Better BHPH Financials: How to Get Organized for Growth
Presented by David Keller, CPA
CliftonLarsonAllen
Tuesday, October 17
San Antonio
The craziness of a busy BHPH operation can make it tough to plan for future growth. But sometimes you need to take a few hours off from working IN your business so you can work ON your business. this 1/2 day seminar will demonstrate how better organizing your financial and operations structures can be the key to growing your own portfolio.
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Your Customer Drives for Lyft or Uber. What Can You Do?
The popularity of ride hailing services is not limited to those looking for an alternative to a taxi. Driving for these services is an increasingly common way for people to earn extra money. Driving for a living will almost certainly put more miles on a vehicle than if a customer used the vehicle for typical personal or household use. What happens when a customer uses a vehicle, on which you have a lien, to drive for a ride hailing service? In our latest blog post, we examine what steps lienholders can take to protect their collateral.
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Virtual Workshop: Repossession & Bankruptcy Basics
Presented by Michael W. Dunagan
TIADA General Counsel
Thursday, October 26
Online
The threat of repossession, or a completed repossession, is frequently the "trigger" that results in a customer filing for bankruptcy protection. Mike is an expert on repossession law. This virtual workshop will cover the basics of repossession law in Texas, how repossession is treated under the Bankruptcy Code and how dealers can protect their investments without putting themselves at legal risk.
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Recalls and Duty to Disclose Known Vehicle Defects
A TIADA delegation of dealers and association leadership
visited Washington D.C. last week to advocate on behalf of our members. One of the popular topics discussed was open recalls. Passions are still ignited by them and how auto dealers should handle vehicles on their lots which are subject to a recall. As the law stands today, auto dealers are permitted to sell vehicles that are subject to a recall. If a dealer knows or should know (because anyone can search a VIN on
SafeCar.org
to determine whether a specific vehicle is subject to a recall), then that dealer has a duty to disclose that information.
In this blog post, we review the association's position on open recalls and how a dealer can best disclose this information.
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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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Lawsuit Filed over CFPB's Arbitration Rule
The Consumer Financial Protection Bureau's anti-arbitration rule is now heading for a courtroom clash. On Friday, the U.S. Chamber of Commerce, American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable and a coalition of associations located throughout Texas filed a legal challenge to the CFPB's rule that prohibits the use of class action waivers in arbitration clauses. The lawsuit was filed in the Northern District of Texas, Dallas Division.
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Shift Is a Startup That Wants to Make Owning a Car as Easy as Ordering from Amazon
Buying a car can be an exercise in frustration - but Shift wants to make it seamless and stress-free. The virtual used car dealership is looking to disrupt the auto purchasing process in a few ways, which include delivering cars for on-demand test drives, and helping finance loans from a smartphone. This on-demand business model is all part of Shift's push to ameliorate the car buying experience and make it as easy as buying something online from Amazon. It's part of an increasingly competitive landscape that includes names like Vroom and Carvana, which went public in the spring and is valued at around $2 billion.
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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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New Dealer.com Research Shows Summer Bump for Car Shopping Behavior Continued in August
Summer may already be in the rearview mirror, but new research from Dealer.com revealed that consumers' car shopping interest remained heightened through August, as seen in slightly higher total traffic to dealer sites and through rising search advertising costs.
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CFPB Survey Shows More Than 40% of Households Struggle to Cover Regular Bills
More evidence arrived this week indicating how some contract holders in your portfolio might be struggling to maintain their finances. This time, the research came from the Consumer Financial Protection Bureau. The CFPB's latest survey showed that more than 40 percent of U.S. adults struggle to make ends meet.
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Post-Storm Car Sales Rev Up, but Some Buyers Are Stalled
Record-high inventory levels in the months before hurricanes Harvey and Irma hit meant that after the skies cleared, there were plenty of cars for automakers to move into storm-affected areas, auto analysts say. But despite the flow of vehicles into dealerships in the Southeast and Gulf Coast, in some segments, a good deal will still be tough to find. Shoppers searching for older, budget used cars will face limited inventory, and those looking for trucks and SUVs will find that prices are high.
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Electric Vehicles Account for Six of the Ten Fastest-Selling Used Cars in the U.S.
Electric cars and plug-in hybrids are amongst the fastest-selling late model used cars in the U.S., according to a new study from iSeeCars. Of the top 10 fastest-selling used cars, six don't rely on gasoline. The models earning the distinction of cracking the top 10 are Fiat's 500e (#1), BMW's i3 (#2), Toyota's Prius Plug-in Hybrid (#4), Nissan's Leaf (#6), Ford's Fusion Energi (#9), and Tesla's Model S (#10).
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NABD Orlando Conference
Don't miss NABD's Orlando Buy Here, Pay Here Conference, October 23-25, 2017. Special pricing is available for TIADA members. Call 832.767.4759 for details!
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Is Income Verification on Subprime Auto Loans Overrated?
Trust, but no need to verify. Santander Consumer USA, one of the biggest subprime auto loan finance companies, often ends up verifying income and employment status on only a minority of the subprime loans it underwrites. The verification has historically been considered a countermeasure to fraud. Non-verified loans, which are packaged into bonds and sold on Wall Street, typically perform the same or even better than loans that were verified using traditional methods, the company claims.
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As Texas State Fair Opens, Outlook for State's Auto Market Is Upbeat
High above the state fairgrounds -- 55 feet high to be exact -- stands Big Tex, the official greeter of the three-week State Fair of Texas, which kicks off Friday. But nearby are the unofficial greeters of the fair: gleaming pickups hoisted high into the air to attract truck-crazy Texans to all that's new under the sun. And it's not all trucks: The fair houses the largest new-car auto show in the Southwest overall. This year, things are looking brighter for Texas' auto market as parts of the state hardest hit by low oil prices and natural disasters start the long road to recovery.
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