Dealers: You’re invited!
Please be our guest for the Economic Forecast Dinner
Hosted by
- Featuring KC Mathews, EVP/Chief Investment Officer, UMB
- Michael J. Stanton, Jr., SVP/Chief Operating Officer, NADA
A timely and insightful outlook on today’s economy for Colorado new-car dealers.
When
Thursday, May 3, 2018
Reception 5 – 5:45 p.m.
Dinner 5:45 – 7:30 p.m.
Where
Colorado Automobile Dealers Association
290 E. Speer Blvd.
William D. Barrow Building
Denver, CO 80203
RSVP
Colorado.auto/events
economic@colorado.auto
303.831.1722
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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.
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Regulatory and Legal Updates
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When to move abandoned vehicles
The Colorado Revised Statutes have put forth two separate standards on when you have the right to dispose of abandoned vehicles, based on where the vehicle is abandoned. This piece will focus solely on those vehicles left with a repair shop and never retrieved.
Typically, abandoning a vehicle is a misdemeanor. However, when a vehicle is left on private property with the owner’s permission, there is no crime. Because a customer turning a car over for service generally intends to retrieve the car after service, there is generally no intent to abandon at the time possession is turned over to the dealer.
However, once the repairs are complete, a customer may decide that they do not wish to pay the bill or refuse to come get their vehicle. A car can be considered abandoned at a repair shop when the
- Vehicle is left by the owner
- Shop provided an estimate and offered to repair
- Owner did not consent to the repairs, refused to move the vehicle, or refused to pay the bill.
- Vehicle did not come into the dealer’s possession subject to a sale.
Before disposing of a vehicle, the dealer must make a ‘good faith effort’ to notify the owner how and when the vehicle will be disposed, 15 days before taking action. This can either be through certified mail to the owner’s last-known address, or publication in a local newspaper if the mailing is returned as undeliverable.
At five days of no response from the owner after the last good-faith effort, the vehicle is considered abandoned. The Colorado Department of Revenue produced form DR 2542 (posted on the Department’s website) as a nine-step checklist on how to lawfully dispose of the vehicle.
While no synopsis of this form would suffice for the detailed process, completion will allow a dealer to obtain title on the abandoned vehicle or sell it for junk/scrap. However, if the fair market value of the vehicle is less than $200, it may only be sold for junk/scrap.
In the event title is obtained for the abandoned vehicle, it may be sold in a public or private sale, under commercially reasonable terms for the benefit of the dealer, to cover the costs of obtaining title.
If you have any questions please contact Matthew Groves
303.282.1449
matthew.groves@colorado.auto
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- - CLICK BELOW FOR MORE AUTOMOTIVE NEWS - -
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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.
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Upcoming Events & Seminars
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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
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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.
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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
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Risk Management Academy
Federated Insurance is offering complimentary risk management training for auto dealers on May 8-10, 2018. Through this valuable session, you will discover methods you can use immediately to help protect profits by reducing risk at your business.
 Companies that are the most successful at controlling losses and protecting profits have integrated risk management into their overall company culture. Many have designated a key person as their risk manager. This person is supported by your company’s top management and is both responsible and accountable for identifying loss exposures and implementing risk management solutions.
This seminar’s objective is to help your risk manager learn the exposures specific to the auto dealer industry, connect with peers from across the country and apply these best practices within your business.
You can learn more by viewing a brief video about the Risk Management Academy. To reserve your spot in the upcoming session or for more information, please contact Royetta Spurgeon at rlspurgeon@fedins.com or (800)533-0472 Ext. 455-5604. Or, visit Federated's website.
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KPA acquires Environmental Risk Management & Safety, Inc.
 KPA Services, LLC, a leader in Environmental Health and Safety (EHS) Risk Management, announced today the acquisition of Environmental Risk Management & Safety, Inc. (ERS).
This transaction strengthens KPA’s position as the leading provider of EHS Risk Management services to the automotive market. KPA is a leader in cloud-based EHS Risk Management Solutions and closed-loop, on-site audit services that proactively mitigate potential accidents and the costly ramifications of non-compliance with state and federal EHS regulations.
KPA’s comprehensive automotive solution covers operational workflow, as well as regulatory risks associated with Finance and Insurance and Human Capital Management. The company focuses on mid-market companies in automotive, manufacturing, distribution and logistics, and insurance.
ERS provides EHS compliance solutions to clients in multiple industries throughout the nation, and their current services reinforce KPA’s dominance in the collision and auto dealer EHS markets.
“This acquisition not only accelerates KPA’s strategy to deepen our showroom to shop compliance expertise in in the automotive market; it enhances our efforts in adjacent target markets,” said Vane Clayton, CEO of KPA.
More info: www.kpaonline.com or
www.ers-usa.com
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