October 31, 2007
Volume #1, Issue #44

  DEALER NEWS & INFORMATION

     - Automotive News at a Glance

      
  REGULATORY & LEGAL UPDATES
     - Record Retention Guidelines


  UPCOMING SEMINARS

     - Service Director Legal

       Compliance Seminar

     - F&I Resource Center: F&I Associate

       Development and Education

   
  CALENDAR OF EVENTS

     - Mark Your Calendar:

       Get Away Without Going Away

     - Upcoming Events

     - CADA Regional Member Briefings

  DEALER MILESTONES,
     HIGHLIGHTS & TRANSITIONS

     - Let Us Know About YOUR
       Accomplishments

 



    ARCHIVES

       CLICK HERE for Open Road
       e-newsletter archives.

 

       CLICK HERE for Bulletin archives.

       CLICK HERE for Colorado Auto  
       Outlook
archives.


       CLICK HERE for Denver Auto
       Outlook
archives.

 


 

      ONLINE REGISTRATION

CLICK HERE to
register online

for various CADA 
seminars & events.


 


 

    MEMBERSHIP RESOURCES

       
CLICK HERE for detail 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
.

 



www.nada.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

 


If you have questions or
suggestions regarding this
e-newsletter, please
contact Tim Jackson at tim.jackson@cadaonline.org 

Click here or scroll to the bottom
of this page if you want to be
added or removed from our list.




Visit us at www.cadaonline.org.


   Need Acrobat Reader to view linked documents?  Click here for a FREE download from Adobe.

 

--------------------------------

CLICK HERE to learn more about the Service Director Legal Compliance Seminar coming in November...

 

 

AUTOMOTIVE NEWS AT A GLANCE

 

Listed here are several articles pertaining to the auto industry that appeared recently in newspapers and other media outlets across the nation.

  • Freightliner chief sees continued truck slump
    www.fleetowner.com, Oct. 23
    Chris Patterson, president and CEO of Freightliner LLC, believes new truck sales will remain depressed as higher sticker prices to cover mandated emission reduction technology combined with a stagnant U.S. economy as keeping buyers away.
     

  • Gift ban is too flawed to fix, foes tell court
    The Denver Post, Oct. 26
    Tough voter-approved limits on gifts to state officials violate free-speech protections and should be thrown out, opponents argued Thursday before the Colorado Supreme Court.

    The gift ban - known as Amendment 41 - was approved by voters in November 2006, but it was blocked in May by a Denver District Court ruling.

    The amendment is so flawed that it would require a complete overhaul by the court - a move that is outside the judiciary's responsibility, said Jean Dubofsky, an attorney representing the ban's opponents.
     

  • Dealers finally feel heard at Chrysler

    USA Today, Oct. 24
    Chrysler dealers have a new outlook about their business, an emotion many say they haven't faced in decades: optimism.

     

    (right) Chrysler dealers are "more optimistic than we've been in the last 20 years," says John Schenden, who owns Pro Chrysler Jeep in Denver and serves as a spokesman for dealers.
     

  • Navistar may buy GM's medium-duty truck business
    The Detroit News, Oct. 26
    WARRENVILLE, Ill. -- Truck maker Navistar International Corp. said Thursday it is in talks to buy General Motors Corp.'s medium-duty truck business.
     

  • Another slow month predicted for auto industry
    The Colorado Springs Gazette, Oct. 27

    D
    ETROIT - Auto analysts forecast another slow month for the industry in October, with Ford Motor Co. falling hardest as it cuts sales to rental car fleets.
     

  • Green car buying gets easier
    Rocky Mountain News
    , Oct. 29

    Car buyers looking to "go green" face a dizzying array of choices when shopping for a new vehicle that adheres totheir philosophy and lifestyle.

    And the choices keep changing - and growing - as automakers balance advancements in technology that improve mileage and reduce harmful emissions while making efforts to keep the price down.
     

  • Republican state rep. won't seek another term in '08
    The Colorado Springs Gazette
    , Oct. 27
    DENVER - State Rep. Stella Garza Hicks said Friday that she will not seek another term in 2008, creating what could be a competitive race for the open House District 17 seat.

CADA forwards news articles and opinion columns of interest through Open Road
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..


 

 

RECORD RETENTION GUIDELINES

 

QUESTION:  What are the recommendations for retaining and/or shredding consumer credit reports given both the safeguards rule to protect this information, and the need to keep deal documents as proof of compliance or in defense of a consumer complaint or lawsuit?

 

ANSWER:

The answer varies between those who become customers and those who do not:

 

1. CREDIT APPLICANTS WHO DO NOT BECOME A CUSTOMER =  SEVEN YEARS

The Colorado Statue of limitations is longer than the relevant federal statutes of limitations (FACT Act / FCRA, five years), so state law necessitates seven years. This includes any circumstance where an application was received and/or a credit report was run but a car was not sold or leased (not just those where the credit was denied * ).

* IMPORTANT REMINDER:  If a consumer is denied credit, check to ensure you are notifying the consumer of any “adverse action” taken due to their credit report. See
below for more information (from the Sept. 12 issue of Open Road):

NADA’s  Management Education guide, L49-E A Dealer Guide to Adverse Action Notices is a must-have to understand the nuances of compliance in this area. For additional copies of this publication, or a downloadable PDF, CLICK HERE.

 

CLICK HERE to view the Appendix A: Flow Chart from the NADA guide for a sampling of the information provided in this publication. Reprinted with permission from NADA.

 

2. CREDIT APPLICANTS WHO DO PURCHASE AND BECOME A CUSTOMER =
    TEN YEARS

For a completed deal, it is generally the state law statute of limitations relating to potential lawsuits that determines the recommended timeframe. In Colorado, it is recommended that deal jackets and related customer files (including the credit application and the credit report) be retained for TEN YEARS to ensure records are available for lawsuits that could arise against a dealer.

 

CLICK HERE for an overall Record Retention Checklist covering all dealership files.

  -----------------------------------------------------------------------------------------------------------------------

 

If you have questions on any legal or regulatory topics, please contact:

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.

 


Service director legal compliance seminar

 

Four legal compliance seminars will be held in November for service directors across the state (see the CALENDAR below for specific dates and locations). The following three timely and valuable topics related to service department best practices and legal compliance will be covered, as well as much more information:

  • Part I : Workers Compensation – Compliance and Best Practices

    Best practices to ensure you reduce your workers compensation

        premiums and costs

    How accidents directly affect profitability

     

  • Part II :  KPA – Safety & Environmental Compliance Update

    On the surface, you may think you are covered…but are you leaving                         your dealership exposed?

    Dealership fined $37,700 for not having  

        proper A/C certification documentation

    Dealership fined $50,000 for not having DOT

       certification

  • Part III : Attorney Michael Dommermuth of McGloin, Davenport, Severson

        and Snow – Service and Repair Law

    Colorado Motor Vehicle Repair Act – Review of 

        often overlooked provisions  

        covering service and repair law.

    Legal provisions and disclosures -

        Including: disclaimers, payment

        terms, lien rights, damage clauses,

        arbitration.

CLICK HERE for more information and to download a registration form.

 

* * * * * * * * *

 

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.

 

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!

 

* * * * * * * * *

 

TO REGISTER ONLINE FOR
ANY CADA SEMINAR OR EVENT, PLEASE VISIT:
www.cadaonline.org/registration

Topics

City

Date/Time

Location

Service Director Legal Compliance Seminar
by Wells Fargo Insur. Services, KPA, & Attorney Mike Dommermuth

Denver

NEXT WEEK!

Wednesday, Nov. 7
8 - 11 a.m.

breakfast included

William D. Barrow Building
(CADA Headquarters)
290 E. Speer Blvd,  80203
(SW Corner of Grant/Speer)
Phone: 303.831.1722
CLICK HERE to download a registration form.
Service Director Legal Compliance Seminar
by Wells Fargo Insur. Services, KPA, & Attorney Mike Dommermuth
Colorado Springs

NEXT WEEK!

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

CLICK HERE for more information. Colorado Springs Auto Dealer Association members should register with Anne Winslow at CSADA: 

call 719.473.1465 or e-mail abwinslow@comcast.net.

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
by Wells Fargo Insur. Services, KPA, & Attorney Mike Dommermuth
Glenwood Springs Friday, Nov. 16
8 - 11 a.m.

breakfast included

Hotel Colorado

526 Pine Street

Glenwood Springs, 81601

Phone:  800.544.3998

CLICK HERE to download a registration form.

Service Director Legal Compliance Seminar
by Wells Fargo Insur. Services, KPA, & Attorney Mike Dommermuth
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

CLICK HERE to download a registration form.

 


GET AWAY WITHOUT GOING AWAY

 

ACT NOW! THIS EVENT IS ONLY TWO WEEKENDS AWAY!

 

Supporting CADA is your ticket to an exciting weekend at the Broadmoor Hotel in Colorado Springs, Nov. 10-11. Please plan to be a part of this special event so CADA can continue to successfully make the impact our industry needs. This is a great way to treat yourself to fall  activities and venues only Colorado has to offer. Tickets include:

  • Room at the Broadmoor

  • Valet parking

  • Activity of your choice, including golf, spa treatments, high tea, hiking/biking the in Cheyenne Mountain, horseback riding

  • Private dinner a the new Summit Restaurant

  • Private cocktail and dessert reception

  • Breakfast in bed (or in the hotel restaurant)

CLICK HERE for more details or CLICK HERE to register online.

 

 

Event Description Date/Time Location
Get Away Without Going Away  2007

Nov. 10-11
 

The Broadmoor Hotel
Colorado Springs
CLICK HERE for more details or CLICK HERE to register online.
CPEx Quest for Excellence VI Nov. 15-16 CLICK HERE for information on the upcoming workshop to learn how to apply for the Malcolm Baldridge Award.
MDADA
Annual
Membership
Meeting
Tuesday, Nov. 27
11 a.m. to 2 p.m.


lunch included

Cherry Hills Country Club
4125 S. University Blvd.
Cherry Hills Village, 80113 Attendees can register through
CADA via phone, fax or e-mail.
P: 303.831.1722
F: 303.831.9100
E-mail: rsvp@cadaonline.org
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


 


LET US KNOW ABOUT YOUR ACCOMPLISHMENTS!!!

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.

 


If you want to be added to our mailing list, please click here.
 


Colorado Automobile Dealers Association
290 East Speer Boulevard Denver, CO  80203
Telephone:  303.831.1722
  |  Facsimile: 303.831.4205
www.cadaonline.org

 

Copyright 2007 Colorado Automobile Dealers Association.  All Rights Reserved.