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Inside this issue
NADA Fund Offers Aid Post-Harvey
Irma Weakens As It Heads Past Tampa, Cutting Damage Forecast
After Hurricanes, Flood of Storm-Damaged Cars Heading for Market
NADA Offers 10 Inspection Tips to Detect Flood-Damaged Vehicles
FTC Blog: The Equifax Data Breach: What to Do
Top Stories
NADA Fund Offers Aid Post-Harvey

Donations to the National Automobile Dealers Association's Emergency Relief Fund are coming in waves to support Houston-area employees after Harvey. But with close to 2,500 aid applications expected from the area, the fund is far from ready to take on Hurricane Irma. The fund came dangerously close to running dry last week when the glut of aid applications in the aftermath of Hurricane Harvey outpaced the rate of donations. Jonathan Collegio, senior vice president of public affairs for NADA, said to keep pace, the fund needs to raise about $2.5 million for Harvey, and possibly $3 million more for Irma. NADA is calling on members to donate $1,000 per store.
Source: Automotive News

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Irma Weakens As It Heads Past Tampa, Cutting Damage Forecast

Tropical storm Irma weakened as it moved past Tampa, leaving in its wake at least 4.7 million without power and millions temporarily displaced. The center of the system weakened to a tropical storm this morning and a tropical depression by Tuesday afternoon. A storm surge warning was discontinued for parts of South Florida as the storm headed north. Enki Research's estimate for total damages dropped to $49 billion from $200 billion earlier.
Source: Automotive News

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After Hurricanes, Flood of Storm-Damaged Cars Heading for Market

Cars soaked by floodwaters from Hurricanes Harvey and Irma will soon start appearing in the Midwest used car market, so buyers should beware, according to vehicle experts. "Even brick-and-mortar legitimate dealers can get burned buying flooded vehicles," said Frank Scafidi, spokesman for the National Insurance Crime Bureau, a Des Plaines, Ill.-based nonprofit that fights insurance fraud and crime. "If a professional can get burned, you can too."
Source: Chicago Tribune

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NADA Offers 10 Inspection Tips to Detect Flood-Damaged Vehicles

Once a post-flood clean-up and rebuilding begins, flood-damaged vehicles most often are sold for scrap or recycling. Occasionally, however, they find their way into the marketplace for sale to unsuspecting buyers. While there is no sure way to know if a vehicle has been damaged by a flood, the National Automobile Dealers Association (NADA) offers 10 inspection tips to prospective buyers to spot flood-damaged vehicles.
Source: NADA

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FTC Blog: The Equifax Data Breach: What to Do

If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies. Here are the facts, according to Equifax. The breach lasted from mid-May through July. The hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people.
Source: FTC

Editor's note: Dealers should review this information for themselves personally and should share it with their employees. If your customers inquire or express concern, the link above is a good resource to which you can point.  In addition, dealers should be aware that they may see an increase in “credit freeze” or fraud alerts related to credit applicants. Dealership personnel should understand what steps they must take if an applicant’s credit is “frozen,” or if there is a fraud alert on their report. Click here for more details.

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Quotable
"There's quite a few employees that haven't been able to report back to work yet to even know to apply. I know we expect hundreds more. There's no telling with Irma."

    -- Annette Sykora, chairman of the NADA Foundation, commenting on the back-to-back hurricanes and the need of financial assistance for dealership employees from its Emergency Relief Fund, Automotive News, Sept. 9

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