You have probably been reading a lot lately about the Consumer Financial Protection Bureau (CFPB). Its regulation of the companies that provide financing and leasing for your customers will have an impact on your business in the future. Franchised dealers, however, are not subject to direct regulation by the CFPB. That is because the Dodd
Oh, what a difference a few years make. In late 2008, many auto pundits lamented that we might never again see sixteen million annual new vehicle sales. Proving that their memories are as faulty as their predictions, in 2012 they told us that, just like they always expected, sixteen million annual sales are on the
When asked for the one piece of advice to give to a dealer on franchise relations, President Ronald Reagan’s often repeated phrase that characterized his relations with the Soviet Union is a good choice – “Trust but verify.” A cordial, professional rapport is important to the franchisor/franchisee relationship. But, a franchisor will always operate in
In recent weeks, dealers have been excited by the news headlines that businesses can begin surcharging their customers for credit card purchases. Credit card issuer rules have always been a thorn in the side for dealers in vehicle sales. “Can we add a surcharge?” “Can we limit the amount charged?” No federal law has prevented
VADA will be conducting its annual Legislative and Legal Update webinar on Tuesday, June 11th from 11:00 am until 1:00 PM covering issues such as the comprehensive bill to increase transportation revenue.
Learn the advantages and disadvantages of having “skin in the game” – an ownership interest in the dealership that enhances the senior manager’s rewards and risks.
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
The NADA Workforce Study is now available online and we need your dealership(s) to participate. Participating dealers will receive their dealership-specific Basic Report and Industry Report at no charge.
Include a Waiver of the Landlord’s Lien 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