september 2014 issue
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September 2014 — Independent Dealer — 1 www.fiada.com
Information and Insight for Florida Used Car Dealers
SINCE 1940
A Publication of theFlorida IndependentAutomobile DealersAssociation
SEPTEMBER 2014
PRST STDU.S. POSTAGE
PAIDFULTON, MO
PERMIT NO. 38
www.FIADA.com
DON’T MISS THE BOAT!Register now before it’s too late. See page 16 for details.
September 2014 — Independent Dealer — 3 www.fiada.com
DealerIndependent
MAILING ADDRESS 1840 Fiddler Court Tallahassee, FL 32308 TELEPHONE (850) 385-2712 (800) 237-0448 FAX (850) 385-3251 WEBSITE www.FIADA.com
EXECUTIVE COMMITTEE Dino Mercurio President
Jim Winterick, Sr. Senior Vice President
Christopher Leedom Chairman of the Board
Phil Risley Secretary
Paul Matton Treasurer
Lisa Compagno Regional Vice President
Frank Fuzy Regional Vice President
George Hickey Regional Vice President
Steve Marbais, CMD Regional Vice President
Govinda Romero Regional Vice President
FIADA STAFF Lisette Mariner Executive Director
Terry Myers Educational Instructor
Sarah Langley Administrative Director
Amelia Tillman Member Services
Kilisha Parks Education & Online Events Coordinator
Christy Taylor Editorial/Advertising
POSTMASTER:Send address changes to
FIADA • 1840 Fiddler CourtTallahassee, FL 32308
(850) 385-2712 • Toll Free: (800) 237-0448Fax (850) 385-3251 • www.FIADA.com
The Independent Dealer is a publication of:Florida Independent Automobile
Dealers Association,1840 Fiddler Court, Tallahassee, FL 32308
The magazine is published every month inTallahassee and distributed to Florida new, used,
wholesale and lease/retail car dealers.Advertising rates are available upon request.
The statements and opinions expressedherein are those of the individual authors and do
not necessarily represent the views of Independent Dealer or the Association. Likewise, the
appearance of advertisers, or their identification as members of FIADA, does not constitute an
endorsement of the products or services featured.
ContentsSeptember 2014
For members of the Florida Independent Automobile Dealers Association
C O LU M N S & F E AT U R E S
4 President’s Message Dino Mercurio
6 Executive Director’s Message Lisette Mariner
8 Back to the Basics Terry Myers says the FIADA Annual Convention is full or opportunities.
10 Member News
12 Unlocking the True Potential of Your Dealership The first article in a series of how to turn our Buy Here-Pay Here Dealership into a successful, growing business.
14 2015 Individual Health Insurance Open Enrollment The latest information concerning the Affordable Care Act
16 You’ll Be Hooked! The 2014 FIADA Annual Convention is almost here. Don’t miss the boat! Register today and see what treasure awaits.
19 Thank You to Our Convention Sponsors We appreciate our partners who support the FIADA as convention sponsors.
20 Become the Captain of Convention Networking Networking is a valuable member benefit with FIADA. Use these tips to get the most out of your dealer-to-dealer experience.
22 Legislative Update FIADA Lobbyist Sandra Mortham
26 A Look at Current Legal Issues The monthly round-up of federal and legal issues affecting auto dealers.
30 Industry News
4 — Independent Dealer — September 2014 www.fiada.com
president, and he brings a wealth of knowledge, experience and leadership ability with him.
Our staff has another year of experience, and is poised to bring us to even greater heights. Terry Myers is doing a phenomenal job with our dealer training school, continuing education and educational seminars throughout the state. Christy Taylor continues to improve on the monthly magazine full of articles and information that dealers need to stay in touch with this ever changing industry. And, our lobbying efforts continue to payoff huge dividends with Sandra Mortham (our full time Lobbyist) keeping our legislators informed about FIADA, industry issues, and how we are a vital part of the economy. She has gained much ground making the voice of used car dealers heard at the Capitol, and we have more connections and respect than ever in Tallahassee. These are all things the FIADA will continue to build on to add even more value to your membership.
I hope many of you plan on attending this years convention, as it will be jam packed with education, information, networking and a little fun too, with our pirate theme and treasure hunt. Make it a point to spend time in the exhibit hall full of vendors, as they have all the products and services you need to stay successful in today’s competitive market, and to give our staff of Lisette, Sarah, and Amelia a
huge thank you and pat on the back for a job well done!
Dino MercurioFIADA President
F R O M T H E P R E S I D E N T
Here’s to Another Great Year for FIADABY DINO MERCURIO, FIADA PRESIDENT
The theme for this month’s magazine is last call, and mostly it pertains to a last call to register for the FIADA Annual Convention being held Oct. 9-12 at the Omni
ChampionsGate in Orlando.
It is also kind of a last call for me as well, because during the convention a new slate of association officers will be elected, and my term as FIADA president will come to a close. It has been a great year for the FIADA, and much has been accomplished for our membership in the way of new legislation, additional member benefits, website improvements, free educational webinars, and so much more!
None of these successes would have been possible though, if it were not for the great dealers we have serving on the Executive Committee that selflessly give of their own time and money to make this industry a better place for all of us and, of course, our fantastic staff in Tallahassee working hard
everyday to carry out the plan! Our team is better than ever, and that is why I am extremely confident that the upcoming year will be even better than the last. Jim Winterick of Gulfstream Motor Credit in Miami will be our new incoming
It has been a great year for the FIADA and much has been accomplished for our membership in the way of new legislation, additional member benefits, website improvements, free educational webinars and so much more!
September 2014 — Independent Dealer — 5 www.fiada.com
Vehicle Protection Plans I GAP Coverage I Credit Insurance I Limited Warranty ProductsDealer Participation Programs I F&I Training I Advanced F&I Technology
Contact Protective’s Florida representative, Chris Behrens at 866 452 7335
Protect Tomorrow. Embrace Today.™
Protective Asset Protection has
been serving auto dealers of
all sizes for 50 years. We know
your job is tough – that’s why
we’re in the process of getting
you some help with your finance
and insurance solutions. So,
be on the lookout for your new
addition. We’ll be making the big
announcement soon.
We’re hiring your new F&I manager. Find out when they start.
Visit newFandImanager.com
A “National Corporate Partner” has met stringent NIADA criteria demonstrating that it can provide valuable products and services to NIADA members. No legal partnership has been created by the granting of this status, but NIADA does receive compensation from Protective. Limited Warranty Products, Vehicle Protection Plans (VPPs) and GAP are backed by Lyndon Property Insurance Company in all states except NY. In NY, VPPs are backed by Old Republic Insurance Company, Limited Warranty Products are backed by Western General Insurance Company and GAP is not available. Credit Insurance is backed by Protective Life Insurance Company in all states except NY, where it is backed by Protective Life and Annuity Insurance Company.
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E X E C U T I V E D I R E C T O R ’ S M E S S A G E
What’s New?BY LISETTE MARINER, EXECUTIVE DIRECTOR
I’m excited to announce a few new member benefits. We strive to develop partnerships with companies that provide the services you need to be successful and support the
industry. I am pleased to say these three new programs fit the bill. Be sure to check them out.
PayMaxx Pro is an electronic payment processing solution which will provide you, the dealer, with the ability to accept both single and recurring payments directly from your customers’ checking, savings, credit/debit card or pre-paid account. They offer special features like Text to Pay and Interactive Voice Response. It works with all major dealer management systems. Call (800) 966-8733 for more details or visit them at the FIADA Annual convention.
Fetch! is a price comparison platform that allows your customers to shop for auto insurance. They receive multiple insurance quotes from some of the largest and most reputable insurance companies. See a demo at the FIADA Annual convention.
700 Credit is a leader in credit reporting and compliance solutions designed for the automotive industry. They offer quick and easy access to the information you need about your customers, your client base, and your dealership personnel and their performance. Simple, yet powerful features include adding prospects, running credit, verifying identity including red flags, marketing source analysis, demographics, sales performance and more. Check out the plans they offer at convention.
Don’t forget about our other preferred partners:• Auto Data Direct offers free activation for dealers who
sign up for their ELT services and deposit $50 in a pre-paid account.
• Benefit Mall is your complete resource for payroll processing and benefits solutions for your employees.
• Dealer’s Insurance Services is FIADA’s insurance agent of record, and has specialized in auto, truck and motorcycle dealers since 1986. Providing services such as dealer surety bond, garage liability insurance, physical damage and worker’s comp.
• Florida Design Insurance provides members with an employee benefits program specifically designed for independent dealers.
• NIADA Certified Program is backed by one of the strongest insurers in the industry. It provides peace of mind for you and your customers.
• Take 5 is the leading national compiler of self-response consumer contact information. Members have the same marketing power that larger dealerships have with a true multi-channel solution offering email, direct mail, and social media to increase response rates.
• Solveras Merchant Services, a division of TransFirst offers merchant services/credit card processing. Take advantage of your free savings analysis; call (800) 613-0148.
• UPS can improve your bottom line with its competitive shipping services. Save up to 35 percent on a broad portfolio of services, including air, international and ground services. To enroll visit savewithups.com/FIADA or call (800) 636-2377.
Visit www.FIADA.com and click on Dealer Resources, Preferred Partners to learn more about these great services or visit many of them at the FIADA Convention Oct 10-11 at the Omni Championsgate Resort in Orlando. You have a chance to win $500 from FIADA and thanks to Manheim for providing a second chance to win big! For the most up-to-date listing of sponsors and exhibitors, visit www.FIADA.com/convention.
September 2014 — Independent Dealer — 7 www.fiada.comPAID ADVERTISINGPAID ADVERTISING
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8 — Independent Dealer — September 2014 www.fiada.com
Arrrrr, Ye Leavin’ Money on the Table?
Avast, Matey. Always be on the lookout for opportunities, size them up and strike while
the opportunity for booty is within your grasp! In case you haven’t heard, this year’s convention boasts a pirate theme.
During the FIADA Annual Convention in Orlando, Oct. 10-11, 2014, opportunity will be oozing out from every door. New money-making avenues, ways to fine-tune business operations, cost-cutting techniques, trends current and future as well as new and improved products to increase the bottom line and get your business mind reeling.
BY TERRY MYERS
B A C K T O T H E B A S I C S
Sit in on sessions about what works and how to make those ideas work for your dealership. Meet fellow dealers and pick each other’s brains for the booty buried there. Shakers and movers from the industry and legislative are among the most valuable contacts you can make. Professional and personal relationships will be forged.
AND YOU WILL HAVE A LOT OF FUN!
Sometimes we have to step back from something to get a good close look.
Sometimes we need someone else to help us see/recognize potential that has been within our reach all along.
To add additional profit to your bottom line, take notes during the convention about ideas you may want to implement. Before you go, right now set aside time in your calendar to spend after the convention to review what you learned; and during that time plan how to implement your new inspirations.
It is up to you to research what works, what the customer wants, what they are willing to and then……offer it to them. So, ‘Are you leaving money on the table?
See you at the convention, maybe on the Aft Deck or walking the plank. Stop by and say, “Arrggggggghh!”
Articles are the opinion of the author and are not intended to be regulatory, legal or accounting advice. The intent is to share thoughts and concepts that help the business owner(s) find new and perhaps revisit, ways to be as successful as they are capable of being. Terry can be reached at (727) 804-7375. Email: [email protected]. Feedback is appreciated and encouraged. Copyright 2014, Terry LB Myers, author, lecturer, FIADA instructor, FADS owner/instructor.
There are plenty of opportunities to grow your business and make more money at the FIADA Annual Convention, but you have to be there to find them.
10 — Independent Dealer — September 2014 www.fiada.com
M E M B E R S H I P N E W S
New Members AUGUST 2014
ANTHONY BIMONTETampa, FLJody BowmanSponsor: Terry Myers
ARBITRATION RESOLUTION SERVICES, INC.Coral Springs, FLMark NorychSponsor: Lisette Mariner
BALLOONS EVERYWHEREFairhope, ALJason PalmerSponsor: Sarah Langley
BZB LEASE COLongwood, FLBenjamin HewittSponsor: www.FIADA.com
CAR TODAY, INC.Pinellas Park, FLCharles BonannoSponsor: Amelia Tillman
CARS & US INCJensen Beach, FLGlen MeierdiercksSponsor: Sarah Langley
CONSUMER AUTO CREDIT INC.Tampa, FLAngelica EspejoSponsor: Amelia Tillman
CONTACT AT ONCE!Alpharetta, GALeslie CrewsSponsor: Sarah Langley
30+ Year MembersAutorama Auto Sales Fort Myers, FL
20+ Year MembersSanford Auto Dealers Exchange Sanford, FLToy Store Largo, FL
10+ Year MembersJ & C Auto Sales Naples, FLSplish Splash Auto Sales, Inc. Princeton, FL
Under 10 Year MembersAmericas Auto Auction Pensacola Pensacola, FLAndrew Thomas Motorcars Bradenton, FLAutomotive Financial of America, Inc. Orlando, FLBetter Automall, LLC Stuart, FLDealer Platform, LLC Jacksonville, FLEnterprise Rent A Car Coconut Creek, FL
Renewing Members AUGUST 2014
Rejoining Members AUGUST 2014
GATEWAY AUTO SALES, INC.Ally SmartAuctionAuburn Hills, MIMike WallaceSponsor: Sarah Langley
AUTOMOTIVE CAPITAL RESOURCESSouth Miami, FLCarlos OrtegaSponsor: Sarah Langley
BLACK BOOKGainesville, GAHolly CollinsSponsor: Sarah Langley
EVOLUTION AUTOSanford, FLSameer AsfoorSponsor: Amelia Tillman
FETCH!Virginia beach, VAJoseph KindleySponsor: Lisette Mariner
GLOBE ACCEPTANCE, INC.West Des Moines, IAHector Izquierdo Globe Acceptance, Inc.Sponsor: Lisette Mariner
RALPHS PLACEFort Pierce, FLRalph FoggSponsor: Independent Dealer Magazine
RIVERLAND SALES LLCTrenton, FLJackie BarronSponsor: Sarah Langley
STRATEGIC DEALER SERVICESIrving, TXScott MolesSponsor: FIADA
TRUE FRAMEEustis, FLScott AlesSponsor: Amelia Tillman
WALTER KRUMMOcala, FLWalter KrummSponsor: Jennifer Finlay
WINTON DOUGLASTavares, FLSponsor: Jennifer Finlay
Evans Auto Sales South Daytona, FLFinance Express Rancho Santa Margarita, CAFirstSun Financial, Inc. Jacksonville, FLFloorplan Xpress LLC-OK Oklahoma City, OKFlorida Credit Union Gainesville, FLLovering Auto Sales Lakeland, FLMattas Motors Punta Gorda, FLMicroBilt Kennesaw, GANext Car, Inc. Melbourne, FLNo. 1 Auto Sales, Inc. Hollywood, FLParkway Wrecker Service Tallahassee, FLPassTime Littleton, COPort Motors, Inc. West Palm Beach, FLRPF Sales Jacksonville, FLShowcase Auto Brokers USA, Inc. Panama City, FLVeneauto Cars Gainesville, FL
FIRST FLORIDA MOTOR SPORTS, INC.Pompano Beach, FLDonald PayetteSponsor: Amelia Tillman
FOREMAN MOTORS, INC.Melbourne, FLDaniel ForemanSponsor: Amelia Tillman
SUNBELT DEALERS ASSISTANCE INC.Atlanta, GAGary PageSponsor: Sarah Langley
September 2014 — Independent Dealer — 11 www.fiada.com
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Unlocking the True Potential of Your Dealership
The Buy Here-Pay Here (BHPH) business can be a great resource to increase
cash flow to withstand the economic ups and downs of the car business, while building wealth for multiple generations. Many of you that are already in or thinking of entering the BHPH business have probably noticed the aggressiveness of both finance companies and banks to put secondary customers in new and used cars. As the subprime cycle is getting closer to its end, it is imperative that dealers adapt quickly and prepare themselves for the future.
On August 20, 2014 Experian revealed some numbers that should concern nearly every dealership that is relying solely on outside banks and finance companies to finance their secondary customers. According to Experian, repossession rates for finance companies rose 143 percent, while the average charge off increased nearly 13 percent in Q2 year-over-year. Because of this, we can anticipate significant tightening in the subprime sector during the coming months. This will drive secondary customers back into BHPH stores, making the business more attractive than ever for dealers. This article is the first in a five part series explaining the key steps to running a successful BHPH operation including Capital,
BY DAVID ALGOOD
B H P H T O P I C S
Inventory, Underwriting, Collections and Building/Maintaining a Customer Base.
While most dealers realize there are numerous advantages to being in the BHPH business, most do not have sufficient capital to make it work. A dealer looking to enter the BHPH business will likely need between $500,000-$5,000,000 of working capital to fund their operation. For this reason nearly all BHPH dealers use a third party to fund a portion of their operation, often times allowing them to lower their self funding needs to less than $100,000. Finding a capital provider that will provide enough money to help you grow steady and profitably, while also understanding the business is very important. The BHPH business is an excellent choice for dealers who do not want their livelihood to be at the mercy of secondary banks.
The BHPH business can be extremely profitable. Many dealers are able to
Part one in a series that explains the need for Buy Here-Pay Here dealerships, and the success they can have if managed correctly.
cover 100 percent of their credit losses with interest income, meaning they are able to make 100 percent of the markup on their car, which in many cases is $4,000-$5,000 per unit. If your store could benefit from additional sales with great margins then entering or expanding in the BHPH business may be for you.
Ace Motor Acceptance Corporation (AMAC) is a known capital provider for both seasoned BHPH dealers and those that are looking to enter the market. AMAC’s BHPH in a Box™ program offers credit lines for receivables, floor planning, discounted GPS devices along with the option for credit bureau reporting and training. Also, for dealers that want help with collections, AMAC can provide collections assistance, while the customer may still pay at the lot.
David Algood is the Director of Sales and Marketing at AMAC, a rapidly growing finance company doing business in the Eastern half of the United States. Anyone wanting more information can contact AMAC at 704-882-7100 (ext. 7509) or visit their website at www.acemotoracceptance.com.
September 2014 — Independent Dealer — 13 www.fiada.com
OFF-LEASE CARS
Acura Remarketing Audi Financial Services Ford Credit GM Financial Honda Remarketing Hyundai Motor Finance Jaguar Financial Group Kia Motors Finance Land Rover Financial Group Mazda Capital Services Mitsubishi Motor Credit Porsche Financial Services Southeast Toyota Finance Subaru Motors Finance Volkswagen Credit Volvo Car Finance
ENHANCED ARBITRATION
OPENSALEON DEALERBLOCK
Visit ADESA.com/off-lease to find inventory from these consignors:
ENHANCED ARBITRATIONAll one-owner off-lease vehicles on DealerBlock come with an enhanced arbitration policy. Look for the icon in the open sale on DealerBlock.
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2015 Individual Health Insurance Open Enrollment
Individuals who are not currently insured under a qualified health plan or, those who would like to
make a plan change may enroll during two timeframes throughout the year: the open enrollment period, and special enrollment periods (SEP).
The annual open enrollment period for plan year 2015 is between November 15, 2014 and February 15, 2015. (if you do not enroll during this time frame and do not have a qualifying event for a SEP you cannot buy individual health
insurance coverage until the 2016 open enrollment). SEPs occur throughout the year, based on individuals’ special circumstances.
The Affordable Care Act requires individuals to maintain minimum essential coverage, qualify for an exemption, or make a shared responsibility payment. The following types of health insurance coverage
BY TONY CARAMATO
H E A LT H I N S U R A N C E
meet the individual responsibility requirement:• Coverage purchased in the
individual market• Government sponsored coverage• Coverage under an employer-
sponsored plan• Other coverage that may be
recognized by the Department of Health & Human Services (HHS).
The 2015 annual shared responsibility payment is the greater of 2 percent of your household income above
tax filing status, or the flat dollar amount, which is $325 per adult and $162.50 per child, limited to a family maximum of $975.
Individuals who choose to apply during open enrollment may qualify for a premium tax credit and cost sharing reduction based on their annual income.
An overview of the latest rules and requirements with the Affordable Care Act.
PREMIUM TAX CREDIT:• The premium tax credit is an
income tax credit that helps individuals and families afford health insurance coverage, purchased through a Marketplace, by reducing their monthly premium.
• An individual may choose to apply some or all of the tax credit towards monthly premiums.
COST SHARING REDUCTION:• Cost-sharing reductions lower
the amount of your deductible, co-insurance or the policy’s annual maximum out of pocket limit.
Below are some steps to help you start the process:1. Find out if you qualify for a
subsidy (If you do then an exchange plan may be your best option. If you do not, there is no reason to apply for coverage through the exchange)
2. Make sure your doctor is in network with the coverage you’re considering. (Be specific, your health insurance network is not the name of the carrier…Humana-Blue Cross-United Healthcare)
3. Search the available in-network hospitals.
4. Consider a plan design that will best fit your needs. (The lowest price does not always equal the best value)
Have questions? Contact us at Florida Design Insurance your FIADA benefits specialist. We will work with you to make sure you get the coverage you need at a price you can afford. Florida Design Insurance (813) 412-4812. Tony Carmato is the Employee Benefits Consultant for Florida Design Insurance, LLC
The Affordable Care Act requires individuals to maintain minimum essential coverage, qualify for an exemption, or make a shared responsibility payment.
September 2014 — Independent Dealer — 15 www.fiada.comPAID ADVERTISINGPAID
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16 — Independent Dealer — September 2014 www.fiada.com
Ask anyone who hasbeen to a FIADA Convention
and they will tell you it’s one of the best things you can do for your business.You will learn a lot, network with otherdealers, find new vendors and services
and walk away excited to bring it all backto your dealership and get started.
Time’s running out to register, so don’t miss the boat. Use the form on page 18, or go
to www.fiada.com and register now!
Try your special key in our convention treasure chest for a chance to win $500 cash!
TENTATIVE SCHEDULE (GET MORE DETAILS AND DESCRIPTIONS ONLINE AT WWW.FIADA.COM)
THURSDAY, OCT. 9, 20143:00 - 7:00 PM Registration Open 6:30 - 8:30 PM Welcome Reception
FRIDAY, OCT. 10, 20147:30 AM - 4:00 PM Registration Open 8:00 - 9:00 AM Breakfast 9:00 -10:00 AM Opening Keynote: DJ Harrington, Generating Your Own Business 10:45 -11:45 AM Legislative Keynote, Panel 12:00 -1:30 PM Networking Lunch 1:45 -2:45 PM Workshops 3:00 -4:00 PM Division of Motorist Services Update, Panel 5:00 -9:00 PM Exhibit Hall Opening/Family Fun Night
CLAIM ‘YE TREASURE!
SATURDAY, OCT. 11, 20147:30 AM - 3:00 PM Registration Open 8:00 - 9:00 AM Breakfast with Exhibitors 9:00 -10:00 AM Workshops 10:15 -11:15 AM Keynote & Awards Ceremony: Jay Guburd, Rev Up Your Relationships12:00 - 2:30 PM Lunch with Exhibitors & Exhibitor Giveaways 2:45 - 3:45 PM Workshop 4:00 - 5:30 PM Don’t Walk the Plank: What Legal Dangers Dealers Face Today, Panel 5:30 - 7:00 PM Closing Reception
2014 CONVENTION EXHIBITORS: 700 CreditAce Motor Acceptance CorporationADESAAFCAlly SmartAuctionAmerican Credit Acceptance / Spartan Financial PartnersArbitration Resolution Services, Inc. (ARS)ASC WarrantyAuction123.comAuto Data Direct, Inc.Auto UseAutomotive Capital ResourcesAutoRevoAutoTrader.comBalloons Everywhere
Black BookCarmax AuctionsContact At Once!Copart Auto AuctionCVR - Computerized Vehicle RegistrationDealer FundingDealerCenterDealers Insurance ServicesDealerSocketeBay MotorsFetch!Finance ExpressFloorplan Xpress LLCGateway One Lending & FinanceGlobe Acceptance, Inc.
GM OnStarGoldStar GPS Guided by SpireonInsurance Auto Auctions, Inc.Ituran USA, Inc.Leedom GroupManheim AuctionsMicrobilt CorporationMoffa, Gainor, & Sutton, PANational Auto Lenders, Inc.Nationwide Southeast LLCNCM AssociatesNextGear CapitalNIADA CPO Administered by WarrantechPACProtective Asset Protection
Rent A Wreck Used Car Rental and LeasingSensible Auto Lending, LLCSheriffs Ranches EnterprisesSkypatrolSterling Credit CorporationSunbelt Dealers Assistance Inc.SVR TrackingTax Refund Services Tax MaxTFP International Car Loans SolutionsTrue FrameUnited Acceptance, Inc.vAutoVeros CreditWayne Reaves Software and WebsitesWilliams & Stazzone Insurance Agency, Inc.
September 2014 — Independent Dealer — 17 www.fiada.com©2014 All rights reserved.
Oct 9-12, 2014 Orlando, Florida
FIADACOME VISIT US AT
3283_M-Corp_7.5x10_FINAL.indd 1 9/5/14 11:18 AM
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PAYMENT METHOD
Mail: FIADA, 1840 Fiddler Court, Tallahassee, FL 32308 Fax: (850) 385-3251 Online: www.FIADA.com Call: (800) 237-0448
Company: __________________________________________________________________________________________________________
Address: _________________________________________________ City, State, Zip: ____________________________________________
Phone: __________________________________________________ Fax: _____________________________________________________
E-mail: __________________________________________________ Website: _________________________________________________
[ ] I have enclosed a check made payable to FIADA [ ] I will be using a credit card
Name (as it appears on card):_____________________________________ Company: _____________________________________________
Credit Card Billing Address: _____________________________________________________________________________________________
Credit Card Number: _______________________________________________________________ Exp Date: ________________________
Authorized Signature: ______________________________________________________________ CC Security Code: __________________CANCELLATION POLICY: If cancellations are received in writing before 5pm on Sunday, September 8, 2014, we will refund your registration fee. If cancellation is received between 9/9/14 and 9/30/14, we will refund your registration fee less a $25 processing fee. Fees cannot be refunded for registrations cancelled after 10/1/14 or for no-shows. PHOTO/VIDEO RELEASE: By registering for the 2014 FIADA Annual Convention, I hereby grant permission to use any and all photographic imagery and video footage taken of me at this event and activities pertaining to this event, without payment or any other consideration. I understand that such materials may be published electronically or in print, or used in presentations or exhibitions.
HOTEL INFORMATION: Omni ChampionsGate. Hotel stay is separate from convention registration. Reservations must be made BEFORE SEPTEMBER 8, 2014 to qualify for group discount of $149 per night (plus tax) For reservations call (800) THE-OMNI/(800) 843-6664.
TOTAL: $
2014 FIADA Annual Convention Registration Form
REGULAR(9/1 - 10/3)
MEMBER
NON-MEMBER
ON-SITE(10/4 - 10/11)
COMPANY INFORMATION
REGISTRATION INFORMATION
FIADA MEMBER DISCOUNTED REGISTRATION RATES
FULL ACCESS PASS Badge Name: _____________________________________________________________________ [ ] $299 [ ] $349
ADDITIONAL FULL ACCESS PASS (Available with purchase of Full Access Pass)
Badge Name: _____________________________________________________________________ [ ] $195 [ ] $195
Badge Name: _____________________________________________________________________ [ ] $195 [ ] $195
SPOUSE FULL ACCESS PASS (Available with purchase of Full Access Pass)
Badge Name: _____________________________________________________________________ [ ] $100 [ ] $100
EDUCATION PASS (Does not include meals)
Badge Name: _____________________________________________________________________ [ ] $124 [ ] $149
NON-MEMBER REGISTRATION RATES
FULL ACCESS PASS Badge Name: _____________________________________________________________________ [ ] $349 [ ] $399
ADDITIONAL FULL ACCESS PASS (Available with purchase of Full Access Pass)
Badge Name: _____________________________________________________________________ [ ] $195 [ ] $195
Badge Name: _____________________________________________________________________ [ ] $195 [ ] $195
SPOUSE FULL ACCESS PASS (Available with purchase of Full Access Pass)
Badge Name: _____________________________________________________________________ [ ] $100 [ ] $100
EDUCATION PASS (Does not include meals)
Badge Name: _____________________________________________________________________ [ ] $149 [ ] $175
FULL ACCESS AND SPOUSE FULL ACCESS PASSES includes all meal functions, seminars and exhibit hall access and is eligible for continuing education credit. Additional Full Access passes and Spouse pass are only available with a Full Access registration. Valid FIADA membership required for FIADA member registration rates. CHILD REGISTRATIONS AVAILABLE Contact FIADA at (800) 237-0448 for details and to register.
September 2014 — Independent Dealer — 19 www.fiada.com
get the latest convention information and register now at www.fiada.com.
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Become the Captain of Convention Networking
Or, if you are an efficient networker, how irritated are you by those who waste your
time? Even worse, what if you believe you are a great networker, but others feel like you are wasting their time? Keep your networking skills sharp and focused with these key tips that gain you a stronger network and higher quality referrals.
SIX FACE-TO-FACE NETWORKING MUST-HAVES• Arrive early; be the first to meet
and greet people while they are not distracted by the talking, drinking and presentations. They’ll be fresh and you can maximize your time together.
• Make the short list and check it twice. What people or organizations are you most interested in reaching?
• Are there particular vendors or key finance folks you wish to engage? Know who they are.
• It’s net working, not net eating. If your sole purpose is to visit and eat/drink, you are missing the point. That’s more Jabba the Hut than Jedi Master.
• Listen more than you talk and prepare three open-ended questions that you can use. Record your notes after you finish the discussion. Don’t write while you are engaged.
BY LEE BROGDEN CULBERSON
C O N V E N T I O N P L A N S
“That was a complete waste of time.” Do you ever say that after attending a networking event with other dealers, service providers, or chamber members?
co-workers, friends and clique members. Sit with people you don’t know.
• Prepare for precision follow-up. • Make a goal to have at least one
quality follow-up from every networking event.
THREE FRESH ONLINE NETWORKING TIPS• Post a key fact from the
networking event on one of your social media channels. Frankly, this aids in reputation and credibility online. You get bonus points from potential buyers for being engaged, for sharing and for staying “on top of” education.
• Follow at least one of the people or organizations you meet and engage with them online. Expanding your network is key and as your community grows, so does your perceived credibility in the industry.
• Use LinkedIn judiciously. Ask them directly if they are active on LinkedIn and if you may connect with them. If they say yes, do it and then thank them. Follow-up with them on a schedule.
THREE NETWORKING TIPS• Focus on understanding other
peoples’ needs. Learn about their business journey, their successes and their challenges. Share advice/helpful information and sending people useful referrals. Networking really isn’t about you – it’s about the other person.
• Have your networking kit ready, which includes: 1) Business cards; 2) Breath mints or gum; 3) A firm shake; 4) Knowledge of current events; 5) A positive attitude and a warm engaging personality; 6) One or two really funny (and clean) jokes; 7) Helpful information; 8) Willingness to follow-up; 9) Always make good eye contact; 10) Don’t outstay your welcome.
• Get out of your own groups—for your own good and the good of the newbies. Peel away from your
Treat networking as you would any other important marketing endeavor and you’ll reap the reputation,
credibility and monetary rewards.
September 2014 — Independent Dealer — 21 www.fiada.com
• Practice the ins and outs of 1) Entering a conversation; 2) Obtaining info; 3) Getting out of a conversation with someone who does not understand #10 above. The entrance: “Hi, I’ve never been to this event before. You look like a regular—any tips you could give me on what to expect? “Planning a follow-up: “Margaret, I have to head out right now, but I really enjoyed learning more about your work. Could I get your contact info to schedule a time for us to finish our conversation?” The exit: “Laura, it’s been great getting to know you, but I need to say hello to a few more folks around here. I hope you have a great evening.”
Most experienced folks in the automotive industry tell me they are true Captains when it comes to networking, yet I’ve had to use the exit technique above to move on to another conversation in the room. Your goal is to build your network and your business. Treat networking as you would any other important marketing endeavor and you’ll reap the reputation, credibility and monetary rewards.
You can network with Lee online ([email protected]) orvisit professionalmojo.com.
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Continued on Page 24.
This has been a great year for FIADA, legislatively speaking. The FIADA and its members were represented well in Tallahassee this year with our top
priorities, the roll back in tag fees and the reinstatement of the surrender stop, both becoming law. We were also able to stop bad legislation, like the used tire bill and a bill that would have required notaries to keep a five year log of all the customers they notarized.
For the key part he played in sponsoring our surrender stop legislation, we proudly honor Rep. Broxson as our Legislator of the Year. Rep. Broxson will be joining us at the Annual Convention in October to receive this honor as well as participate in the legislative panel. Every year at the convention we have a great discussion of ideas and insights by respected legislators in both chambers of the Florida legislature. Not only is it interesting to hear their perspective on upcoming, current and past legislation but, at the end of the panel discussion we always follow up with a question and answer time. That gives you the chance to interact directly with these legislators and talk with them about the issues that are important to you and your dealership. The legislative panel is a high-point of every convention and I hope to see you in attendance this year.
In addition to the face-to-face, personal interaction we have with legislators, the other way FIADA can solidify its position in Tallahassee is with a healthy PAC Fund. With the mid-term elections quickly approaching, it is imperative that we work on building our PAC Fund over the next few months. Doing so will help us keep and elect pro-business supporters as well as help us to build relationships with new elected officials who may be making their way to Tallahassee for the first time. This year’s legislative session has adjourned, but that does not mean we have stopped working on the FIADA legislative agenda for 2015. We will reach out to key members of both the House and Senate to keep them abreast of dealer issues, educate them how much
L E G I S L AT I V E U P D AT E
independent dealers mean to the overall economy in Florida and to help out with their campaigns. We need to maintain the momentum. The FIADA PAC is the perfect source to help accomplish that goal. Consider an investment in your future as a used car dealer by making a contribution today. I did! Visit www.fiada.com and click on FIADA-PAC. You can even set up automatic monthly contributions. You can also use the PAC Contribution Form on page 24 and fax it back.
Now that the primaries are over, we have a long list of legislators to evaluate and decide who we should support. Here is a line-up of primary winners who will now be going foward as candidates in the general election. In next month’s issue we will discuss more about the upcoming elections and help you decide who to support come November.
State Senator, District 6John Thrasher, REP
State Senator, District 12 Edward DeAguilera, REPGeraldine F. Thompson, DEM
State Senator, District 16Thad Altman, REP
State Senator, District 20Jack Latvala, REP
State Senator, District 30Lizbeth Benacquisto, REP
State Senator, District 32Joe Negron, REP
State Senator, District 36Oscar Braynon, II, DEM
State Representative, District 3Doug Broxson, REP
State Representative, District 5Brad Drake, REP
Meet the Legislators at the Annual ConventionBY SANDRA MORTHAM, FIADA LOBBYIST
September 2014 — Independent Dealer — 23 www.fiada.com
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Contributor’s Name: _______________________________________________________________________________
Dealership/Company: ______________________________________________________________________________
Street Address, City, State, Zip: __________________________________________________________________________
q Check q Credit Card (one time contribution) q Monthly Credit Card Contribution (until cancel)
q $500 q $250 q $100 q $50 q $25 q _________
Credit Card Information: q Visa q MasterCard q American Express q Discover
Name on Card: Card number:
Exp Date: Sec. Code: Billing Phone:
Billing Address
Authorized Signature
SUPPORT THE FIADA PAC FUND!Your PAC Contribution helps spread awareness and gain support of issues affecting independent dealers in the state’s capitol.
CONTRIBUTION INFORMATION
PAYMENT INFORMATION
LEGISLATIVE UPDATE continued from Page 22.
Make your check payable to FIADA-PAC and mail to FIADA at: 1840 Fiddler Court, Tallahassee, FL 32308
FAX: 850.385.3251
State Representative, District 6Jay Trumbull, REP
State Representative, District 8Alan Williams, DEM
State Representative, District 9Michelle Rehwinkel Vasilinda, DEM
State Representative, District 15Jay Fant, REP
State Representative, District 16Charles McBurney, REP
State Representative, District 28Jason Brodeur, REP
State Representative, District 30Bob Cortes, REP .
State Representative, District 31Jennifer Sullivan, REP
State Representative, District 36Chris Gregg, REP
State Representative, District 40Colleen Burton, REP
State Representative, District 42Chad Carnell, DEM
State Representative, District 43 John Cortes, DEM
State Representative, District 44 Eric Eisnaugle, REP
State Representative, District 47 Mike Miller, REP
State Representative, District 49René “Coach P” Plasencia, REP
State Representative, District 50Tom Goodson, REP
State Representative, District 53John Tobia, REP
State Representative, District 61Edwin “Ed” Narain, DEM
State Representative, District 65 Chris Sprowls, REP
State Representative, District 67Chris Latvala, REP Steve Sarnoff, DEM
State Representative, District 68 Bill Young, REP
State Representative, District 74Julio Gonzalez, REP
State Representative, District 77Dane Eagle, REP
State Representative, District 79Matt Caldwell, REP
State Representative, District 81Kevin Rader, DEM
State Representative, District 94Bobby DuBose, DEM
State Representative, District 96Kristin Jacobs, DEM
State Representative, District 100Joseph S. “Joe” Geller, DEM
State Representative, District 107Barbara Watson, DEM
State Representative, District 108Daphne Campbell, DEM
State Representative, District 111Bryan Avila, REP
September 2014 — Independent Dealer — 25 www.fiada.com
PREMIUM FINANCE PROGRAMWe have added an exciting option to our financing opportunities. The Premium Finance Program is a new non-recourse reserve program.
STANDARD FINANCE PROGRAMTo further assist buyers, we have enhanced our traditional finance program. The Standard Finance Program now includes 100 percent advance for tax, title and registration.
Two great directions for funding you customer’s sales.
For more information call us at 888-852-AUTO or visit us at www.persianacceptance.com
The Key to Automobile Financing
Contact us to learn more about our new and improved finance programs.
Serving MA, ME, NH, CT and VT. NOW DOING BUSINESS IN FLORIDA AND NORTH CAROLINA.
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COMPLIANCE TIPWorried about identity theft? Call your local or state police department, or your local FBI or Secret Service office to see if they offer merchants training in ways to detect fake forms of identification, like drivers’ licenses. Some law enforcement organizations offer this sort of training. It’s often free to the public, but you might need to organize such an event through your dealer association or your Chamber of Commerce in order to have enough participants to get the agency to make the effort.
FEDERAL DEVELOPMENTSAre Those Car Parts Real? On July 8, the Federal Trade Commission amended its Used Auto Parts Guides. The Guides are designed to prevent the unfair or deceptive marketing of used motor vehicle parts and assemblies containing used parts (such as engines and transmissions). The Guides refer to such parts and assemblies as “industry products”. The Guides declare certain acts and practices to be unfair or deceptive under the FTC Act, including misrepresenting that an industry product is new or the amount of use of an industry product, misrepresenting the identity of anyone who worked on an industry product after its removal from the original vehicle, and misrepresenting its condition or the amount of work done to it after its removal from the original vehicle.
Consumers May be Able to Embellish Their ComplaintsOn July 16, the Consumer Financial Protection Bureau proposed to expand its Consumer Complaint Database to let consumers add a narrative description when submitting a complaint. The
L E G A L R O U N D - U P
A Look At Current Legal IssuesBY THOMAS B. HUDSON AND NICOLE FRUSH MUNRO, HUDSON COOK, LLC
A monthly collection of selected legislative and regulatory highlights, and a recap of some of the many auto sale and financing lawsuits followed each month.
CFPB says that publishing such narratives would provide important context to the complaint, help the public detect specific market trends, aid consumer decision-making, and improve customer service. Under the proposal, the consumer must consent before the CFPB publishes a narrative, the CFPB will take all reasonable steps to remove personal information from the complaint, and finance companies will be able to post a written response that would appear next to the consumer’s complaint. The CFPB notes that this response would also have all of the consumer’s personal information removed. Comments on the proposed policy are due by September 22. In a related matter, the CFPB held a field hearing on consumer complaints in El Paso, Texas on July 17. The event featured remarks from Director Cordray, as well as testimony from consumer groups, industry representatives, and the public. A recording of the event is available on the Bureau’s website.
Debt Collection in the Latino Community On July 15, the CFPB and the FTC announced that they will co-host a roundtable on October 23 in Long Beach, California to examine how debt collection issues affect Latino consumers, especially those with limited English proficiency. The roundtable is free, open to the public, and will be streamed live online. Ideas and comments regarding the roundtable event may be sent via email to the CFPB or the FTC.
CFPB’s Complaint Portal Gets Broader. On July 21, the CFPB announced that
it is accepting consumer complaints regarding prepaid cards, debt settlement services, credit repair services, and pawn and title loans. The CFPB already handles complaints about credit cards, mortgages, bank accounts and services, student loans, vehicle financing, credit reporting, debt collection, payday loans, and money transfers.
Same-sex Couples and the Credit LawsOn June 25, CFPB Director Cordray issued a memorandum to Bureau staff clarifying the effect of the recent U.S. Supreme Court decision in United States v. Windsor on the recognition of lawful marriages of same-sex couples for purposes of the laws, regulations, and policies enforced and administered by the CFPB. Windsor struck down as unconstitutional section 3 of the Defense of Marriage Act, which defined the word “marriage” as “only a legal union between one man and one woman as husband and wife” and defined the word “spouse” as referring “only to a person of the opposite sex who is a husband or a wife.” Cordray’s memo states that the CFPB’s policy is to “recognize all marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated. Accordingly, the Bureau will regard a person who is married under the laws of any jurisdiction to be married nationwide for purposes of the federal statutes and regulations under its jurisdiction regardless of the person’s place of residency. Consistent with other federal agencies, the Bureau will not regard a person to be married by virtue of being in a domestic partnership, civil union, or other relationship not denominated by law as a marriage.”
Continued on Page 29.
September 2014 — Independent Dealer — 27 www.fiada.com
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It’s time to changeyour approach to F&I compliance
WITH THIS SPECIAL OFFER...
Subscribe to Spot Delivery and, at no additional charge, we will send you a copy of your choice of any of our legal compliance books, CARLAW, CARLAW IIStreet Legal or CARLAW III Reloaded.
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or call us at 877-464-8326.Also follow us on:
CFPB and AGs Trumpet Debt Relief for Servicemembers On July 29, the CFPB and 13 state Attorneys General announced that they had obtained about $92 million in debt relief for servicemembers harmed by a predatory lending scheme.from Colfax Capital Corporation and Culver Capital, LLC, (collectively, “Rome Finance”) for about 17,000 U.S. servicemembers and other consumers. Rome Finance allegedly lured consumers with the promise of no money down and instant financing, masked expensive finance charges by artificially inflating the disclosed price of the consumer goods being sold, withheld information on billing statements and illegally collected on void loans.
LITIGATIONRepossession Started Running of Statute of Limitations: When a truck buyer defaulted on his payments, the creditor repossessed the truck, charged off the remaining balance, and sold the truck at auction. The buyer made several payments toward the deficiency but then stopped. The creditor sued the buyer for breach of contract. The trial court granted judgment for the creditor, but the appellate court reversed. The appellate court found that the creditor’s claim was barred by Indiana’s six-year statute of limitations. The creditor argued that the statute of limitations began to run when the buyer made his last payment on the deficiency, which was less than six years before it filed suit. The buyer argued that the statute of limitations began to run when the creditor repossessed the truck and charged off the remaining balance, which was more than six years before it filed suit. The appellate court noted that when a contract contains an optional acceleration clause, the statute of limitations begins to run when the creditor exercises its option to accelerate. In this case, the parties’ note provided that, upon default, the creditor had the option to accelerate the debt without notice. Although the appellate court found that the creditor did not formally exercise its acceleration option, its repossession was sufficient to demonstrate acceleration. Therefore,
because the creditor repossessed the truck but did not file suit on the debt for more than six years from that date, the claim was time-barred. See Imbody v. Fifth Third Bank, 2014 Ind. App. LEXIS 292 (Ind. App. June 27, 2014). notices. See Citizens Finance Co. v. Bickford, 2014
Iowa App. LEXIS 534 (Iowa App. May 14, 2014).
Tom ([email protected]) and Nikki ([email protected]) are partners in the law firm of Hudson Cook, LLC. (410) 865-5411 or www.counselorlibrary.com.
LEGISLATIVE UPDATE continued from Page 26.
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INDUSTRY NEWS
The Internal Revenue Service (IRS) and the Treasury Inspector General for Tax Administration (TIGTA) are warning taxpayers about phone scams involving individuals acting as IRS officials and demanding payment. According to the IRS Newswire, the TIGTA has received roughly 90,000 complaints regarding these falsified calls. More than 1,000 people have fallen victim to this scam and it is noted that about $5 million has been lost. These fraudulent individuals usually call taxpayers without previously notifying them through email or mail, they are hostile and threatening on the phone, and they demand immediate payment. The IRS handles tax issues in a very specific manner, and none of the above complies with IRS standards. Here are a few characteristic ways in which the IRS handles claims: • You should not be asked to give any credit card or debit
card information over the phone.• You have a choice of how you would prefer to pay your
tax obligations – there is no one way.• You do not have to make an immediate payment on the
phone and enforcement action does not happen right after the phone call.
• The IRS first contacts a taxpayer through mail - not email, phone, text or social media. If you do receive an email scam from the IRS, please forward that email to [email protected].
On the contrary, here are some tips to help you decipher if your phone call is in fact a scam: • A scammer does not use their actual name; they
Beware of IRS Phone Scams
When curbstoning enforcement legislation was passed back in 2010 it was intended to encourage local law enforcement and municipalities to tow vehicles found in violation of curbstoning and collect the $100 fine. It is looking like that idea may finally be catching on. The Boynton Beach City Commission did a second and final vote recently to pass a curbstoning ordinance that will allow staff to immediately tow a vehicle when found in violation. Before the ordinance, staff had to sticker the cars, notify the owners and then had the ability to tow the car. The idea for the ordinance came about when code compliance coordinator, Diane Springer was modifying parking ordinances and came upon the 2010 Florida statute that prohibits curbstoning. The commission unanimously agreed to pass the ordinance and plans to send a copy of the ordinance to the county, after Vice Mayor Joe Casello said he hopes they will enforce a similar rule.Article source: The Palm Beach Post
Curbstoning Enforcement Catching On
instead make up common names and give out an IRS badge number.
• It is possible that the scammer knows the last four digits to your Social Security number.
• Scammers are able to change the Caller ID on your phone to make it actually look like the IRS is in fact calling you.
• Emails may proceed or follow calls from scammers.• Taxpayers can hear other individuals talking in the
background to make it appear as a call center.• Scammers threaten taxpayers with jail time and other
punishments, and sometimes call back acting as the police.
If you do in fact believe a person claiming to be from the IRS has contacted you, there are a few ways to handle the situation, as noted by IRS Newswire. First, if you do owe money, you can contact the IRS at 1-800-829-1040 to talk to an official employee of the IRS about your payment. Secondly, if you are certain that you don’t owe money, you can call the IRS at 1-800-366-4484 to report the scam to TIGTA. Lastly, please contact the Federal Trade Commission at www.FTC.gov to add “IRS Telephone Scam” to your complaint. Please be sure to pass this information along to your employees; anyone could be a target of an IRS phone scam. Always be careful with what information you share and with whom you share it. If you would like to learn more about this particular phone scam, please visit www.irs.gov and search “scam.”
Don’t forget to Like us on Facebook! Check out our page and follow us at www.facebook.com/FLIndAutoDealersAssoc
September 2014 — Independent Dealer — 31 www.fiada.com
DINO MERCURIOPresident
Independent Credit, Inc.West Palm Beach, FL
(561) 686-8673
JIM WINTERICK, SR.Senior Vice President
Gulfstream Motor CreditMiami, FL
(305) 253-2335
CHRISTOPHER LEEDOMChairman of the Board
AutoMaxxSarasota, FL
(941) 309-1111
PHIL RISLEYSecretary
Cars & Credit of JacksonvilleJacksonville, FL(904) 616-4074
PAUL MATTONTreasurer
Park Auto MallPinellas Park, FL(727) 639-1112
GEORGE HICKEYRegional Vice President
Bond Auto SalesTampa, FL
(813) 238-7478
FRANK FUZYRegional Vice PresidentCentury Motors of S. FL
Pompano Beach, FL(954) 785-0369
LISA COMPAGNORegional Vice President
Palm Tree Auto SalesStuart, FL
(772) 288-2099
STEVE MARBAISRegional Vice PresidentMarbais Enterprises, Inc.
Ocoee, FL(407) 877-7422
GOVINDA ROMERORegional Vice President
Autoflex LLCGainesville, FL(407) 468-9974
2013-2014 FIADA EXECUTIVE COMMITTEE:
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©2012 Manheim, Inc. All rights reserved. Manheim Buy. Sell. Win. is a trademark of Manheim, Inc. The M logo is a registered trademark of Manheim, Inc.
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