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Innovative Dealer Summit is just two weeks away! Several educational tracks for your key leaders AND a ticket to the Preview Gala! Reserve your spot NOW!
The Innovative Dealer Summit starts in just two weeks! Top speakers! Several tracks, including Digital Marketing, Leadership/Management, Fixed Ops, Retail & Sales, Human Resources/Hiring and Legal/Regulatory
Register now for the Innovative Dealer Summit!
Get your Preview Gala tickets
Free Denver Auto Show pass for your staff!
Details below:
Order your original letter now!
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$2 off Denver Auto Show coupon yet?
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Milestones, highlights & transitions
In Memoriam:

Roger JH Belisle Jr.

May 11, 1952 - March 9, 2018

As many of you may already know, our dear, sweet, loving Roger passed away much too soon but peacefully at home with all of his family around him on March 9th after a relatively short illness from which his body simply couldn’t recover, and was met on the other side by his parents, brother, mother in law and others. As a car guy, he would say, he decided to trade in the used model for a brand new model in heaven, pretty sure the new model is a scratch golfer.


Roger was born in Renton, Washington, near Seattle where he spent most of his youth in the area with his very wonderfully close family including three sisters, Dorothy, Karen, and Judy, brother, Rich, parents, Roger and Roberta, and many relatives. As a teenager, he baled hay, worked with the horses at the horse track for his spending money, and was a volunteer firefighter. He graduated from Issaquah High School where he was by no surprise, dashingly handsome, class president, king of the junior prom and a star football player and wrestler. The girls haven’t stopped swooning since.

Roger was recruited by Montana State, where he played football under the guidance of then assistant coach Sonny Lubick. Roger and Sonny both agree he took all day to run out of sight but he was mighty. Roger was working towards a history degree to become a teacher when he heard his call to duty for the Army and relocated to Fort Carson, where he would ultimately make Colorado his home. His father, uncles, and eventually, his younger brother, and one son, all served in different branches of the military and were all committed to service for their country. With his prior experience, and after boot camp in Fort Leonard Wood, they placed Roger as a firefighter at Fort Carson. During his service, he was awarded the Soldiers Medal in 1975, after placing himself in extreme danger to protect others, by jumping in and driving away from the fiery scene a flaming deuce and a half during sub-zero weather which made it difficult to fight the fire. That is who Roger was, always protecting others without regard for his own safety, he was a hero that day, and so many days since.

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Dealer workforce study
NADA’s Dealership Workforce Study measures the strengths of the business and helps dealerships make informed decisions on pay plans, benefits and work schedules and more. Participating dealerships will receive two complimentary reports: Automotive Retail: National & Regional Trends in Compensation, Benefits & Retention and Compensation, Benefits and Retention: How Your Dealership Compares
 
The deadline to participate is April 30. 
 
To enroll, visit www.nadaworkforcestudy.com. For questions, call Dorenda Fisher at 703.556.8583 or email WorkforceStudy@nada.org.
Regulatory & Compliance
IRS Form 8300
By Matthew Groves, VP Regulatory & Compliance

While we have recently spoken about the risks inherent in accepting down payments by credit card, I wanted to briefly address the opposite side of the equation – accepting large down payments in cash.  Specifically, this requirement applies to a dealer who accepts $10,000 or more in cash in a single transaction. This amount of cash changing hands triggers a reporting requirement to the IRS which is the subject of this week’s update.

The IRS has produced form 8300 to notify the government anytime a large cash transaction occurs. This form will also be copied to the Financial Crimes Enforcement Network (FINCEN) who investigates instances of money laundering. Forms may be filed electronically here. You may recall that $10,000 is also the threshold which triggers a Bank Secrecy Act notice from the financial institution receiving the deposit.

While receiving a large cash transaction is perfectly acceptable, the timeframe for reporting is where most dealers, even proactive ones, stumble. Unlike many reporting requirements which occur annually, a Form 8300 must be filed within 15 days of the transaction. The filing must happen without respect to whether or not the deal is complete at that time. You will also need to file the name, address, and telephone number of the business filing the report at that time.

Failure to promptly file Form 8300 could result in a $250 per instance fine. If the failure to file is determined to be intentional, the fine is the greater of $25,000 or the amount of cash received in the transaction – with a cap of $100,000.

If you have any questions, please contact Matthew Groves at matthew.groves@colorado.auto or (303) 282-1449.
 
Automotive News
Fuel emission standards update
THE PODIUM: Don’t impose cookie-cutter California air standards on Colorado
EPA signals showdown with California on fuel emission standards
GM CEO meets with U.S. regulators on fuel efficiency rules
More on Tesla
Tesla is facing a crucible
Tesla’s make-or-break moment is fast approching
Tesla week: Elon Musk, Model 3 media panic: Make or break
More on Tesla
Self-driving Uber car kills Arizona pedestrian, where robots roam
Uber ‘likely’ not at fault in deadly self-driving car crash, police chief says
Uber’s self-driving car killed someone. What happened?
Self-driving cars still don’t know how to see
When self-driving cars can’t help themselves, who takes the wheel?
- -  CLICK BELOW FOR MORE AUTOMOTIVE NEWS  - -
Bonds & Forms
CADA has a fillable bond request form for new sales people! This new, fillable PDF form makes it easier, faster and more accurate for us to turn around your salesperson bond request. Because there’s no handwriting to decipher with this form, bond turnaround can be faster than ever. Just download the form, electronically fill it out and return to Khorrie Luther (khorrie.luther@colorado.auto). Questions? Call Khorrie: 303.457.5122.
Download the form
Contact Khorrie
More Events & Seminars
Sales Power Boost Seminar

Wednesday, May 16, 2018
OR
Thursday, May 17, 2018
Send half your sales team one day and half the other day!
8 – 5 p.m.
CADA Headquarters
 
Presented by the Sales Academy, these two, one-day workshops will give your dealership team a boost in sales and profitability in the shortest amount of time possible.
 
Based on The Academy’s Y.E.S. Customer Engagement Process, your experienced team will pick up fresh techniques for today’s internet-educated customer. The Power Boost is designed for dealerships that want new ideas and directions for big-sale weekends and strong close outs.
 
Today’s customer requires an updated skill set — and even mindset — that needs to be adopted by sales professionals and managers.
 
Course instruction includes
  • The Science of the Sale
  • Basics of appointment setting
  • Determining the customer state in the buying process
  • Up front objection handling to move forward
  • Determine the emotion for vehicle
  • Correct vehicle selection
  • Basics of vehicle presentation
  • Ask the customer to purchase
  • Presenting numbers
  • Price objections
  • Trade objections
  • Cash objections
  • Payment objections
  • Working with the customer
 
Who should attend
Any sales person on your team — rookie or veteran. The content will help a rookie become more capable of operating in today’s sales market. It will give a veteran a boost in dealing with today’s customer, by giving him or her improved or updated engagement skills.
 
Why you should attend
The Sales Academy teaches sales professionals how to meet customers at their point in the buying process, not make them start over. Your sales team will pick up fresh techniques for today’s internet-educated customers.
 
Price
$349/person
OR
$249 each for 5 people from your dealership
Send 3 people and your sales manager is FREE!
 
Register
e-mail: SeminarRSVP@colorado.auto
Phone: 303.831.1722
Mastery of Finance for Automobile Dealers:
A workshop that links finance to automobile dealership operations
 
Tuesday, June 19, 2018
8 a.m. – 5 p.m.
CADA Headquarters
 
Performance is measured on bottom-line results. Do your key decision makers know how to drive the bottom lines at an auto dealership?
 
Using a revolutionary and simple approach, learn to support your team’s management of sales, expenses and assets to improve profit, cash flow and return on capital.
 
In this one-day seminar, you’ll learn:
  • The three types of cash flow and which is most important to your daily operations
  • The relative profitability of the five lines of business at a dealership
  • How costs are allocated to dealership departments
  • How to distinguish cost of goods sold from operating expenses at a dealership
 
Topics covered include
Fundamentals of Finance
  • Key elements of business strategy
  • Structure and purpose of three financial statements
  • Distinguishing assets, liabilities and equity
  • Difference between cash and earnings
  • Three types of cash flow
  • Relationships of the three statements to each other and to dealership operations
  • Basic principles of finance
 
Financial Analysis and Decision Making
  • Analyzing auto dealer financial statements
  • Learning the three bottom lines — and how to improve them
  • Evaluating a dealer’s performance trends
  • Identifying crucial drivers and auto dealer KPIs
  • Managing working capital for dealerships
  • Making better strategic decisions
  • Applying financial knowledge to your job
  • Sources and uses of cash
 
Who should attend
This seminar is designed for non-financial professionals in every functional area of an auto dealer’s operations who need to:
  • Drive financial performance
  • Analyze strategic opportunities
  • Assess risk
  • Communicate financial priorities and results
 
Price
$400/first person
$350/additional person
 
Register
Online: CLICK HERE
e-mail: SeminarRSVP@colorado.auto
Did you miss the Military Lending Act webinar?

Good news! The webinar is available on demand from CADA, ready for you to attend at your own convenience! To get the webinar, click here.
ENDORSED PROVIDER / PROGRAMS

For information about any of the Endorsed Provider’s products or services, contact
Polly Penna polly.penna@colorado.auto 
303.457.5119 office  |  303.945.6426  mobile

Register now!
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