TX Man Arrested for Odometer Fraud after 3-Year Investigation
Only July 6, the Department of Public Safety, working with the Texas Department of Motor Vehicles and several local law enforcement agencies, arrested a man in Grand Prairie for tampering with an odometer. The arrest followed a three-year investigation by TxDMV and local authorities. Several odometer rollback machines and odometer clusters were seized.
Officials with TxDMV will be reaching out to the registered owners of the vehicles to advise the victims who may have been impacted. TxDMV has also started flagging the motor vehicle records with legal restraints so future purchasers will know the odometer reading is inaccurate. Additionally, TxDMV officials told TIADA that they are working to provide more information to the public in the coming weeks so dealers will have more opportunities to see if they were affected by this scam.
"On the one hand it's always disappointing to hear about the bad apples in the industry but presuming this individual is guilty it's great to get them out of the business," TIADA Executive Director Jeff Martin said. "We have to create a fair level playing field for dealers and to protect the industry."
TIADA will continue to monitor the situation and send out updates as soon as they are available
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Download the 2017 TIADA Conference App Today!
Headed to the TIADA Annual Conference & Expo this weekend? Prepare ahead of time and get the conference app on your smartphone. It has a schedule of events, complete speaker and topic descriptions and allows you to customize your schedule.
You can CLICK HERE and download the app if you are viewing this email on your mobile device. Or Search GUIDEBOOK in your mobile Android or Apple store. Once you have the Guidebook app installed, search "TIADA" and download this year's conference guide. It's that simple.
Finally, for those attending the conference, be sure to use the hashtag #TIADAconference in your social media posts. We will share some updates from our members next week while in San Antonio.
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Reminder - Six Months Left to Use Old Buyers Guides
On November 10, 2016, the FTC approved changes to the Used Car Rule. Of particular importance is the updated Buyers Guide, which every used car dealer is required to post on vehicles they offer for sale. While the Rule allows dealers to use their remaining stock of Buyers Guides, dealers MUST have the updated Buyers Guides on every vehicle in their inventory on
January 27, 2018.
If you use a dealership management software to fill in your Buyer's Guides, you will need to contact your software company about program updates.
TIADA Business Partner
Burrell Printing has been shipping the new 2017 style Buyer's Guides for a few weeks now. To order them, simply call (800) 531-5234 or order them online at
www.burrellprinting.com. They still have some stock of the old-style guides at 25% the regular price. You must call and request them since they are not available online.
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TIADA Office Closing at Noon Friday, July 21
The TIADA office will be closing this Friday at 12:00 p.m. so staff can travel to San Antonio for the
TIADA Annual Conference & Expo. The office will reopen at 8:30 a.m. on Thursday, July 27.
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Gauging the Future of CFPB's Arbitration Decision
A broad collection of industry representatives already is gearing up to generate a significant pushback against the Consumer Financial Protection Bureau, which earlier this week spelled out a new rule prohibiting the use of class action waivers in arbitration clauses. And a pair of legal practitioners reached by SubPrime Auto Finance News gauged how successful these groups might be in persuading Congress to squash this bureau mandate. Randy Henrick is an auto dealer compliance expert who offers compliance consulting services to dealers at www.AutoDealerCompliance.net. He served for 12 years as Dealertrack's lead regulatory and compliance attorney.
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Honda Recalls 2.1 Million Vehicles Worldwide over Fire Risk
Honda Motor Co said on Friday it would recall about 2.1 million vehicles worldwide to replace battery sensors due to the risk of fire. Chris Martin, a spokesman for the Japanese automaker said the recall would include 1.15 million Honda Accord vehicles from the 2013-2016 model years in the United States, and nearly 1 million elsewhere, to replace a 12-volt battery sensor.
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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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Big Banks See Home, Car Loans Fall
Two of the nation's largest banks on Friday reported slower volumes on home and auto loans in the second quarter as mortgage refinances continue to taper off and car lending standards tighten. Wells Fargo and JPMorgan Chase reported healthy profit gains, but their stocks suffered in early trading as some investors were disappointed by the results.
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Does Volvo's Move Represent an Irresistible Force?
Was Volvo's decision to stop producing cars that rely on internal combustion engines a marketing coup or industry game changer? It may be a bit of both. Yet, what Volvo's resolution more importantly suggests is that the auto industry is at a tipping point - a moment at which the driving forces away from internal combustion engines and toward electric vehicles can no longer be resisted.
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Fiat Chrysler Recalls 1.3 Million Vehicles, Majority For Inadvertent Air Bag Deployment
Fiat Chrysler is recalling about 1.3 million vehicles, including almost 771,000 because a wiring problem could cause the driver's airbag to deploy without the vehicle being in an accident, according to reports from the automaker posted Friday on the website of the National Highway Traffic Safety Administration.
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