December 2009
Newsletter
Management
Learn how to identify and maintain the right blend of inventory to stay competitive from automotive lending and servicing authority Joel Kennedy. Read his article.
Marketing
Learn how Search Engine Marketing can help you ensure your advertising dollars are being well spent. Read the article from search engine marketing wizard Tom Knoop
Training
Protect yourself by being aware of the inherent pitfalls in leasing programs. Get some timely advice from consumer financial services law attorney Thomas B. Hudson. Read his article.
Industry News
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 More
FTC Extends Enforcement Deadline for Identity Theft Red Flags Rule
At the request of Members of Congress, the Federal Trade Commission is delaying enforcement of the "Red Flags" Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC.
The Rule was announced under the Fair and Accurate Credit Transactions Act, in which Congress directed the Commission and other agencies to develop regulations requiring "creditors" and "financial institutions" to address the risk of identity theft. The resulting Red Flags Rule requires all such entities that have "covered accounts" to develop and implement written identity theft prevention programs to help identify, detect, and respond to patterns, practices, or specific activities - known as "red flags" - that could indicate identity theft. Read More
Dealers Exemption from Financial Agency Oversight
The House Financial Services Committee has approved an amendment to the Consumer Financial Protection Agency Act of 2009 that excludes auto dealerships from the proposed agency's oversight. If passed, the legislation (H.R. 3126) would establish CFPA as the primary regulator of the nation's financial institutions. Dealers would not be subject to the CFPA's regulations, but instead would continue to be governed by the consumer protection rules of the Federal Reserve, the Federal Trade Commission and various laws within individual states. Read More
President Signs Bill Awarding $814 Million to Development of Green Vehicle Technology
The bill includes $814 million in funding for several alternative propulsion programs.
$283 million in funding will go towards fuel cell research and the use of hydrogen fuels. The bill restores over $100 million in funding for automotive specific hydrogen fuel cell development, funding that Energy Secretary Chu has proposed cutting. Read More
AmeriCredit to Finance GM's Subprime Customers
Through a recent partnership, AmeriCredit will provide auto financing to General Motors Co.'s subprime customers. AmeriCredit and General Motors began the subvention program in September. As part of the agreement, AmeriCredit will offer financing on new 2009 and 2010 GM vehicles. Read More
EPA Reconfirms SPCC Qualified Facility Rule; Compliance Date Remains Nov. 10, 2010
The U.S. Environmental Protection Agency (EPA) issued a final Spill Prevention, Control and Countermeasure (SPCC) rule on Nov. 13, keeping intact a 2008 amendment designed to provide regulatory relief for small facilities, including dealerships. EPA has confirmed that "Tier 1" qualified facilities may use a simple, self-certified SPCC plan template in lieu of a complex written plan.
Tier 1 qualified facilities are those that:
(1) Have 10,000 or fewer gallons in aggregate aboveground oil storage capacity and a maximum individual oil storage container capacity of 5,000 gallons, and
(2) For the three years preceding SPCC plan certification, have no single discharge of oil to navigable waters exceeding 1,000 gallons, or two discharges of oil to navigable waters each exceeding 42 gallons within any 12-month period.
