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A NOTE FROM KELLY...
Happy New Year to you! I hope that your holiday season was filled with love, blessings, time with your families and time to decompress!
For us, it is 2017 and we are OBSESSED with making the year better than EVER before! We are planning on adding an additional 20-25 people to our staff to help better serve you and to help you grow and prosper this coming year. We have planned some incredible agency training modules and have been working aggressively on finding easier, faster, streamlined processes for doing business with us. You have spoken and we are listening. The first step this year is the consolidation of our dealer agreements. Yes, ONE dealer agreement for most products! More details will be coming soon.
We are also preparing to expand our building another 20,000 square feet and adding a brand-new training facility! The expansion will include segregated office space for Imprise Financial and a brand-new Client Relations Area (since the team dedicated to serving you will soon be over 15 people!)
If you plan to attend NADA this year, we WANT to see you! Let's get together and discuss making 2017 the very best! We don't have a booth, but we do have meeting space or we can meet for a drink or some eats! Email me! kprice@naenwan.com.
Finally, mark your calendars for our 2017 Agent Meeting! This year's meeting will be held the last week of September in Chandler, Arizona. Stay tuned for more details in the coming months.
Here's to a FANTASTIC 2017!
Many Blessings,
Kelly Price
President
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EFFECTIVE TODAY: IMPORTANT EXTREME & EXTREME WRAP SERVICE CONTRACT PROGRAM CHANGES
Price and class guide changes for our Extreme VSC and Supreme Unlimited Wrap programs go into effect today! Below is a summary of each change by program.
Notice of these changes was sent to your agency the beginning of December.
SUPREME UNLIMITED TIME/100/125/150K PROGRAMS
1. There are now two different rate cards for each Supreme Unlimited program depending on the underlying NAE/NWAN powertrain program installed at the dealership. There is a rate card for use
WITH
an NAE/NWAN Unlimited Lifetime Powertrain program, and a rate card for use
WITHOUT
a Lifetime program (see memo below for details).
2. Reserves have been adjusted on the "
WITHOUT LIFETIME" rate card to reflect the required adjustment for each vehicle class. In addition, class 8 and 9 have been adjusted on both rate cards.
3. Certain vehicles have been adjusted in their classification (see memo below for details).
4. The excluded vehicle list was updated to create more consistency between all Extreme programs.
EXTREME VEHICLE SERVICE CONTRACT PROGRAM
1. 2016/2017 new makes and models will now be included in the Extreme Class Guide.
2. Certain vehicles have been adjusted in their classification (see memo below for details).
3. The excluded vehicle list has been updated to create more consistency between all Extreme programs.
4. Buick, Chevrolet, and GMC Supreme Manufacturer Wrap terms and reserves were changed to accommodate changes to the Manufacturer CPO programs (Certified terms are now 72/100 vs. the previous 60/100).
5. New Extreme Class Guides were sent directly to all active dealerships the beginning of December.
DOWNLOAD A COPY OF THE MEMO
Contact your Account Executive or a CLIENT RELATIONS MANAGER with questions about these changes.
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2017 CALENDAR OF IMPORTANT DATES
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NEW OAMS FEATURE: UNSUBSCRIBE FROM EMAILS
The OAMS email notification system has been updated to allow a user to be unsubscribed from email communication altogether, or just removed from specific accounts.
An example benefit of this update would be if agency team members only want to receive OAMS claim notifications for their specific accounts, they can now do so with this update.
If you would like to have this update applied to any of your accounts or team members, contact a CLIENT RELATIONS MANAGER.
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NOW AVAILABLE: NAE/NWAN CONNECT APP UPDATE
In the middle of December, we deployed an automatic update for the NAE/NWAN Connect App. If you have automatic app updates enabled on your iOS device, the update was automatically installed the day it was approved by Apple. If you do not have automatic updates enabled, simply launch the App Store and select the Updates tab in the bottom right corner. You can then install the update from there.
This latest update provides various bug fixes and enhancements, including full compatibility with all devices running iOS10.
If you have questions about the App or would like to transition your store to the new Custom Maintenance fulfillment option, contact a CLIENT RELATIONS MANAGER.
DOWNLOAD THE iOS APP
DOWNLOAD THE ANDROID APP
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ADD ATTACHMENTS TO A SUPPLY ORDER
In mid-November, we deployed an update to the Supply Ordering window that allows the user to add an attachment when placing a supply order. The attachment can include
.pdf, .txt, .doc, .docx, .tiff, .png, .jpg, .jpeg, .eps file formats.
Up to 5 attachments can be submitted per supply order. Each supply order is saved in OAMS indefinitely, and can be accessed at any time in the OAMS Supply Order history.
If you have questions about this new functionality, please contact a CLIENT RELATIONS MANAGER. |
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NOVEMBER CLAIM DASHBOARD
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Total Calls
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11,748 |
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Claims Paid
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$958,636.69 |
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Claims Approved
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2,082 |
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Abandoned/Refusal Rate
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1.99% |
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Average Speed to Answer
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6.5 Seconds |
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IMPORTANT IRS UPDATE REGARDING REINSURANCE
Last November, the IRS issued Notice 2016-66 classifying certain captive insurance companies (including reinsurance companies) that have made an election under IRC
ยง 831(b) as "transactions of interest" with the potential for abuse. Along with that classification, the IRS requires reporting from certain participants in a reinsurance program. If you or your clients retain GPW and Associates, Inc., to prepare a captive's tax returns, you received a memorandum earlier this month explaining the reporting requirement in detail. If you or your clients retain another professional for tax services, you should contact them directly for guidance on this matter.
As stated in their memorandum, GPW thinks that companies reinsuring only administrator-obligor F&I products are not subject to the reporting requirement. However, it is unclear whether a company reinsuring dealer-obligor F&I products (and meeting the other elements laid out in the memorandum) is subject to the reporting requirement and, as such, GPW recommends that such companies make a "protective" filing to avoid potential penalties for non-compliance. It is important to accurately determine if a company is reinsuring dealer-obligor programs, and to notify GPW or the other tax professionals involved with the company.
The most common dealer-obligor F&I products being reinsured are limited warranties and GAP waivers, although there are other products that could be dealer-obligor as well. Each program reinsured should be independently analyzed to determine whether it is administrator-obligor or dealer-obligor, as the answer often varies by state or dealership. Initially, affected companies were required to report by January 30, 2017; however, we have learned that the IRS is extending that deadline to May 1, 2017. Nevertheless, it is important to act quickly so that tax preparers have time to accurately determine whether a company is subject to the reporting requirement.
If you would like assistance determining whether an NAE/NWAN program is administrator-obligor or dealer-obligor, please contact a
CLIENT RELATIONS MANAGER.
Attorney Andy Seger is General Counsel to National Automotive Experts, L.L.C. This column is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.
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FEATURED ASSOCIATE OF THE MONTH
Our featured associate for January is Theresa Young. As many of you know, Theresa works on our Ancillary Claims team and has been instrumental in providing back-end training and support to our entire Ancillary Claims team. We sincerely appreciate the consistency and dedication Theresa brings to her work each day.
To help you get to know Theresa better, we asked him a few questions:
How long have you worked at NAE / NWAN?
I have been employed with NAE/NWAN for a little over 12 years.
Why do you like working for NAE / NWAN?
NAE/NWAN offers a lot of things other companies do not. We have health coverage, paid vacations and holidays. NAE/NWAN also offers a lot of incentives. We have picnics, holiday parties, and the list goes on. I also enjoy the people I work with.
What do you like to do in your free time?
I enjoy spending time with family and friends.
If you could travel anywhere in the world, where would you go?
I would go to Ireland.
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NAE / NWAN | crm@naenwan.com | 877-222-1645| www.naenwan.com
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OUR MISSION
Our mission is to be a professional, passionate organization driven to be adaptable and responsive to our partners' needs. We provide industry leading products, services and support that will assist our clients in exceeding their goals. Our continued growth is built on a foundation of innovative solutions that our partners can rely on, by experts they can trust.
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