Copy
Treat yourself to an island paradise! Make your reservations now for the 2017 CADA Annual Convention in Maui!
Happy Halloween!
Sleek And Spooky: The 10 Best Classic Halloween Movie Cars
Class of 2018: The New and Redesigned Cars, Trucks and SUVs
Colorado Auto Sales Are Up
Sales of SUVs, pickups in Colorado surged in September
Colorado auto sales rev up in September, double the national rate
9NEWS - Sales of SUVs, pickups in Colorado surged in September
Electric Vehicles
Silicon Valley Learns to Play Nice With Detroit
As Dyson Crashes The EV Party, Should Tesla Be Worried?
Tesla Fires SolarCity Employees, Smacked with NLRB Charges
Tesla Muzzling Model 3 Buyers
Manufacturer Quarterly reports
Five things Wall Street wants to know about Tesla's Model 3
GM shares down amid skepticism from pair of analysts
Ford demonstrates auto industry balancing act
- -  CLICK BELOW FOR MORE AUTOMOTIVE NEWS  - -
Announcing our Closing Keynote Speaker: Humorist Tim Gard
Laughter Becomes You

Tim Gard is an energetic, laugh-out-loud humorist who delivers a rejuvenating and immediately applicable message that teaches audiences to enhance productivity and enthusiasm in three easy-to-adopt steps. Through his work, he expands the understanding of humor skills as stress reduction tools and has developed easy-to-implement techniques for any situation. You won’t forget Tim’s terrifically funny, unique stories and extraordinary visual props.
 
We’re thrilled to close out our 2017 CADA Annual Convention in Maui with Tim’s sharp wit. He’ll make you laugh — and he’ll make you think!
CADA Insurance Services
Your renewal for your health benefits is probably due. Just like getting a second opinion on your personal health, call CADA Insurance Services to get a complete analysis on the benefits you offer your employees. You may be surprised at the savings — and increased benefit coverage — you and your employees could enjoy. Call Craig Gordon today to find out how much you can save.
 
Call Craig Gordon today to find out how much you can save!
303.457.5118
craig.gordon@colorado.auto
Legislative Grassroots Meetings
Legislative Grassroots Meetings were key to CADA’s success at the state capitol during the 2017 legislative session. Dealer participation is crucial to the success of these meetings, so please attend one or two of these upcoming meetings.

As you can see, dealers are now hosting Legislative Grassroots Meetings at their dealerships. If you would like to invite a legislator to your dealership, please contact Michelle O’Connor, Legislative and Communications Manager, michelle.oconnor@colorado.auto or 303.457.5113. We look forward to seeing you!

Wednesday, November 1, 1 p.m. — CO Dept. of Revenue Executive Director Michael Hartman ART Hotel
1201 Broadway, Denver 80203
 
Thursday, November 2, 1 p.m. — Sen. Leroy Garcia
Wilcoxson Buick Cadillac GMC
902 N Santa Fe Ave, Pueblo 81003
 
Tuesday, November 7, 10 a.m. — Sen. Owen Hill
Freedom Honda
4955 New Car Dr., Colorado Springs 80923
 
Friday, November 10, 2 p.m. — Majority Leader Chris Holbert
Schomp Honda
1003 Plum Valley Ln., Highlands Ranch 80129
Regulatory & Compliance

Great Colorado Payback Annual Report Deadline:


As a reminder, annual reports of unclaimed property are due to the Unclaimed Property Office by November 1, 2017 for the filing period of July 1, 2016 through June 30, 2017. Forms for your annual report can be found at https://colorado.findyourunclaimedproperty.com/app/forms.

As mentioned in last week’s Open Road, the Unclaimed Property Act (C.R.S. 28-13-101, et seq.), requires anything deemed or presumed as unclaimed property to be remitted to the State to be held in trust while they locate the rightful owner. It is then posted to the “Great Colorado Payback” website to be searchable by the public.

All holders of unclaimed property, including auto dealers, must file an annual report with the Office of Unclaimed Property each November. This report identifies which items will become dormant that year. A dealer must then make arrangements to remit the property to the state. While different types of property have different dormancy periods, typically property becomes ‘presumed abandoned’ after five years.

If you do not hold any unclaimed property, you are not required to file a report. However, most dealers do hold some type of unclaimed property, whether it is uncashed checks, unpaid wages or vendor checks. A failure to file a report under those circumstances are subject to financial penalties between $100 and $5,000 and accrued interest on the value of the unreported property.

And remember, if you voluntarily file a report, you are able to retain two percent of the property’s value or $25, whichever is greater. If you do not file, you may not retain it if it’s discovered upon audit, so be sure to file those reports!
Update on the Consumer Financial Protection Bureau (CFPB) Arbitration Rule

Availing themselves of almost all of the 60 days allotted under law, the Senate voted 51-50 on October 24 to pass a resolution of disapproval on the CFPB’s arbitration rule. The 51st ‘yea’ vote came from Vice President Mike Pence, who is entitled to cast the tie-breaking vote in the event of a 50-50 split in the Senate. This is the fifth tie-breaking vote the Vice President has cast this year.

Since the House passed a resolution in September, it will now move to the President’s desk for signing within 10 days. The effect of a signed resolution will be to block the Obama-era regulation from taking effect on March 19, 2018, as it was intended.

The regulation being blocked prevented the use or ‘pre-dispute’ arbitration clauses in contracts that would restrict the rights of a consumer to bring a class-action lawsuit against a lender, or to join an existing class-action lawsuit against the same lender. This regulation was undercut by the CFPB’s own study, finding that consumers fared much better in arbitration than they did as the member of a class-action suit.

What does this mean for dealers? Current Retail Installment Sales Contracts that include use of an arbitration clause will continue to be acceptable under the current regulatory environment. Had the resolution not passed, those forms would have needed updating. As a reminder, CADA provides Retail Installment Sales Contracts, both with and without arbitration clauses, for your convenience.
Order your RISC now!

Questions? Call Khorrie Luther: 303.457.5122.

Specially Designated Nationals (SDNs)


The Office of Foreign Asset Control (OFAC) is a division of the Department of the Treasury that oversees the flow of money and goods to foreign adversaries, terror organizations and narcotics traffickers. The office maintains a database of specially designated nationals, or SDNs, against which automobile dealers must search to ensure that they are not permitting cars to be sold to anyone under OFAC scrutiny.

While many dealers have their own system in place for OFAC compliance, some rely on the searches run by finance companies to serve as cover for the dealer, should any purchaser turn out to be in the OFAC database.

This is a mistake.

A third-party search will not provide safe harbor for the dealer should the search turn out to be erroneous.

A dealer must run its own search before finalizing a sale. This search may be run for free at https://sanctionssearch.ofac.treas.gov/. Any positive identifications of SDNs should be reported to the OFAC hotline at 1-800-540-6322.

Failure to search your buyer against the database can lead to significant financial sanctions, while a willful failure to search could additionally result in jail time. Civil penalties can range up to $1 million per incident, while criminal penalties for doing business with an SDN can range from $50,000 to $10 million. In 2010, OFAC penalized 24 automotive dealer groups, totaling over $200 million.

If manual searches are too numerous or burdensome for your dealership, a number of vendors provide comprehensive, up-to-date compliance software.
_  _  _

If you have any questions about OFAC searches, please contact Matthew Groves matthew.groves@colorado.auto, Vice President of Legal, Regulatory, and Compliance, at 303.282.1449.
Bonds & Forms

Great Colorado Payback Annual Report Deadline:


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
We’re shooting for new heights — and with your help, EVERYONE wins!

Turn your donation into a scholarship!
Help a student.
Help the environment.
Help yourself.

 
To date, the Clear the Air Foundation has received 502 cars and several cash donations from dealerships that don’t receive old, high polluters in trade.
 
Our goal is to recycle 800 cars by the end of the year. We’re more than halfway there — and we need your help!
 
To make a donation, contact George Billings, Director: 303.775.8896
Colorado Safety Association   -   November Schedule of Events
Forklift Operator Instructor Development
November 7 (8:00 am to 4:00 pm)

This course is designed for companies that would like to conduct their own forklift operator certification training at their facility. Participants will get the basic tools needed to establish a powered industrial truck program at their workplace. CSA will teach you the OSHA requirements for powered industrial truck training to make sure your operators are safe and in compliance. Forklift experience is highly suggested for instructor candidates. Participants will receive an Instructor Manual that includes a sample written exam and sample skills test. They will also receive a basic PowerPoint presentation.
Member: $245     Alliance Member: $275    Non-member: $325

Sologic Root Cause Analysis- Analyst Level 1: Facilitator - New!
November 9-10 (8:00 am to 5:00 pm)
The two-day Analyst Level 1: Facilitator course provides students the knowledge, skills, and confidence needed to analyze and solve important problems. Students will learn to gather evidence, create a problem statement, analyze cause and effect, identify effective solutions, and develop a professional final report. Sologic RCA is a streamlined methodology based on cause and effect. It ensures that the final report represents a complete understanding of the event being analyzed and recommends corrective and/or preventative actions. The course includes a license of Causelink Desktop RCA software and a discount on Causelink Individual web-based software for each student.
Causelink Desktop provides an intuitive user interface and functionality to provide analysts the ability to easily build cause-and-effect charts, create RCA reports, and share their results.
System Requirements for Causelink:
• Processor: Minimum Intel Pentium III 1 GHz or faster; Recommended Pentium 4, 2 GHz
• Operating System: Windows 10, Windows 8, Windows 7, Windows Vista SP1, Windows XP SP2 & SP3
• Memory: Minimum 512 MB of RAM; Recommended 1 GB of RAM
• Microsoft .NET 4.0 Framework
• Adobe Reader
Member: $995      Alliance Member: $995      Non-member: $995
 
** Seminars marked with ** will save $10 on the listed fee when you register early. Early registration savings expire two (2) weeks prior to the seminar.

*These Sessions are Pinnacol Safety Group Approved.
Complete Course Information and Registration - Click Here
Upcoming Events & Seminars
Advertising Compliance
(available online)

CLICK HERE for more information
To purchase a copy, please contact:
CADA Headquarters: 303.831.1722
SeminarRSVP@colorado.auto

Damage Disclosure Webinar
(available online)

CLICK HERE for more information
To purchase a copy, please contact:
CADA Headquarters: 303.831.1722
SeminarRSVP@colorado.auto

TITLE SPONSOR OF THE 2017 CHARITY PREVIEW PARTY
2016 / 2017 IN-KIND SPONSORSHIP THANKS TO
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

colorado.auto
Twitter
YouTube
Facebook
Copyright © 2017 CADA, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list