OCTOBER 22, 2008
IN THIS ISSUE
DEALER NEWS & INFORMATION
– NADA 2009 Convention and Exposition
– Automotive News at a Glance
– NADA News
REGULATORY & LEGAL UPDATES
– Reminder: New Federal Red Flags & Address Discrepancy Rules: Compliance Deadline is November 1st
– NHTSA Tire Re-Placarding Requirements
– Designated Risk Management Seminar
– Red Flags and Safeguards/Privacy Training
CALENDAR OF EVENTS
– Upcoming Events
– Dealer Day at SEMA
– MDADA Annual Membership Meeting, Denver
– Annual Colorado Dealers Legal Counsel Lunch and Issues Briefing
– NADA Convention and Exposition
HIGHLIGHTS & TRANSITIONS
–Bill Barrow Receives Liver Transplant
–Share Your Accomplishments
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NADA 2009 CONVENTION AND EXPOSITION
New Orleans is now the eighth fastest growing metropolitan area in the United States, according to the U.S. Census Bureau. To show support for the rebirth of New Orleans, NADA is headed back to the Big Easy to hold its 92nd annual convention and exposition there Jan. 24-27, 2009.
“The theme for our New Orleans convention is 'Voice of the Dealer® ... Committed to Community.' What better way to show that commitment than for us to be there in full strength at one of NADA's favorite convention cities," said Annette Sykora, 2008 NADA Chairman. NADA has held its convention in New Orleans every few years for the past 30 years.
For more information, visit the following websites:
CLICK HERE to register!
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AUTOMOTIVE 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.
- Ford highlights auto-finance advantage
The Detroit News, October 17
Ford Motor Co. told dealers in a letter Wednesday that even though other lenders are cutting back in the face of the ongoing credit crunch, Ford still can provide financing for most customers through its Ford Credit lending arm.
- Toyota to Push No-Interest Loans
The Wall Street Journal, October 17
Toyota Motor Corp. is launching a $250 million marketing and sales campaign that uses its substantial financial muscle to bring customers back into its showrooms.
- Auto Makers Pump Up Deals on Smaller Cars
The Wall Street Journal, October 15
They're this year's hot vehicles. But as the effects of the financial crisis deepen, even small and midsize cars are seeing declining sales -- and that means better deals for prospective buyers.
- Can GM and Ford Scrape By?
BusinessWeek, October 7
Stocks of the two big U.S. automakers sink again as they face new questions about cash and credit.
- Kerkorian beefs up Ford credit line
The Detroit News, October 16
Billionaire investor Kirk Kerkorian has pledged another 50 million shares in MGM Mirage to back a $600 million credit line used to purchase shares in Ford Motor Co., according to documents filed with the Securities and Exchange Commission today.
- What GM Sees in Chrysler
BusinessWeek, October 15
General Motors sees a profitable, if risky, path in gaining Chrysler's revenues and slashing costs.
- GM, Ford finish the day on an upswing
Detroit Free Press, October 15
Shares of General Motors Corp. and Ford Motor Co. finished the day up slightly, despite more news of credit tightening and modest drops across the nation's major stock indexes.
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- NADA recently recognized 20 dealerships that took part in the NADA Energy Star Challenge and cut electricity or natural-gas consumption at their stores by at least 10 percent since January 2007. Three dealers received gold-level status by cutting their energy use 30 percent or more: George Haddad, Haddad Toyota, Pittsfield, Mass.; Jim Hand, Hand Motors, Manchester Center, Vt.; and John Lambert, Lambert Auto Sales, Claremont, N.H. (Hand and Lambert were also among the 13 winners of the 2008 Energy Star Small Business and Congregation Awards—announced by EPA on Sept. 16.) In addition to the gold level, NADA recognizes a silver level for dealers who cut energy 20 to 29 percent, and bronze, for those who cut energy 10 to 19 percent. For more, visit www.nada.org/energystar.
REMINDER: NEW FEDERAL RED FLAGS & ADDRESS DISCREPANCY RULES: COMPLIANCE DEADLINE IS NOVEMBER 1st
A reminder that the mandatory compliance deadline for the new, federal Red Flags rule is November 1st, 2008. All dealerships should be taking the necessary steps to implement a program.
CLICK HERE for the October 1, 2008 article on this topic.
Attention owners/principals: please be aware there is a provision in the new Red Flags rule that the Identity Theft Prevention Program (ITPP) be approved by your board of directors, or a designated senior management employee by November 1st..
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NHTSA TIRE RE-PLACARDING REQUIREMENTS
Since 2005, NHTSA has required light-duty vehicle manufacturers to attach standardized TREAD Act Tire Labels on the pillar behind the driver's door or on the driver's door. These labels must specify a vehicle's tire size and cold inflation pressure and its capacity weight rating. A vehicle's capacity weight rating essentially is its gross vehicle weight minus its curb weight. Note that these labels only allow for the listing of one tire option for front, rear and spare.
In December 2007, NHTSA issued a clarification to its tire label rules.
- Dealerships replacing tires on new vehicles before first sale must re-label if those tires have a size or cold inflation pressure different from the original.
- Dealerships adding parts or accessories to a vehicle before first sale must re-label if those add-ons exceed the lesser of 100 lb. or 1.5 percent of the vehicle's gross vehicle weight rating.
- Dealerships may use any reasonable means to determine the accurate weight of any add-ons, including scales or reference to their shipping weight.
- Re-labeling is not required when changes result in a new vehicle's gross weight rating being reduced or for changes made to used vehicles.
Dealers can re-label in one of three ways:
1. Place a new label with new information on top of the existing label.
2. Modify the existing label with the new tire or weight information.
3. For weight changes only, place a supplementary label adjacent to
the original tire label.
Replacement placards linked to the above are available from OEMs, form companies, aftermarket parts and equipment suppliers and through the National Truck and Equipment Association and the Specialty Equipment Market Association.
Additional Clarifications / Changes Being Sought: Note also that NADA is awaiting NHTSA decisions on whether or not:
1. Relabeling only is necessary for altered light-duty vehicles (those to which major changes are made).
2. To set the relabeling trigger threshold at the greater of 3 percent of GVWR or 220 lbs.3. To eliminate relabeling for tire changes. NADA urged NHTSA to recognize that tire changes made before first sale typically involve size options recommended by the vehicle's OEM, are at the request of purchasers, and involve no significant safety concerns.
CLICK HERE to review an April, 2007 article on this topic: TIRE PLACARDING REMINDER: RE-PLACARDING MAY BE NECESSARY PRIOR TO FIRST SALE
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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.
DESIGNATED RISK MANAGEMENT SEMINAR
November 10-12, 2008
Colorado Automobile Dealers Association Members Profit Through Risk Management
The Designated Risk Manager Training Program was developed to target specific risk management concerns for the auto dealer industry. Companies that are the most successful controlling losses have designated a key person as their risk manager. This person is supported by top management and is both responsible and accountable for identifying loss exposures and implementing risk management solutions.
Through CADA’s partnership with Federated Insurance, there is no charge to attend this training and you do not have to be a current Federated client. Attendees, however, are responsible for air and ground transportation to and from Owatonna, Minnesota, and lodging in Owatonna.
||CLICK HERE for more information
on this training session.
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Designated Risk Management Seminar
Presented by Federated Insurance
Monday, Nov 10th-Wednesday, Nov 12th
Through CADA’s partnership with Federated Insurance there is no charge to attend this seminar. Attendees are responsible for their Air, Lodging and ground transportation.
For more information Click Here
Red Flags and Safeguards/Privacy Training
By Paul Metrey, NADA Regulatory Affairs
Friday, January 9, 2009,
Save the date; more details and registration information will be available soon!
Dealer Day at Specialty Equipment Market Association (SEMA) Show 2008
Wednesday, Nov. 5
Las Vegas Convention Center
MDADA Annual Membership Meeting
Tuesday, Nov. 25
11 a.m.- Lunch Meeting (General Session)
JW Marriott Denver at Cherry Creek
150 Clayton Lane
Attendees can register through CADA via Phone: 303.831.1722, FAX: 303.831.9100, or E-mail:firstname.lastname@example.org
Annual Colorado Dealers Legal Counsel Lunch and Issues Briefing
Friday, January 9, 2009
Briefing / update on upcoming legislative session, compliance and regulatory matters, and Red Flags/Safeguards overview from Paul Metrey, NADA Regulatory Affairs
1512 Curtis Street , Denver, CO 80202
More details and registration information coming soon!
NADA Convention & Exposition
Jan. 24-27, 2009
New Orleans Morial Convention Center
New Orleans, LA
CLICK HERE for more information from the official website.
BILL BARROW RECEIVES LIVER TRANSPLANT
Our thoughts and prayers go out to former CADA president Bill Barrow, who recently received a liver transplant. Bill had been on wait-list for a transplant for several months, then on Sept. 28, he was called to the University of Colorado Health Sciences Center to receive a liver transplant. The source of the liver was a 28-year-old from Colorado Springs. Bill is pleased with his progress and feels better every day. Cards and contacts can be sent to: Bill Barrow, 12005 South Allerton Circle, Parker, CO 80138.
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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 email@example.com. Also include your contact information for further follow-up.
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