OFFICIAL PUBLICATION OF THE VIRGINIA AUTOMOBILE DEALERS ASSOCIATION

Pub. 3 2022 Issue 3

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VADA Allied Members

Ally FinancialAssurantBank Of America — Merrill Lynch BDO USA, LLPCarNowCBIZChase Dealer ServicesCitrin CoopermanCore AssuranceCouncilor, Buchanan & Mitchell, PCCOX AutomotiveCrovato BG Products & ServicesCVRDiamond Dealer ServicesEthos GroupFORVISFulton BankGreensboro Auto AuctionHeartland Kerrigan Advisors KPALoJack by SpireonMahdavi, Bacon, Halfhill & Young, PLLCManheim FredericksburgManheim HarrisonburgPBS Financial SystemsPNC BankProtective Asset ProtectionSpotts Fain, PCSunbitThe Branding Agency, LLCThe Carbon Offset CompanyThe Frieden […]

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FTC Safeguards Rule Compliance: What You Need To Know

Note: In November, the Federal Trade Commission announced a six-month extension, to June 9, on the deadline for companies to comply with some of the amendments to the FTC’s Safeguards Rule. This article was written prior to that announcement but still offers good insights about the changes. Please consult with your attorneys and IT teams for more on the rules.

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Succession Planning for Dealers in an Evolving Business Environment

While there are many considerations in running a thriving dealership, one of the most important – and often overlooked – is developing and maintaining a succession plan. A strategy that allows for the transfer of ownership to the next round of leaders – whether family members, a trusted partner or an outside buyer – will position you and your business for future success.

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TIME and ALLY Financial Honor Virginia Beach Dealer Stephen Snyder

The nomination of Stephen Snyder, president of Checkered Flag Motor Car Company in Virginia Beach, Virginia, for the 2023 TIME Dealer of the Year award was announced by TIME. Snyder is one of a select group of 48 dealer nominees from across the country who will be honored at the 106th annual National Automobile Dealers Association (NADA) Show in Dallas, Texas, on Jan. 27, 2023.

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A Message from President and CEO, Don Hall: Why Virginia Will Lead From the Front to Protect the Franchise System

A large Virginia dealer, whom I respect very much, recently told me that if his manufacturer shifted to an “agency” model – whereby the dealer no longer holds inventory and simply takes a cut for final sale delivery – he’d take the deal. “If I can be guaranteed 11%, hell, if I could get 9% return,” he told me, “I’d do it in a heartbeat.”

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