Archive July 2021

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Industry Insights (Week of July 19)

The used automobile industry has been making frequent headlines in recent weeks. Rick Ricart, an independent dealer near Columbus, Ohio, has recently described what many dealers and buyers have been feeling about the market. In an interview with the New York Times, Ricart claims, “The market is insane right now.” Independent automobile dealers across the country are experiencing frantic consumer demand for used automobiles in 2021. Several key factors explain why the market for used cars has been buzzing.

Smile! You May Be on a Dashboard Cam

By now, most dealers are aware of the need to safeguard data stored in in-car tech. Just like it's important to remember that cars can store data, it's also important to remember that cars can record data. The ability of cars to record data is perhaps nowhere as sensitive as in the case of dashboard cameras, which can record both video and audio, including when a car is in your service bay.

TIADA Visits San Antonio, Discusses Unfair Storage Fees

TIADA continued visiting local chapters this past week by attending the San Antonio chapter meeting at Manheim Auto Auction. The auction seemed quiet compared to the days prior to COVID, but according to everyone the auction is getting busier every week and things are starting to get back to normal.

Comptroller Guidance on Accelerated Deferred Sales Tax and Tax Penalties

Recently, several dealers have reached out to TIADA’s Consultation Service seeking guidance related to accelerated deferred sales tax and motor vehicle tax penalties issued by the Comptroller for vehicles not registered within 60 days during the pandemic. Guidance from the Comptroller has remained consistent throughout and has always excluded seller-financed motor vehicle sales. Current guidance is as follows: 

Surety Bond Set to Increase for Dealers

During the 87th Legislative Session, the legislature passed HB 3533 and on June 14, 2021, the Governor signed it into law. HB 3533 changes the surety bond from $25,000 to $50,000 and requires that “A dealer shall post, adjacent to and in the same manner as the dealer’s license is posted, notice of the surety bond and the procedure by which a claimant may recover against the surety bond. The department by rule may prescribe the form of the notice required under this subsection.” This bill has an effective date of 9/1/2021.