Greetings!
Welcome to the latest installment of IADA's e-news, containing timely updates, information, announcements and reminders. We welcome your suggestions and contributions. For further information and updates regarding the Idaho Automobile Dealers Association please visit our website at www.idahoada.org.
IADA Staff- |
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WEB-BASED REGISTRATION REPORT
MARK YOUR CALANDAR!
IADA'S NEW WEB-BASED REGISTRATION SERVICE TARGET LAUNCH DATE: SEPTEMBER 8, 2008
Currently IADA is working with a test group of dealers to iron out potential problems in our new customizable program with a goal of providing quality up-to-date and accurate title registration information in Idaho. Webinar's, information packets and tutorial classes are currently being developed so stay tuned
CLICK HERE to read more about this exciting new program! |
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DEALER NEWS:
NADA TO PROVIDE MEMBERS WITH FREE RED FLAG EDUCATIONAL GUIDES
Dealers and other creditors and financial institutions must comply with the FTC Red Flags Rule by November 1, 2008. To assist dealers with this new requirement, NADA will mail members a free educational guide by August 1. The guide will explain dealers' responsibilities under the new rule and provide a template to assist dealers in preparing the required written Identity Theft Prevention Program.
Additional information will be available from fee-based Webinars that NADA will conduct from 1:00 to 3:00 p.m. on August 26, 2008 and September 23, 2008. (Registration information will be announced soon.)
F&I SEMINAR
Zurich would like to invite IADA members to attend their next F&I Seminar that is scheduled from August 11th - August 14th, 2008 at the Sheraton City Centre Hotel in Salt Lake City.
Topics to be covered that are critical to F&I success:
- THE STREAMLINED SELLING SYSTEM
- MENU SELLING
- THE ELECTRONIC BUSINESS MANAGER
- HANDLING OBJECTIONS
This seminar is open to General Managers, General Sales Managers and F&I Directors. Veteran producers will see first hand how the pros do it; Managers will learn how the legal climate in F&I might make or break your store!
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AUTOMOTIVE NEWS AT A GLANCE
Listed here are several articles pertaining to the auto industry that appeared recently in newspapers and other media outlets across the nation.
July 18, 2008
Dealers Buy $1 Million Worth of GM Stock
Despite Auto Trends, Local Dealers Driven to Grow
GM Opens Cutting-Edge Green Dealership Near Detroit
Suddenly, '08 Campaign Spotlight Finds Detroit 3
Oil down more than $1 a barrel on stronger dollar
The Detroit News, July 14 Oil prices fell Monday as the dollar rose on expectations U.S. moves to shore up two ailing mortgage financiers will help avert a worsening of the credit crisis.
- Auto Dealers Add Own Sales Incentives, Deepening Their Losses on Trucks, SUVs
The Wall Street Journal, July 14 Some car dealers are reaching deep into their own pockets to extend auto makers' already hefty rebates and other incentives to sell pickup trucks and sports-utility vehicles.
- Gas Prices Spur Drivers to Cut Use to Five-Year Low
The Wall Street Journal, July 10 As average gas prices hit a record high of $4.108 a gallon this week, the government released new data showing that drivers have cut back their use of the fuel to levels not seen in five years.
- Wagoner Says GM Won't File For Bankruptcy or Reduce Brands
The Wall Street Journal, July 11 General Motors Corp. Chief Executive Rick Wagoner dismissed the notion that the auto maker may soon file for bankruptcy, and he also said the company has no plans to sell or shutter more of its brands.
- Chrysler plans electric vehicles, Could be ready in 3-5 years
The Free Press, July 11 Chrysler LLC's answer to the much-anticipated Chevrolet Volt could be three to five years away, the Free Press has learned.
The Auburn Hills automaker launched a special division within the company last fall called ENVI -- pronounced like "envy" -- to bring electric-drive vehicles and related advanced-propulsion technologies to market.
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GM, Ford should merge, says veteran auto dealer Buffalo Business First, July 11 Over the decades, Culligan, 77, watched the U.S. auto industry evolve from a monopolistic force in the world to what it is today - threatened and intimidated by foreign rivals, and seemingly lost in its direction.
Culligan, who sold his Pontiac and GMC Truck franchises two weeks ago, said a drastic overhaul is needed for his old company and the industry to rebound and survive.
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That '70s Show: Detroit The Wall Street Journal, July 8 Nobody seems to be laughing at bankruptcy jokes in Detroit right now, especially after Merrill Lynch used the "B word" publicly last week to describe what might happen to General Motors. Nor was it particularly reassuring when a GM official replied that the company has enough cash to last at least through the end of the year. It was like a doctor trying to assuage a sick man's family by saying he's sure to last until the end of the week.
IADA forwards news articles and opinion columns of interest through THE TRAFFIC REPORT to inform members of current events. These in no way reflect the views, opinions, and/or positions of IADA or its member dealers. They are sent for informational and educational purposes only.
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NADA DEALER ATTITUDE SURVEY GOES ONLINE
The NADA Dealer Attitude Survey (DAS) is now going to be collected and managed exclusively on line. Under the new system, NADA will no longer mail paper surveys to dealers. The move to online-only will significantly speed up survey processing time and allow NADA Industry Relations to report the results of face-to-face DAS meetings with manufacturers back to the dealers who completed the survey.
"The online-only methodology allows us to provide important and timely information to dealers in a manner that previously was not possible" noted Michael Regan, NADA's VP of Industry Affairs.
NADA has designed a new full-service DAS website at www.nadasurvey.com to facilitate the move to online-only. CLICK HERE for more details.
IRS INCREASES MILEAGE RATES THROUGH DEC. 31, 2008
On June 23, 2008, the Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
The new rates are contained in Announcement 2008-63 on the optional standard mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Mileage Rate Changes
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Purpose |
Rates 1/1/08 through 6/30/08 |
Rates 7/1/08 through 12/31/08 |
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Business |
50.5 |
58.5 |
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Medical/Moving |
19 |
27 |
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Charitable |
14 |
14 |
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LEGISLATIVE & REGULATORY UPDATES
SUMMARY OF 2008 UPDATES FROM THE IRS
NADA'S REGULATORY REVIEW NOW AVAILABLE ONLINE
NADA's Regulatory Review, which is published quarterly by the NADA Public and Legal Affairs Groups, contains the latest federal regulatory developments that affect franchised new-vehicle dealers. Regulatory Review is now available on NADA's Web site atwww.nada.org, under "Publications" (member login required). | |
LET US KNOW ABOUT YOUR ACCOMPLISHMENTS! Have you or anyone else at your dealership won an award recently? Has your dealership provided any outstanding community service? We want to recognize such accomplishments. Please send us a brief write-up of the award or event along with any other information to info@idahoada.org. Also include your contact information for further follow-up.
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Mission statement: The Idaho Automobile Dealers Association was formed in 1932 to represent interests of new vehicle dealers in the state. Our goal then and now has been to improve, enhance, and grow the automobile industry in Idaho. By advocating and providing programs, products and services for new car dealers, we want to create a stable and healthy retail market for Idaho's businesses and consumers.
Sincerely, Trent Wright Idaho Automobile Dealers Association |
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Generously Underwritten by:
IADA's First Choice in P & C Insurance! |
UPCOMING EVENTS:
Aug. 8th 2008
Dealer Advisory Board Meeting - ITD Boise
Sept. 8 2008
Launch of New Registration Service
Sept. 4 - 6 2008 Idaho Governor's Challange - Coeur dAlene |
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BUSINESS LINKS:
IADA Home
Interstate Dealer Serivces
ID Dealer Services
U.S. Bank NW Dealer Services
Liberty Special Finance, Inc
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STOCK MARKETS
DOW JONES INDUSTR 11465.55 31.02 (-0.27%) NASDAQ COMPOSITE 2280.33 2.45 (-0.11%) S&P 500 INDEX 1260.46 0.22 (-0.02%) 10-YEAR TREASURY 4.091 0.01 (+0.25%) Auto Manufacturers-Major 825.114 0.623 (-0.08%) Auto Dealerships 662.054 0.928 (-0.14%) NADART Funds Prices & Returns
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