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August 30, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
NADA Releases New Video on Hurricane Harvey Relief Efforts
NADA Foundation Calls on Dealers to Donate to Emergency Relief Fund
Oklahoma City Auto Dealers Donate $50,000 to Dealership Employees Affected by Hurricane Harvey
Auto Industry Feels Harvey’s Impact
A Half-Million Flooded Cars and Trucks Could Be Scrapped after Harvey
Taxpayers Encouraged to Revisit Micro-Captive Structures after Unfavorable Ruling in Avrahami Case
FTC Reminds Business: Segment Your Network and Monitor Who’s Trying to Get In and Out
Top Stories
NADA Releases New Video on Hurricane Harvey Relief Efforts



Today, NADA launched a new video highlighting the need for local dealers across the country to contribute the NADA Foundation's Emergency Relief Fund to support dealership families impacted by the destructive hurricane and flooding in southeastern Texas.

“Our hearts ache for the individuals and families that have been devastated in the wake of Hurricane Harvey,” said NADA Chairman Mark Scarpelli. “We are praying for everyone affected, and we will support our dealership community in the hurricane ravaged areas.

"As a fellow dealer, I ask from my heart, that dealers everywhere consider contributing to the NADA Foundation’s Emergency Relief Fund. Those contributions will directly and quickly help dealership families in need during this trying time."

Dealership employees affected by the flooding can apply for financial assistance. (Lost wages or commissions are not eligible for reimbursement from the fund.)

The NADA Foundation is also calling on dealers, dealer association groups and others to donate online to its Emergency Relief Fund, which is dedicated exclusively to providing financial assistance to dealership employees.

Personal or corporate checks can be made payable to Emergency Relief Fund, c/o NADA Foundation, 8400 Westpark Drive, Tysons, VA 22102. For more information, call 703.821.7102. (Donations to the NADA Foundation are generally tax-deductible; contributors should consult their tax advisors for details.)
Source: NADA Foundation

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NADA Foundation Calls on Dealers to Donate to Emergency Relief Fund

Four days since Hurricane Harvey first made landfall in southeastern Texas, the severity of the situation in the Houston area and surrounding communities is still unknown, the weather conditions have not improved and more flooding is on the way.

“This is the most horrific thing I’ve ever seen. I’m wet, it’s still raining and things are starting to float,” said Cary Wilson, owner of Ron Carter Autoland in Alvin, Texas, about 25 miles south of Houston. “This is being called a once in an 800-year flood.”

Wilson, a 55-year resident of the Houston area, employs 240 people at Chevrolet-Buick-GMC, Chrysler-Dodge-Jeep-Ram and Ford dealerships in one location, which have been closed since Friday. Wilson serves on NADA’s board of directors representing dealers in Southern Texas.

“Many of my employees have lost their homes completely and have been displaced to shelters, and I have quite a few employees living on the second story of their homes,” added Wilson, whose garage at home is submerged under seven feet of water and expects flood water to soon enter his home.

To assist dealership employees who have been impacted by personal property damage caused by the hurricane and flooding, the NADA Foundation has mobilized its Emergency Relief Fund.

“Donating to the NADA Foundation’s Emergency Relief Fund is an effective way to provide financial assistance quickly to dealership families affected by Hurricane Harvey,” said Annette Sykora, chairman of the NADA Foundation. “Local dealerships nationwide are like a big extended family. When one of us hurts, we always come together to help.”
Source: NADA Blog



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Oklahoma City Auto Dealers Donate $50,000 to Dealership Employees Affected by Hurricane Harvey

Oklahoma City-based Metropolitan Auto Dealers Association is donating $50,000 for auto dealership employees who have been affected by Hurricane Harvey in south Texas. The donation is being made through the NADA Foundation's Emergency Relief Fund. The money will provide relief to employees who were displaced or impacted by the ongoing weather conditions created by Hurricane Harvey.

“More than anything, we are hopeful that everyone in the areas being impacted by these extreme weather conditions and flooding is safe,” said MADA Chairman Laine Diffee. “We want to make sure we are able to help those in need, whether it is dry clothing, temporary shelter, food or whatever is needed. We would also like all the people who are affected by this horrible tragedy to know that we are praying earnestly for them and their families.”
Source: MADA

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Auto Industry Feels Harvey’s Impact

Bill Wolters, president of the Texas Automobile Dealers Association, estimates about 25 percent of dealerships in Houston have been damaged by flood waters caused by Harvey, originally classified as a hurricane before being downgraded to a tropical storm after making landfall. “Almost all of the dealerships are closed, and they have been since the hurricane hit, but not all of them are damaged,” he said.
Source: The Detroit News

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A Half-Million Flooded Cars and Trucks Could Be Scrapped after Harvey

They seem to be in almost every picture or video of flooded neighborhoods in and around Houston. There are scores of cars and trucks with water up to their windows and in some cases over the hood and roof. In fact, the flooding is so extensive, Cox Automotive estimates a half-million vehicles may wind up in the scrap yard. "This is worse than Hurricane Sandy," said Jonathan Smoke, chief economist for Cox Automotive. "Sandy was bad, but the flooding with Hurricane Harvey could impact far more vehicles."
Source: CNBC

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Taxpayers Encouraged to Revisit Micro-Captive Structures after Unfavorable Ruling in Avrahami Case
By Carrie Small

In the first section 831(b) case to make it to trial, the U.S. Tax Court backed the Internal Revenue Service (IRS) by holding that a micro-captive’s elections under section 831(b) to be treated as a small insurance company and section 953(d) to be taxed as a domestic corporation were invalid. The Court also ruled that amounts paid to the captive insurance company did not qualify as insurance premiums for federal income tax purposes and therefore were not deductible under section 162.
Source: Baker Tilly

Carrie Small, a partner with Baker Tilly, leads its insurance tax practice.


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FTC Reminds Business: Segment Your Network and Monitor Who’s Trying to Get In and Out

As part of its ongoing data security guidance, the FTC reminds businesses, including dealers, to segment the data on their networks, and to monitor who is coming in and what’s going out. Segmenting your network – for example, having separate areas on your network protected by firewalls configured to reject unnecessary traffic – can reduce the harm if a breach happens. Another key component of network security is monitoring access, uploads and downloads and responding quickly if something seems amiss. Click here for more, and for details on all of the FTC’s ongoing data security guidance series called “Start With Security,” click here.
Source: FTC

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Quotable
"Many of my employees have lost their homes completely and have been displaced to shelters, and I have quite a few employees living on the second story of their homes."

    -- NADA board member Cary Wilson, owner of Ron Carter Autoland in Alvin, Texas, about 25 miles south of Houston, commenting on the impact of Hurricane Harvey, NADA Blog, August 29

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