CFPB's Arbitration Rule Overturned by Senate Vote
Tuesday night the U.S. Senate voted to overturn the Consumer Financial Protection Bureau's arbitration rule. The rule would have prevented banks and other financial services companies from including mandatory arbitration clauses in contracts, including indirect auto loans. In our latest blog post, past TIADA President Phil Lathrop explains why this act of Congress is a big win for independent dealers and details how TIADA, along with our partners at NIADA, has been fighting this rule and for the best interests of dealers ever since it was proposed.
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Texas House Speaker Joe Straus Will Not Seek Re-election
On Wednesday Texas House Speaker Joe Straus (R - San Antonio) announced that he would not seek re-election in 2018 and would be leaving one of the most powerful positions in Texas politics. Straus, who will serve until the end of this term in 2019, was first elected to the Texas House in 2005 and was elevated to speaker in 2009. He will leave office tied with two others for the longest tenure as speaker in Texas history.
"This is a sad day, we are losing a good friend and statesman," said TIADA Executive Director Jeff Martin. "The Speaker has always had an open door to our members and has been fair to the independent dealers. TIADA wishes him all the best, we thank him for his service and hope to see him down the road."
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| House Speaker Joe Straus (third from right) meets with members of the TIADA delegation during this year's Lobby Day. |
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Collect the Cash, Not the Car
Presented by Brent Carmichael
Executive Conference Moderator,
20 Groups, NCM Associates, Inc.
Monday, November 6
Dallas
This has been a challenging year in the Buy-Here, Pay-Here industry, aided by another odd tax season and increased apathy by our customers in regards to their payments. Dealers are finding that every collection opportunity needs to be capitalized on and that's where this seminar can help. Collect the Cash, Not the Car is designed to help you and your collection teams maximize your collection opportunities.
REGISTER NOW >
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TIADA Announces Just Get One $1,000 Winner
Congratulations to Juan Cadena from Cadena's Autos, Inc in Pharr, TX - this year's winner of the Just Get One drawing. By recruiting one member and sending us a picture of himself with his Phil Fan, Juan won $1,000! Thanks Juan for helping grow the association and thank you to all the other members who "Just Got One" this year!
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Find Vehicles with the 2017 Inventory Resource Directory
TIADA has launched the Auto Inventory Resource Directory to assist Texas independent dealers faced with higher than usual prices and limited inventory due to the recent hurricanes. Browse the directory to find an auction that fits your needs!
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Subprime Conditions: Bad Credit Car Buyers Are Getting the Squeeze on Car Loans
Having trouble getting a car loan? Don't worry - everyone hits a rough patch. But this time it may have less to do with that late payment and more to do with the automotive lending business. For the second consecutive quarter, lending institutions have tightened available credit - a seemingly cautious move that means car buyers with a "subprime" credit rating may be left taking the bus - or more likely paying a higher rate for their loan.
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Columbus Day Shopping Activity Takes a Downturn This Year
Columbus Day Weekend car shopping activity was down this year, according to new data from Cox Automotive brands Dealer.com and Dealertrack. "Normally we see an increase in shopping behavior on holiday weekends, but on Columbus Day we saw a decrease," Cox Automotive product analytics senior director James Grace said in a phone interview with Auto Remarketing. "Last year we saw a similar trend for Columbus Day in terms of being down, but not as much as this year."
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We make it easy for you to buy the inventory you need. In addition to LIVE SALES Tuesdays at 2:00 p.m., Texas Direct Auto Auction also offers weekly ONLINE SALES Fridays from 10:00 a.m. to 3:00 p.m., giving you the freedom to buy cars on your schedule.
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Ford Recalls 1.3 Million Pickups to Shield Door Latches
Recalling a model as prolific as the Ford F-150 is no simple matter. Just take this latest campaign, for example, which involves over 1.3 million vehicles. The problem comes down to a side door which may not open or close properly - because either the latch is frozen or the actuation cable is kinked or bent.
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Some Reasons to Think Twice about Closing Your Body Shop
Spending millions of dollars to modernize a body shop is not a cost many dealers want to take on these days. Fewer than two in five of the nation's franchised new-vehicle dealerships even operate body shops. That number could dip as new cars become more electronically complex and as a larger number of vehicles move to lightweight body materials, such as aluminum, carbon fiber and magnesium. New electronic components and exotic materials increase technician training expenditures, tool requirements and fixed costs.
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