Archive February 2019
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TIADA Takes a Stand Against Insurers Delaying Claim Settlement via the Appraisal ClauseAs dealerships are subject to large property losses, any delay in receiving payment on a claim through the policy’s appraisal clause can be costly to the owner. Recently, TIADA signed on to an amicus curiae brief at the Texas Supreme Court, in a c/a styled Barbara Technologies Corp. v. State Farm Lloyds (62 Tex. S. Ct. J. (Jan. 21, 2019)). The amicus brief argues that there is a duty on an insurer to promptly investigate and pay covered claims in good faith and a prompt payment of an appraisal award does not absolve the insurer of liability for breach of contract, bad faith, or for liability under the Prompt Payment Claims Act. In addition, amicus argues that an appraisal is not a part of the claims adjusting process, but an alternative dispute resolution mechanism limited solely to resolving disputes about the amount of the loss, leaving the question of liability for that loss, if necessary, to the courts.
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Is Facebook Marketplace the Future Market for Auto Sales...or the Now?Is your dealership currently advertising on Facebook Marketplace? Well it might be time you did. Facebook Marketplace is one of the fastest growing sales portals on the internet. In October 2017, Facebook made a push to expand the sale of used cars under its ever-expanding Marketplace platform. From its start as a simple classified ads platform, Facebook Marketplace has evolved quickly as the preferred site for many to buy and sell.
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Watch Out for Rising Odometer FraudThe CBS affiliate in Austin recently presented a story on the increase of odometer fraud in Central Texas with comments that may give your customers pause.
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Be Careful When Taking Credit Card Installment Payments Over the PhoneIf you accept credit cards please make sure that the credit card is issued in the name of the insured and that you have reviewed your merchant provider services agreement for dispute resolution procedures. TIADA recommends that you review your credit card authorization forms closely for use by customers AND other payment providers.
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TIADA Fights for YOU at Texas Capitol! This week a record attendance of 50 TIADA dealers and associate members traveled to the Capitol in Austin to advocate for legislation and policies beneficial to the independent auto industry. While there, they met with over 70 legislators and members of their staff.
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Electronic Contracts Can Save Dealers Money and TimeMore and more automobile dealers are utilizing electronic documents for processing vehicle loans. With “e-contracting,” dealerships fill out and send most forms to lenders and product providers digitally, rather than shipping off thick envelopes the old-fashioned way.
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Be Careful When Accepting Cash PaymentsAfter 9/11, the United States Government updated cash reporting requirements as part of the Patriot Act to limit money laundering. Any dealer who accepts payments in cash should be aware of Form 8300.
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