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Mastery of Finance for Auto Dealers
and their Key Leaders
A workshop that links finance to automobile dealership operations
Performance is measured on bottom-line results. From Service, Parts, Sales to F&I or the dealership itself, do your key decision makers know how to drive your bottom line?
Let’s face it: No one wants to admit they don’t understand how to drive the bottom lines in your business. The truth is — even if they went to business school — most key decision makers couldn’t tell you:
- What the three types of cash flow are and which one is the most important to your daily operations.
- What the relative profitability of the five lines of business at your dealership are.
- How costs are allocated to your dealership’s departments.
- How to distinguish cost of goods sold from operating expenses.
That’s why CADA has partnered with MetaMark Learning to provide Mastery of Finance for Auto Dealers. This program 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
About the presenter: Owner of MetaMark Learning, Darrell Mullis is the author of The Accounting GameTM, one of Amazon.com’s top two recommended finance books over the past 10 years. With more than 30 years’ experience, Darrell is a leading expert in teaching finance to non-financial professionals, including CEOs and key team leaders of multinational corporations and family owned businesses throughout the world. MetaMark Learning has customized the program for the auto industry. Darrell’s objective is to help people understand how money is made in the industry and how each person can improve profit and cash flow in day-to-day decisions and actions.
When:
Tuesday, June 19
7:30 a.m. Breakfast and networking
8:00 a.m. – 5:00 p.m. Workshop
Lunch is provided
Where:
CADA Headquarters
290 E. Speer Blvd. Denver
Price:
$400 All registrations
Group discounts available
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New Colorado franchise law: SB-219
Warranty reimbursement at retail seminar
How to add revenue to your Service & Parts departments
The most significant piece of legislation ever passed for Colorado’s auto dealers got the green light in early May. The Warranty Reimbursement at Retail bill levels the playing field between the manufacturer and the dealer for warranty and recall vehicle repairs.
In short, the bill lets you receive warranty parts and labor reimbursement rates that more closely match those charged for non-warranty work. This new law means a significant boost to your bottom line.
The law goes into effect October 1. Please note that last week we incorrectly stated the effective date as August 9. And you’ll need to understand how to navigate a complex formula to obtain these higher warranty and recall reimbursement rates.
Please join CADA as Michael Dommermuth, dealer attorney from Fairfield & Woods, P.C., leads this important seminar about the new law, what it can do for your dealership and how to navigate the calculations so you’re reimbursed for warranty work at current market rates.
Schedule
Monday, June 18
DoubleTree by Hilton Hotel Durango
501 Camino Del Rio
Durango, CO 81301
11:30 a.m. – 1:15 p.m.
Lunch included
REGISTER ONLINE
Tuesday, June 19
Holiday Inn Express & Suites Montrose
1391 S. Townsend Avenue
Montrose, CO 81401
7:30 – 9:15 a.m.
Breakfast included
REGISTER ONLINE
The Hotel Colorado
526 Pine St.
Glenwood Springs, CO 81601
Noon – 2:30 p.m.
Lunch included
REGISTER ONLINE
Monday, June 25
Courtyard by Marriott Pueblo Downtown
110 W City Center Drive
Pueblo, CO 81003
7:30 – 9:15 a.m.
Breakfast included
REGISTER ONLINE
Antlers Hotel*
4 S. Cascade Ave.
Colorado Springs, CO 80903 1
1:30 a.m. – 1:15 p.m.
Lunch included
*CSADA members: Registration is included with your dues.
REGISTER ONLINE
Tuesday, June 26
CADA Headquarters
290 East Speer Blvd.
Denver, CO 80203
7:30 – 9:15 a.m.
Breakfast included
REGISTER ONLINE
The Ranch Events Complex
5280 Arena Cir.
Loveland, CO 80538
11:30 a.m. – 1:15 p.m.
Lunch included
REGISTER ONLINE
Price
$239 first person
$199 each additional person
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Regulatory and Legal Updates
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New tire waste fees are effective
Following multiple questions on Tire Waste Fees this week, I thought it important to issue a reminder that the 2018 fees became effective at the beginning of this year. However, since the registration and reporting requirements remain unchanged under the statute as enacted, the change came about without much fanfare.
Since 2007, retailers of new motor vehicle tires were required to collect a recycling fee of $1.50 for each tire sold, as well as disclosing the fee on the invoice — and file a tax return form for remitting this fee. The fee was set at $1.50 by the Solid and Hazardous Waste Commission. See C.R.S. 30-20-103.
However, as of January 1, 2018, the waste tire fee has been reduced to $0.55 for each new tire sold. The state treasurer will provide this revenue to waste tire administration, enforcement, and cleanup, pursuant to C.R.S. 30-20-1404.
I add this to Open Road because we do not often reference Title 30 for motor vehicle law. If you have any questions about the new fee, or the unchanged requirements to file forms WT-2 or WT-9 regarding the sale of new tires and collections of waste tire fees, please contact Matthew Groves, at matthew.groves@colorado.auto, or 303-282-1449.
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Register for DRIVES third-party access
You must register by TOMORROW!
On Friday, May 4, you may have received an e-mail from the Motor Vehicle Portal Access Unit (within the Colorado Department of Revenue) inviting you to register for third-party access to the new Colorado Driver License, Record, Identification and Vehicle Enterprise Solutions (DRIVES) system. CADA highly recommends you to complete this registration process.
Today, Departments of Motor Vehicle statewide uses a DOS-based system known as the Colorado State Titling and Registration System, or CSTARS. This legacy program has long been the standard in Colorado, however, the state is moving forward this year.
On August 6, 2018, all 64 counties will migrate to the web-based DRIVES system. This will streamline the registration process, reduce wait times at each Division of Motor Vehicles location and reduce the headaches for consumers, dealers and counties.
To access this system, register by May 30. If you don’t register, you will no longer have access to data after August 6. To register, submit the End User License Agreement. This designates your dealership’s primary administrator, who will be able to grant access to all others.
Additionally, there is a registration form on the DMV website. The passcode is MVPrecords. To register, provide your dealer license number.
After you have registered, the Department will contact you by e-mail about training for the DRIVES system. Training classes are expected to be available beginning in July.
If you have any questions, please contact Matthew Groves or the Motor Vehicle Portal Access Unit.
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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 Auto Dealers workshop
Tuesday, June 19
8 a.m. – 5 p.m.
CADA Headquarters
Details
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Warranty reimbursement at retail seminars
Various locations and dates below:
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Monday, June 18
DoubleTree by Hilton Hotel Durango
501 Camino Del Rio
Durango, CO 81301
11:30 a.m. – 1:15 p.m.
Lunch included
REGISTER ONLINE
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Tuesday, June 19
Holiday Inn Express & Suites Montrose
1391 S. Townsend Avenue
Montrose, CO 81401
7:30 – 9:15 a.m.
Breakfast included
REGISTER ONLINE
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Tuesday, June 19
The Hotel Colorado
526 Pine St.
Glenwood Springs, CO 81601
Noon – 2:30 p.m.
Lunch included
REGISTER ONLINE
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Monday, June 25
Courtyard by Marriott Pueblo Downtown
110 W City Center Drive
Pueblo, CO 81003
7:30 – 9:15 a.m.
Breakfast included
REGISTER ONLINE
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Monday, June 25
Antlers Hotel*
4 S. Cascade Ave.
Colorado Springs, CO 80903 1
1:30 a.m. – 1:15 p.m.
Lunch included
*CSADA members: Registration is included with your dues.
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Tuesday, June 26
CADA Headquarters
290 East Speer Blvd.
Denver, CO 80203
7:30 – 9:15 a.m.
Breakfast included
REGISTER ONLINE
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Tuesday, June 26
The Ranch Events Complex, Loveland
11:30 a.m. – 1:15 p.m.
REGISTER ONLINE
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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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CSA Goes on the Road in June! Colorado Springs -- Grand Junction -- Greeley
REGISTER NOW!
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