FMLA

April 13, 2011 by

Pain Point: Family Leave Is For More Than Childbirth

Resolution: Understand the Family Medical Leave Act

If you thought the Family Medical Leave Act is just for employees who are going to have a baby, think again. The federal regulation applies to a wide range of medical situations your employees may be facing. But not all businesses or employees qualify for benefits. How is your dealership affected? NADA University has a course on the subject and this video briefly covers your responsibilities.

For more information, download our FMLA PDF.

Filed Under: Business Management, Human Resources, Legal / Regulatory

UNICAP

January 7, 2011 by

Pain Point: New IRS Ruling Benefits Dealers

Resolution: UNICAP

The IRS decided that dealers don’t have to capitalize certain costs and can instead “expense them.” In a major victory for car and truck dealers, the IRS has created two safe harbors under its uniform capitalization, UNICAP, methods of accounting. The IRS decision favorably resolves several contentious and costly income tax issues. When some IRS auditors re-interpreted UNICAP 5 years ago, the affected dealers’ tax bill rose more than $100,000.

Watch the video explaining that most dealers will no longer face such exposure under the new IRS ruling.

For more information, download our UNICAP PDF.

Filed Under: Business Management, Legal / Regulatory, Sales / Leasing / Finance Tagged With: , , , ,

Paint Booth Rules

January 7, 2011 by

Pain Point: Are You Ready for New Paint Booth Rules?

Resolution: NADA University training on new EPA rules for Body Shop Emissions

Between six and eight thousand dealers have body shops. The new rules issued by the Environmental Protection Agency govern the equipment being used and the employees using it. The rules are intended to protect the environment, body shop employees and the people in the surrounding community.

The video provides an overview of dealership responsibilities.

For more information, download our Paint Booth Rules PDF.

Filed Under: Body Shop, Legal / Regulatory, Service Tagged With: , , , , , ,

Risk-Based Pricing

January 7, 2011 by

Pain Point: Requirement for Credit Customer Notices

Resolution: Learning to comply with Risk-Based Pricing

Dealership F & I departments have a new federal rule they must comply with effective January 1, 2011. That’s when the new Risk Based Pricing Rule took effect. Congress mandated the rule when it passed the FACT Act in 2003.

The rule is designed to help customers understand the effect that their credit report has on the credit terms they are being offered. That sound simple enough but finding a way to implement the law’s objective in the real world proved to be far more difficult for the two agencies charged with writing the regulations: the Federal Reserve Board and the Federal Trade Commission. NADA suggested the agencies find a manageable way for dealers to comply with the law. And they did.

Watch the “Dealer Deadline” video to learn more about dealership responsibilities under the new rule.

For more information, download our Risk-Based Pricing PDF.

Filed Under: Business Management, Featured Videos, Legal / Regulatory, Sales / Leasing / Finance Tagged With: , , , , , , ,

Privacy Notice

January 7, 2011 by

Pain Point: Need to Adopt New Model Privacy Notice!

Resolution: For quick, intensive learning, see archived webinar, “Transitioning to the New Model Privacy Notice.”

Privacy law requires dealers to notify consumers about their information-sharing practices and to inform them of their opt-out rights. The FTC and the federal banking agencies have released a new model privacy notice form that makes it easier for consumers to understand how dealers and other financial institutions collect and share information about consumers. The new notice is the only notice that will afford dealers safe harbor protection beginning December 31, 2010.

Watch the video to learn more about the new notice and what’s at stake.

For more information, download our Privacy Notice PDF.

Filed Under: Business Management, Legal / Regulatory, Sales / Leasing / Finance Tagged With: , , , , , ,