We urge our members to send in their registration form today to attend the 2013 Annual Membership Meeting and Legislative Reception. The meeting will be held on Tuesday, January 15, 2013 at the Loews Annapolis Hotel.  

Members of both the executive and legislative branches of Maryland government have been invited. We anticipate our industry to come under fire as a source or revenue for the ailing Transportation Trust Fund. We must inform the legislative body of the importance of protecting the livelihood and future of Maryland's new car and truck dealers . In light of the legislative landscape it is critical that each dealership send a representative.

You may reserve your spot today by downloading a registration form and returning it by fax, 410.269.1549, or by mail to:

MADA

7 State Circle, Suite 301

Annapolis, MD 21401  

The National Insurance Crime Bureau (NICB), a nonprofit anti-fraud group, estimates that approximately 230,000 vehicles were damaged by Hurricane Sandy and the storms aftermath, with about 60,000 damaged in New Jersey alone.

Vehicles damaged during the storm stretched from North Carolina to Maine. Damage ranged from minor paint scratches from flying debris to vehicles submerged under water for days or crushed by falling trees and declared total losses.

NJ CAR encourages dealers to closely inspect any trade-in vehicles for any potential flood damage including any signs of rust, water damage or mildew, and also to check the NICB's Website for VINs of specific vehicle.

The Internal Revenue Service recently issued a notice setting the allowable deduction for business mileage for 2013 at 56.5 cents per mile. This is a one cent increase over the rate for 2012.

The 2013 NADA Convention & Expo will be held February 8-11, 2013 in Orlando, Florida. Advance registration has been extended to January 31, 2013. All registration prices increase on February 1, 2013 through the start of the Convention.

MADA reminds all dealers to contact any purchaser for whom you were required to file a Form 8300 (Cash Reporting) in 2012. Each purchaser should receive notice by January 31, 2013, that your dealership has filed the form with the Internal Revenue Service.  

The statement must show the name and address of the dealership, the total amount of the reportable cash received, and indicate the information was provided to the IRS. You must keep a copy of every Form 8300 you file for 5 years. We have provided a sample letter below, but you should have the exact wording of the customer notification reviewed by your legal advisor.

Dear (customer name):
We are required by the Internal Revenue to report transactions involving more than $10,000 in cash and "cash equivalent" under the provisions of 25 U.S.C 60501. (Name of dealership) has filed a Form 8300 with the IRS on (month, day, year) indicating that you provided us ($ amount) in connection with the purchase of your (year, make, model). We wanted you to know that we have complied with this federal requirement. Again, thank you for your patronage.
Sincerely,
(dealership name)

The FinCEN Form 8300 general instructions and the IRS definition of "cash" are available on the IRS Web site.

The U.S. Department of Energy and the Environmental Protection Agency have just released the 2013 Fuel Economy Guide. The guide provides detailed fuel economy numbers for MY 2013 light-duty vehicles, along with estimated annual fuel costs and other information for prospective purchasers. Dealers must display a copy of the Guide and provide copies to customers upon request.

You can order hard copies of the guide online or by calling DOE's Information Center at 800.254.6735 between 9 a.m. and 7 p.m. EDT. If ordered, hard copies will be mailed, free of charge, this month.

MADA is pleased to welcome the following new Associate Members...

Penney Design Group. Providing architectural design to dealerships. 8120 Woodmont Avenue, Suite 410, Bethesda, MD 20814. Jonathan J. Penney, President, Phone: 301.979-7600 or email: jpenney@penneydesigngroup.com.

Peroutka & Peroutka, PA. A creditor's rights attorney and legal collections agency. 8028 Ritchie Hwy, #300, Pasadena, MD 21122. Michael Lagana, VP Business Development, Phone: 410.768.2280 x239 or email: mlagana@peroutkalaw.com. Brigitte Smith, Office Manager, Phone: 410.768.2280 x233 or email: bsmith@peroutkalaw.com.