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September 19, 2017 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Dealership Employee Riki Burkhart: ‘We Have to Rebuild’ after Hurricane Irma
Toyota President Says Will Continue to Make Variety of Vehicle Types
FTC Issues Data Security Guidance: Ensure Your Service Providers Secure Your Data
NADA Offers Strategy to Handle Equifax Concerns
Ratan Tata Moves to Secure His JLR Prize
New York Move Opens Up Cadillac's World
A Shape-Shifting Car? Patent Filings Point to Auto Industry’s Future
Intel Collaborates with Waymo on Self-Driving Computer Design
Insight into Pretax vs. Roth Retirement Contributions
Top Stories
Dealership Employee Riki Burkhart: ‘We Have to Rebuild’ after Hurricane Irma

Donate today to the NADA Foundation’s Emergency Relief Fund


Dealership employee Riki Burkhart (right) and her mother, Debbie Scannell, sustained significant flood damage to their home following Hurricane Irma.


FT. MEYERS, Fla. – Gary Matern, president and general manager of O’Brien Auto Park of Fort Myers, estimates nearly all 145 employees working at his Hyundai-Subaru-Mazda dealership sustained some level of property damage to their homes and cars.

“I do not yet have an exact account of every employee. Some are still making their way back from out of state,” Matern said last week. “It ranges from minor damage to several employees with extreme losses.”

One of Matern’s employees is Riki Burkhart, who has worked at the dealership for the past 12 years. The home she shares with her mother and stepfather in Buckingham, a community east of Ft. Meyers, is located in one of Hurricane Irma’s hardest hit areas.

“When the storm first hit our area, we seemed to have gotten through that okay. But through the night, we went to sleep and woke up in the morning. It was raining and the water continued to rise,” Burkhart said. “We walked out into the garage, which began to flood and eventually started to seep into the house. The garage flooded with about two feet of water. Outside, the water level almost covered the tires of the cars sitting in the driveway.”

At that point, Burkhart recalls gathering what they could and evacuating in a truck that survived the flooding.

“It looked like a river. You couldn’t see the road. There were power lines down everywhere,” she added. “It was dangerous driving out, but we really had no choice.”

The NADA Foundation’s Emergency Relief Fund is working closely with the Florida Automobile Dealers Charitable Fund to provide relief to dealership employees who suffered substantial property damage as a result of Hurricane Irma, that is not covered by insurance or government aid.

"Dealers should be encouraged to contribute to these funds because every single dollar donated goes directly to dealership employees who have suffered uninsured losses," said Ted Smith, president of the Florida Automobile Dealers Association.

Dealers and dealership groups can donate online to the Emergency Relief Fund, which is dedicated exclusively to providing financial assistance to dealership employees who sustained property damage from hurricanes Irma and Harvey.

“Our home was completely flooded. It’s not livable. What was in the house is ruined. We have to rebuild,” Burkhart said. “And several vehicles we own are a total loss.”

Burkhart and her family are currently staying at the home of a family friend.

Dealership employees can apply here for financial assistance. (Lost wages or commissions are not eligible for reimbursement.)

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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Toyota President Says Will Continue to Make Variety of Vehicle Types

Toyota Motor Corp. President Akio Toyoda on Tuesday said his company would continue to make a variety of vehicle types available to customers, even as tighter global regulations are prompting automakers to develop more electric vehicles. “EVs (electric vehicles) are in focus at the moment but customers and the market will ultimately decide which powertrains will be successful,” he said at an event to launch a new line of sports cars. “Toyota will continue to focus on powertrains that focus on hybrid technology, including fuel cell vehicles, plug-in hybrids and -- although we were a bit late to the game -- EVs.”
Source: Reuters

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FTC Issues Data Security Guidance: Ensure Your Service Providers Secure Your Data

Trust, but verify. That’s good advice in many contexts, including in your approach to businesses you hire to process sensitive data in your possession. Even if a breach ultimately traces back to a service provider’s conduct, from the perspective of a customer or employee whose personal information has been comprised, the buck stops with you.

That’s why Start with Security cautions companies to make sure their service providers implement reasonable security measures. Before bringing service providers on board, spell out what you expect in terms of security. Satisfy yourself that they have the technical chops to get the job done. Build in procedures so you can monitor what they’re doing on your behalf. And make sure they’re following through on their promises. Drawn from FTC law enforcement actions, investigations, and questions we get from companies, here are some examples that illustrate steps you can take to encourage your service providers to start with security – and stick to it.
Source: FTC

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NADA Offers Strategy to Handle Equifax Concerns

The National Automobile Dealers Association cautioned store managers and personnel that they’re likely to see two trends surface with regard to the Equifax security breach as customers arrive in the showroom or service drive.

Mark Scarpelli, who is the 2017 NADA chairman, specified the two probable scenarios in a blog post the association shared last Friday. Scarpelli mentioned dealerships are likely to get questions from customers about the breach itself as well as a potential increase in credit freezes and fraud alerts on credit applicants’ credit reports.

“Equifax has stated that information from as many as 143 million people in the United States was compromised,” wrote Scarpelli, who 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.
Source: Auto Remarketing

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Ratan Tata Moves to Secure His JLR Prize

Ratan Tata's move to consolidate power at Tata Sons and secure ownership of Jaguar Land Rover looks like one of those boring shareholder resolutions that would go unremarked upon in an ordinary, closely held firm. But Tata Sons isn't a regular company. The nerve center of the $105 billion group that encompasses, among other units, the U.K. carmaker, has been the target of an intense battle for control for almost a year now.
Source: Bloomberg

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New York Move Opens Up Cadillac's World

Cadillac's New York journey has taken it on helicopter rides to the Hamptons, virtual-reality expeditions at auto dealerships, and forays into the worlds of art and fashion. It's just the kind of unbound adventure that Cadillac President Johan de Nysschen and global CMO Uwe Ellinghaus envisioned when they decided to move the brand's headquarters out of General Motors' staid Renaissance Center in Detroit and into a trendy neighborhood on Manhattan's West Side.
Source: Automotive News

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A Shape-Shifting Car? Patent Filings Point to Auto Industry’s Future

Car makers feeling heat from Silicon Valley are boosting patent filings for self-driving vehicles and ride sharing

Auto makers, pressured to keep up with Silicon Valley companies working on autonomous-car technology and ride sharing, have sharply boosted their U.S. patent filings over the past five years. In 2016, 10 of the world’s largest car makers submitted 9,700 patent applications, up 110% from 2012, according to consulting firm Oliver Wyman.
Source: The Wall Street Journal

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Intel Collaborates with Waymo on Self-Driving Computer Design

Intel Corp. on Monday announced a collaboration with Alphabet’s Waymo self-driving unit, saying it had worked with the company during the design of its computer platform to allow autonomous cars to process information in real time. Waymo CEO John Krafcik said fast processing was crucial to the performance of its autonomous vehicles. “Intel’s technology supports the advanced processing inside our vehicles, with the ability to manufacture to meet Waymo’s needs at scale,” Krafcik said in a statement.
Source: Reuters

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Insight into Pretax vs. Roth Retirement Contributions

Do you know the benefits of pretax contributions as compared to Roth contributions? Do you know what retirement contribution type is the right choice for you? Below is a simple contribution strategy to help you decide:

Age

Income (<$30k)

Income ($31k - $250k)*

36 - 65

Pretax

Pretax and Roth

18 - 35

Pretax

Roth

*Households earning more than $250,000 per year should consider contributing on a Roth basis.

NADA Retirement from Empower provides an in-depth analysis of this retirement contribution conundrum. Access the full article here. For more information about how you can customize your retirement plan through the NADA Retirement program, specifically designed for auto dealerships, visit www.nadaretirement.com or call 877.630.4015.
Source: NADA

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Quotable
"The pressure is for us to invent before the Valley does. The last thing we want is to be a fast follower."

    -- Bill Coughlin, chief executive of Ford Global Technologies LLC, commenting on pressure to keep up with Silicon Valley companies working on autonomous-car technology and ride sharing, The Wall Street Journal, Sept. 18

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