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April 3, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
As Auto Prices Rise, Used Cars Are Looking Shinier
Ally Debuts Online Auto Financing Market
April 5 Press Briefing: NADA to Discuss Auto Sales and Economic Trends
April 6 Webinar: FTC Update on Court-Ordered Buyback of Certain VW and Audi Vehicles
IRS Notice 2016-66: Potential Pitfall for Dealerships in Captive or Reinsurance Programs
FTC Approves Final Orders Settling Charges Used Auto Dealers Touted Inspections Without Disclosing Cars With Unrepaired Safety Recalls
Top Stories
As Auto Prices Rise, Used Cars Are Looking Shinier

Over the last several years, as the American economy has gained steam and consumers have rushed out to buy new cars, the average price of a new automobile has edged higher and higher. That’s also more than many consumers can or want to pay. The result is that used cars, especially the nearly new models that were leased or turned in by their original buyers, represent increasingly enticing deals.
Source: The New York Times

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Ally Debuts Online Auto Financing Market

Ally Financial Inc. is launching an online auto finance marketplace that connects lenders and consumers. The move comes as some third-party providers, dealership groups and lenders edge closer to an online transaction on a dealership's website, and aims to position Ally to play an active role in the online vehicle-financing scene.
Source: Automotive News

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April 5 Press Briefing: NADA to Discuss Auto Sales and Economic Trends

At an industry briefing via conference call, NADA Chief Economist Steven Szakaly and NADA Chairman Mark Scarpelli will share their insights on the overall economy, where it’s trending and provide any revisions to NADA’s sales forecast for new cars and light trucks following the first quarter, as well as highlight the key sales indicators and drivers of the retail-auto industry.

When: Wednesday, April 5, 2017
Call-in Time: 11 a.m. ET

Scarpelli is president of Raymond Chevrolet and Raymond Kia in Antioch, Ill., and co-owner of Ray Chevrolet and Ray Chrysler-Jeep-Dodge-Ram in Fox Lake, Ill.

A Q&A session with members of the media and industry will follow the briefing. Click here to register.
Source: NADA

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April 6 Webinar: FTC Update on Court-Ordered Buyback of Certain VW and Audi Vehicles

The Federal Trade Commission (FTC) will provide NADA members with an update regarding the Volkswagen and Audi diesel buyback provisions, including new developments since the September 2016 NADA and FTC webinar.

Date:  Thursday, April 6, 2017
Time:
  12 p.m. ET
Presented by:
  Jonathan Cohen and Sangioon "Simon" Han, FTC
Duration:
  60 minutes

The webinar will cover ongoing issues affecting dealers and consumers, and what to expect over the coming months. Details of the now-final 2.0-liter diesel settlement and the proposed 3.0-liter diesel settlement are available at VWCourtSettlement.com. The webinar is open to dealers and their representatives. Click here to register.
Source: NADA and FTC

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IRS Notice 2016-66: Potential Pitfall for Dealerships in Captive or Reinsurance Programs
By Andy Weill

The Internal Revenue Service has been quite active with regard to perceived abuses in the area of microcaptive insurance. In particular, the IRS promulgated Notice 2016-66 in November 2016, designating certain microcaptive transactions to be “transactions of interest,” mandating certain reporting requirements. Counsel who know that their clients participate in captive or reinsurance programs should be mindful of this new development and advise clients accordingly. Click here for the full article.

Andy Weill is a principal with Weill & Mazer, a leading complex litigation firm in San Francisco. Weill’s practice includes complex business, tax and estate disputes across the nation.
Source: National Association of Dealer Counsel (NADC) Defender

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FTC Approves Final Orders Settling Charges Used Auto Dealers Touted Inspections Without Disclosing Cars With Unrepaired Safety Recalls

Following a public comment period, the Federal Trade Commission has approved final consent orders with dealers, settling charges that they touted how rigorously they inspect their used cars, yet failed to adequately disclose that some of the cars were subject to unrepaired safety recalls.
Source: FTC

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Past Articles:
 
Quotable
"We've hired salespeople and managers because there's a lot of demand for used cars."

    -- Wes Lutz, a Chrysler, Dodge and Jeep dealer in Jackson, Mich., commenting on the growing used-vehicle market, The New York Times, March 30

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Automotive Forum -- April 11

 
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Upcoming NADA Webinars
April 6: FTC Update on Court-Ordered Buyback of Certain VW and Audi Vehicles (12 p.m. ET)

NADA members can view past webinars on-demand at no charge at NADA University Online. Members must create an NADA account before viewing.

 
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