How Do TxDMV Rule Changes Affect Independent Dealers?
The Texas Department of Motor Vehicles (TxDMV) adopted changes to eight rules in the Texas Administrative Code that are effective June 28, 2017. Two of those rule changes apply to independent auto dealers. TIADA actively participated in the rulemaking process by reviewing the proposed rule changes, assessing the impact of the changes on our members, and providing written comment to TxDMV regarding the proposals. Read our
latest blog post to see how these changes affect you and your business.
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Blog: OFAC Reporting Requirements for Auto Dealerships
The Office of Foreign Assets Control (OFAC) is a government agency whose mission is to administer and enforce U.S. economic sanctions programs to accomplish foreign policy and national security goals, primarily as they relate to terrorists and drug traffickers. OFAC requires businesses to screen all customers' names against the Specially Designated Nationals and Blocked Persons List, commonly referred to as the SDN list, prior to any sale. In this recent blog post, we explain how auto dealers can comply with these requirements and avoid civil and criminal penalties.
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OCCC License Reminder - Renewals Due July 1
The deadlines for renewing licenses with the Office of Consumer Credit Commissioner are fast approaching. This year, dealers MUST use the online portal ALECS (Application, Licensing, Examination, and Compliance System) to renew their license.
CLICK HERE to log into the ALECS system and begin the renewal process.
CLICK HERE for a step-by-step guide on how to create an account and use the system to renew.
2017 License Renewal Dates
- June 3 - Renewal period opens
- July 1 - Renewals due
- July 31 - Final day to renew. Licenses expire at midnight.
- August 1 - Reinstatement begins. The late filing fee to renew or reinstate an expired license is $1,000.
January 28, 2018 - Expired licenses canceled permanently
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TIADA Office Closed on Tuesday, July 4th
The TIADA offices will be closed on Tuesday, July 4th. The offices will reopen on Wednesday, July 5th at 8:30 a.m. From everybody on the TIADA staff, we hope you have a safe and happy Independence Day.
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What Supreme Court Decision on Debt Collection Means for Auto Finance
SubPrime Auto Finance News reconnected with Hudson Cook associate Anastasia Caton, who has been closely watching the Supreme Court mulling over whether a finance company that regularly attempts to collect debts it purchased after the debts had fallen into default is a "debt collector" subject to the Fair Debt Collection Practices Act (FDCPA).
READ MORE >
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Used Cars Get Cheaper as People Buy More SUVs
Americans' breakup with sedans is lowering prices for used cars. Although values of crossovers, sport-utility vehicles and pickups are holding ground, dealerships are being flooded with used cars coming off lease, a situation that will grow more extreme over the next couple of years.
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Auto Lenders Get a Bit Stingy In Subprime Credit
Wall Street analysts have expressed concern in recent quarters about a possible increase in auto loans to customers with subprime credit, but that trend is already in the rearview mirror and subprime share was at a 10-year low in the first quarter, according to Experian Automotive. Coming out of the recession, there was an increase in subprime auto loans, but that was a case of the market returning to normal. As subprime share rebounded and auto loan volume overall increased, auto loan delinquencies and losses also increased.
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Do I Still Have to Get My Car Inspected Every Year?
A bill that would stop requiring Texans to take their cars for inspections every year died during the 85th Texas Legislature - but might come back during next month's special session.
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American-Made Index: Which 2017 Models Are Built in America?
Cars.com's American-Made Index analyzes a range of factors - now five in the revamped 2017 index - to determine just how American your next car or truck might be. But say you want to buy a model that's built in the U.S. regardless of any AMI factors? Roughly 3 in 5 cars should meet that criterion.
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