january 2014 issue
DESCRIPTION
FIADA January 2014 Independent Dealer Magazine IssueTRANSCRIPT
January 2014 — Independent Dealer — 1 www.fiada.com
Information and Insight for Florida Used Car Dealers
SINCE 1940
A Publication of theFlorida IndependentAutomobile DealersAssociation
January 2014 www.FIADA.com
January 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
Nicole Lee Development Administrator
Amelia Tillman Administrative Assistant
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.
ContentsJanuary 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 Membership News New, Renewing and Rejoining Members
10 Keys to Insurance FIADA Insurance Agent of Record Kevin O’Connor makes predictions about the upcoming year.
12 The Next Generation: Millennial Marketing Over 79 million Millennials are making their mark on the economy. Are you ready to earn their business?
16 The Benefits of Membership Top Dealers share why they are members of FIADA.
20 Legislative Update The New Year may bring much awaited relief to high tag fees.
22 Now Showing: FIADA is on the Air with New Webinars Whether on the FIADA website or its YouTube channel, take advantage of these new tools that will help your business this year.
24 Cashing In on Tax Refund Sales Tax season is officially open and dealers can leverage sales with refunds.
25 NIADA Scholarship Benefits High School Seniors
27 FREE Continuing Education for FIADA Members
28 A Look At Current Legal Issues Attorney Tom Hudson runs through the list of recent court decisions that could affect you.
30 Industry News
F R O M T H E P R E S I D E N T
You Need FIADA in 2014BY DINO MERCURIO, FIADA PRESIDENT
By the time you get this, 2014 will be in full swing! I hope the New Year has begun well for all of you, and you are steadfast in your new year’s
resolutions. Believe it or not, tax refund season is right around the corner. We are already gearing up for it at our dealership, and certainly hope it is better than last year.
The Florida Legislature will officially convene on March 2 but activity is already underway in Tallahassee. Your Association, along with our great lobbyist Sandra
Mortham, is hard at work in the State Capital diligently monitoring all bills in both the House and Senate, as well as trying to push for and pass positive legislation for our industry.
The FIADA Town Hall and quarterly Board Meeting are being held Jan. 17 and 18 in Tampa. We hope you are able to attend, as it is a great opportunity to keep your finger on the pulse of what is going on legally and legislatively, as well being a part of shaping the future direction of the FIADA. There will be two more opportunities to take advantage of these FREE Town Hall education sessions and Board Meetings. We will
www.fiada.com4 — Independent Dealer — January 2014
be in Jupiter in May, and Daytona Beach in July. Keep an eye on the Independent Dealer magazine or go to our fantastic website (www.fiada.com) for all the details!
This edition of Independent Dealer is a special one because it is not only going out to our valued members, but to all licensed dealers in the state of Florida. For those of you that are members, thank you for your dedication and support. For those of you who are not yet members of the FIADA, I strongly
encourage you to join. The benefits are overwhelming and more than cover the nominal cost, but the information and education you will receive are priceless. In today’s ultra-competitive marketplace of ever-changing regulations and compliance issues, the free legal and legislative representation
and the ability to connect to and network with vendors representing all facets of the automobile industry is invaluable. When you look at it that way, you cannot afford to not be a member of the FIADA.
Best of luck in 2014, and I hope to see all of you in Tampa, Jupiter, or Daytona.
Thank you,
Dino MercurioFIADA President
Today’s ultra-competitive marketplace of ever-changing regulations and compliance issues makes FIADA’s free legal and legislative representation and ability to connect with industry vendors invaluable.
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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.
You Need FIADA in 2014
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Resolve to Make FIADA Part of Your 2014 Plan BY LISETTE MARINER, EXECUTIVE DIRECTOR
While you’ve made your resolutions to lose weight, spend more time with family, or eat healthy, your FIADA has resolved to find more members
like you. Your FIADA has been growing. We want you to get involved and take advantage of your member benefits. Take the next step and be part of a committee. Help FIADA be even better.
FIADA offers many member benefits, such as, complimentary technical assistance, free online continuing education, auction and service coupons, and networking opportunities. We are always researching opportunities to bring more value to your membership. Your feedback is always appreciated. One way to get involved and give back is to participate on a committee. Committees meet via conference call and discuss new programs, current issues and explore ways to improve FIADA services. We have something for everyone. The committees include:
Membership: The membership committee is responsible for developing membership in the FIADA.
Member Benefits: The member benefits committee shall have the authority to recommend FIADA policy concerning all FIADA approved member benefit programs. This includes recommendation of approval of all new programs, amending or canceling current programs.
Legislative: The legislative committee has the authority and duty of reviewing the progress of legislation at the state level, making recommendations regarding legislative issues and keeping the FIADA Executive Committee informed on all legislative matters affecting the independent automobile dealer industry and FIADA.
www.fiada.com6 — Independent Dealer — January 2014
Convention: The convention committee is an ad hoc committee that is charged with reviewing educational programs, sponsorship opportunities, entertainment, theme and general assistance with the annual convention. If you are interested in serving on a committee please contact me at [email protected] or (800) 237-0448 ext. 100. Your service on a committee helps the association and provides an opportunity for you to give back to your industry. Your executive committee and board of directors are made up of volunteers that give of their time and expertise. They have made a commitment to you as a member of the association. Help support these wonderful men and women by making a commitment today to serve on a committee. It really isn’t much time at all to serve on a committee.
You can always participate in a Town Hall meeting. Take the time to come out and meet your board and dealers in the area. Quarterly FIADA hosts Town Hall Meetings that provide for an opportunity to network with dealers and learn about legal and regulatory issues, as well as, ideas to help you be profitable. Save these dates: May 9 in Jupiter and July 18 in Daytona Beach. If you can only commit to one meeting, please make sure it’s the Annual Convention. This year promises to be a great experience. Your convention committee is finalizing the schedule of speakers and theme. Watch for details in the coming months, but save the date, October 9-12 at the Omni Hotel and Resorts at ChampionsGate (Orlando).
FIADA has so much to offer and so many opportunities for you to participate. I hope that you will resolve to add FIADA to your 2014 Action Plan. Be part of the association that watches out for you every day!
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M E M B E R S H I P N E W S
New Members D E C E M B E R 2 0 1 3
Ace Motor AccePtAnceMatthews, NC, Wayne GarlandSponsor: Amelia Tillman
cArs Inn, Inc. DbA Lucky cArsPinellas Park, FL, Rafael DiazSponsor: Sarah Langley
DrAke Motor coMPAnyFort Myers, FL, James HoskinsSponsor: Sarah Langley
InsurAnce Auto AuctIonsJacksonville, FL, Nalini SinghSponsor: Amelia Tillman
bIg FIsh AutoMotIve, LLcFernandina Beach, FLMike ZaffaroniSponsor: Amelia Tillman
kAthy’s kArsSafety Harbor, FLKathy RennieSponsor: Amelia Tillman
MAnheIM PensAcoLAPensacola, FLPeggy DirkSponsor: Amelia Tillman
JAMes bILDerbAckLeesburg, FL, Sponsor: Terry Myers
LAnDress Auto WreckIng Inc.Bonifay, FL, Elliott SharonSponsor: Amelia Tillman
MAtt or bob hoLDIngsCoconut Creek, FL, Robert OdiernaSponsor: Web
reynoso tIre LLcNorth Port, FL, Pedro ReynosoSponsor: friend
40+ year MembersNoegel’s Auto Sales Starke, FL
30+ year MembersDon Scott Motors Ocala, FLMears Motor Leasing Orlando, FL
20+ year MembersCocoa Auto Dealers Exchange Cocoa, FLIntegrity Auto Sales, Inc. Port Orange, FL
10+ year MembersAutomotive Fleet Enterprises Pinellas Park, FLBC Motor Company, Inc. West Palm Beach, FLBig O’s Northside Auto Sales Interlachen, FLDixie Motors LLC Live Oak, FLDriveTime Sales & Finance Phoenix, AZFamily Auto Mart, Inc. Melbourne, FLFirst Coast Auto Sales Jacksonville, FLHolt Auto Sales, Inc. Kissimmee, FLManheim’s Central Florida A/A Orlando, FLNeal’s Wheels Fanning Springs, FL
under 10 year MembersAuction123.com Weston, FLAuto Data Direct Tallahassee, FLAuto Sales Zone LLC Lake City, FL
Renewing Members
Rejoining Members
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rIcks boDy Works DbA M&e Auto sALesOcoee, FL, Edgar PerezSponsor: Kevin Scott
the cAr stoPTampa, FL, Brad AdamsSponsor: Sarah Langley
Autoline Preowned Atlantic Beach, FLAutoMaxx Sarasota, FLAutomotive One, Inc. Longwood, FLCapital Motors, LLC Orlando, FLCar Buying Service of Jacksonville Keystone Heights, FLCharleston Auto Auction Moncks Corner, SCCommunity Auto Exchange Wildwood, FLCorbin Auto Sales Chipley, FLCountry Club Motors of Melbourne Melbourne, FLFirst Place Auto Sales Inc Gainesville, FLGibson Truck World Sanford, FLGoldstar GPS guided by Spireon Knoxville, TNGraham Auto, Inc. Live Oak, FLHH Sales, LLC Jacksonville, FLInternational Auto Group Pompano Beach, FLKPM Auto Exports Inc Lake Park, FLM & M Auto Sales Cape Coral, FLMacklin Automotive Co. Avon Park, FLMarch Motors, Inc. Jacksonville, FLMarkOne Financial Jacksonville, FLMITS at CMI, LLC Largo, FLMobility Styles Inc Weeki Wachee, FLNextGear Capital Carmel, INOrlando Lawn Trucks LLC Orlando, FLThe Wholesale Club, Inc aka Target Auto Brokers Sarasota, FLTop Car Sales Fort Myers, FL
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Iam excited to announce the resurrection of “Keys to Insurance,” a column I wrote for many years in this magazine throughout the 1990s and up until 2005. The
column touched on the subjects relating to the insurance needs of the non-franchised motor vehicle dealer.
Starting this month, we will be doing a quarterly edition of the column. We plan to discuss subjects such as risk management ideas to help reduce your insurance costs and eliminate unnecessary claims, changes in insurance market conditions, trends in pricing and coverage availability, new products available to the dealer industry and more.
This past year was a challenging year in our business, especially here in Florida. A new “wind modeling” system was implemented which completely changed the way
carriers look at certain areas. This new system identified that non-coastal areas had
more hurricane exposure than was previously believed and pricing
of policies were revised accordingly. The
claims from 2012’s Hurricane
Sandy had a devastating
effect on the Dealers Open Lot insurance marketplace. As a result, the insurance carriers are now
looking more closely at flood exposure than ever before making
www.fiada.com10 — Independent Dealer — January 2014
K E Y S T O I N S U R A N C E
Insurance Predictions for the New YearBY KEVIN O’CONNOR, INSURANCE AGENT OF RECORD
it difficult to find policies on dealers that never had an issue in past years. These changes caused a number of insurance companies to withdraw from the Florida market or limit what they offer causing a supply and demand issue which subsequently raised rates. On the positive side, the insurance industry has record surplus capital thanks in large part to lower than expected catastrophe losses over the last few years and increased investments yields. Most of the insurance industry analysts expect the trend of increasing rates to slow or even reverse in the near future. Unfortunately there are no crystal balls to tell us what to expect in 2014. All we can do is keep a close eye on the industry and do our best to keep the readers of this column ahead of the curve.
On a personal note, I wanted to thank the FIADA Board of Directors for the vote of confidence in electing us their Agent of Record. Our team of insurance professionals specialize in your industry and make it our job to know how your business works and understand what your dealership needs to best protect your assets. We are available for questions from any association member whether they are clients or not and we will do our best to answer those questions in a completely impartial manner.
We hope that Keys to Insurance is an informative and interesting column and proves to the readers that insurance can be fun.
Kevin O’Connor of Dealers Insurance Services, Inc. is the FIADA Insurance Agent of Record. If you have insurance related questions, contact FIADA at (800) 237-0448 or visit the DIS website at www.dealersinsurance.com.
www.fiada.com12 — Independent Dealer — January 2014
Every generation seems to make its mark. The Greatest Generation (born 1927-1945)
saved the world from Hitler in World War II. The Baby Boomers (born 1946-1964) were a result of the much-awaited homecoming of all those G.I.’s who made it back, and grew up to become space explorers, hippies and Vietnam Vets. Generation X (born 1965-1980) became immersed in pop culture growing up as latch-key kids and demanded their MTV, Walkmans and Nintendos to keep them entertained.
As the generations morph from one to the other the way businesses, including car dealers,
have marketed and sold to them has changed as well. What used to be done with a handshake and a business card is now dependent on the internet and mobile devices, and as the Millennials start to enter the market, will continue to evolve and change.
The Millennials (born after 1980) is now larger than the Boomer generation at 79 million and is growing in influence, both socially and economically. U.S. Millennials,
people between the ages of 16 and 34, are already
spending hundreds of billions of dollars every year and will only increase that buying power as
they mature into their peak earning and spending years. While older generations tend to see Millennials as “lazy” and “entitled,” the Millennials do not see themselves that way, and if they pick-up on a vibe from a brand that suggests that they are gone for good. A closer look at the way they think, and spend, might help dealers understand how to reach this new market segment better and perhaps force changes from the “usual” way of doing things in order to sell more cars.
What influences the buying decisions of Millennials? What are their views on customer service? How do they prefer to be reached? Those are all questions that research company Boston Consulting Group, Barkley and Service Management Group took on in a recent survey and analysis of this up-and-coming generation. Analyzing answers to specific questions from 4,000 Millennials and 1,000 non-Millennials the team set out with the goal to identify how behaviors and attitudes differ between the two groups and determine which
The Next Generation:Millennial Marketing
M A R K E T I N G T I P S
BY CHRISTY TAYLOR
You may get annoyed with all their hashtags and texting, but members of this generation are the car buyers of the future.
Continued on Page 14.
www.fiada.com December 2013 — Independent Dealer — 13
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of those differences are generational characteristics and not just qualities typically associated with youth in general. Their report, The Millennial Consumer: Debunking Stereotypes can help shape marketing strategies for these potential car buyers, as well as help dealers and staff understand how to communicate and eventually make the sale and collect the payments.
Attitude And BehAviorMake it Quick. It may not be a secret that Millennials are all about instant gratification, with an “I want it fast, and I want it now” kind of attitude. According to the survey, they put a premium on speed, ease, efficiency and convenience in all their transactions. For example, Millennials reported shopping for groceries at convenience stores over grocery stores twice as often as non-Millennials. The survey also points out that they value getting through a line (or process) quickly and care relatively less about friendly service. To sum it up, Millennials are consumers who are always in a hurry, and do not want to spend the time “getting to know you” as a brand.
MILLENNIAL MARKETING continued from Page 12.
Group Mentality. For Millennials, first-hand experience from someone they know and trust is more important than expert opinion or credentialed endorsements. A friend, family member or co-worker can have significant impact on not only their purchase decisions, but the places and people who they buy from. Beyond personal endorsements, Millennials tend to seek out input through “Crowd sourcing,” the nickname for tapping into the experience and opinions of the public through social media and online content. For example, 50 percent of Millennials reported using a mobile device, such as a smartphone or tablet, to read user reviews and research products while
only 21 percent of non-Millennials did. Millennials are also much more likely than non-Millennials to explore brands (and dealerships) through social
networks (53 percent versus 37 percent). This means that the reach and importance of social media is key for your public image. It is vitally important to monitor what is being said about you in the social media universe, and participate in the conversation.
Social Creatures. Millennials value personal connections,
Millennials spend more time on mobile devices seeking out reviews and community comments when researching products and making purchasing decisions than non-Millennials.
A Closer Look at Millennials
The Boston Consulting Group surveyed 4,000 Millennials for their “The Millennial Consumer: Debunking Stereotypes” report where they identified six different segments within the generation, characterized below:
Hip-ennial“I can make the world a better place.”• Cautiousconsumer,globallyaware,charitable,and
informationhungry.• Greatestuserofsocialmediabutdoesnotpush/contribute
content.
Millennial Mom“I love to work out, travel, and pamper my baby.”• Wealthy,family-oriented,confident,anddigitallysavvy.• Highonlineintensity.• Highlysocialandinformationhungry.
Anti-Millennial“I’m too busy taking care of my business and my family to worry about much else.”• Locallyminded,conservative• Doesnotspendmoreforgreenproductsandservices.
Gadget Guru“It’s a great day to be me.”• Successful,wired,free-spirited,confidentandatease.• Feelsthisishisdecade.• Greatestdeviceownership,pushes/contributestocontent.• Maledominated,above-averageincome,single.
Clean and Green Millennial“I take care of myself and the world around me.”• Impressionable,causedriven,healthy,greenandpositive.• Greatestcontributorofcontent,usuallycauserelated.• Maledominated,youngest.
Old-School Millennial“Let’s meet up for coffee.”• Notwired,cautiousconsumerandcharitable.• Confident,independentandself-directed.• Spendsleastamountoftimeonline,reads.
Need to reach the best dealers in Florida?Independent Dealer is read and revered by the best and brightest dealers in the state who rely on it for the latest industry news, legal and regulatory updates and business development information. Call us at (800) 237-0448 for information on advertising and to reserve your space in the next issue!
both online and offline. They see technology as a way to connect with a greater number of people, more frequently and in real time. It is not hard to believe that they use social-media platforms more than non-Millennials (79 percent versus 59 percent) but their networks are larger with more friends, followers and connections. Millennials report they feel they are “missing out” when they are not up-to-date with social channels and they “feel validated” when the community likes or comments on their posts. When it comes to making purchases, Millennials favor brands that have Facebook pages and mobile websites, so if you still are not on Facebook, or your graphic-heavy website takes too long to load, you will miss these shoppers.
MiLLenniALS don’t Buy CArSThere has been a lot of talk and commentary on the reasons why Millennials do not seem to buying cars as often or frequently as other generations. Some speculate it is the hipster lifestyle of thrifty living and protecting the environment. Others suggest it is a rebellious counter-culture intention. The truth, according to a recent report by market research company Resonate suggests that many Millennials are not buying cars because they do not have the money. On the heels of a major recession (which some argue has still not entered recover), the U.S. unemployment rate still sits at 7.3 percent. A recent Gallup poll reports that 32 percent of 18- to 29-year-olds in the U.S. workplace are underemployed. College degrees have not provided the return on investment hoped for as poll after poll suggests that nearly half of recent graduates are unemployed or underemployed. Sidled with student loans and sometimes still living at home with mom and dad, Millennials have
looked to better public transportation options as an alternative to spending money on a car. The increase in popularity of the on-demand ride sharing phenomenon Lyft is an excellent example of what how Millennials are adapting and finding alternatives to purchasing a car.
A bit of good news for the Used Car Dealer is that when Millennials are ready to buy a car, they could come knocking on your door. According to consulting firm Deloitte in their 2012 annual survey of young people’s car preference’s, 69 percent of Millennials
expect to eventually buy a used car. When they do, cost and value will be the driving factors. Who understands that better than used car dealers?
Having the right product is half the battle. The other half will be one by adjusting marketing and sales techniques to reach these tech-savvy, globally-focused, environmentally-conscious shoppers. Understanding who they are and learning to speak their language, in whatever platform they choose, will be the hard part. Are you up for the challenge?
January 2014 — Independent Dealer — 15 www.fiada.com
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16 — Independent Dealer — December 2013 www.fiada.comAugust 2013 — Independent Dealer — 16 www.fiada.com
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The top dealers in the state have discovered why they need FIADA and they believe it has helped them become more successful. The truth is, however, FIADA needs you as much as you need it. With your help FIADA can have a louder voice when it comes to protecting independent dealers on the issues important to the industry.
With membership, you will also have unlimited access to FIADA’s Technical Assistance Line, ongoing legislative protection, member-only discounts, and continuing education opportunities that are essential for your business. On top of that, members enjoy networking at FIADA special events, idea sharing at town hall meetings and building friendships with fellow dealers that last a lifetime. When you join FIADA you become a member of the National Independent Automobile Dealers Association (NIADA) as well, doubling your benefits for one membership fee. The value of your FIADA membership is priceless.
“FIADA offers access to a number of invaluable resources including a
community of independent dealers and vendors that
support our industry, lobbying efforts on our behalf and legal advice
from attorneys who specialize in
dealer-related matters.”
“Being a part of the FIADA is a strategic necessity.
Having a voice in helping shape the legal,
regulatory and competitive landscape of our industry gives me comfort knowing
that a business that has been so good to my
family will continue to flourish.”
“I wish more dealers would realize the value of strength
in numbers. FIADA’s lobbying efforts eliminated
a state lemon law and implemented the ability
to put a stop on delinquent customer’s vehicle
registration. With more members we are capable of doing so much more.”
“FIADA provides an incredible support
network of information, experience and seasoned
dealers that help each and every dealer in
the state succeed. We have been members for
over 10 years and I believe as a dealer you can’t afford
NOT to be a member.”—Christopher Leedom,
Automaxx, Sarasota—Michelle Graudins,
Economy Motors, Live Oak—Jim Kagilliery,
JD Byrider, Jacksonville—Lisa Compagno,
Palm Tree Auto Sales, Stuart
December 2013 — Independent Dealer — 17 www.fiada.com
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January 2014 — Independent Dealer — 19 www.fiada.com
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As we prepare for the 2014 legislative session, we have a wonderful opportunity
to change the law from 2009 that increased the auto tag fees for all Floridians.
Governor Rick Scott has proposed a cut of $401 million in tag fees that has now become the major push for FIADA. Senator Joe Negron from Stuart and Rep. Mike Hill from Pensacola are sponsoring the tax cut. Both the Senate President as well as the Speaker of the House has indicated a desire to work on this important issue.
The $64,000 question is just how much can we push through the legislature on this issue. Every special interest group will be attempting to
Ringing in the New Year
L E G I S L AT I V E U P D AT E
BY SANDRA MORTHAM, FIADA LOBBYIST
Relief from high tag and title fees may be on the way in the 2014 Legislative Session
get the legislators to take some of this tax cut for another pet project.
We will be working diligently to get as large a tax cut for tag fees as possible. No doubt this would be a fantastic benefit for the automobile dealers in Florida.
Please be ready to make calls to your
legislators to encourage them to vote FOR SB 156 and HB 61 to ensure the
tax cut for all Floridians on their tag fees.
Don’t forget about the FIADA PAC fund. As we march forward toward election season, a well-funded PAC will help as we educate legislators about our causes and concerns. You can use the PAC contribution form here in the magazine, or go online
to www.FIADA.com and donate electronically.
Florida rules and regulations change every year. Stay informed and up‐to‐date with these FIADA resources:
• FIADA YouTube Channel
• FIADA Webinars
• In‐Person Continuing Education and Title & Registration classes
• FREE newly developed Online C.E. classes
• New articles every month in the Independent Dealer
• FIADA eNewsletter
• Action alerts and Legislative Updates as news develops in Tallahassee.
Get the most out of your membership in 2014! Take advantage of all of your members‐only benefits like our technical assistance line, online repo manual, Red Flags Rule, and Safeguards Resources. Login at www.FIADA.com.
A proposed cut of $401 million in tag fees by Governor Rick Scott is now the major push for FIADA. Support from the Legislature adds to the hope it will pass.
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January 2014 — Independent Dealer — 21 www.fiada.com
22 — Independent Dealer —January 2014 www.fiada.com22 — Independent Dealer — December 2013
WHAT’S ON NOW: Mark your calendar to attend our free FIADA live webinaron Thursday January 23rd at 11:00 AM. As we move intothe next year, this session will discuss common legal issues dealership mangers face and how to appropriately handle situations. You will learn best practices to avoid liability, identify top ten “hot action items” for 2014, and discover how to be a better manager. This webinar will be presented by David Buchsbaum who is a partner with Fisher & Phillips in Fort Lauderdale. His practice involves representation of management in all areas of labor and employment law. A significant portion of his practice focuses on wage and hour law, emphasizing issues relating to minimum wage, overtime, timekeeping, and wage-payment requirements. Log on at www.FIADA.com to attend.
FIADA IS ON THE AIR WITH NEW WEBINARSIN THE ARCHIVES: Don’t forget about the resources available on our YouTube page at www.YouTube.com/yourfiada or on our website at www.FIADA.com in the FIADA Recorded Webinar page. Enjoy videos including:
how to SuCCeSSfuLLy MArket your deALerShip on SoCiAL MediAIf you missed Kathi Kruse’s 2013 Convention session, or if you loved it and want a refresher, check out her 47-minute session describing how to maximize the full potential of Facebook, build loyal followings, reach more prospects, and close more sales. Best of all, you’ll learn how to convert Facebook leads into in-person appointments. Visit our FIADA YouTube channel often for new webinars, recorded sessions, and instructional videos tailored to the independent Florida dealer.
SeCretS to More profitABiLityJoe Lescota discusses profitability at the 2013 FIADA Annual Convention. The auto industry has long prided itself on the idea that “All you have to do is sell cars and make gross and all is well”. Too many independent dealers have learned and continue to learn that making gross isn’t always the answer to profitability. Join industry used vehicle educator and profit expert Joe Lescota as he shares his ideas for making net profit. As Joe says, “gross is good but profit is always better. Gross doesn’t pay the bills, net profit does”.
NEW VIDEOS ARE UPLOADED REGULARLY. SUBSCRIBE TO OUR CHANNEL AND BE ONE OF THE FIRST TO VIEW.
WWW.FIADA.COM
www.fiada.com24 — Independent Dealer — January 2014
Tax season is off to a roaring start for many dealers across the country. Even though it is
early in the holiday season, thousands of customers are being taken out of the market and driving before the IRS even opens. The legion of dealers who are cashing in on the early tax season is steadily growing.
No. This is not a dangerous ‘zero down’ promotion, although it does tie into pick-up payments, deferred downs, irregular payments, and bonus payments by customers. The number of opportunities to cash in on the early tax season is seemingly endless and remarkably simple. Best of all, it requires little, if any, additional risk to the dealer or related finance company.
Say your customer wants a car that requires $1,500 down and only has $800 in hand. What do you normally do? Most dealers let the car go for $800 and increase the payment structure or extend the contract length. But in the fall, that is the incorrect answer!
In order to maximize the upcoming tax season, forward thinking dealers are taking the smaller $800 down that many others would. The key to making this work is to get the buyer to pledge part of their upcoming refund to bridge the gap. The genius
of how this works is that you are dealing with ‘Monopoly Money’ in many cases. Although your customer is $700 short, they are often more than willing to promise out $1,000 of their future tax refund in order to have a vehicle as soon as possible.
Oftentimes, a person’s mentality will change during tax refund season and the months leading up to it. That money has burnt a hole in their pocket before it was even put there. Reason being is that the average bonus check from Uncle Sam averages over $5,300 when children are on the return. For the single parent who reports $18,000 with 3 young children and ZERO Federal Income Tax withheld, that refund is over $7,900. Withholdings, daycare, or college expenses take you up towards $10,000.
While that number sinks in, think about how that money is spent by a paycheck to paycheck individual. What would you do if you knew that kind of money was coming, being an annual change in your financial picture?
Much of the tax season money is pre-spent in this country, because most people expect it and plan on it. Dealers who have the flexibility in financing are able to take advantage of this phenomenon before any of
their competition. The percentage of franchise dealers who promote tax refund season before the holidays is less than 1 percent.
Buy here pay here dealers own this market.
So how have your last few tax seasons been? Are they in decline? Now you know why. Your competition is stealing your customer from underneath you without taking any additional risk to their bottom line.
The final piece of the puzzle is getting paid. A number of options exist in terms of partnerships for dealers to get made whole on a deferred tax refund deal. Preferably, finance managers are best to print the tax refund itself for the customer. This takes away any uncertainty as to when the money will arrive.
Facts are facts. If every customer were always truthful, you would not need a collections staff. Therefore, helping the customer handle their tax return and getting paid first is the way to do business. Regardless of whom you partner with during the January and February portion of tax season, make sure they can guarantee that you get the check first.
Chip Wiley is a Corporate Trainer at TRS Tax Max. Contact him at 866-642-4107
Cashing In on Tax Refund Sales
TA X T I M E
BY CHIP WILEY
Doing your taxes is never fun, but if it means helping a customer buy a car, it might be.
January 2014 — Independent Dealer — 25 www.fiada.com
• Higher Advance than Factoring
PAID ADVERTISING
As we wind down the year, students are completing their first semester and gearing up
for the next. Before you know it, those high school seniors will be going off to college. There are at least four of those graduating seniors who will be receiving a NIADA Foundation regional scholarship next spring. Perhaps, you will know one of those outstanding young people. To obtain a scholarship application form for this year, students may access a copy online at www.niadafoundation.org. As you know, each year in June, these scholarships are awarded at the NIADA National Convention and
Expo and are underwritten in part by AutoTrader. There is also a national scholarship, titled NIADA-AutoTrader Scholarship, awarded to a current or an enrolling student to Northwood University. You may access information regarding this scholarship at www.northwood.edu. Each regional scholarship is $3,500, while the national one to Northwood is $10,000. AutoTrader underwrites the travel expenses for each recipient and his/her parents to attend the National Leadership Award Banquet held during the convention to receive the award. The application must be
postmarked no later than March 15, 2014 and mailed to the Scholarship Selection Committee, NIADA Foundation, 2521 Brown Blvd, Arlington, TX 76006.
NIADA Scholarship ProgramBenefits High School Seniors
Four college scholarships worth $3,500 each will be awarded to high school seniors chosen by NIADA Foundation.
www.fiada.com26 — Independent Dealer — October 2013
Is it time to renew your Dealer Bond? Our online application is simple and easy with a quick turnaround time. FIADA members get special discounts. Go to DealersInsurance.com today.
Don’t worry! As an FIADA member, you have the benefit of FREE online Continuing Education. You, or an employee of your dealership, can take any of the online CE courses at www.FIADA.com including:
QUESTIONSABOUT CE?
Call the office at (800) 237-0448 or log on to our FAQ page at FIADA.com/? Registration
FAQs
DMV requires that all Florida Dealers renew their Continuing Education credit every two years. If you last took a C.E. course in 2012, you must complete another class by April 30, 2014.
Online Continuing Education: A newly updated course that consists of a series of videos which include live instruction, PowerPoint slides, and a manual. The course includes 3 video segments:
• Division of Motorist Services (DMS) • Legal/Legislative • Industry Related
Topics of interest include a curbstoning update, electronic titles & lien process, the implications of the federal Truth in Lending Act (TILA) and Regulation Z, the USA Patriot Act, Auction suc-cess tips, and FTC Red Flags Rule. This course counts toward 8 hours of Continuing Education credit. You have 30 days to com-plete the course. At the end of the online course, you can print your continuing education certificate to provide to the DMV.
Title & Registration: This course covers information about:
• What is acceptable proof of ownership in Florida, other states, and other countries,
• When notarization is acceptable or required,• Where to find proof of present and past ownership,• Odometer readings,• When and how to remove or add a lein, and• Where to find answers to other questions as your business
grows.
Examples and case studies are provided to clarify ownership and is given in a recorded webinar format with voice recording, PowerPoint slides, and a PDF Title & Registration manual. This course provides 8 hours of Continuing Education credit.
REGISTER ONLINE
www.FIADA.comJanuary 2014 — Independent Dealer — 27 www.fiada.com
www.fiada.com28 — Independent Dealer —January 2014
CoMpLiAnCe tipSchedule one day a month and delegate one person to visit the web sites of your state’s attorney general, your state’s consumer protection agency and motor vehicle administration and federal websites like those of the Consumer Financial Protection Bureau in order to determine the enforcement and other actions those organizations are bringing. Better yet, stay connected by “liking” those regulators on Facebook, following them on Twitter, and signing up for updates on the websites. Also have your web-crawling employee search for new mentions of your company on the web. You might get a valuable heads-up about a problem you didn’t know you had!
federAL LAwdiscrimination. On December 20, the Consumer Financial Protection Bureau and Department of Justice ordered Ally Financial Inc. and Ally Bank to pay $80 million in damages to minority borrowers and $18 million in penalties. The CFPB and DOJ alleged that more than 235,000 minority borrowers paid higher interest rates for auto financing between April 2011 and December 2013. The agencies claimed that the alleged discrimination was a result of Ally’s discretionary pricing system, which allows dealers to mark up Ally’s wholesale buy rate up to 250 basis points. Ally is also required to implement a compliance program to prevent future discrimination that may result from dealer markups. Alternatively, it may eliminate such markups altogether and move to a non-discretionary dealer compensation
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.
structure. This is the federal government’s largest auto finance discrimination settlement ever. Think the CFPB isn’t deadly serious about discrimination? Think again.
risk-Based pricing. On December 19, the Federal Trade Commission reached a $1.9 million settlement with Time Warner Cable, Inc., resolving allegations that TWC failed to give risk-based pricing notices under the FTC’s Risk-Based Pricing Rule. TWC obtained customers’ credit reports to determine whether they qualified for service. If their credit reports contained negative information, TWC would require the customer to pay a deposit or pre-pay the first month’s bill. This is the first case the FTC has brought since finalizing its amended RBP Rule in 2011. Is your dealership in compliance with the RBP Rule?
Arbitration. Many dealers employ mandatory, pre-dispute arbitration provisions as a first line of defense against class actions. On December 12, the CFPB released preliminary research on arbitration clauses used with credit cards, checking accounts, payday loans, and prepaid cards. The research indicates that such clauses are commonly used by large banks in credit card and checking account agreements and that roughly 9 out of 10 clauses allow banks to prevent consumers from participating in class actions.
The CFPB also found that while millions of consumers are subject to arbitration clauses in the markets studied, few consumers file arbitration
cases. In the second phase of its study, the Bureau will look at whether consumers are aware of the terms of arbitration clauses and whether such clauses influence consumers’ buying decisions.
The CFPB held a hearing on arbitration in Dallas, Texas on December 12. Director Richard Cordray spoke and consumer groups, industry representatives, and members of the public testified.
The study and the hearing may be the first steps in prohibiting the use of arbitration provisions. If you’d like to stay up on the CFPB’s arbitration initiatives, a recording of the event is available on the CFPB’s website.
Social Media. On December 11, the Federal Financial Institutions Examination Council released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to social media activities by banks, savings associations, credit unions, and nonbank entities supervised by the CFPB. The guidance, effective immediately, does not impose new requirements, but is intended to help the institutions understand potential consumer compliance and legal risks, and reputation and operational risks, associated with using social media, along with expectations for managing those risks.
LitiGAtionAdvertising Used Car as “Sporty Car at a Great Value Price” Deemed Puffery:
an arbitration provision, but contained an integration clause that stated: “This Contract contains the entire agreement between you and us relating to this contract.” When the buyer sued the dealership and the assignee of her RIC, the court sent the matter to binding arbitration.
After the arbitrator entered an award for the buyer, she moved to vacate the award. The trial court denied the motion. The appellate court reversed. Noting that the buyer’s order contained an arbitration agreement, but the RIC did not, the appellate court concluded there was no enforceable arbitration agreement between the buyer and the dealership. See Knight v. Springfield Hyundai, 2013 Pa. Super. LEXIS 3185 (Pa. Super. December 2, 2013). Tom ([email protected]) and Nikki ([email protected]) are partners in the law firm of Hudson Cook, LLC. For information, call 410-865-5411 or visit www.counselorlibrary.com.
It’s time to changeyour approach to F&I compliance
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A consumer test-drove a used car after seeing the dealership’s advertisement referring to the car as a “Sporty Car at a Great Value Price.” After the car had trouble starting and then idled roughly during the test drive, the salesperson commented that the car “would just need a tune up” because “it had been sitting for a while.” The buyer ended up buying the car, for less than the asking price, on an “as-is” basis with no warranty. After two inspections showed extensive problems with the car and after the buyer determined that the car was undrivable, she sued the dealership, claiming that the advertisement violated the Indiana Deceptive Consumer Sales Act and that the salesperson’s representation that the car “would just need a tune up” was fraudulent. The trial court found for the dealership on both claims, the intermediate appellate court reversed, and the Indiana Supreme Court affirmed in part and reversed in part. The high court found that the advertisement was not deceptive because it was a statement of opinion and nothing more than “puffery.” However, the high court concluded that the salesperson’s statement that the car “would just need a tune up” was a representation of fact and could be the basis of a fraud claim. The high court found that a genuine issue of fact existed as to whether the salesperson knew his statements were false, but were made anyway with intent to deceive the buyer. See Kesling v. Hubler Nissan, Inc., 2013 Ind. LEXIS 845 (Ind. October 29, 2013).
Contract Disclosure Error Due to Misaligned Printer Subject to Bona Fide Error Defense: A consumer bought a car for a total of $5,512, which included a $399 processing fee. However, when the dealership printed the retail installment contract, the printer was misaligned, and the processing fee was shown on the contract as a charge for insurance premiums. The buyer sued the dealership and the credit union that financed the purchase, claiming that the misalignment of the processing fee violated the Truth in Lending Act and the Alabama Deceptive Trade Practices
Act. The court rejected the TILA claim, finding that both the dealership and the credit union established the bona fide error defense. The court also rejected the ADTPA claim against the dealership. The Act allows a consumer to recover money damages caused by an unlawful act or practice. Because the buyer admitted that he agreed to pay the total sale price, including the processing fee, the disclosure error did not result in any money damages. In addition, there was no evidence that the dealership intended to deceive the buyer or that the buyer actually was deceived. See Lynn v. Fort McClellan Credit Union, 2013 U.S. Dist. LEXIS 151021 (N.D. Ala. October 21, 2013).
Retail Installment Sales Contract’s Integration Clause Negated Arbitration Agreement in Buyer’s Order: In connection with her car purchase, the buyer signed a buyer’s order and a retail installment contract. The buyer’s order contained an arbitration clause on the reverse side. The RIC did not contain
January 2014 — Independent Dealer — 29 www.fiada.com
www.fiada.com30 — Independent Dealer — January 2014
INDUSTRY NEWS
JD Byrider Commended by Governor ScottFIADA Member Jim Kagiliery and his team at JD Byriderreceived a letter of commendation from Governor Rick Scott for their selection as one of the Jacksonville Business Journal’s top auto dealerships.
JD Byrider has been in the Jacksonville community for over 14 years. Kagiliery has served FIADA as President and Chairman of the Board.
The Jacksonville Business Journal chooses its list of top dealerships based on surveys of readers. JD Byrider was ranked fifth in number of sales in the area for both franchise and independents.
Governor Scott’s letter to JD Byrider also stated “I am focused on making the Sunshine State the best place for businesses to grow so that entrepreneurs like you can succeed and continue adding private-sector jobs to Florida’s economy.”
Congratulations, JD Byrider!
Wholesale Prices on the DeclineWholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 0.6 percent in December. The Manheim Used Vehicle Value Index reading was 121.7 in December, which represented 1.9 percent decline from a year ago.
Pricing for luxury cars continued to underperform the overall wholesale market in December. Pickups, vans, and sports cars were the strongest segments.
Manheim’s analysis of mileage by price tier indicates that in December, as well as the year as a whole, vehicles in the $8,000 to $9,000 price range had the strongest pricing. This was consistent with the reduction of supply in that price range.
Source: Used Car News
Don’t forget to Like us on Facebook! Check out our page and follow our timeline at www.facebook.com/FLIndAutoDealersAssoc
Through the National Auctioneers Association, FIADA members Cliff Shuler Auctioneers in Titusville won the 2013 Award of Excellence in Auction Marketing & Advertising in Public Relations & Marketing. In addition to the national award, they also received awards and recognition from the Florida Auctioneers Association in the categories of Newspaper Advertising (black and white); Presentation Folder and Apparel.
National and State Awards for Titusville Auction
Google Entering the Automotive Online Classified MarketplaceIf you haven’t heard yet, Google is moving into the car business. In fact, their new tool Google Cars has already been tested in San Francisco and according to Automotive News is close to a statewide rollout in California.
For established online classified sites such as Autotrader.com, Cars.com, Edmunds.com, or KBB.com, Google Cars could prove to be a serious headache. Still in beta, only time will tell if Google Cars will benefit car dealers. Get a sneak peak by visiting www.google.com/cars. The only cars listed are those in the Bay area, but the functioning site you will be able to check out the service and see how it works.
There is nothing very groundbreaking about Google Cars. Consumers can go to their site and choose the vehicle make, model, and year they’re interested in, as well as other characteristics like color, body style, and trim level. Then Google returns a list of available vehicles—we’ve seen this show before. What is different about Google Cars from most of the other online classified providers is that it allows consumers to create anonymous email addresses and phone numbers to contact the dealership. These email addresses and phone numbers will only work for a limited time, severely limiting the amount of useful information dealers receive about a lead, which makes collecting contact information from leads more important than ever.This is the first time anonymity has been combined with easily sortable search results—and if there’s one thing Google does well, it’s search results!
—Source, Dealer Marketing Magazine
January 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:
Continued on Page 30.
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32 — Independent Dealer —January 2014 www.fiada.com
©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.
manheim.com | 866 •Manheim
10817 New Kings Rd., Jacksonville, FL 32219
904-768-9981
Sale: Thursday 1:00 p.m.
Total Resource Auction every Thursday 11:00 a.m.
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6359 North W St., Pensacola, FL 32505
850-484-7100
Sale: Tuesday 9:15 a.m.
Total Resource Auction every other Tuesday 8:15 a.m.
Specialty Sale 2nd Tuesday monthly 8:15 a.m.
Palm Beach Nights, Mondays, 4:00 p.m.
Toyota & Lexus Sell-A-Thon every other Thursday at 4:00 p.m.
General Motors Closed Factory Sales bi-weekly on Monday at 1:00 p.m.
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