Industry News

FTC Delays of Enforcement of ‘Red Flags’ Rule Requiring Creditors and Financial Institutions to Adopt Identity Theft Prevention Programs

The Federal Trade Commission (FTC) will delay enforcement of the new “Red Flags Rule” until August 1, 2009, to give creditors and financial institutions more time to develop and implement written identity theft prevention programs. This delay applies to all entities subject to the enforcement authority of the FTC, including all automobile dealers. For entities that have a low risk of identity theft, such as businesses that know their customers personally, the Commission will soon release a template to help them comply with the law. The announcement does not affect other federal agencies’ enforcement of the original November 1, 2008 compliance deadline for institutions subject to their oversight. Read the FTC Press Release.

Nissan Requests More Aid From Japanese Government

Nissan Motor Co. is seeking an additional 100 billion yen ($1.01 billion) in emergency government loans designed to help Japanese firms deal with the global economic crisis. To date, Nissan has already borrowed 50 billion yen.  Click here to read more.

Updated New Car Sales Tax Deduction in Economic Stimulus Package

The President has approved a trimmed version of the Auto Assistance Ownership amendment in the final economic stimulus package. This amendment provides tax breaks for new vehicle buyers by giving them a federal income tax deduction on local sales and excise taxes, but not on the interest on loans, as was originally proposed. Read the article here.

ENERGY STAR for Auto Dealers

Auto dealerships use on average more energy per square foot than a typical office building. But the good news is that cost-effective opportunities exist for significant reductions in the energy used for lighting, HVAC, and other services, while still maintaining lighting quality, safety, and customer comfort.

In January 2007, NADA and the U.S. Environmental Protection Agency’s (EPA) Energy Star Program jointly announced an Energy Stewardship Initiative to help improve the energy efficiency of dealership facilities and operations. Visit ENERGY STAR   to learn how your dealership can use tools and strategies to help implement a variety of cost-effective retrofit and new construction strategies involving energy-efficient lighting, climate controls, equipment, and building design as well as improved energy practices and technologies.