
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 Gift ban is too flawed to fix, foes tell court Dealers finally feel heard at Chrysler
( Navistar may buy GM's medium-duty truck business Another slow month predicted for auto industry Green car buying gets easier Republican state rep. won't seek another term in '08 CADA
forwards news articles and opinion columns of interest through Open Road
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.
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.
USA Today, Oct. 24
Chrysler dealers have a new outlook about their business, an emotion many say they haven't faced in decades: optimism.
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.
The Colorado Springs Gazette, Oct. 27
DETROIT - 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.
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.
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.
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..
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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.
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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
|
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
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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 |
|
Service Director
Legal Compliance Seminar
by Wells Fargo Insur. Services, KPA, & Attorney Mike Dommermuth |
Denver |
NEXT WEEK!
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 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. |
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.
|
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 |
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.




