Archive January 2024
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FTC Pauses CARS Rule Effective Date
The FTC has paused the implementation of the CARS Rule as of January 18, 2024. This means that, until a legal dispute to the Rule is settled in court, the Rule will go into effect. The CARS Rule was scheduled to take effect on July 30, 2024.
OCCC Proposes Raising the Motor Vehicle Documentary Fee
The OCCC has proposed to raise the motor vehicle documentary fee from $150 to $225. The last time this fee was changed came in 2016. The agency has received numerous submissions from dealers ahead of the proposed rule change, which was explained in a webinar the agency held on January 30, 2024. A proposed timeline for the rule amendments indicates the rule will become effective in May of 2024.
Three Ways Your Business Can Help Prevent Identity Theft
Identity theft is bad for business. Period. According to the Texas Attorney General, identity theft is one of the nation's fastest-growing, most expensive criminal enterprises. Every year more than 25,000 Texans report being victims of identity theft with thousands more unaware that their information and bank accounts have been targeted. In honor of Identity Theft Awareness Week, the FTC offers three ways your business can help to prevent criminal fraudsters.
FTC Sues Dealer Allegedly Adding "Junk Fees" and Bogus Add-Ons
The Federal Trade Commission (FTC) and the State of Connecticut have filed a joint complaint against Manchester City Nissan, a franchise dealership, alleging deceptive and unfair practices involving "certified" used cars, hidden fees, and unwanted add-ons. This action highlights the continued focus of regulatory agencies on potential consumer protection issues in the auto industry.
Dealers File Legal Challenge to New FTC CARS Rule
Automobile dealers across the country are bracing for the implementation of new Federal Trade Commission (FTC) regulations aimed at protecting car buyers. These sweeping rules, scheduled to take effect on July 30, 2024, have drawn opposition from industry groups who argue they represent an overreach by the agency.
Important Deadlines Approaching for Texas Independent Dealers
For independent automobile dealers in Texas, staying ahead of the curve is about more than just keeping track of the latest inventory trends. Regulatory changes and shifting state procedures can have a significant impact on your business, so keeping your finger on the pulse of upcoming deadlines is crucial. To help you navigate the months ahead, TIADA would like to remind you about three key deadlines you should be aware of.
How Long Am I Required To Keep These Records?Selling cars inevitably creates a great deal of paperwork. Dealers often call to ask TIADA how long they must keep and store these documents. Various state agencies have different record retention requirements. In this record retention refresher, we outline some of these requirements, including a printable checklist, so dealers can purge their files of unnecessary paperwork and clutter. As always, members are encouraged to contact TIADA with any questions or concerns.