Red Flag Rules

Is your company keeping information secure? Make sure you're in compliance of Red Flag Rules.  The Federal Trade Commission has provided valuable information in their guide, Protecting Personal Information - A Guide For Business.  Read the Guide

INDUSTRY NEWS

Private Stimulus Program Helps Dealers Maintain Sales Surge

Leading U.S. Automotive retailers are participating in the New Auto Stimulus Plan to provide up to $4500 of additional trade-in value towards the purchase of a New or Used vehicle. This new stimulus plan was created for consumers who don't qualify for the governments program. This new stimulus plan is not a government  program and has no affiliation with the government's stimulus plan. Read More

GMAC: Most Chrysler Dealers Will Qualify for New Loans

Company says most of Chrysler's 2,400 retailers will get needed financing
GMAC Financial Services President Bill Muir announced that the number of Chrysler dealers expected to close because they don't qualify for new loans through the lender is likely to be small. GMAC was designated the new finance company for Chrysler Group LLC dealers after the automaker filed for bankruptcy.  Read More

GMAC Offers Dealers Incentive Plan

GMAC Financial Services is now offering incentives to its most loyal dealers.

GMAC's plan, called Ally Dealer Rewards, began Oct. 1, offering cash incentives and services to its U.S. dealers.  Read more

US House Passes $2.85B Bill for Advanced Technology Vehicle R&D from 2010-2014

The US House passed by a vote of 312-114 a bill that would authorize additional appropriations totaling $2.85 billion over the 2010-2014 period for the US Department of Energy (DOE) to support a broad range of research activities for advanced technology vehicles.  H.R. 3246, the "Advanced Vehicle Technology Act of 2009" covers research on light-, medium- and heavy-duty vehicles, as well as infrastructure and pilot programs.  read more

Lawmakers Pass Amendment to Exclude Auto Dealers from New Federal Agency

WASHINGTON - The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective state and federal laws which govern vehicle financing. The amendment, sponsored by Rep. John Campbell, R-Calif., will not subject auto retailers to the regulations of the proposed Consumer Financial Protection Agency (CFPA) but will continue the full range of consumer protection rules of the Federal Reserve, the Federal Trade Commission and state laws.  

H.R. 3126, the Consumer Financial Protection Agency Act, later passed the full committee with the Campbell Amendment included.  However, the bill still has a number of other hurdles before reaching the White House for final approval.  The House Energy and Commerce Committee, which also has partial jurisdiction over the new agency, will have an opportunity to consider the bill before a House vote.  The Senate will have to go through a similar process.(Source: NADA Newswire)

Only Weeks Remain to Take Advantage of Consumer and Business Auto Tax Incentives

Consumers can still take advantage of the considerable tax deduction for state sales taxes (and some other state fees) on the purchase of a qualifying new vehicle before Dec. 31.   In addition, small business customers can also take advantage of generous accelerated depreciation and expensing tax incentives on the purchase of certain qualifying vehicles (extended in the February stimulus bill, The American Recovery and Reinvestment Act of 2009).

To view IRS guidance on the consumer vehicle sales tax deduction, including income and other restrictions, Click Here

To view a summary of accelerated depreciation and expanded small business expensing rules from the stimulus bill, click here (Source: NADA Newswire)