There has been a great deal of publicity concerning fees that financial institutions have sought to impose as a result of new laws such as the Dodd Frank financial reform legislation. Sometimes, the fees have received massive publicity like the debit card fees from which Bank of America had to retreat. Unfortunately, many other fees
Once Again, Know Your Customer
The Federal Trade Commission’s Red Flags Rule requires a dealer to know its customer in a credit transaction. For a number of reasons, it is important that a dealer know its customers no matter what types of transactions are going on. Let’s take a recent example. Thirty used car dealers recently found out the unfortunate
Employment Laws Every Manager Should Know – Part 1
This is the first of a two-part series dealing with federal employment laws. It is critical that employers comply with these regulations to provide fair treatment to employees and to avoid costly penalties in the event of non-compliance. Here is a list of five of the ten most important federal employment laws: Job Discrimination Title
Backdating is Often a Management Issue
There has been a substantial amount of publicity recently concerning backdating retail installment sale contracts. The practice can lead to serious problems. The problem can arise when a dealership spot delivers a vehicle to a customer who signs a retail installment sale contract that is not approved by a potential assignee on its terms. The
Census Results May Affect Your RMA
The results of the 2010 federal census are finally making their way into some manufacturers’ relevant market area descriptions for dealers. This could impact the measurement of your sales efficiency. The make-up of your RMA (or PMA, AOR, AGSSA, or other term depending on the franchisor involved) can be the key factor in how your
FTC to Dealers: “Pay Us a Penalty No Matter How Much You Owe”
You’ve seen (and maybe even used) ads claiming that a dealer will pay off customers’ trades no matter how much they owe. The Federal Trade Commission has announced consent agreements with five auto dealers who ran variations of those ads. The FTC charged that they deceived consumers into thinking they would no longer be responsible
Generation Gap May Cause Workplace Conflicts
We as know, distinct differences often exist in the values held by members of a one generation compared to the values of a different generation. Individuals experiencing the great depression have a different perspective than young employees who are comfortable paying for purchases with a smart phone. Conflict between members of different generations exists in
Healthcare Costs for American Families Jump in 2012
Healthcare costs for a family of four will exceed $20,000 annually in 2012 for the first time, as reported by Milliman Medical Index (MMI). This is a 6.9% increase over 2011 and an increase in excess of 113% since 2001. This $20,000 expenditure is not solely based on the net cost of health insurance; rather,
Hiring Winning Talent
In its most simple definition, talent is any individual who has the capability to make a significant difference to the current and future performance of the organization. It is no wonder that more and more organizations are realizing the importance of good talent as a competitive edge. The scary thing is that in the next
Franchise Law: It’s Never too Early to Derail Termination
The best strategy for protecting against a franchise termination is to aggressively make your case when you get the first factory letter critical of your performance. If you wait until the termination notice is issued, you may cripple your defense. Dealers are confident that Virginia law will protect them from termination. That confidence is generally