Blog - Totaled Vehicles: What Sales Tax Is Due?
When a vehicle is involved in an accident and the insurance carrier declares the vehicle a total loss, a lien holder may consider herself fortunate. After all, the declaration means, at a minimum, that (a) the collateral was covered by insurance; (b) an insurance carrier actually adjusted the claim; and (c) payment may arrive at some point. Motor vehicle sales tax is due on all payments received pursuant to a retail installment contract. The question is, on what amount does the lien holder remit tax, the amount of the insurance payment or the amount due on the retail installment contract? In our
latest blog post we answer this question.
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Blog - Personal Items Found Inside Trade-In Vehicles
TIADA recently received a
Compliance and Consultation question from a dealer, asking what to do about personal property that was left inside a vehicle the dealer accepted as a trade. What made this question interesting was the fact that the personal property included an illegal item.
In this blog post, we detail the best course of action should other dealers find themselves in this situation.
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Virtual Workshop: Credit Reporting Compliance
Presented by Eric Johnson
Partner, Hudson Cook
Thursday, September 14 - Online
Credit reporting is a hot topic in the auto industry, and for good reason. Our customers want to be rewarded for their strong payment performance. However, complying with the many regulations surrounding fair credit reporting is not easy. Failure to comply may result in serious consequences. Eric Johnson, an auto finance law expert, will go over the basics of credit reporting law. He will also share some best practices for maintaining compliance in an ever-changing regulatory landscape.
REGISTER NOW >
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Waco Car Dealer Target of Canadian Luxury Vehicle Scam
A Waco car dealership found itself among the victims of a scam that involved Canadian consumers being duped into spending thousands of dollars on luxury vehicles that did not exist, according to a Better Business Bureau (BBB) press release. Hillside Auto Sales has received several calls from dissatisfied Canadian customers who may have been defrauded by a man going by the name of Henry Lopez, according to the BBB.
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Mazda Recalls Nearly 80K Vehicles to Replace Faulty Air Bags
Mazda is recalling nearly 80,000 cars and SUVs, some for a second time, to replace dangerous Takata air bag inflators. The recall covers front passenger inflators on certain 2007 through 2009 and 2012 CX-7, CX-9 and Mazda 6 vehicles. The recalls vary by state and age of the vehicles.
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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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Tesla Expands Used Car Business Online with Inventories on Autotrader and Cars.com
As we recently reported, Tesla used car business, or "remarketing business" as it is called internally, has been in full expansion with more inventories. Now, Tesla is making a surprising new move by bringing the new inventory on third-party websites.
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Cox Sheds Staff through Layoffs, Retirements
Cox Automotive is laying off 950 employees - or roughly 3 percent of its full-time work force - in an ongoing effort to cut costs, the company said in an internal memo obtained by
Automotive News. Cox says another 225 employees, about half of those eligible, have decided to retire early through the company's voluntary retirement program. They are slated to leave Aug. 31.
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Uber and Lyft May Lead to Drops in Personal Car Ownership, Study Says
Uber and Lyft talk a big game about the end of personal car ownership, but they've always lacked hard evidence to back up their claims. Now a new study has been released that lends some credibility to their futuristic predictions. The study, compiled by the University of Michigan Transportation Research Institute, Texas A&M Transportation Institute, and Columbia University, focused on Austin, Texas, where ride-hail services like Uber and Lyft pulled services last year due to a local ordinance.
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