Grand Junction


REGISTER ONLINE!

CLICK HERE for more information

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


FEDERATED INSURANCE: AUTO DEALER CLAIM OF THE MONTH

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,

  • Know your drivers. Order MVRs on all employees who may drive company vehicles.
  • Limit the number of demos.
  • Transfer the risk: get the title out of the dealership’s name.

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 mdrussell@fedins.com

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


 

35 YEARS OF RAISING THE STANDARD IN F&I


a

 

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