What you don’t know can hurt you! In the car business ignorance is not bliss! Not knowing and benefitting from the challenges and troubles of your brother and sister auto dealers can only lead to you repeating their foibles and paying the price. As frequent DealersEdge® Webinar contributor Steve Nickelsen says often, “You don’t know
FTC Requests Public Comments on Used Car Rule Revisions On December 4, 2012, the FTC sought public comment on proposed changes to the Used Car Buyers Guide required by the Used Car Rule. In effect since 1985 and last amended in 1995, the FTC has concluded that the Rule benefits consumers and will be retained.
What do you call it when people who know little about an industry insist on telling those who know a lot how the industry should operate? In the federal government, it is called “business as usual”, and it’s exactly what is going on with the Consumer Financial Protection Bureau’s efforts to regulate car dealer financing.
If a customer must stretch to come up with a downpayment by using a credit card or a hold check, does that pose a risk for your dealership? Apparently more than many dealers realize. A dealer’s master agreement with a finance source contains numerous representations and warranties, including assurances about the downpayment. If a customer
One of the primary concerns of dealers doing business on the internet should be where problems with a sale are resolved. Can the dealer be sued in some court in a faraway state where a customer claiming problems with the sale lives? Generally, courts around the country have split on this issue, some saying that
Common law gave a landlord a lien to sell abandoned personal property left on rented or leased premises by a former tenant to cover unpaid rent or damages to the property. Over the years, states have enacted statutes codifying the lien and including limitations. In Virginia, the statutes apply the lien to the tenant’s personal
New I-9 Form Dealers know that their packages for new hires must include an I-9 Form to verify the identity and eligibility of employees hired. The supplies of forms that dealers have in inventory may not be up to date, however. The U.S. Citizenship and Immigration Services has revised Form I-9, and employers must begin
Some franchised dealers find it advantageous for a senior manager to have “skin in the game” – an ownership interest in the dealership that enhances the manager’s rewards and risks because of the dealership’s performance. Some franchisors will even require this if the dealer wishes to designate a franchise successor, which should be done. The
Virginia Code 46.2-1571 governs the procedure for damage to new vehicles as follows: D. On any new motor vehicle, any uncorrected damage or any corrected damage exceeding three percent of the manufacturer’s or distributor’s suggested retail price as defined in 15 U.S.C. §§ 1231-1233, as measured by retail repair costs, must be disclosed to the