Archive October 2018
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Dealers See Dramatic Benefits from NIADA CPO ProgramEarlier this year NIADA launched a Certified Pre-Owned Program designed for independent dealers and backed by a warranty from Warrantech. Dealers participating in the program have already seen dramatic results, increasing sales and turning inventory quicker. Two DFW area dealers recently launched the CPO program at their dealerships.
Credit Reporting Disputes: Do I Have to Respond to Them?By Richard Hudson
Chief Optimization Officer
Ignite Consulting Partners
To most businesses that report consumer credit, the most time-consuming aspect is responding to disputes. The biggest mistake I see is companies that don’t think they have to respond to direct disputes because they are frivolous and just throw them in the trash. I hear excuses like, “They didn’t even tell me what was in dispute!”, and “That guy has sent me three of the same disputes in the last six weeks!” The second most common mistake with direct disputes is not notifying the bureau that you received them.
Where Do You Rank in Vehicles Sold?Think you are a little dealer? Big dealer? Somewhere in between? TIADA has been provided data on how many vehicles are sold and transferred by all Texas independent dealers in a given year. Keeping in mind your annual volume, and the fact that there are roughly 14,000 licensed independent dealers in Texas, where do you think you rank?
Top 1% ? Top 10%? Maybe Top 50%? Find out below.
Test-Drive Policies Can Help Protect DealersBy Michael W. Dunagan
TIADA General Counsel
Dealer Question: What are some major considerations for a dealer in establishing a policy for allowing customer test drives?
Response: When a vehicle is sold, and all the paperwork completed, liability for accidents shifts solely to the buyer. In a test-drive situation, however, the dealer still has ownership and control of the vehicle, and has potential liability for an accident caused by the test driver.
Can You Email Adverse Action Notices?Recently, several dealers have reached out to TIADA through the Compliance Consultation Services to ask whether or not they can send them electronically. In this blog post, guest author Donald Gould from the law firm Johnson, DeLuca, Kurisky & Gould addresses the question.
Recycling GPS Devices Can Save Dealers MoneyDealers have been utilizing GPS systems as a way to protect their vehicles since the technology became available roughly two decades ago. Over the years, like most technology, the devices have become more sophisticated and cheaper. However, some GPS providers say that often dealers are missing out on an opportunity to lower costs by failing to recycle the units once the vehicles are paid off or recovered by the dealership. In this week’s blog post, we speak with dealers and leaders within the GPS industry for tips on how to effectively recycle these devices.
Should You Send Post-Repossession Notices by Certified Mail?By Michael W. Dunagan
TIADA General Counsel
Dealer Question: Am I required by law to send post-repossession notice letters by certified mail?
Answer: While there is no legal requirement of sending notices by certified mail, it is recommended to do so to establish proof that the notice was sent and when it was sent. Additionally, we recommend that a return postal receipt be requested.