Archive January 2019
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CarLotz Brings Consignment Business Model to San AntonioCarLotz, a Richmond, Virginia-based consignment store for used vehicles, opened its first Texas location on I-10 in San Antonio earlier this month. CarLotz offers a retail consignment model that enables corporate sellers (leasing and fleet management companies) and consumers to capture a retail profit for their vehicles. This typically provides over $1,000 more in cash to the seller vs. the traditional trade-in models such as auctions or dealers. Along with the other stores opened this year in Florida and Illinois, CarLotz now serves more than half the United States with its innovative one-of-a-kind consumer and commercial used vehicle business model. TIADA was on hand for the opening of their new location to see how the new business model works.
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OCCC Enforcement Action RoundupThe Office of Consumer Credit Commissioner frequently publishes accounts of enforcement actions it takes against dealers for violating state finance laws. These punishments can include administrative penalties, restitution, injunctions and license suspensions or revocations. In a new reoccurring blog, we will take a look recent enforcement actions to highlight how dealers can avoid OCCC auditors by explaining what NOT to do. In this post, we learn about a dealership with license troubles and another having issues with reports.
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Do You Recall the Law about Selling a Vehicle Subject to a Recall?As motor vehicle recalls are added frequently by the National Highway and Transportation and Safety Administration, chances are that most independent dealers will eventually find vehicles in their inventory with open safety recalls. While there is no law that prohibits a dealer from selling a vehicle subject to an open recall, that does not mean a dealer is protected from all legal exposures regarding such a sale.
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When "As Is" Is Not a Legal Defense to a DTPA ClaimDealers that recondition vehicles or re-sell vehicles after a repossession should be careful about withholding service history or major mechanical problems to potential customers asking specific questions about a car’s history. You can waive the warranty, but any misrepresentation or concealment of a known fact may remain (i.e. don’t rely on Carfax as a defense).
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Privacy Notices: What Do You Need to Know?Recently, several dealers have reached out to TIADA with questions about privacy notices. Are they required to deliver them to all their customers every year? Do they have to be mailed or can the be emailed? In this blog, we answer those questions and many more explain what a dealer needs to know about these notices.
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TxDMV Updates Motor Vehicle Registration ManualRecently the Texas Department of Motor Vehicles released the following updates to the Motor Vehicle Registration Manual:
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Optional Registration Fees Go into Effect in Certain CountiesEffecting as of January 1, 2019, Dallas County is now charging a new Child Safety Fee on each motor vehicle registration and renewal. This fee is used to pay school crossing guards and fund other safety programs.
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