DEALER NEWS & INFORMATION
REGULATORY & LEGAL UPDATES
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nada news alert: ENERGY TALKS TO BEGIN,
Negotiations on a major energy bill begin Monday - but Democratic leaders have already drawn fire for taking the three biggest and most contentious issues off the table.
The three issues those leaders cite as their top priorities in crafting new energy policy - raising vehicle fuel economy standards and setting nationwide mandates for renewable fuels and electricity - will not be up for discussion as Energy Committee staffers from both chambers and parties convene to start hammering out a compromise bill.
CLICK HERE
to for the full
alert from NADA.
* * * * * * * * *
Listed here are several articles pertaining to the auto industry that appeared recently in newspapers and other media outlets across the nation.
Auto standards
could change
www.NADA.org NADA Chairman Dale Willey said the changing auto sales market is an opportunity for manufacturers and dealers to “transform problems into opportunities.”
Detroit's 3 finally on track, tough critic says
Detroit Free Press, Oct. 14
Chalk
up
this
past
week
as a
big
win
for
the
home
team,
Detroit's
three
automakers.
General Motors Corp. workers ratified a new labor contract by a ratio of nearly 2-1. Chrysler LLC and the UAW forged a new tentative pact with only a hiccup of a 6-hour work stoppage. Ford Motor Co. lured marketing hotshot Jim Farley away from Toyota Motor Corp. GM stock surged past $40 a share for the first time in more than two years, closing at $42.64, up 11.6% on the week. Ford shares rose 10% to $9.20. Footnote: Maryann Keller served as Keynote Speaker at the Metro Denver Auto Dealers Association luncheon last November. She is widely regarded as one of the top auto industry watchers and analysts in the nation.
The
Detroit News, Oct.
13 Jay Leno entertained about 3,000 Chrysler LLC dealers at a North American sales meeting in Las Vegas this week. The Tonight Show host opened his routine with crowd-pleasing jokes. He said he was glad he didn't have to attend a "Chrysler event and speak German" -- in a reference to Chrysler's former owners in Germany.
FOX News Poll:
Feeling nervous
about the
economy NEW YORK — Americans see a nation nervous about the economy these days, and majorities not only rate economic conditions negatively but also say they think things are getting worse. At the same time, most people say they feel confident about their personal financial future and about keeping their jobs. CADA
forwards news articles and opinion columns of interest through Open Road
Grand
Junction
Sentinel,
Oct. 13
New-car buyers
could find
themselves with
limited and
expensive
choices should
Colorado throw
in with
California on
efficiency
standards,
new-car dealers
said.
“Loss of market share and higher gas prices create an opportunity for the auto industry to reinvent itself,” said Willey, in a speech to the Automotive Press Association in Detroit. “Those higher prices create an opportunity to design and sell more efficient vehicles.”
CLICK HERE
to for the full text of Willey's speech.
FOXNews.com, Oct.
15
to inform members of current events. These in no way reflect the views,
opinions,
and/or positions of CADA or its member dealers. They are sent for
informational
and educational purposes only..
CADA LEGISLATIVE POLICY COMMITTEE
MEETING TO BE HELD NEXT Week
The next meeting of the
CADA Legislative Policy
Committee is scheduled
for 7:30-9:30 a.m.
next
Thursday, Oct. 25, 2007
in Denver at the William
D. Barrow Building (CADA
headquarters), 290 East
Speer Blvd. With the
open of the
2008
legislative session just
starting, this is an opportunity for dealers
to participate and
offer
their insight on issues
of
importance. The
topics up for discussion
include:
-
Emission and CAFE standards proposals
-
Tightening Colorado’s franchise act
-
Manufacturers selling retail
-
Sunday sales
-
Lender five-day release of title
-
Temporary registration processes
-
Off-site sales permits
-
Advertising regulations
If you are interested in attending, please send an e-mail to rsvp@cadaonline.org or call 303.831.1722.
LEGAL COMPLIANCE: PAPER OR PROFIT?
By Emily Marlow Beck*
You
say tomato, I say to-maa-to.
You eat potato, and I eat
po-taa-to. And, when it
comes to special finance and
buy here, pay here, you say
profit, and I say paper.
After all, isn’t it usually the rule that the lower the customer’s credit score, the higher the number of trees that will be killed in getting the deal done? From a compliance standpoint, the more paperwork required in a deal, the more chances there are to make paper-related mistakes. And, although the rules that govern automobile finance are the same regardless of the customer’s creditworthiness or the dealership’s department, some compliance errors are more likely to show their ugly heads in the special finance or buy here, pay here departments.
Admittedly, there are great opportunities for dealers who go confidently and compliantly into the sub prime auto finance world (I heard you say “profit” after all). So, before you make like Astaire and call the whole thing off, consider tightening up your paper practices. To help you get started, here are some of the biggest mistakes I see when working with special finance departments and buy here, pay here dealerships.
CLICK HERE to read the full article.
*Copyright 2007. CounselorLibrary.com, LLC, all rights reserved. This article appeared in Spot Delivery®. Reprinted with express permission from CounselorLibrary.com, LLC.
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If you have questions on any legal or regulatory topics, please contact:
-
Tim Jackson, President, tim.jackson@cadaonline.org, 303.282.1448
-
Tammi McCoy, VP, tammi.mccoy@cadaonline.org, 303.282.1449
|
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
|
F&i RESOURCE CENTER: F&I ASSOCIATE Development and Education
At this training session, strategies and techniques will be introduced that are necessary to stay at the controls of the F&I process and address the hot topics in regards to compliance issues and how to grow profit and penetration. Jan Kelly, president and principal consultant of Kelly Enterprises Inc., will utilize her 25+ years of industry experience to train these important areas.
Sales Associate Development and Training
by Jan Kelly of Kelly Enterprises Inc.
Nov. 13-14 from 8:30 a.m. to 4:30 p.m. both days
William D. Barrow Building (CADA headquarters),
290 E. Speer Blvd, Denver 80203
DAY 1
Package presentation by the book / closing with a Menu
Rules of negotiation – making everyone a winner
Turning Products – VSC, GAP, CL and A&H objections into options
Cash to finance / leasing opportunities
DAY 2
Deal Documentation / Installment Contracts
Regulation B / Equal Credit Opportunity Act (ECOA)
Regulation M & Regulation Z / Truth in Lending
Fair Credit Reporting Act (FCRA) / Gramm-Leach Bliley Act (GLB)
Safeguard Rules
REGISTRATION: CLICK HERE to download the flyer and registration form. Contact Chad Julius at chad.julius@cadaonline.org or 303.319.8039 for more information on this CADA member-only training. Reservations must be made by Wednesday, Nov. 7! Don’t delay…call today and reserve your spot!
| Topics |
City |
Date/Time |
Location |
|
|
Online |
NEXT WEEK!
Tuesday, Oct. 23 |
CLICK HERE to register. The fee is $199 per computer connection. Email any questions to seminars@nada.org or call 703.821.7273. |
|
Service Director
Legal Compliance Seminar
CADA - Service Department |
Denver |
Wednesday,
Nov. 7 breakfast included |
William D. Barrow Building (CADA Headquarters) 290 E. Speer Blvd, 80203 (SW Corner of Grant/Speer) Phone: 303.831.1722 Registration material available soon...stay tuned! |
|
Service Director Legal Compliance Seminar
CADA - Service Department |
Colorado Springs |
Wednesday, Nov. 7 12:30 - 3:30 p.m. lunch included
|
Antlers Hilton, Learning Center Training Room 4 South Cascade Ave. Colorado Springs, 80903 Phone: 719.955.5600 Colorado Springs Auto Dealer Association members should register with Anne Winslow at CSADA: 719.473.1465 or abwinslow@comcast.net. |
|
Sales Associate Training and Education
by Jan Kelly of Kelly Enterprises Inc. |
Denver |
Tuesday, Nov. 13 and
Wednesday,
Nov. 14 8:30 a.m. to 4:30 p.m. both days |
William D. Barrow Building (CADA Headquarters) 290 E. Speer Blvd, 80203 (SW Corner of Grant/Speer) CLICK HERE for more information or contact Chad Julius for registration information at 303.319.8039 or chad.julius@cadaonline.org |
|
Service Director
Legal Compliance Seminar
CADA - Service Department |
Glenwood Springs |
Friday, Nov. 16 8 - 11 a.m. breakfast included |
Hotel Colorado 526 Pine Street Glenwood Springs, 81601 Phone: 800.544.3998 Registration material available soon...stay tuned! |
|
Service Director
Legal Compliance Seminar
CADA - Service Department |
Montrose |
Friday, Nov. 16 12:30 - 3:30 p.m. lunch included |
Holiday Inn Express-Montrose 1391 S. Townsend Ave. Montrose, CO 81401 Phone: 970.240.1800 Registration material available soon...stay tuned! |
MARK YOUR CALENDAR: GET AWAY WITHOUT GOING AWAY
Supporting CADA is your
ticket to
an exciting weekend
at the Broadmoor Hotel
in Colorado Springs, Nov. 10-11.
More details to come soon!
| Event Description | Date/Time | Location |
|
CADA Regional
Meetings
_______
MDADA |
Loveland, Boulder,
CLICK HERE for a
full list of meeting
locations,
Tuesday, Nov. 27 |
rsvp@cadaonline.org
* Please note different RSVP for Colorado Springs and Pueblo meetings. _______
Cherry Hills Country
Club
Attendees can register
through |
| CADA Legislative Policy Committee – Planning Session for 2008 Legislative Agenda |
NEXT WEEK!
Thursday, Oct. 25 |
William D. Barrow Building (CADA Headquarters) 290 E. Speer Blvd, 80203 (SW Corner of Grant/Speer) |
| Get Away Without Going Away 2007 |
Nov. 10-11 |
The Broadmoor Hotel Colorado Springs More details & invitation available soon! |
| NADA 91st Annual Convention & Expo | Feb.9-12, 2008 |
Moscone Center, San Francisco, CA |
|
Denver International
Auto Show |
March 26-30, 2008 | Colorado Convention Center, Denver |
| CADA Golf Event |
Monday, Sept. 8, 2008 |
Columbine Country Club 17 Fairway Lane Columbine Valley, 80123 |
Have you or anyone else at your dealership won an award recently? Has 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@cadaonline.org. Also include your contact information for further follow-up.