JANUARY 2017
www.FIADA.com
Information and Insight for Florida Used Car Dealers
FIADA's app has gotten a makeover. Download it now to keep association events and member benefits always at your fingertips. Page 14.
FULTON, MO PERMIT NO. 38
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Dealer Independent
MAILING ADDRESS 1840 Fiddler Court Tallahassee, FL 32308 TELEPHONE (850) 385-2712 (800) 237-0448 FAX (850) 385-3251 WEBSITE www.FIADA.com EXECUTIVE COMMITTEE Lisa Compagno President Scott Lanier, CMD Senior Vice President Jim Winterick, Sr. Chairman of the Board
Contents January 2017
For members of the Florida Independent Automobile Dealers Association
C O L U M N S & F E AT U R E S 4
President’s Message Lisa Compagno
6
Executive Director’s Message Lisette Mariner, CAE
8
Top 10 Things to Know Tax season has arrived. Here are the top 10 things to think about.
Brandi Noegel Regional Vice President
10
Back to Basics Terry Myers discusses the right way to handle deposits, and what to do if a customer loses theirs.
FIADA STAFF Lisette Mariner, CAE Executive Director
12
Membership News
14
The New and Improved FIADA App Download the FIADA app and put our resources at your fingertips.
16
Reminder: Used Car Rule Changes Take Effect Soon January 27 is the date to implement the new Buyer's Guides. Here is a reminder on what changed and the new information you must provide.
18
Six Common Challenges Solved with Social Media Strategy Maybe your social media marketing isn't working because you don't have the right strategy. Don't give up. Use these suggestions to get things going in the right direction.
22
Keys to Insurance Mitch Ayocock of Williams & Stazonne Insurance Agency outlines the risks of insurance loaner vehicles and how you can minimize liability.
28
A Look at Current Legal Issues Attorneys Tom Hudson and Nicole Munro recap recent federal and legal developments of interest to dealers.
30
Industry News
Christopher Leedom Secretary Brad Joel Treasurer Frank Fuzy Regional Vice President George Hickey Regional Vice President Steve Marbais, CMD Regional Vice President Dino Mercurio Regional Vice President
Terry Myers Educational Instructor Jason Berthiaume Education and Marketing Coordinator Amelia Tillman Membership Director Christy Taylor Editorial/Advertising
POSTMASTER:
Send address changes to
FIADA • 1840 Fiddler Court Tallahassee, FL 32308 (850) 385-2712 • Call/Text: (800) 237-0448 Fax (850) 385-3251 • www.FIADA.com The Independent Dealer is a publication of: Florida Independent Automobile Dealers Association, 1840 Fiddler Court, Tallahassee, FL 32308 The magazine is published every month in Tallahassee and distributed to Florida new, used, wholesale and lease/retail car dealers. Advertising rates are available upon request. The statements and opinions expressed herein are those of the individual authors and do not necessarily represent the views of Independent Dealer or the Association. Likewise, the appearance of advertisers, or their identification as members of FIADA, does not constitute an endorsement of the products or services featured.
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January 2017 — Independent Dealer — 3
FROM THE PRESIDENT
2017: A Year of Participation BY LISA COMPAGNO, FIADA PRESIDENT
2
017 is upon us! That’s right, 2017. Let that sink in for a second. It is like we are living in a science fiction movie. 2017 was the backdrop for such movies as The Running Man, Terminator (Genisys), and Oblivion. All of these movies showcase, in one way or another, advanced technology of the future. As we move into the future, we are working to make sure your FIADA moves along with it. Thus, we would like to introduce our new FIADA App. Check out the feature story on page 14 to learn all about where to get the App and its functionality. So, 2017 is underway. Did you make a New Years Resolution? One of mine is to “get back to basics” for networking and marketing purposes. I used to do a lot of networking and marketing for our business that, in hindsight, really worked to give us exposure, build relationships and ultimately sell cars. It was simple stuff, like going to Chamber of Commerce meetings or volunteering in the community. These activities helped to put a face to our business name and gave people a reason to come buy from us. I recently went to a Chamber of Commerce meeting and I announced that I was the new President of the FIADA. Everyone cheered and many were impressed to hear that I was that engaged in my industry association. This is one of the things that sets us apart from other used car dealerships; our industry participation. Our industry participation adds to our credibility; our status as a quality dealer; and our position as a leader in the industry. I invite you to make one of your resolutions this year to get more involved in your industry through FIADA participation. There are many ways to do this:
GIVE US FEEDBACK. We are always looking for ways to improve. We welcome any feedback or comments you may have regarding our performance or how we run things around here. Are meetings not a convenient time/day for you? Let us know. Is there a particular topic you would like to hear more about? Let us know. Perhaps we can do a webinar 4 — Independent Dealer — January 2017
or add it to our Town Hall Meeting agenda. Are you having difficulty using your member coupons or benefits? Definitely let us know. You can call or text us at 800.237.0448. Our office hours are Monday through Friday 8:30am - 5:00pm. You can email us at info@fiada.com. Or you can send us a message through our website at www.fiada.com. JOIN A COMMITEE. A list of our committees and the ability to sign up are located on our website under the About tab. This page says that committee appointments are generally made in November, but we are happy to add you to our committee at any time during the year. ATTEND A TOWN HALL MEETING AND/OR BOARD OF DIRECTORS MEETING. Our Town Hall Meetings and Board of Director Meetings are held on a quarterly basis. The Town Hall Meetings are on a Friday and the Board of Director Meetings are on the following Saturday. Our first set of meetings this year was in Jacksonville on January 13-14 at the Jacksonville Marriott. You can see a full list of meetings, meeting topics and other events on our website under the “Events” tab. JOIN THE BOARD. Probably the most meaningful way to get involved and participate is to join the Board. Note that not every FIADA member can be a Board Member. Only “Active Dealer Members” are eligible to sit on the Board. An “Active Dealer Member” is a member who has an active independent dealer license. The Board manages the affairs of the FIADA, including setting the annual budget and formulating policies. It is the Board’s duty to carry out the objectives and purposes of the FIADA. If you are interested in joining the Board, please contact Lisette at 800.237.0448 or Lisette@fiada.com. Lisa Compagno FIADA President www.fiada.com
January 2017 — Independent Dealer — 5
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EXECUTIVE DIREC TOR’S MESSAGE
Invest in You BY LISET TE MARINER, CAE, EXECUTIVE DIRECTOR
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ater this month, America’s 45th president will be sworn into office. As we try to anticipate what the future will bring and dealers prepare for a busy tax season, the FIADA is in full gear for the next Legislative session. Through the FIADA PAC fund we were able to support 23 candidates this election cycle. Of those only two lost their race. FIADA is your legislative advocate in Tallahassee, and NIADA is looking out for you in Washington, D.C. both with the commitment to protecting independent dealers.
are opportunities for helping to support the association by advertising on the home page. Just give me a call (or text) at (800) 237-0448 and I'll be happy to help you get "your ad here." I think you'll really like the Events section of the new app. When you tap on the calendar icon, you'll see the list of all our upcoming events, including dealer training school opportunities, FIADA meetings and continuing education events. You can get full details of any of these activities as well as register/RSVP. Just in case you don't have your phone or tablet handy, let me share with you a few of the events on the horizon. The next scheduled event is the April Town Hall Meeting on April 21 and the Board of Directors Meeting on April 22. Both of these events will be at the Westin Fort Lauderdale. They are also free of charge to
The Florida Legislative session begins Tuesday, March 7 and ends May 5. Committee meetings are underway and we’ve been keeping track of legislation that affects dealers. There are currently 219 bills filed but, expect lots more as the deadline to file is March 3. Typically close to 2,000 bills are filed each year. If you are not a FIADA member (yet) and reading this message, I would suggest you first turn to page 25 and join our Association and then, flip the page and As we try to anticipate what the future will bring and support the FIADA PAC Fund. The dealers prepare for a busy tax season, the FIADA is in more dealers we have united under our full gear for the next Legislative session. common cause as FIADA members the more influence we have among legislators. As a bonus, you have access FIADA members. If you have not attended a Town Hall to all of the benefits of membership that include things like Meeting, I would highly recommend it. The topics are auction coupons, member discounts, free legal consultation always relevant, the speakers knowledgeable and it gives and technical assistance and so much more. you a chance to ask specific questions and get real answers. Don't miss it. Both non-members and members are invited. We’re off to a great start in using technology to better serve Tap the app for more details. members. See page 14 for details about our new app that is officially "live." Through the app, you will be able to register Hope your tax season goes well, and you have the best year for events, access your member coupons, connect with us ever. FIADA is here to help you make it happen! on social media and more. Download the app now and take it for a test drive. For our associate members, there 6 — Independent Dealer — January 2017
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1
1 2 3 4
MEMBER 2016
Things to Know
TOP
TAX REFUNDS Tax season is here, and it never hurts to review a few of the basic do's and don'ts of how to make the most of your customer's refund. Here are 10 suggestions from Tax Refund Services/Tax Max on how to make tax time your favorite time of year. You can learn more about the TRS Tax Max system online at www.taxrefundservices.com or by calling (866) 642-4107. If you have a suggestion for a topic, for the Top 10, send it to us at info@fiada.com.
HAVE A PLAN
The 2017 tax season will be like no other. The IRS is delaying refunds by 4 to 6 weeks and your customers want money fast! Once the money does arrive, it is normally spent within 24-48 hours.
GET A TAX PARTNER
Find a company that can prepare your customers’ taxes for them and allow you access to the refund before it gets spent elsewhere. Ideally, you want to be able to print your customers’ tax refund checks at the dealership. You may also want to focus on companies with extensive tax AND automotive industry experience.
EDUCATE YOUR EMPLOYEES
Employee education is the key to making this program successful. Be sure that each employee (salesman, collections agents, janitors, etc.) is aware of the program and know how it works.
PROVIDE INCENTIVES FOR W2s
Something as simple as movie tickets, a gift card or free oil change will provide your customers with something tangible that they have to look forward to when they return. Tax Max dealers have had success with incentives as simple as a flashlight. You can also add excitement with giveaways; a chance to win a TV is a great tool to draw customers to your lot and will provide them an opportunity to not only leave with a car, but a chance to win a FREE TV.
5
PRE SEASON PAYMENTS
Require the taxpayer to come in every week or two weeks for mandatory payments until the customer comes back with their W2's and you receive their tax refund down payment.
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DON'T USE THE ENTIRE REFUND
By only taking a portion of the tax refund your customer will leave feeling that you have treated them fairly and are not trying to take advantage of them. Also, if the customer thinks you will keep the entire refund, they will be more likely to file their taxes elsewhere, breaking your agreement.
KEEP THEM ON THE LOT
You spend so much time and money to get the customer to your lot that if they are ready to purchase a vehicle why would you send them off? Once you send the customer off the lot you lose control of the deal and the money. By keeping the customer on your lot you are in control from start to finish and until that tax refund check is in your hand!
CALL PAST DUES
Call past dues in December & January to use the tax refund to catch up the account, get a 2nd down payment or pay off the vehicle.
MOVE OLD INVENTORY
For your customers taking advantage of the 4th quarter program using a deferred down payment, provide them limited choice of vehicles which include your old inventory.
TARGET REPEAT CUSTOMERS
Several dealerships use the 4th Quarter Sales Program exclusively for prior customers that were in good standing. These are great candidates for this program as they should be low risk since you have already established the relationship.
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BACK TO BASICS
Handle Deposits the Right (and Regulatory) Way BY TERRY MYERS
T
wo pelicans were flying over a newly opened dealership. One says to the other, “Did you see the new convertible in the front row?” The second one replies, “Yes. As a matter of fact, I made a deposit on it, yesterday.” Sorry, old Red Skelton joke. The customer wants you to hold a vehicle from sale for three days while they try to get outside financing at their bank or credit union. Perhaps they want you to special order, purchase a vehicle and have it transported to your lot for them to decide later if they want to buy it. Since you cannot offer for sale or take a down payment on something you do not own, do you want to assume all the risk or do you want the customer to provide some proof of seriousness by sharing the risk? Both scenarios offer deposit opportunities. 501.976 Actionable, unfair, or deceptive acts or practices.—It is an unfair or deceptive act or practice, actionable under the Florida Deceptive and Unfair Trade Practices Act, for a dealer to: (10) Require or accept a deposit from a prospective customer prior to entering into a binding contract for the purchase and sale of a vehicle unless the customer is given a written receipt that states how long the dealer will hold the vehicle from other sale and the amount of the deposit, and clearly and conspicuously states whether and upon what conditions the deposit is refundable or nonrefundable. A handshake is not a legal binding contractual agreement. Most will agree about the dollar amount and the hold time. For example, $100 a day for each day the vehicle will be held from other sale. Three days hold would then equal $300 to be held until midnight of the specific date. What does ‘clearly and conspicuously states whether and upon what conditions the deposit is refundable or nonrefundable’ 10 — Independent Dealer — January 2017
mean? In other words, the language must be specific, not vague. The customer and the dealer need to come to the same conclusion about the language. You will not know what your customer thinks unless you ask your customer what they believe the dealership is obligated to do. Then, what do they think their obligations are? Do you both have the same understanding? Now is the time to find out, not later. If you are uncertain about the language within the agreement, ask your legal counsel to review it. Also, it would not hurt to discuss this with your Compliance Officer as to what kind of content his/her office prefers to see or not see. Put a NOT FOR SALE sign on the window and don’t let temptation cause you to sell it in conflict to the deposit. A young dealer in one of my Jacksonville CE classes shared that when faced with an expired no-refund deposit, he offers his customers a coupon to offset the dollar amount and gives it a one year expiration date. He shared that he says, “I am sorry this did not work out for you. Unfortunately, as you know, non-refundable means I cannot help you now. However, I am authorized to issue a coupon to help you in the future. Let’s make this out to you for, say $300 and it will be good until mm/dd/yyyy, twelve months from today. You bring this back anytime in the next twelve months and we will be happy to apply $300 toward the purchase of any vehicle on the lot.” He said, “When they leave, they are not massively happy, but instead of no car or cash, they have something, this minimized unearned bad-mouthing.” He followed it with this, “What really surprised me was, anywhere from two to eight months later, here they come with the coupon to purchase a vehicle.” He turned a potential adversarial situation into a future sales opportunity. If you think about it, even if the customer realized it was his/ her fault, without the coupon, they would probably be too embarrassed to return. www.fiada.com
Should the customer file a complaint with the Division of Motorist Services, you must go into decision mode as to how you wish to proceed from there. Discuss your options with your Compliance Examiner and then report how the complaint was resolved. Being right does not always equate to the best business decision. Note: 501.142 Retail sales establishments; preemption; notice of refund policy; exceptions; penalty.— (1) The regulation of refunds is preempted to the Department of Agriculture and Consumer Services notwithstanding any other law or local ordinance to the contrary. Every retail sales establishment offering goods for sale to the general public that offers no cash refund, credit refund, or exchange of merchandise must post a sign so stating at the point of sale. (In part) In plain language, you must post a sign at your dealership spelling out your Deposit Policy. You might have a policy for In-Stock Inventory and one for Special Orders. Discrimination is not allowed. Some see challenges as stumbling blocks. The professional finds ways to turn those challenges into stepping stones. We will continue other (bracket) elements of the 501.976 conversation next month. In the meantime, remember: “What you know makes you money. What you don’t know costs you a fortune.” Articles are the opinion of the author and are not intended to be legal or accounting advice. The intent is to share thoughts and concepts that help the business owner(s) find new and perhaps revisit, ways to be as successful as they are capable of being. Terry can be reached at (727) 804-7375. Email: tmyers@floridaautodealerschool.com. Feedback is appreciated and encouraged. Terry LB Myers, author, lecturer, FIADA instructor, FADS owner/ instructor.
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MEMBERSHIP NEWS
New Members
Renewing Members DECEMBER 2016
ABC MOTORS Tampa, FL Victor Perry Sponsor: Amelia Tillman
ONYX AUTOMOTIVE, LLC Largo, FL Anna Wolfe Sponsor: FIADA
AUTO ASSOCIATES, LLC. Orlando, FL Frank Wichowski Sponsor: Jason Berthiaume
RIDE NOW AUTO SALES Jacksonville, FL Dick Middlekauff Sponsor: Amelia Tillman
BARLEYS AFFORDABLE AUTO SALES Jacksonville, FL Christopher Barley Sponsor: John Cousins/Dealers Auto Auction
S & R AUTO & MARINE REPAIR Largo, FL Ray Fiedler Sponsor: Terry Myers
DEALER AUTO TITLE EXPRESS Orange Park, FL Mary Seaman Sponsor: FIADA FLORIDA'S CAR STORE, INC. Pompano Beach, FL Angela Bianco Sponsor: Amelia Tillman
SUNSHINE AUTO SALES FL INC Hollywood, FL Gilad Tomer Sponsor: Amelia Tillman TESTA AUTOMOTIVE INC. Naples, FL Matthew Testa Sponsor: Terry Myers
LEONARD & SONS AUTO SALES Winter Garden, FL Leonard Collins Sponsor: Terry Myers
Rejoining Members AUTOMOTIVE FINANCE CORPORATION Orlando, FL
Jim Oliver Sponsor: Amelia Tillman
DECEMBER 2016 TRANSCOR RECYCLING, LLC
Tampa, FL Joseph Williams Sponsor: Amelia Tillman
COPART, INC.
Riverview, FL Dennis Cook Sponsor: Amelia Tillman
12 — Independent Dealer — January 2017
DECEMBER 2016
50+ Year Members Manheim St. Pete
Clearwater, FL
40+ Year Members Manheim Lakeland
Lakeland, FL
30+ Year Members Manheim Pensacola Parkway Auto Sales, Inc.
Pensacola, FL Homestead, FL
20+ Year Members Fett Motors, Inc. Holt Auto Sales, Inc. Integrity Auto Sales, Inc. Manheim Daytona Beach Manheim Tampa
Pinellas Park, FL Kissimmee, FL Port Orange, FL Daytona Beach, FL Tampa, FL
10+ Year Members Auto Data Direct Car-Time, Inc. Dixie Motors LLC Family Auto Mart, Inc. First Coast Auto Sales M & M Auto Sales Macklin Automotive Co. Manheim Central Manheim Orlando Off Lease Only Tropical Auto Sales Under 10 Year Members A & J Mobility Inc Ace Motor Acceptance Corp. Automotive One, Inc. B & M Auto Sales LLC Barton Used Cars South Inc. Berlin Motors Charlotte County RV Center, LLC Ex-Change Auto, Inc. First Leasing Corp Florida Fine Cars Inc Got Car Auto Brokers LLC HH Sales, LLC Instant Wheels Used Cars Landress Auto Wrecking Inc. Manheim Fort Lauderdale Manheim Fort Myers Manheim Jacksonville Manheim Palm Beach Nations Trucks Park Avenue Motors Paul Yoder Auto Sales, Inc. Sunshine Used Car Sales Vegter Automotive
Tallahassee, FL Bunnell, FL Live Oak, FL Melbourne, FL Jacksonville, FL Cape Coral, FL Avon Park, FL Orlando, FL Ocoee, FL Lake Worth, FL North Palm Beach, FL Ruskin, FL Matthews, NC Longwood, FL Newberry, FL Ponte Vedra Beach, FL Fort Lauderdale, FL Port Charlotte, FL Pinellas Park, FL Miami, FL Miami, FL Hollywood, FL Jacksonville, FL Jacksonville, FL Bonifay, FL Davie, FL Fort Myers, FL Jacksonville, FL West Palm Beach, FL Sanford, FL New Smyrna Beach, FL Sarasota, FL West Palm Beach, FL Cape Coral, FL www.fiada.com
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ready for free download at
SINCE 1940
FIADA's app has been revamped and is ready to go. Download it now at your mobile app store. With the new app, you'll have all your FIADA benefits right in your back pocket.
upcoming events The entire Association calendar is synced with the app and you can register to attend with a simple tap.
coupons Access your FIADA Member Coupons from the auction lane if you want. No paper needed! The app keeps track of coupons that have been redeemed.
social
additional features
Connect with FIADA via Facebook, twitter or YouTube and get updates of social interaction.
Get mobile-ready features of www.FIADA.com from our new app, including photos, videos and other resources.
14 — Independent Dealer — January 2017
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IN PERSON FIADA Members, $79 Non-Members, $99
FIADA
CONTINUING EDUCATION DMV requires that all Florida Dealers renew their Continuing Education credit every two years. If you last took a C.E. course in 2015, you must complete another class by April 30, 2017.
Go to www.FIADA.com to register and view the calendar of upcoming classes. Call/Text 800.237.0448 for questions or more information.
ONLINE
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January 2017 — Independent Dealer — 15
F E D E R A L R E G U L AT I O N S
Reminder: Used Car Rule Changes Take Effect Soon FROM THE NATIONAL INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION
The NIADA reminds dealers that the Federal Trade Commission's final amendments to “As Is” descriptions, warranty notifications and vehicle history report statement on the Buyers Guide take effect on January 27, 2017.
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ate last year, the Federal Trade Commission announced its final amendments to the Used Car Rule. The FTC solicited comments regarding possible changes to the rule and the Buyers Guide in December 2012, and later sought additional comments regarding vehicle history information and other topics based on those received in the first round.
instructs consumers to visit www.ftc.gov/usedcars for information on how to obtain a vehicle history report and to visit www.safercar. gov to check for open safety recalls. •
The new amendments, which take effect Jan. 27, make several changes to the Buyers Guide, including: •
Changing the description of an “As Is” sale.
•
Placing boxes on the face of the Buyers Guide dealers can check to indicate whether a vehicle is covered by a third-party warranty and whether a service contract might be available.
•
Providing a box dealers can check to indicate an unexpired manufacturer’s warranty applies.
•
Adding air bags and catalytic converters to the Buyers Guide’s list of major defects that can occur in used vehicles.
•
Adding a statement that directs consumers to obtain a vehicle history report and to check for open recalls. The statement also
16 — Independent Dealer — January 2017
Adding a statement in Spanish to the English-language Buyers Guide and advising Spanishspeaking consumers to ask for the Buyers Guide in Spanish if the dealer is conducting the sale in Spanish.
•
Providing a Spanish translation of the A copy of the new Buyer's Guide, as well as "fillable" statement dealers versions, can be found online at www.ftc.gov ( can use to obtain Direct Link: https://www.consumer.ftc.gov/articles/pdfa consumer’s 0083-buyers-guide.pdf acknowledgement information of receipt of the Buyers Guide. from the FTC’s “Dealer’s Guide to the Used Car Rule,” which is available The amended rule allows dealers to at www.ftc.gov/tips-advice/businessuse their remaining stock of Buyers center/guidance/dealers-guide-usedGuides for one year after its effective car-rule. date. The amendments which were enacted by a 3-0 vote of the “Fillable” versions of the Buyers Guide commission. in English and Spanish are available at www.FTC.gov. Used vehicle dealers can get more www.fiada.com
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SOCIAL MARKE TING
Six Common Challenges Solved with Social Media Strategy BY KATHI KRUSE
The Equal Employment Opportunity Commission and the National Labor Relations Board have the power to bring fines and penalties against dealers. Take the time to review some of these hot topic issues to make sure you are compliant.
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here are 2.3 billion active social media users. For context, world population is 7.3 billion. So, when one-third of the world’s population is using social media, it stands to reason then that a social media strategy to engage customers is important, no? I wonder then why so many people skip over social media strategy and go right into tactics. They use the tips, tricks and hacks they learn via how-to articles or free webinars and then wonder why they aren’t getting the results they expected.
Setting goals greatly increases the chance of achieving them, but so many jump into social media without determining what their goals should be. Others bring their goals to the table with wide-eyed enthusiasm but get attached to problematic tactics. When those don’t work, they give up and say, “Social media doesn’t work for us.” The challenge of making social media work doesn’t vanish when people give up. Today, you’re on social media whether you’re participating or not. Conversations happen around your brand and some customers and prospects even prefer to communicate via social media. If you’re not engaging then your competitor will be. 18 — Independent Dealer — January 2017
With a well-defined social media strategy, which includes a plan to distinguish your brand/company, things fall into place rapidly. Everyday problems that seemed unfixable suddenly become an afterthought. There’s no wasting of valuable assets on efforts of little value. Worthwhile tactics come into focus and begin to pay off. We got a request from a large company to help them get traction with a new product via social media. The company leadership was admittedly in the dark about how social media works but they recognized its importance and wanted expert guidance. Most leaders have a preliminary plan of how their operations need to shift with the launch of a new product. Where things get murky is how best to present the product into the social space, what metrics to track, and how to budget for it. With all the players in place, including data, we were able to provide them with a social media strategy that delivered the right message, reached the right people at the right time, and exceeded their goals by 35%. As social media becomes even more complicated, and as skeptical consumers have growing disinterest
in run-of-the-mill brands and offers, the need for social media strategy gets more intense. If you don’t have the expertise inhouse to determine actionable goals and integrate a social media strategy that works for you, contact a qualified expert to help remove the guesswork and establish the best course of action. Here are 6 common business challenges that can be solved with social media strategy.
Challenge: Weak Brand Awareness
Social media is ideal for reaching a broader audience, however, what you post is central to success. Every post, update, and tweet creates an impression in users’ minds. Social media strategy to solve this challenge: Steps must be taken to identify what makes the company and its products valuable. You must define why people choose you rather than your competitor. Refrain from promotional sales content when the challenge is strengthening brand awareness. Approach as though you’re meeting these users in person for the first time. No one likes to be greeted Continued on page 20. www.fiada.com
CONTACT
Kevin O’Connor O’Connor Insurance, Inc. & Dealers Insurance Services, LLC 941-981-5160 Phone 866-782-0110 Fax kevin@dealersinsurance.com www.dealersinsurance.com
FOR IMMEDIATE RELEASE
Dealers Insurance Services, LLC Announces the Acquisition of Dealer Specialists, LLC
New acquisition gives automobile dealers a variety of affordable bond options
Press release
Orlando, FL-- 1/5/17-- Kevin O’Connor, President of O’Connor Insurance, LLC today announced the acquisition of all assets of Dealer Specialists, LLC. Dealers Specialists, LLC is an automotive industry technology company that maintains ownership of 62 internet domains all related to bonding and insurance for automotive risks. Formed in 2011, they have been developing state of the art technology solutions to improve the current way that auto dealers apply for and purchase their dealer surety bonds and garage liability with a primary focus on the surety bonds. Kevin O’Connor stated, “Dealers Insurance Services has always offered surety bonds as a service to our existing insurance customers. The acquisition of Dealer Specialists should allow us to improve our position in the highly competitive dealer bond industry and grow the bond program on a national scale.” O’Connor Insurance, Inc, through its wholly owned subsidiary, Dealers Insurance Services, LLC, has offered a broad range of insurance products and risk management solutions to the unique and specialized niche of automobile dealerships since 2004. They are currently operating in Florida, Alabama, Georgia, Michigan, Ohio, Pennsylvania and Indiana. O’Connor Insurance principal Kevin O’Connor has specialized in this industry since 1986. He has held a seat on the State of Florida’s Department of Motor Vehicles Advisory Board for the past 18 years. He has served as the Agent of Record for the Florida Independent Automobile Dealers Association and is currently listed as a Preferred Provider with that association. For more information, please contact Kevin O’Connor at 321-285-9678 or email him at kevin@dealersinsurance.com
O’CONNOR INSURANCE, INC • 941-981-5160 • WWW.DEALERSINSURANCE.COM
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January2017 2017——Independent Independent Dealer January Dealer —— 19 19
SOCIAL STRATEGY continued from Page 18
with a sales pitch so focus on more meaningful content that personifies why customers choose you.
to one conversion funnel that routes them to the review sites you care about.
Challenge: Declining Customer Retention
Automatically ask, remind and guide happy customers through the funnel. Recover unhappy customers before they vent online.
Social media is excellent for staying in touch with current customers. It costs 5 to 8 times more to acquire a new customer than it does to keep an existing one. Social media strategy to solve this challenge: Treat your social channels as communities where like-minded people come to hang out. Appoint a “community manager” who engages and supports your community by listening and being responsive to questions, needs and concerns.
A good social media relationship with customers improves perceptions and offline relationships.
Challenge: Poor Online Reputation
Reviews are insanely influential. • 90% of consumers read online reviews. • 88% trust online reviews as much as personal recommendations. • 86% will hesitate to purchase from a business that has negative reviews. • Customers are likely to spend 31% more with a business that has positive reviews. • 92% will use a local business if it has at least a 4-star rating. Don’t give online ratings sites the power to control your business. If what’s being said about you doesn’t mirror the true customer experience delivered, take action now to turn things around. Social media strategy to solve this challenge: Remove the obstacles that stymie reviews. Create a review funnel. Systematically drive customers 20 — Independent Dealer — January 2017
Challenge: Declining or Nonexistent Connection with Customers
We’ve been witnessing a massive shift in what it means to be effective on social media over the last few years. One challenge that companies face in this new era of social media marketing is connecting with customers on an individual and personal level. Connecting with customers in meaningful ways humanizes your brand and builds genuine relationships.
visibility on Google, focus tactics on publishing links to content that go directly to your website. These “social signals” are a ranking factor and over time, will increase a site’s authority. To improve search visibility on Facebook, promote those links to your helpful content using Facebook ads. Pages with high engagement show up in search more prominently. This positions your company as a trusted resource.
Challenge: Slow Sales
Social advertising is one of the most under-utilized options out there right now. By publishing relevant, holistic content you lay the groundwork for further engagement. The next natural step is to target would-be buyers with offers.
Social media strategy to solve this challenge: Connect with your audience by utilizing free or lowcost brand monitoring tools such as Respond, Mention, or TweetDeck.
Social media strategy to solve this challenge: Facebook ads identify and reach ideal customers. Strategic ad design is crucial – ads must compel buyers to click. Use landing pages with lead forms to drive conversions.
Engage with Facebook users’ comments and respond to every single mention on Twitter. Monitor all additional social media channels and respond authentically (aka: like a human!). Ask questions, provide insights, or offer help with problems.
Everywhere you look it appears brands and companies have social media all figured out. This can leave you wondering, “What are we not doing right on social media?” It’s time to take the guesswork out of social media.
Challenge: Low Search Visibility
Today’s challenges need to be met with today’s solutions. Develop a strong foundational social media strategy to meet those challenges.
Nearly every buyer starts her or his purchase journey online. Your website is the virtual storefront of your business and not being found in search means fewer customers and decreased revenue. On Google, and now Facebook, it’s super important to be visible when people are searching for what you sell.
Kathi Kruse is a leading Social Media Strategist in the US and Canada. Her contributions and influence bridge across all platforms: conferences, workshops, retreats, webinars, and training events. Contact her at https://www. krusecontrolinc.com.
Social media strategy to solve this challenge: To improve search www.fiada.com
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January 2017 — Independent Dealer — 21
KEYS TO INSURANCE
Loaner Vehicles…. Am I Protected? BY MITCH AYCOCK, WILLIAMS & STAZONNE
Loaning a customer a vehicle is a practice that is generally not suggested, but there are ways to offer the service while lowering your liability exposure.
W
hile putting my thoughts together for a topic of discussion on behalf of the FIADA, many subjects crossed my mind that could help you protect your financial interest and investment. There have been numerous outstanding articles covering everything from used tire liability, car and key protection during and after business hours, the proper limits of coverage for your inventory, and even reporting to your insurance carrier those people who work for your dealership whether 1099 or not. These are just to name a few. But what about allowing the use of “loaner” vehicles for your customers? Are you properly protected? Or better yet, “How can I best be properly protected?” This article is not to be construed as legal advice to offset any acts for which you could become liable for, but more of ideas to shift the “loaner” vehicle exposure to another party, other than your dealership. In the normal course of its business, a dealership may want to provide loaner cars to its customers. We strongly discourage the use of loaner cars. Automobile liability is one of your largest exposures. Loaner cars increase this exposure significantly. In addition, you have no control on who uses your vehicle (family
22 — Independent Dealer — January 2017
members or other unknown drivers) or the manner of which it is used. Thinking your customers personal auto insurance policy will take care of everything? Should there be a declination from your customer’s insurance carrier, guess who is left holding the bag? You! Not to mention what if your customers personal auto policy has been cancelled or nonrenewed? And it should be noted that as the owner of the vehicle, you ultimately cannot avoid liability. This is why this practice is discouraged. Here are two ways to solve this issue. But first you need to ask yourself, “how important is starting or continuing to offer such services to customers?” Communicating with your insurance agent is the best place to start in determining cost, coverage, and risk. Option one is to shift the liability away from you by putting your customer in a daily car rental. Consider using a local rental car agency where you reach an agreement with them on a daily rate. You then can refer your customer to this rental agency at a discounted rate which perhaps you would mostly absorb. But it’s important to understand that your customer would need to provide the proper documentation to the rental
agency to have access to the vehicle. The contract would be under their name, not yours. Another option to consider is for you to add car rental to your existing sales and/or service operation. Benefits of this option include you are now controlling the entire customer experience. Your garage liability policy will not cover this exposure. This would require separate insurance – a commercial auto daily rental policy. Daily rental can also help protect you due to a federal law (known as the “Graves Amendment”) which shields those “engaged in the trade or business of renting or leasing motor vehicles [when] there is no negligence or criminal wrongdoing on the part of the owner” from vicarious liability for the rented or leased vehicle. Typically you would form a separate entity to hold title to a few cars. That entity can now obtain the separate insurance policy to specifically cover rental units listed in the policy. Any claim occurrences under this separate policy is now absorbed by a carrier that specializes in this exposure. Each unit is specifically described in the policy and the premium is an agreed rate per unit per month on a monthly reporting basis. For Continued on page 24. www.fiada.com
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January 2017 — Independent Dealer — 23
LOANER VEHICLES continued from Page 22
Don't jeopardize and expose your entire business from either having no coverage, or having a difficult time purchase coverage in the future. example, if you have four vehicles at a $100 rate per unit per month (depending on the value of the unit and the limit of liability you chose); the monthly premium would be $400. This additional expense could easily be offset by controlling losses and mitigating risk at the dealership. In addition, many dealers use this as a spring board to create another revenue stream. Daily rentals can also help you sell more cars. It’s important to understand that with this “rental” policy, your customer would need to sign a rental agreement with the proper language per Florida Statute and pay a nominal daily rental rate. Should you decide to loan a car to one of your customers, you should first check to make sure that your existing garage liability policy doesn’t exclude this exposure from coverage. Keep in mind, garage liability policies are not created equally. Even if there is no exclusion, the practice may violate insurance company underwriting guidelines. Some underwriters will simply refuse to insure any dealer that loans vehicles. Others want the opportunity to underwrite your exposure to determine if they’re interested in offering coverage for
loaner vehicles. Just about every garage liability application asks the question, “Do you loan vehicles to customers?” If the answer is “yes”, then the insurance company may decline quoting. However, there are some that will consider quoting, but with additional follow-up questions. When loaner cars are provided, all customers should be required to sign a loaner agreement. There are generally two overriding purposes in having the customer sign agreements of this type: 1) transferring the financial responsibility for potential loss arising out of the vehicle use to the user, rather than retaining the responsibility in the dealership; and (2) indemnifying the dealership for any loss sustained to the vehicle while in the customer's possession. Other considerations include: •
A "loaner or borrowed car" agreement should be used.
•
These agreements or contracts must transfer financial responsibility of loss (liability and property damage) to the customer.
• Agreements/contracts should indemnify and hold harmless the dealership of any type losses while vehicle is in care, custody, and control of customer. • Authorized drivers should be limited to those persons signing the contract or agreement. •
Obtain a copy of valid driver’s license with photo ID.
•
Obtain evidence of insurance (insurance card/policy) and verify coverage is current by telephoning insurance agent/ company.
•
Limit the operation of the rental or loaner to a specified radius (i.e. 25 miles).
•
Vehicles should not be loaned to customers less than 21 years of age.
•
Inspect vehicles at time of loan and upon return of vehicle for damages and mileage.
•
All vehicles must be properly maintained.
The proper protection of your business is critical. Hopefully the two options shared above put you in a better position to weigh out the pros and cons of providing loaner vehicles. Don’t jeopardize and expose your entire business from either having no coverage, or having a difficult time purchasing coverage in the future.
Mitch Aycock is a garage liability and daily car rental specialist. Mitch along with his coworkers at the Williams and Stazzone Insurance Agency has been specializing in dealerships for nearly 30 years. We do not provide tax and/or legal advice. Questions can be directed towards 800-868-1235 and info@wsins.com.
NEED SOME EXPERT ADVICE? FIADA'S directory of Associate Members can help your dealership grow and succeed. Check out our "Dealer Service Providers" section under the Resources tab at www.FIADA.com. 24 — Independent Dealer — January 2017
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LEGAL ROUND-UP
A Look At Current Legal Issues BY THOMAS B. HUDSON AND NICOLE FRUSH MUNRO, HUDSON COOK, LLC
A monthly collection of selected legislative and regulatory highlights, and a recap of some of the many auto sale and financing lawsuits followed each month. COMPLIANCE TIP We saw yet another case last month involving a dealership whose computers were misaligned, causing the disclosures required by the Truth in Lending Act to appear where they didn’t belong. If you are having these alignment problems, it would be a lot less expensive to have some reprograming done than to fight off a consumer’s complaint that your disclosures were faulty. FEDERAL DEVELOPMENTS Time to Amend Your Pay Plan? On November 28, the CFPB issued Compliance Bulletin 201603 warning supervised financial companies that sales and production incentive programs for employees and service providers may pose risks to consumers and lead to violations of federal consumer financial laws when such programs are not properly implemented and monitored. The bulletin outlines existing CFPB guidance given in other contexts and highlights examples from the CFPB’s supervisory and enforcement experience in which incentives contributed to substantial consumer harm. The bulletin also describes compliance management steps supervised entities should take to mitigate risks posed by incentive programs. Where is the CFPB Going Next? On November 28, the CFPB announced its fall 2016 statement of regulatory priorities. Short-term priorities of particular interest to those in the auto sales and financing area: (1) the CFPB is considering a final
28 — Independent Dealer — January 2017
arbitration rule for spring 2017; (2) there is no timetable for the smalldollar rule or the larger participant rule for installment lenders, both of which might have some unintended spill-over effects on auto finance; (3) the CFPB expects to convene a Small Business Regulatory Enforcement Fairness Act proceeding focusing on companies that collect their own debts; (4) the CFPB is analyzing the results of a survey of consumer experiences with debt collection and testing to determine what information would be useful for consumers to have about debt collection and their debts and how that information should be given to them; (5) the CFPB continues its research on section 1071, which requires financial institutions to report information about credit applications by womenowned, minority-owned, and small businesses (the CFPB states that it is in its early stages of implementing section 1071 and is currently focused on outreach and research to develop its understanding of the players, products, and practices in the business lending markets and of the potential ways to implement section 1071). Long-term, the CFPB is looking at possible rulemaking for credit reporting and student loans. Of course, with the new administration, these priorities could change. Which Credit and Lease Transactions are Covered? On November 28, the CFPB and the FRB issued final rules on adjusting the thresholds for exempting certain consumer credit and lease transactions from the
Truth in Lending Act and Consumer Leasing Act. The Dodd-Frank Act provides that the TILA and CLA dollar amount thresholds must be adjusted annually by any annual percentage increase in the consumer price index. The final rules say that if there is no annual percentage increase in the CPI, the CFPB and Board will not adjust the prior year’s thresholds. The final rules also provide the agencies’ calculation method for adjustment in years after a year in which there is no annual percentage increase in the CPI. Based on the CPI as of June 1, 2016, the exemption threshold remains at $54,600 through 2017. Therefore, TILA and the CLA generally will apply to consumer credit transactions and consumer leases of $54,600 or less in 2017 - the same as the 2016 thresholds. CASE OF THE MONTH Buyer Stated TILA Claim against Dealership and Finance Company for Failing to Disclose Additional Finance Charges Included in Inflated Sales Price An individual went to a dealership and for $14,995 bought a used car with 103,724 miles on it and a history of front-end damage. The vehicle’s MSRP when it was new in 2007 was $14,295, and the NADA and Kelley Blue Book retail prices for the vehicle ranged from $5,000 to $6,000. The buyer agreed to an interest rate of approximately 24% in the retail installment sale contract. After the buyer experienced problems with the car that the dealership was unable to fix, she sued the dealership and the www.fiada.com
finance company to which her finance contract was assigned for violating the Truth in Lending Act, among other laws, by failing to disclose all financing charges. Specifically, she alleged that the sales price of the car was inflated to hide additional financing fees within the sales price. The defendants moved to dismiss. The Virginia federal trial court concluded that the buyer adequately alleged a claim that the defendants inflated the sales price of the car because it was financed, not purchased with cash. The court noted that the "excessive sales price in relation to the NADA and Kelley Blue Book value creates an inference that the dealership would not truly charge the same price to a cash customer, and thus failed to disclose the true extent of the financing charges." Therefore, the court refused to dismiss the TILA claim against both defendants. See Harold v. TMC Enterprises, LLC, 2016 U.S. Dist. LEXIS 142928 (W.D. Va. October 17, 2016). Tom (thudson@hudco.com) and Nikki (nmunro@hudco.com) are partners in the law firm of Hudson Cook, LLP. For information, visit www.counselorlibrary.com. Copyright CounselorLibrary.com 2017, all rights reserved. Single publication rights only, to the Association. (2/16). HC# 48488454-3277.
FIADA is your number one source for advice and information. Our network of industry veterans, professionals and consultants can help you find the answers you are looking for. Members can call or text us anytime at (800) 237-0448 or access our online resources anytime at www.FIADA.com.
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INDUSTRY NEWS Motor Vehicles Sold by Religious Institutions and Nonprofit Organizations Providing Benefits to Minors Tangible personal property, including motor vehicles, sold by a qualified religious institution with an established physical place for worship at which nonprofit religious services and activities are regularly conducted and carried out, is exempt from sales and use tax under Florida law. Qualified religious institutions are identified on their Florida Consumer’s Certificate of Exemption (Form DR-14) issued by the Department under the Exemption Category as “Religious-Physical Place.” Florida law also exempts the sale of donated property, including donated motor vehicles, by nonprofit organizations whose primary purpose is to provide special educational, cultural, recreational, and social benefits to minors. These qualified nonprofit organizations are identified on their Florida Consumer’s Certificate of Exemption under the Exemption Category as “Org Benefiting Minors.” When applying for a title to a tax-exempt motor vehicle purchased from a qualified religious institution or qualified nonprofit organization, the purchaser may use Form HSMV 82040, Application for Certificate of Title With/Without Registration to document the exemption. This form is available through the Florida Department of Highway Safety and Motor Vehicles, a county tax collector, or a tag agent. Complete the Sales Tax Exemption Certification section of the form by selecting “Other.” Include an explanation that the vehicle was purchased from a qualified religious institution
or from a qualified nonprofit organization providing benefits to minors and the organization’s Florida Consumer’s Certificate of Exemption number. These exemptions do not apply to sales of motor vehicles by other nonprofit organizations holding a Florida Consumer’s Certificate of Exemption. In addition, these exemptions do not apply to sales of motor vehicles by an auctioneer who receives compensation for conducting an auction for the qualified religious institution or qualified nonprofit organization providing benefits to minors. Purchases of Motor Vehicles by Nonprofit Organizations Florida law provides an exemption from sales and use tax on purchases of tangible personal property, including motor vehicles, by qualified nonprofit organizations holding a Florida Consumer’s Certificate of Exemption at the time of purchase. The motor vehicle must be titled solely in the name of the qualified organization and used by the organization for its tax-exempt purposes authorized by Florida law. The purchase of a motor vehicle jointly titled in the name of an organization holding a Florida Consumer’s Certificate of Exemption and a nonexempt party is subject to sales and use tax, whether the names of the parties are joined by “and” or “or” on the title.
U.S. DOT Accelerates Replacements of Takata Air Bag Inflators
The U.S. Department of Transportation’s National Highway Traffic Safety Administration issued an amended order today to continue the acceleration of recall repairs for millions of U.S. vehicle owners affected by the Takata air bag inflator recalls. The Amended Coordinated Remedy Order sets requirements for when automakers must have replacement parts available for customers and sets progress and completion deadlines for replacements of the defective parts which have been responsible for 11 deaths and approximately 180 injuries in the United States. There are currently 46 million recalled Takata air bag inflators in 29 million vehicles in the United States. Under the Amended Consent Order issued to Takata in May 2016, automakers will be required to recall additional inflators over the next three years, ultimately affecting approximately 64 to 69 million inflators in 42 million total recalled vehicles. Ultimately all frontal Takata inflators using non-desiccated 30 — Independent Dealer — January 2017
phase-stabilized ammonium nitrate (PSAN) will be recalled. The full list of vehicles that are currently affected or will be affected by future Takata recalls is available here. The recall and remedy schedule mandated by NHTSA ensures that vehicles with defective air bag inflators are recalled and have replacement parts available before they present a significant risk to vehicle occupants. This is the largest and most complex safety recall in U.S. history. NHTSA has worked to increase consumer awareness of the recalls and encourage vehicle owners with open recalls to take action. The Agency launched its Safe Cars Save Lives campaign in January, and conducted a five-state, ten-city bus tour — through the highest risk areas for Takata air bag ruptures — to find vehicle owners with open recalls and raise awareness of the SaferCar.gov VIN lookup tool. More information on the recalls can be found at www. nhtsa.gov. www.fiada.com
2016-2017 FIADA EXECUTIVE COMMITTEE:
LISA COMPAGNO President Palm Tree Auto Sales Stuart, FL (772) 288-2099
JIM WINTERICK, SR. Chairman of the Board Gulfstream Motor Credit Miami, FL (305) 253-2335
STEVE MARBAIS, CMD GEORGE HICKEY Regional Vice President Regional Vice President Bond Auto Sales, Inc. Marbais Enterprises, Inc. Ocoee, FL Tampa, FL 33604 (407) 877-7422 (813) 238-7478
CHRISTOPHER LEEDOM BRAD JOEL Secretary Treasurer AutoMaxx Splish Splash Auto Sales Sarasota, FL Princeton, FL 33032 (941) 309-1111 (305) 258-1191
BRANDI NOEGEL DINO MERCURIO Regional Vice President Regional Vice President Noegel’s Auto Sales Independent Credit, Inc. Starke, FL West Palm Beach, FL (904) 964-6461 (561) 686-8673
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FRANK FUZY Regional Vice President Century Motors of S. Fla., Inc. Pompano Beach, FL 33064 (954) 785-0369
SCOTT LANIER, CMD Senior Vice President Credit Cars Orlando, FL 32808 (407) 295-6211
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January 2017 — Independent Dealer — 31
MANHEIM FLORIDA ALWAYS NEARBY.
Manheim Daytona Beach 1305 Indian Lake Road Daytona Beach, FL 32124 386.255.2500 Sale: Wed 3 PM Total Resource Auction every Wed 2:30 PM Manheim Fort Lauderdale 5353 S State Road 7 Davie, FL 33314 954.791.3520 Sale: Fri 9 AM Total Resource Auction Tue 9 AM Ford Open Sale every other Fri Manheim Fort Myers 2100 Rockfill Rd Fort Myers, FL 33916 239.476.9800 Sale: Wed 4 PM Total Resource Auction every other Wed 3 PM Specialty Sale last Wed monthly 2 PM Galloway Direct Off Site Sale 2nd & 4th Tues 12 PM Manheim Jacksonville 10817 New Kings Rd Jacksonville, FL 32219 904.768.9981 Sale: Thurs 1 PM Total Resource Auction every Thurs 12:40 PM Manheim Lakeland 8025 N State Road 33 Lakeland, FL 33809 863.984.1551 Sale: Wed 2 PM Specialty RV/Boat Sale 1st Wed monthly 9 AM
32 — Independent Dealer — January 2017
Manheim Orlando 11801 W Colonial Dr Ocoee, FL 34761 Sale: Tues 9 AM Highline Exotic Sale Kicks off every 4th Tues 11 AM with Mercedes & BMW Chrysler Closed Factory Sale bi-weekly on Mon 12:30 PM GM Closed Sales bi-weekly on Mon 1 PM Nissan Infiniti Closed Sale 1st Wed monthly 9 AM Manheim Palm Beach 600 Sansbury Way West Palm Beach, FL 33411 561.790.1200 Sale: Thursday 9 AM Exotic Highline Sale every 4th Wed 9:30 AM Manheim St Pete 14950 Roosevelt Blvd Clearwater, FL 33762 727.531.7717 Sale: Thurs Weekly 2:30 PM inops Regular Sale 3 PM Manheim Tampa 401 S 50th St Tampa, FL 33619 813.247.1666 Sale: Thursday 9 AM Total Resource Auction Mon 9:30 AM at Cone Road location Ford Factory Sale every other Wed 10 AM Manheim Caribbean 1050 Carretera 865 KM 4.7 Bo. Candelaria Toa Baja, PR 00949 787.261.7300 Sale: Thurs 12 PM Salvage Sale Thurs 11 AM
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Manheim Central Florida 9800 Bachman Rd Orlando, FL 32824 407.438.1000 Sale: Wed 9 AM Total Resource Auction Wed 8:30 AM “Manheim Imperial Nights” Sale Tues 4 PM Specialty Heavy Truck & Equipment Sale Second Thurs Monthly at 10 AM
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