Rules of the Road

BDC

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May 2013, Auto Dealer Today - WebXclusive

Clay Nissan Settles $1.5M Defamation Suit

By Stephanie Forshee

The legal battle between Clay Nissan and the brothers of a former cancer-stricken employee is over, ending the family’s 10-month campaign against the dealership for terminating their sister.

Tags: BDC, Boycott Clay Nissan, defamation, Facebook, Social Media, twitter, using social media

April 2013, Auto Dealer Today - WebXclusive

6 Reasons for a Parts Inspection

David Keller is a partner with the accounting firm ofCliftonLarsonAllen, a Top 10 nationwide accountingfirm with extensive experience in serving new- andused-vehicle retailers, heavy truck and utility traileroutlets, and BHPH dealerships. 

By David Keller, CPA, CFE

Inspecting your parts department will tell you where your inventory — and your money — is going. The magazine’s resident accounting expert shows you what to look for.

Tags: BDC, financial statements, Inventory Management, Operational Efficiencies, Operations, Parts and Service, special order parts, used parts

March 2013, Auto Dealer Today - WebXclusive

Managing By The Numbers

David Keller is a partner with CliftonLarsonAllen, a Top 10 nationwide accounting firm with extensive experience in serving new- and used-vehicle retailers, heavy truck and utility trailer outlets, and BHPH dealerships. Contact him at 314.925.4317. DKeller@AutoDealerMonthly.com

By David Keller, CPA, CFE

A dealership’s financial statement can reveal exactly how it’s perceived in the community. The magazine’s accounting expert identifies the metrics that tell all.

Tags: BDC, customer satisfaction, finanacial statements, finance chargebacks, financial statements

February 2013, Auto Dealer Today - WebXclusive

Are Car Dealers Racketeers?

By Thomas B. Hudson, Esq.

The magazine’s legal expert weighs in on a court case involving a consumer’s use of the RICO Act to sue a dealer.

Tags: BDC, Customer Relations, FEDERAL REGULATION, Fraud, lawsuits, RICO act, wire fraud

February 2013, Auto Dealer Today - WebXclusive

10 Must-Follow Advertising Guidelines

By Jim Radogna

Jim Radogna offers 10 insights that will help you navigate the sometimes messy business of advertising.

Tags: advertising, BDC, compliance, false advertisements, Federal Trade Commission, Fraud, FTC, radio, Regulators, television advertising

January 2013, Auto Dealer Today - WebXclusive

California to BHPH Dealers: “Get Lost.”

By Thomas B. Hudson, Esq.

The magazine’s legal expert explains why California’s attack on buy-here, pay-here dealers was unwarranted and unneeded.

Tags: Assembly Bill 1534, BDC, BHPH legislation, buy-here-pay-here, California, California Finance Lenders Law, Department of Corporations, Institute for Automotive Service Excellence, legislation, Senate Bill 956

January 2013, Auto Dealer Today - WebXclusive

Thoughts on Managing Inventories

By David Keller, CPA, CFE

CPA David Keller examines why dealers and managers need to make inventory management a top priority if they want to maximize sales opportunities and minimize write-offs and write-downs.

Tags: BDC, CASH FLOW, Inventory Management, Used Cars

January 2013, Auto Dealer Today - WebXclusive

Exercise Caution with Customer Information and Peer-to-Peer Networks

By Mark A. Bross

Attorney Mark Bross examines a recent FTC action involving a dealership's inadvertent disclosue of customers' information over a peer-to-peer network and cautions dealers to assess their own information collection practices.

Tags: BDC, business practices, FTC, GLB Safeguards Rule, Internet, peer-to-peer, PERSONAL IDENTIFICATION INFORMATION, privacy policy

January 2013, Auto Dealer Today - WebXclusive

Related Finance Company Considerations: A Difficult Decision That Requires Extensive Review Cont'd

By David Keller, CPA, CFE

David Keller - You should review all the legal implications with an attorney who is familiar with the BHPH and RFC industry to ensure your paperwork and other related documents comply with all regulations and laws...

Tags: BDC, bhph dealers, Dealer's Guide to Compliant Paperwork, Regulations, special finance

December 2012, Auto Dealer Today - WebXclusive

Harmless Horseplay is not a Harassment Defense

By Jim Radogna

Author Jim Radogna discusses the alarming numbers of harassment and discrimination lawsuits being filed against car dealerships.

Tags: BDC, discrimination, EEOC, employees, employment, Equal Employment Opportunity Commission, harassment, labor laws, lawsuits, privacy policy

December 2012, Auto Dealer Today - WebXclusive

Free Legal Advice on the Internet

By Thomas B. Hudson, Esq.

Attorney Tom Hudson explains why relying on the Internet for legal research and compliance is no substitute for the advice of a qualified legal professional.

Tags: BDC, compliance, Consumer FInancial Protection Bureau, consumer protection, federal lawsuit, Federal Trade Commission, Legal, Regulations, retail installment contracts

December 2012, Auto Dealer Today - WebXclusive

How to Improve Your Accounting Department

By David Keller, CPA, CFE

CPA David Keller takes a closer look at the importance and responsibilities of an often-forgotten part of the dealership, the accounting department.

Tags: accounting concerns, BDC, common paperwork problems, morale, Parts and Service, Service

November 2012, Auto Dealer Today - WebXclusive

Uncommon Sense

By Thomas B. Hudson, Esq.

Legal expert Thomas Hudson points out the important of a "integration clause" to preclude the buyer from later claiming the dealer orally promised to include in the deal the sun, the moon and the stars.

Tags: Arbitration, BDC, contracts, Deceptive Practices, Fraud, integration clause, lawsuits, MVSFA

November 2012, Auto Dealer Today - WebXclusive

Internal Control Concerns Over Electronic Funds Transfers (EFT) and Automated Clearinghouse (ACH) Payments

By David Keller, CPA, CFE

Expert David Keller discusses the importance of security systems and internal control when processing Electronic Fund Transfers (EFT) and Automated Clearinghouse (ACH) payments.

Tags: accounting concerns, ach transactions, automated clearing house, banking, BDC, CASH FLOW, computer security, Electronic Transactions, Fraud, online security

October 2012, Auto Dealer Today - WebXclusive

Don’t Forget to Tell Your Inventory Story

By Jim Radogna

Jim Radogna, President of Dealer Compliance Consultants, discusses what vehicle conditions and history reports you should disclose to your customers. Jim also talks about how to determine if the vehicle you're selling should be classified as new or used.

Tags: Auction, AutoCheck, BDC, Carfax, customer satisfaction, Disclosures, Federal Trade Commission, Inventory Management, inventory merchandising, lawsuits, unwinding a deal, vehicle history report

October 2012, Auto Dealer Today - WebXclusive

Preparing Multiple Contracts?

By Thomas B. Hudson, Esq.

Attorney Tom Hudson discusses why the practice of writing multiple contracts on the same deal is bad news and can cause dealers to run afoul of the federal Truth in Lending Act.

Tags: BDC, compliance, contracts, Disclosures, retail installment contracts, Truth in Lending Act

October 2012, Auto Dealer Today - WebXclusive

Service and Parts – More Gross or Less Expense To Obtain Profitability?

By David Keller, CPA, CFE

Author and CPA Dave Keller examines the best way to increase profitability in the parts and service departments.

Tags: BDC, improving your service department, increasing sales, labor to parts ratio, Parts and Service, Profitability, selling service, technician training

August 2012, Auto Dealer Today - WebXclusive

You Should Not Be in the BHPH Business If …

By Thomas B. Hudson, Esq.

A few words of caution from attorney Tom Hudson: if you fit any of these descriptions, you shouldn't be in the BHPH business.

Tags: BDC, bhph, compliance, Consumer FInancial Protection Bureau, lawsuits, retail installment contracts

August 2012, Auto Dealer Today - WebXclusive

Be Ready For Fraud

By David Keller, CPA, CFE

CPA and certified fraud examiner David Keller goes over several measures dealers can take to protect their dealerships from internal theft and fraud.

Tags: accounting concerns, BDC, check-kiting scheme, computer security, employee theft, Fraud, How Auto Dealers Manage and Mitigate Security and

August 2012, Auto Dealer Today - WebXclusive

UCCC Extraterritoriality - But it’s a Minnesota Contract!

By Nicole Munro

If a finance company buys retail installment contracts from auto dealers in its home state, what happens when a consumer named in one of those contracts moves to a state with different laws from the company’s home state? Attorney Nikki Munro discusses a recent case that poses that very question.

Tags: BDC, Credit Acceptance Corp., default rates, lawsuits, Repossessions, retail installment contracts, Wisconsin

August 2012, Auto Dealer Today - WebXclusive

Is Your Information Safeguards Plan Keeping Up With Technology?

By Jim Radogna

Dealerships have become more technologically advanced since the federal Safeguards Rule was first enacted. Compliance expert Jim Radogna presents some tips to help dealers ensure their information safeguards policy keeps pace with today's technology.

Tags: BDC, compliance, Consumer FInancial Protection Bureau, consumer protection, federal lawsuit, FTC, law suits, non-compliance, PERSONAL IDENTIFICATION INFORMATION, privacy policy, privacy violations, Safeguards Rule

August 2012, Auto Dealer Today - WebXclusive

My Compliance Lawyer is Crazy

By Nicole Munro

Attorney Nicole Munro explains why dealers must be prepared if the Consumer Financial Protection Bureau comes knocking on their door and looks at some the the CFPB's recent enforcement actions.

Tags: BDC

August 2012, Auto Dealer Today - WebXclusive

FTC’s Complaint Report

By Thomas B. Hudson, Esq.

The FTC has made a lot of noise about looking into car dealers and their reportedly abusive practices, but what percentage of consumer complaints are actually about car dealers? Attorney Tom Hudson takes a closer look.

Tags: BDC

July 2012, Auto Dealer Today - WebXclusive

The Lenders Are Back

By David Keller, CPA, CFE

Accountant Dave Keller explains how to adjust accounting practices to make things work more smoothly with your lender.

Tags: BDC

June 2012, Auto Dealer Today - WebXclusive

Cash Balance Plans Offer Tax Deferrals for Auto Dealers

By Jay Parrish

Author Jay Parrish examines how cash balance plans can benefit auto dealers.

Tags: BDC

June 2012, Auto Dealer Today - WebXclusive

FTC Hammers Dealers on “Upside Down” Ads

By Thomas B. Hudson, Esq.

Attorney Tom Hudson discusses the Federal Trade Commission's recent settlement orders requiring several dealers to stop running ads in which they promise to pay off a consumer's trade-in no matter what the consumer owes on the vehicle.

Tags: BDC

June 2012, Auto Dealer Today - WebXclusive

Best Practices for a Compliant Service Department

By Jim Radogna

Compliance Expert Jim Radogna explains how taking a conservative approach when dealing with service customers can help service departments avoid misunderstandings, stay off the legal radar, and increase customer satisfaction.

Tags: BDC

June 2012, Auto Dealer Today - WebXclusive

Service and Parts Profitability

By David Keller, CPA, CFE

Accounting expert David Keller explains how to structure the parts and service departments to accurately track sales and cost activity and increase gross profits.

Tags: BDC

June 2012, Auto Dealer Today - WebXclusive

New GAP Waiver Rules in Ohio

By Nicole Munro

For many years, Ohio law has left many wondering whether the cost of GAP products can be financed. Attorneys Nicole Munro and Glenn Knirsch discuss the recent passage of a bill in Ohio that at last addresses the uncertainty surrounding the sale of these products.

Tags: BDC

May 2012, Auto Dealer Today - WebXclusive

Wars and Rumors of Wars

By Thomas B. Hudson, Esq.

Attorney Tom Hudson addresses a few of the rumors that have been circulating about potential actions of the new federal Consumer Financial Protection Bureau.

Tags: BDC

May 2012, Auto Dealer Today - WebXclusive

Tracking The New Year - Part Two

By David Keller, CPA, CFE

Following up on his previous article exploring ways dealers can better track accounting transactions, accountant David Keller discusses various income statement accounts and what dealers can do to make their lives much easier.

Tags: BDC

May 2012, Auto Dealer Today - WebXclusive

Make Sure Your Advertising Will Pass Muster in Your State

By Jim Radogna

The primary responsibility for truthful and non-deceptive advertising rests with the dealer, not outside vendors or agencies. Jim Radogna offers several examples of advertising rules dealers should pay close attention to.

Tags: BDC

April 2012, Auto Dealer Today - WebXclusive

Dealer Financing, Pricing Discretion and Class Action Lawsuits

By Thomas B. Hudson, Esq.

Attorney Tom Hudson discusses a recent court decision in the housing finance area that could be useful in the auto financing arena as well.

Tags: BDC

April 2012, Auto Dealer Today - WebXclusive

Tracking The New Year

By David Keller, CPA, CFE

Accountant David Keller explores some ways dealers can better track accounting transactions to aid in their year-end comparison and analysis process.

Tags: BDC

April 2012, Auto Dealer Today - WebXclusive

Arbitration Remains in the Spotlight – Even Outside of the Ninth Circuit

By Nicole Munro

The Consumer Financial Protection Bureau recently began a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses. Attorneys Nicole Munro and Latif Zaman of Hudson Cook look at how some state courts are finding ways to invalidate arbitration provisions.

Tags: BDC

March 2012, Auto Dealer Today - WebXclusive

When “As Is” Doesn’t Mean “As Is”

By Thomas B. Hudson, Esq.

Attorney Tom Hudson examines an appellate case in which the term “as is” did not protect the dealer from allegations of fraud and violation of the Michigan Consumer Protection Act.

Tags: BDC

March 2012, Auto Dealer Today - WebXclusive

You Are Only As Good As Your Numbers

By David Keller, CPA, CFE

Accounting expert Dave Keller discusses the necessity of reviewing and analyzing last year's financial statements to improve a dealership's results in 2012.

Tags: BDC

March 2012, Auto Dealer Today - WebXclusive

Compliance in the Digital Age

By Jim Radogna

The growth of digital marketing, social media and online reputation management has invited new regulations and created additional legal challenges for dealers. Compliance Expert Jim Radogna looks at six areas that dealers should pay close attention to in 2012.

Tags: BDC

February 2012, Auto Dealer Today - WebXclusive

Motor Vehicle Leases and the Military

By Nicole Munro

Attorneys Nicole Munro and Peter Cockrell of Hudson Cook discuss the Servicemembers Civil Relief Act (SCRA) as it pertains to leasing vehicles to military servicemembers or dependents of military servicemembers.

Tags: BDC

February 2012, Auto Dealer Today - WebXclusive

Faking Dealership Reviews Online Leads to Trouble

By Thomas B. Hudson, Esq.

Attorney Tom Hudson discusses an enforcement action against a Florida dealership dealing with, among other things, the dealership’s alleged practice of posting false reviews of the dealership online.

Tags: BDC

February 2012, Auto Dealer Today - WebXclusive

Review of Year-End Tax and Financial Statement Preparation

By David Keller, CPA, CFE

Year-end at an automotive dealership is undoubtedly the most stressful time the accounting office experiences. Accountant David Keller discusses measures dealers can take to lessen the stress at year-end and prepare for their CPA’s year-end fieldwork.

Tags: BDC

January 2012, Auto Dealer Today - WebXclusive

CFPB in Production, Directed by Richard Cordray

By Nicole Munro

With leadership in place, over 700 employees and bulletproof funding, the Consumer Financial Protection Bureau is moving full speed ahead. Attorney Nicole Munro discusses the CFPB's potential reach and how it could impact dealers.

Tags: BDC

January 2012, Auto Dealer Today - WebXclusive

When the Cops Aren’t the Cops

By Thomas B. Hudson, Esq.

Recent fraudulent emails to dealerships purporting to be from the FTC prompt attorney Tom Hudson to issue a word of caution to dealers: Make sure any "authorities" who approach the dealership are the real thing before taking any action.

Tags: BDC

January 2012, Auto Dealer Today - WebXclusive

Protecting Your Auto Dealership From Fraud

By David A. Anderson, CPA, CFE & Wilfredo Fernandez,

David A. Anderson and Wilfredo Fernandez of the firm Citrin Cooperman outline a few of the most common frauds perpetrated in various dealership departments and offer some ways to help prevent them from occurring.

Tags: BDC

December 2011, Auto Dealer Today - WebXclusive

Arbitration Agreements Can be Helpful in Class Action Lawsuits

By Thomas B. Hudson, Esq.

The best first line of defense against class action suits is the practice of requiring consumers to sign mandatory arbitration agreements as part of the car purchase and finance transactions they enter into. Attorney Thomas Hudson provides an example of how the use of arbitration agreements saved the day when the class action lawyers came calling.

Tags: BDC

December 2011, Auto Dealer Today - WebXclusive

Identifying Your BHPH and RFC Trends

By David Keller, CPA, CFE

Accountant David Keller, CPA and CFE, details how buy here pay here sales and collections and having a related finance company (RFC) can complicate accounting.

Tags: BDC

December 2011, Auto Dealer Today - WebXclusive

Keeping Up with Compliance at Bergeron Auto

By Jennifer Murphy Bloodworth

At Bergeron Auto, compliance is taken seriously. Dealer Denis Bergeron discusses why his dealership in Metairie, La., takes a proactive approach to maintaining compliance.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Flying Under the Radar

By Thomas B. Hudson, Esq.

Dealers who ignore rules and regulations they’re required by law to comply with and instead hope to fly under the radar unnoticed by the Federal Trade Commission and Consumer Financial Protection Bureau might want to ask themselves the following questions posed by Attorney Tom Hudson in this article.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Making a List and Checking it Twice

By Nicole Munro

Santa isn’t the only one making a list and checking it twice this time of year. The CFPB and the FTC are making lists that will be used to determine who is naughty and who is nice. Attorney Nicole Munro poses some questions dealers should consider to put together their own compliance checklists.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Third-Party Relationships Require Close Attention to Detail

By Chip Zyvoloski

There are risks involved with all third-party relationships. Chip Zyvoloski, senior attorney within the Indirect Lending business at Wolters Kluwer Financial Services, explains that to protect the dealership’s reputation, dealers should complete due diligence on your third-party vendors.

Tags: BDC

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