Pub. 5 2024 Special Edition

Accumatic Inc.Ally FinancialAtlantic Union BankAutoFiBaker Tilly US LLPBank of America — Merrill LynchBDO USA LLPBG Products & ServicesBlue Whale EVBrightline Dealer AdvisorsBrown, Edwards & Co.CBIZCharapp & WeissChase Dealer ServicesComputerized Vehicle RegistrationCore 22 Design BuildCore AssuranceCouncilor, Buchanan & Mitchell, PCDiamond Dealer ServicesDominion DMSDSMADynatron SoftwareEthos GroupForvis MazarsFoti, Flynn, Lowen & Co.Fulton BankGM FinancialGPW & Associates IncGreensboro Auto

Virginia dealers fiercely compete with one another. But when it comes to politics, they are united as one under the Virginia Auto & Truck Dealers Political Action Committee.

The Red Flags Rule (the Rule), enforced by the Federal Trade Commission (FTC), requires automobile dealers to develop and implement a written identity theft prevention program designed to identify, detect and respond to warning signs — known as “red flags” — that indicate that a customer or potential customer could be using stolen information to obtain an indirect or direct loan or lease at their dealership.

Auto dealerships are attractive targets for fraud and other cyber threats. Adopt the mindset of a tech-savvy criminal and it’s easy to see why — dealerships have sizeable deposit balances, make frequent high-dollar transactions (i.e., ACH, checks and wire transfers), and have numerous employees who use systems with sensitive customer data.

Interviews are an essential but often uncomfortable experience in the hiring process — for the candidate and the hiring manager — especially if they’re more used to working in the service bay or behind the scenes at a dealership.

Over the past few years, warranty audits have become mandatory. They are no longer driven by your dashboard or the health of your dealership in the eyes of the manufacturer. They are happening more randomly as manufacturers work to claw back warranty dollars however and wherever they can.

The hottest news of the year in the car industry was unfortunately the fact that CDK had a cyberattack that had dealers without a DMS system for weeks. There are still so many unanswered questions, and the true effects on the dealers are still unknown. Dealers persevered, as always, and adapted by handwriting deals and taking care of the customers because dealers adapt to any adversity thrown at them. It was a true testament of how dealers need to embrace modern technology while also savoring the need to know the old standard of selling vehicles … pen and paper!

Don’t miss out on the exciting events we have coming up!