Information and Insight for Florida Used Car Dealers
JANUARY 2018
www.FIADA.com
It's a new year and the right time to connect with your fellow dealers, uniting under a common industry and cause. Discover just what the FIADA is all about and join us in the journey. Page 4
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January 2018 — Independent Dealer — 1
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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 Scott Lanier, CMD President Brad Joel Senior Vice President Lisa Compagno Chairman of the Board
Contents January 2018
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 Scott Lanier, CMD
6
Executive Director’s Message Lisette Mariner, CAE
George Hickey Regional Vice President
8
Membership News
Steve Marbais, CMD Regional Vice President
10
Back to Basics Terry Myers shares from experience why proper succession planning is a must-do for any business.
12
Let's Talk About Selling Your Business A companion article with this month's Back to Basics column, Attorney Barry D. Siegel offers key advice for those thinking about closing shop.
Jenay Rhoads Secretary Phil Risley Treasurer Frank Fuzy Regional Vice President
Brandi Noegel Regional Vice President Jim Winterick, Sr Regional Vice President FIADA STAFF Lisette Mariner, CAE Executive Director Terry Myers Educational Instructor Jason Berthiaume Education and Marketing Manager Victoria Sams Membership Manager 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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14 Good Friends and Good Service Make Good Rides FIADA Quality Dealers Steve Zimmerman and Hoyt Roberts talk about how their partnership and shared values have built a respected, successful dealership. 18
Save the Date: Rewriting the Playbook 2018 NIADA, NABD and FIADA have joined together to offer a super-convention in Orlando this June.
20
5 Tax Issues for Small Business Owners to Consider at Year End While you are meeting with your accountant and closing the books on 2017, don't forget to review these potential issues.
22
Keys to Insurance FIADA Preferred Provider Kevin O'Connor explains the differences that might not be obvious between insurance carriers.
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
January 2018 — Independent Dealer — 3
FROM THE PRESIDENT
It's Tax Time Once Again BY SCOT T LANIER, CMD, FIADA PRESIDENT
W
Are you on their computer screens, or mobile devices? ell, it's finally here, our favorite time of the Check out this stat—81% of the web traffic we receive comes year...tax time! Are you prepared, did you plan from mobile or hand held devices. Do you have a mobile accordingly, and are you ready to execute your application for your website? If not, your neighbor next door plan? This has always been a great time to be a dealer in may have an advantage over you. Florida. The weather is cool and there is a lot of excitement because our customers have money to spend. BHPH dealers are happy because their customers are getting caught on up on their past due accounts from the holidays and new This has always been a great time to be a dealer customers have some down payment in Florida. The weather is cool and there is a money!
lot of excitement because our customers have money to spend.
All good things, but are you ready? Did you go stock your lot full of vehicles? Do you have the employees in place and are they well-trained? How about the servicing and reconditioning of all those vehicles you bought? Is all your paperwork and are your computer systems up to date and compliant? Have you previously had a compliance audit or a forms audit? These a few are the housekeeping items that make you successful for the long term. Selling more vehicles means having more issues, unless you are prepared.
In the past, we enjoyed a much longer tax season than we do today. I can remember when business would pick up at the end of January and remain strong until the middle of May. Unfortunately, those days are gone. With technology comes speed and efficiency, and that's what we have today with the electronic transfer of money and tax forms. Our customers know when, and how much they are getting, to the dollar and the day, and they are online figuring out how to spend it. 4 — Independent Dealer — January 2018
FIADA has the answers and help you need for any and all the issues related to being a dealer. Whatever you need we are here to help. From software, insurance, legal and accounting, to electronic titling and registration and everything in between. We are the one stop shop for all your dealer needs. FIADA serves all the 8,000 dealers across the great State of Florida. Be proud to be a dealer and support the industry that supports you. The $325 annual investment will be some of the best money you'll ever spend. Cordially, Scott Lanier FIADA President www.fiada.com
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EXECUTIVE DIREC TOR’S MESSAGE
What FIADA Really Does BY LISET TE MARINER, CAE, EXECUTIVE DIRECTOR
A
s we kick off the new year, I am reminded that not everyone is clear on what the FIADA does and who we are. Here are a few myths I’ve heard through my tenure with FIADA that I would like to set straight. Myth #1: FIADA is a government agency that regulates dealers or we only represent buy here-pay here dealers. Fact: FIADA is a non-profit organization, established in 1940 by a group of dealers that wanted to look out for the best interest of independent dealers. Since then we have stopped several regulations that would have brought independent dealers to their knees like the used car lemon law, far reaching recall legislation, and most recently a used tire bill that would have left dealers holding the bag on liability for used tires. We represent all dealers in the state of Florida. Myth #2: FIADA can’t help me, I only sell a few cars. Fact: FIADA provides many resources; whether it’s education for license renewal, coupons to save money at the auction, or a hotline to answer your technical questions. All dealers need help. It only takes one bad deal to put you out of business. FIADA educational resources along with those of NIADA help dealers keep in compliance and help you earn a profit.
Myth #3: FIADA has enough members, they don’t need me. Fact: There are 10,000 licensed dealers in the state of Florida and only 7 percent pay dues to help support the organization. Funding for the association to keep its doors open and continue to protect dealers, comes from dues, sponsors, education, and advertising. There are only three fulltime staff in the organization and only 30 percent is spent on administrative and operating expenses; the remainder is spent on programs and services for dealers. None of our board members receive financial 6 — Independent Dealer — January 2018
compensation to help run the organization. For less than $1 a day you can help keep FIADA solvent and protect your future! Myth #4: It’s too hard to use my benefits. Fact: In 2016, the board invested in having an app created to allow dealers to bring their money saving coupons with them. You don’t have to wait for the coupon book to come in the mail. It’s as easy as downloading the FIADA app in the Google Play store or the Apple App store. It’s free to download. Even if you’re not a member, the app works for you. It links to the calendar of events, allows you to register to attend and has direct links to our social media resources. You will need your username and password to access the members only coupons. If you are unsure what your username is, give us a call at (800) 237-0448 or email us at info@fiada.com and we can help you recover it. Myth #5: FIADA is a good old boys club, they’ll never listen to me. Fact: FIADA has many seasoned dealers and new dealers on the board of directors and participating in committees. It’s the members of the FIADA that decide the direction of the association. Participating in committees is easy. Most meetings are done via conference call. All members are encouraged to come to board meetings. They are held at least three times a year throughout the state. This year, Jan. 13 in Palm Beach, April 14 in Tampa and June 18 in Orlando. The October meeting date is currently to be determined, but likely to be held in Daytona Beach. I hope this provides a peek inside who we are and dispels some of those perceptions of who we are. Remember feedback and communications is key. We can’t help unless we know there is a problem. Call or text me at 800-2370448 or via email at lisette@fiada.com. I wish everyone a healthy and prosperous new year! www.fiada.com
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MEMBERSHIP NEWS
New Members
DECEMBER 2017
Renewing Members
DECEMBER 2017
AUTO HERO, INC. Boca Raton, FL Felix LaCroix Sponsor: Terry Myers
READY TO GO AUTO SALES INC. Ocala, FL David Davila Sponsor: Dealers Auto Auction
40+ Year Members Noegel's Auto Sales 30+ Year Members Parkway Auto Sales, Inc.
Homestead, FL
CRUZWITHME AUTO Clermont, FL Cruz Gonzalez Sponsor: FIADA Dealer Training School
VARCARS LLC Pinellas Park, FL Vagelis John Varlas Sponsor: FIADA
20+ Year Members DriveTime Sales & Finance Integrity Auto Sales, Inc. Marbais Enterprises, Inc. The Truck Junction
Tempe, AZ Port Orange, FL Ocoee, FL Sarasota, FL
HAZLY MOTOR Orlando, FL Haihang Liu Sponsor: Terry Myers
WADE CANTRELL Palatka, FL Wade Cantrell Sponsor: Terry Myers
PENN MOTOR SALES Altamonte Springs, FL Michael Huska Sponsor: FIADA
WESTWIND COACHWORKS, INC. Jacksonville Beach, FL Judi Bolinger Sponsor: Terry Myers
10+ Year Members Automotive Fleet Enterprises Dixie Motors LLC Family Auto Mart, Inc. First Coast Auto Sales Instant Wheels Used Cars Reliable Used Cars, Inc. dba Deland Reliable Cars Sheriffs Ranches Enterprises, Inc.
Pinellas Park, FL Live Oak, FL Melbourne, FL Jacksonville, FL Jacksonville, FL Deland, FL Live Oak, FL
RANEYS TRUCK PARTS INC Ocala, FL Mark Raney Sponsor: Terry Myers
WORLD'S FINEST AUTO SALES LLC Brandon, FL Ronald Durham Sponsor: FIADA
Rejoining Members
NOVEMBER 2017
TUCKER AUTO SALES, INC. Orlando, FL Joe Bell Sponsor: FIADA
Under 10 Year Members Ace Motor Acceptance Corp. Berlin Motors Elite Jeeps Inc. Get Financed Haines Creek Auto Sales HBK CPAs & Consultants Hertz Car Sales HH Sales, LLC Local Perk, Inc. dba MLC Motorcars Midnite Motor Classics Nations Trucks Orlando Auto Auction Owl Automotive Group Inc Presidential Leasing Inc US Auto Sales Whites Leasing
Starke, FL
Matthews, NC Fort Lauderdale, FL Cartersville, GA Miami, FL Leesburg, FL Canfield, OH Winter Park, FL Jacksonville, FL Sarasota, FL Margate, FL Sanford, FL Celebration, FL Longwood, FL Delray Beach, FL Lawrenceville, GA Orlando, FL
GOT A TECHNICAL QUESTION AND NEED SOME ADVICE?
Use the R.E.D. Phone! FIADA is your number one source for advice and information. Technical questions, legal questions, regulatory questions...bring them on!
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 24/7 at www.FIADA.com. It pays to be a member!
REPRESENTATION | EDUCATION | DEDICATION—FIADA! 8 — Independent Dealer — January 2018
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January 2018 — Independent Dealer — 9
BACK TO BASICS
Yes, You Can Take it With You—But Only If You Plan Now BY TERRY MYERS
Though you might not want to think about it, bad things can happen. Avoid potential disaster for your family and loved ones by taking the time now to prepare for the worst later.
Y
ou worked hard to get where you are and will continue to do so to get where you want to be.
TRUE STORY…Like any successful business, good results only happen when we plan ahead. There is no forgiveness, should we ignore the unforeseen.
During my 30 years in life insurance and estate planning, I was referred to and had the privilege to meet with a young couple. Both in their latetwenty’s, with two daughters, age 6 and 8. She was a nurse and he was part owner, with his two brothers in a very successful family-owned business, passed down by Dad and Mom. Once we finished implementing their personal family planning, we talked about the importance of business planning to incorporate the future sale of his one-third ownership, hopefully many years in the future, income sources should he become disabled, and/or the passing of value of his one-third for the care of his wife and daughters, should the unwelcome, dying too soon, happen. Should he become disabled or die too 10 — Independent Dealer — January 2018
soon, his wife would not be able to leave her nursing career and replace him at the shop. The brothers would not want her as a new partner and she would prefer the option to evolve in her nursing career while not worrying about house payments and/or the future care and education of their two daughters until they were grown and on their own. He agreed and realized the obvious ongoing needs related to his wife also, becoming disabled or dying too soon. He agreed that meeting with his brother-partners to explore options for the business as well as their families was worth pursuing and he would try to arrange a time to meet and discuss with them further. While Dad and Mom were no longer owners, they still made their presence known. Upon meeting with the brothers, they also thought the idea worth at least a meeting. Dad and Mom, however, inserted their thoughts and insisted that there was no need for anything like this. Their comment was. “You don’t need to worry about any of that. We will see to it that your wife and our granddaughters will be well taken
care of, should anything happen.” The meeting never materialized. Less than three years later I get a call that he contracted a terminal disease. After a long battle in the hospital, with his wife caring for him in their home for many of his last months, until he passed away. The girls were now 9 and 11. Unfortunately, financial consideration, ongoing income, etc. did not materialize from his onethird of the business. No formal plan was ever instituted, and the only real option would have been to drag Grandpa, Grandma and the uncles into court, which would have been nasty personally and legally. She did not want to pursue that avenue for the sake of the girls. Fortunately, the personal planning left the family with funds to assure the home was paid for, both daughter’s care and educational needs were able to continue and the wife’s desire to further her nursing education and career was able to be pursued and then realized. She was able to become the main breadwinner and subservient to her www.fiada.com
deceased husband’s family. Dad’s desire for his family’s future care in his absence was able to be realized. His desire for the value of his share of the family business to be passed along for his family’s benefit was not realized. We all leave the business. We walk away, get wheeled away or are carried away. If one of these happened to you today or worse yesterday, what legacy awaits you and your family? The moral of the story is, yes, you can take it with you, but only if you plan now!
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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To explore this topic a little further, I asked my attorney, Barry Siegel, to share some pertinent information with all of you. My advice for the new year is to read it and make business succession planning one of your top goals. Remember, what you know makes you money. What you don’t know costs you a fortune
Download the FIADA app now to get access to all of your FIADA benefits whenever you need them: COUPONS CALENDAR OF EVENTS
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January 2018 — Independent Dealer — 11
MORE BACK TO BASICS
Let's Talk About Selling Your Business BY BARRY D SIEGEL, ESQ
Are you ready to retire? Or maybe just ready to get out of the business? Consider these suggestions before you decide to sell to maximize your gains.
Y
ou're selling your business. What should you watch out for?
As our population ages, more and more business owners are looking to sell their business. Some want to cash out and retire. Others want to bring in employees as owners and stay involved in the business. And others would like to transfer the business to the next generation of family members. In this article, we will look at the client of a colleague who wanted to cash out and retire. Max had been running a small manufacturing company for over 25 years. He bought it when he was "downsized" out of a major corporation. The first 5-6 years in business were a struggle. Max fought to turn the company around and establish the business as one of the leaders in his market niche. For the next 20 years he ran a successful, but tiring business as he adjusted to new market realities, changes in laws and technology, and selling to a global market. While successful, Max was tired. He just did not have the energy to continue the good fight. And 12 — Independent Dealer — January 2018
truthfully, he wanted to spend more time with his grandkids (and maybe a little more time on his fishing boat.) He contacted his business lawyer for advice on selling his business. His lawyer, pulled together a team, consisting of Max's CPA and financial advisor. The lawyer also brought in a business broker. Here are some of the key pieces of advice that this team provided to Max: 1. Do a general clean up exam on the business (often called "due diligence"). Make sure your profit and loss and balance sheet are in a form that an investor can understand and count on. Make sure contracts with key suppliers, customers and employees are up to date. Look for operational weaknesses and see what can be done to create strength in these areas. 2. Keep yourself and your management team focused on operating the business. It often takes a while to sell a business and you may have to go through the sales process more than once to complete a transaction. Making sure that the business continues to be well run and profitable is a key to maximizing
value. Remember, it is not easy to sell a business. But it is much harder if the business starts to decline because of unfocused management. 3. Look at the cost of taxes. Most business sales result in tax. In most cases, there are alternate ways to structure a deal to minimize tax to the seller. However, these often create more tax for the buyer. Both sides will be looking at ways to factor tax savings into the overall price. 4. Understand your own financial picture. Many owners have had good lifestyles supplied by their business. Be sure to work with your financial planner to make sure you will have enough money from the sale of the business to make up for the loss of income from the business. 5. Think about life after sale. Will you continue with the business as an employee or consultant? Will you take another job? Volunteer? Do you have hobbies that will keep you involved and interested? Many owners have second thoughts about selling when they don't have a clear picture of the future after they sell their business. Of course, everyone's situation is different. But if you are thinking about selling your business, these are certainly some of the items you will want to consider. If you would like more information, contact BarryD Siegel, Esq. at (855) FLA-ESTATE. The information contained in this article is general by its nature. For that reason, no one should take any action until having consulted a competent professional advisor or advisors. Nothing contained in this article was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties under the Internal Revenue Code. Taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter.
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January 2018 — Independent Dealer — 13
D E A L E R F E AT U R E
Good Friends and Good Service Make Good Rides BY CHRIST Y TAYLOR
Steve Zimmerman and Hoyt Roberts work as a team to provide a positive experience for customers and have been recognized as the FIADA Quality Dealer of the Year.
S
teve Zimmerman and Hoyt Roberts first crossed paths around 15 years ago. Steve had just moved from New York and went to work at a local Toyota dealership where Hoyt was a wholesaler. The two became quick friends and eventually decided to try working as partners, on their own.
“We stayed at that location for three years and just ran out of room,” Steve said.
“We offer the right product at a fair price, and it seems to work,” Hoyt said.
Now, Good Rides, Inc. has two locations with a retail store in Port St. Lucie and a truck center in Stuart. They keep inventory in the $8,000 to $10,000 range with trucks edging closer to $15,000. The lot in Stuart is larger and is better suited to hold trucks and larger vehicles, which are always in high demand. This past year, Good Rides sold 700 units to people in the Treasure Coast area.
With an estimated 30 to 40 percent of their business coming from repeat customers, it looks like that philosophy works. Good Rides also has a strong referral business which they attribute to their reputation and dealership’s culture. They put a branded license plate with their slogan “Buy, Sell, Trade” on every car they sell and are happy to see them all the time driving around town.
They started out with what they knew best, wholesaling cars. Things were working well with that business model but both thought it might be time for something more. One Saturday “People know us. afternoon in 2004, We really try to go the extra mile. Sometimes it We are known for Hoyt called Steve treating customers and asked him costs us a little more, but in the end it's worth it." the way we want to meet him at a —Steve Zimmerman, FIADA Quality Dealer to be treated and potential lot on making it an easy Indian Street in and comfortable Stuart where they experience,” Steve said. “I’m proud could set up a retail store. of our reputation. I’m not ashamed “We stand by what we sell, make the to go anywhere and run into one of “We had been buying and selling customers as happy as we can and our customers.” for dealers in town and we were get the cars as ready as possible,” just doing the same thing in a Steve shared as the secret to their Good Rides’ 11 employees help smaller way,” Hoyt explained. “We success. “We aren’t the run of the mill create that positive environment were getting a little bored with it dealership. We really try to go the as well. Many have been with the and thought it might be time to do extra mile. Sometimes it costs us a something different.” little more, but in the end it’s worth it.” Continued on page 16. 14 — Independent Dealer — January 2018
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GOOD RIDES continued from Page 14.
company since the doors opened. Steve and Hoyt agree that they could not function without their staff and are committed to creating a workplace where everyone is taken care of and treated fairly.
said. “It is the fruit of 15 years worth of hard work and high standards we have set for ourselves and our employees.”
“Happy employees equal happy customers,” Hoyt said.
“We’re just trying to do the right thing; selling cars and taking care of the customers. We always try to do the right thing,” Hoyt said.
Good Rides consistently gets excellent reviews on Google and Facebook and has been recognized with the Presidential Award from Westlake Financial. They have also celebrated a 10-year partnership with AFC and are a Carfax certified dealer. Their biggest honor came this October when FIADA named them the Quality Dealer of the Year at the Annual Convention. Steve said it took some time to sink in on what an accomplishment that was.
Good Rides has been FIADA members for six years and believe in the benefits of membership. They say it is well worth the dues for many reasons, like knowing that someone in the industry is looking out for the well-being of independent dealers. Add to that the knowledge and education available on such a variety of topics from state laws to legal questions and the coupons and the membership more than pays for itself.
“My reaction at first was, wow that is a really nice honor but, then I realized how big of an honor it is! There is so much competition out there and to be recognized by your peers like that is just so terrific. Hoyt and I weren’t expecting it,” Steve
“It’s not about money, it’s the value it brings,” Steve said. “We promote membership and have talked to people about joining. We wish the Association success and that membership keeps growing,”
Hoyt said. As citizens in their community, Good Rides has helped out by supporting youth and high school sports teams as well as the St. Lucie Mets, the local minor-league baseball team. They have also participated in Habitat for Humanity projects as well as support for Save The Chimps, a Fort Pierce based chimpanzee sanctuary that is one of the largest in the world. Beyond all the business success, Steve and Hoyt recognize their family as the motivation and inspiration behind their business. They also agree that it says a lot that they have been business partners, and friends, for such a long time. “We have been in business for 15 years and in this economy we have seen a lot of dealers come and go. I’m proud we have been together for so long,” Steve said. “I think the ultimate goal for all of this is to look in the mirror and ask yourself if you are the person you want to be. I can say yes to that, and that is what success is all about.”
2018 Is A Continuing Education Year
and FIADA has you covered! DMV requires that all Florida Dealers renew their Continuing Education credit every two years, and for many of you it's time to get your credits. Register at www.FIADA.com for an in person or online course that meets the requirements.
Online:
FREE for members $39.95 for non-members
$79 for members $99 for non-members
In Person: 16 — Independent Dealer — January 2018
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January 2018 — Independent Dealer — 17
18 — Independent Dealer — January 2018
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January 2018 — Independent Dealer — 19
B U S I N E S S O P E R AT I O N S
5 Tax Issues for Small Business Owners to Consider at Year End BY PAYCHEX
It's tax time. While you are meeting with your accountant and review your strategies, consider these potential issues.
C
hallenges and uncertainty abound as small business owners come to the end of 2017. We’ve identified five key taxrelated issues to consider as you plan for 2018.
Tax reform
Congress has grappled with an overhaul of the federal tax code, leaving the country trying to understand the outcome and making decisions challenging for future tax filings. You’ll have to use the best information available to plan for tax reform and its potential impacts on your business. Based on what we have seen come out of Washington, we might expect lower corporate tax rates and elimination of some business deductions.
Affordable Care Act filing
For tax year 2017, businesses defined as applicable large employers (ALEs) under the employer shared responsibility provision of the ACA must provide the Internal Revenue Service (IRS) with detailed reports of the healthcare coverage they offer. Unlike the previous two years, the IRS provides no transition relief in 2017 for how employers file or how they offer coverage. To avoid the risk of substantial penalties, perform your due diligence so 20 — Independent Dealer — January 2018
that the information on Forms 1094-C/1095-C is accurate and submitted on time. Additionally, the IRS will now enforce the assessment for the ACA shared responsibility provisions. It answers more questions about this part of the law online, where the agency provides: • • •
More specifics on how employers will know that they may owe a shared responsibility payment; Instructions on steps you should take in response to the payment notices; and Information that employers will begin to receive notices of a potential assessment for 2015 late this year, meaning some businesses will need to research these notices, correct any errors in previous filings, and communicate with the IRS while also preparing for current-year obligations.
Accelerated W-2 Form filing
2017 is the second tax year that the IRS has moved up the due date for federal W-2 filing: Jan. 31, 2018. The Social Security Administration indicated that the number of late W-2s filed in 2017 almost doubled compared with 2016, and the number
of corrections filed on Form W-2C increased more than 30 percent from last year. Ensure that you submit all W-2s on time to avoid late or non-filing penalties assessed by the IRS. For tax year 2017, seven more states — Arizona, Arkansas, Kansas, Maine, Missouri, Montana, and Nebraska — have joined 27 others in adopting the W-2 filing deadline of Jan. 31, 2018.
401(k) tax credit
The Credit for Small Employer Pension Plan Startup Costs, which provides a tax credit to eligible employers that establish a 401(k) plan, is again available to small businesses (with no more than 100 employees) who received at least $5,000 in compensation for the tax year. The IRS allows the credit — up to $500 a year for the first credit year and each of the following two tax years — to offset the costs of establishing an eligible plan and educating employees about it.
Qualified Small Employer Health Reimbursement Accounts
Congress established Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) in December 2016 as part of the 21st Century Cures Act. For small employers (non-ALEs) that don’t provide group health coverage, these arrangements provide a way to reimburse workers for the cost of individual insurance, and/or qualified medical expenses, on a pretax basis. A firm must provide the benefit to all eligible employees, have a notice requirement, and allow only employer contributions up to a fixed maximum amount. Paychex offers other helpful tips to advance the long-term success of small businesses. Find them at www.paychex.com/worx.
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January 2018 — Independent Dealer — 21
KEYS TO INSURANCE KEYS TO INSURANCE
Not All Carriers Are Insurance Predictions for Created Equal the New Year BY KEVIN O’CONNOR, CIC, CRM
Understanding the different types of insurance carriers and the requirements they must meet can help you greatly when choosing your dealers insurance policy.
BY KEVIN O’CONNOR, INSURANCE AGENT OF RECORD
II
t always amazes me when I • And last but not least… in the Department of Financial Services. ask excited a dealertowho their current event an insurance company am announce the resurrection of “Keys to theseitcompanies Being approved, difficult to find policies on dealers that never had anfails insurance ”company thefor manymust the state’s guarantee Insurance, a columnisI and wrote yearscomply in this with all of thein state’s issue past years. Thesefinancially, changes caused a number of vastmagazine majority throughout have no idea. The will step andFlorida pay claims. the 1990s and upinsurance until 2005. Theand regulations. rules insurance companies tofund withdraw frominthe market unfortunate reality that many relating toInthe column touched onisthe subjects insurance addition to compliance or limit what they offer causing a supply and demand issue dealers Florida just buy statutory needs ofinthe non-franchised motor vehiclerequirements, dealer. the statewhich must subsequently approve raised rates. On the positive side, the Non-Admitted carriers AKA required limits and don’t really care the companies rates and forms. insurance industry has record surplusorcapital thanks Non-Licensed Excess andin who their insurance is with… leasta quarterly edition Starting this month, we will beatdoing large part to lower than expected catastrophe losses over Surplus Lines Carriers until have We a loss. of thethey column. plan to discuss subjectsDealers such asbuying risk from admitted the last few years and increased investments yields. Most Known as the E&S market (Excess management ideas to help reduce your insurance carriers costs enjoyand several advantages: of the insurance industry analyststhese expect the trend of and Surplus) carriers operate Most of the people taking the time eliminate unnecessary claims, changes in insurance marketmust increasing • The carriers get state rates to slow even but reverse in the neartofuture. in allorstates Florida tends see to read this trends article in dopricing care about conditions, and coverage availability, approvalnew from theUnfortunately department therethem are nomore crystal balls to tell us what than other states due to who provides theirtocoverage. It’sindustry and more. products available the dealer to increase rates orexpect reduce in 2014. All we canunique do is keep a close eye on the to the challenges we face. important that you not only know coverage. industry and do ourHurricanes best to keepmake the readers this column buying of property who the company but you know This past year was is, a challenging year in our • business, In the event you feel likeofa claim ahead the curve. coverage very difficult. On the what type here of company theyAare. especially in Florida. new “wind modeling” system has been mishandled, you have liability side, the litigious nature of was implemented which completely changed the theway ability to file aOn complaint a personal note,the I wanted to thankwith the FIADA Board state coupled a transient Unlike regular automobile carriers look atinsurance, certain areas. Thiswith new the system department and they for the population of Directors vote of confidence in electing us creates problems withtheir the State of Florida doesn’t require identified that non-coastalwill areas gethad involved. Agent of Record. Our team of insurance professionals lawsuits. automobile dealers to have morean hurricane exposure than was specialize in your industry and make it our job to know Admitted or Licensed insurance previously believed and pricing how your business works and understand what your company to be in compliance. ofIpolicies were revised dealership needs to best protect your assets. We are Unlike regular automobile insurance, the State of think this is a huge mistake but that’saccordingly. The available for questions from any association member Florida require automobile dealers toour have a topic for another day. As a result, claims fromdoesn't whether they are clients or not and we will do best to an Admittedanswer or Licensed insurance company to be 50% of the dealers in the state are 2012’s those questions in a completely impartial manner. insured by Non-Admitted or Surplus inHurricane compliance. Lines carriers. This on it’s own isn’t Sandy had We hope that Keys to Insurance is an informative and necessarily a bad thing, but I think a devastating interesting column and proves to the readers that insurance it’s important that you understand effect on the Dealers can be fun. the differences. Open insurance • Lot There are no miscellaneous fees marketplace. Asover a and above the or taxes When these factors “scare away” a result, the insurance premium you are Kevin charged since of Dealers O’Connor Insurance Services, Inc. is the Admitted Insurance Carriers standard carrier, the E&S carrier carriers are now they are built into the approved FIADA Insurance Agent of Record. If you have insurance AKA Licensed Carriers or is allowed to write the policy and looking more closely at flood rate filings. related questions, contact FIADA at (800) 237-0448 or visit Standard Market Carriers save the day. This happens because exposure than ever before making • There are very few “grey areas” in the DIS website at www.dealersinsurance.com. These insurance carriers have an E&S carrier doesn’t have to go the coverage form since the state filed an application with and had to approve the forms. Continued on page 24. been by the Florida www.fiada.com 10 — approved Independent Dealer — January 2014 22 — Independent Dealer — January 2018
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January 2018 — Independent Dealer — 23
KEYS TO INSURANCE continued from Page 22.
through the approval process that an Admitted carrier goes through. They aren’t beholden to the state in regards to filed rates and forms which allows them to be more creative in the way they price the policy and how they provide the coverage. The following are unique points in the E&S marketplace: •
•
•
•
The insurance carrier is not compelled to comply with the state’s insurance rules and regulations. This allows them to charge what they want as well as put very limiting endorsements on your policy to protect their profitability. Many times these limitations are not disclosed at the time of sale and you don’t know you have them until a loss occurs. The quote will include taxes and fees such as inspection fees, policy fees, MVR charges. These fees are over and above the premium and non-refundable in the event you cancel the policy. If the insurance carrier becomes insolvent, there is no guarantee that your claim will be paid which could leave you responsible. If you feel like your claim was mishandled, you don’t have the ability to file a claim with the state.
This doesn’t make the E&S marketplace a bad thing. Many of the carriers are highly rated and financially secure companies. You could be insured by a standard carrier that is unrated or has a poor rating by AM Best or be covered by an E&S carrier that has AM Best’s highest rating. The state law requires that an agent uses due diligence to place your 24 — Independent Dealer — January 2018
policy in the Admitted market. Often times, the agent you are dealing with doesn’t have access to these markets. Even if they do have access, they may not be successful getting quotes. In these situations, the agent has no choice but to place the coverage in the E&S market. It doesn’t matter which market you purchase from, it’s always important to know what your policy covers. When forced to purchase your coverage from and E&S carrier, it becomes even more important to ask questions about the “fine print”. Ask questions like: • • • •
Does my policy cover me for wind and hail and if so how does my deductible work? Are there any limitations as to whom is covered while driving my vehicles. Are my vehicles covered for theft if my gate is left open or the keys were in the car? Am I covered if I repossess a vehicle?
•
Am I covered if I get in an accident in a non-owned auto such as test driving a customers car?
This list could easily go on and on. Make sure you are buying from an agent that understands the business. If they are forced to offer you a quote in the E&S market, be sure to quiz them on the points that are important to you. Don’t be afraid to ask to see the limitations the carrier built into the quote and determine if any of those may affect you. Like anything else, while price is important, buying something that doesn’t fit your needs can be much more costly. Kevin O’Connor and Dealers Insurance Services have been helping dealers with insurance needs for 27 years. He may be reached at (321) 285-9678 or online at www. dealersinsurance.com.
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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 Take a gander at the “Case of the Month,” in this article. In that case, a dealer successfully defended a claim by a buyer that the vehicle the buyer bought on an “as-is” basis came with an implied warranty. Dealers in most states can “disclaim” such warranties, as this dealer did, by using certain disclaimer terms in the sale documents. The law requires, though, that the disclaimer language be “conspicuous.” Take a look at your sale documents’ disclaimer language. Does it jump off the page at you? If not, maybe it’s time for a rewrite. FEDERAL DEVELOPMENTS Dealers Behaving Badly. On November 6, the FTC obtained a proposed court order settling allegations that a group of Southern California dealerships violated a 2014 administrative order prohibiting them from misrepresenting the cost and terms of vehicle financing and leasing in their ads. The current proposed order addresses similar advertising misrepresentations, in violation of the Truth in Lending Act and the Consumer Leasing Act. The order also provides for a $1.4 million civil penalty. Upping the Ante. On November 8, the CFPB and the FRB announced that they are increasing the dollar thresholds in Regulations Z (Truth in Lending) and M (Consumer Leasing) for covered consumer credit and lease transactions. The thresholds for 28 — Independent Dealer — January 2018
TILA and the CLA must be adjusted annually based on the increase in the consumer price index. Based on the annual percentage increase in the CPI as of June 1, 2017, TILA and CLA protections generally will apply to consumer purpose credit transactions and consumer purpose leases of $55,800 or less in 2018 - an increase of $1,200 from 2017. However, private education loans and loans secured by real property (such as mortgages) are subject to TILA regardless of the loan amount. Cordray Takes His Exit. On November 24, Richard Cordray resigned as director of the CFPB and appointed his chief of staff, Leandra English, as deputy director. A few hours later, President Trump appointed Mick Mulvaney, the director of the Office of Management and Budget, to serve as acting CFPB director until the Senate confirms a permanent director, setting up a conflict with Cordray's appointee. On November 26, English sued Mulvaney and the president in the U.S. District Court for the District of Columbia, asking the court to restrain Mulvaney from heading the CFPB until a permanent director can be nominated and confirmed. Two days later, the judge denied her request for a temporary restraining order, but has not yet issued a decision on the merits of her claim that she has the authority to serve as acting director of the CFPB. CASE OF THE MONTH "As Is" Statements in Bill of Sale and
Buyer's Guide Sufficient to Exclude Implied Warranty on Used Car that Became Inoperable Three Days After Purchase: A woman bought a used car "as is" from a dealership. The car worked for only three days before breaking down. The dealership offered the buyer $2,000 toward another car, but the buyer rejected the offer and sued. The dealer’s Bill of Sale and the Buyer's Guide both noted in large, capital letters that the sale was "as is." The trial court noted that there was no warranty, but it nevertheless awarded the buyer $1,500, reasoning that "a car should last more than three days." On appeal, the dealership argued that it had properly disclaimed all express and implied warranties. The Appellate Court of Illinois discussed Section 2-316 of the Illinois Uniform Commercial Code, which allows a seller to exclude implied warranties from a contract for the sale of goods. The statute provides that "unless the circumstances indicate otherwise, all implied warranties are excluded by expressions like 'as is', 'with all faults' or other language which in common understanding calls the buyer's attention to the exclusion of warranties and makes plain that there is no implied warranty." The appellate court also discussed Section 2-608 of the Illinois UCC, which provides the circumstances in which a buyer may revoke acceptance www.fiada.com
of a purchased good. The appellate court reasoned that the buyer had "no claim for revocation of acceptance based on a 'nonconformity' that substantially impaired the value of the vehicle … where [the dealership] effectively disclaimed any implied warranties and sold a used car … 'as is' because the condition of the vehicle - a used vehicle in 'as is' condition did, in fact, conform with the parties' agreement."
Practice Note: Some states prohibit the disclaimer of implied warranties. For those of you in Illinois, note that the Legislature recently enacted a law which disallows disclaimers of implied warranties in most used vehicles sales. Illinois House Bill No. 4377 amends Illinois’ Consumer Fraud and Deceptive Practices Act to require generally that dealers provide a limited 15 day/500 mile warranty on the sale of most used vehicles. Dealers are prohibited from disclaiming the UCC warranty of merchantability during this limited warranty period. Additionally, an agreement for the sale of used vehicles subject to the law must include a detailed disclosure as set forth in the new legislation. See 815 ILCS 505/2L.
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The appellate court concluded that using the term "as is" was sufficient for the dealership to disclaim the implied warranty of merchantability under Section 2-316 and that the buyer had no claim for revocation of acceptance under Section 2-608. Therefore, the appellate court reversed the trial court's award of $1,500 to the buyer. See Boyd v. Steve's Key City Auto, 2017 Ill. App. LEXIS 665 (Ill. App. October 26, 2017).
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To To order, order, visit visit us us at at www.counselorlibrary.com/offer/spot www.counselorlibrary.com/offer/spot or or call call us us at at 877-464-8326. 877-464-8326. Also follow Also follow us us on: on: January 2018 — Independent Dealer — 29
INDUSTRY NEWS
NIADA Acquires Assets and Operations of NABD Merger Creates Succession Plan for NABD and a Mega-Conference for the Used Vehicle Industry The National Independent Automobile Dealers Association has acquired the assets and operations of the National Alliance of Buy Here-Pay Here Dealers and will merge NABD's conference and educational services into those of NIADA. NIADA closed on the acquisition Dec. 14, completing more than two years of review, strategic discussions and due diligence. The merger provides a succession plan for NABD, founded in 1998 by Ken Shilson. "We are thrilled to formally join forces with Ken Shilson, Ingram Walters and the entire NABD team as we move forward together with a long-term NABD succession plan," NIADA CEO Steve Jordan said. "NABD has provided a strong voice and specialized educational resources to more than 14,000 members over the past 19 years. I am pleased that the NABD legacy will live on within NIADA as we continue to develop new ways to serve the entire used motor vehicle industry." The NABD staff will transition into NIADA and continue in expanded roles to serve the needs of NABD members, NIADA members and the BHPH industry.
"Success in this industry is about working together," said Shilson, NABD's president. "It's about using our collective resources to help our members succeed. And that's exactly what we've done here. We're working together for the success of the used car industry, which is what this merger is about." NABD's Walters agreed that the deal embodies what NABD has always been about. "Our goal at NABD has always been the dealers' success," he said. "This combination will provide even more basis for that and an ongoing plan for their success." That plan includes merging NABD's National BHPH Conference into the NIADA Convention and Expo for a combined NIADA-NABD Mega-Conference set for June 18-21 at the Rosen Shingle Creek Resort in Orlando, Fla. A fall conference in Las Vegas is also under development, with plans to be announced in early 2018. For more information on the upcoming NIADANABD conference, visit www.niadaconvention.com or www.bhphinfo.com.
Average New-Car Prices Set Record High The analysts at Kelley Blue Book report the estimated average transaction price (ATP) for light vehicles in the United States was $36,113 in December 2017. New-car prices have increased by $583 (up 1.6 percent) from December 2016, while climbing 66 (up 0.2 percent) from last month. "Average transaction prices closed the year on a strong note, rising nearly 2 percent in December 2017 to set a record high," said Tim Fleming, analyst for Kelley Blue Book. "Incentive spending was a concern in 2017, averaging 10.4 percent of MSRP, but encouragingly, this
figure held relatively flat over the final quarter of the year. In 2018, interest rate hikes could be another concern, as they threaten to increase monthly payments for consumers; however, Kelley Blue Book anticipates they will help contribute to another down year of new-vehicle sales more than impact prices, which have steadily risen along with the economy since the recession." Transaction prices for all of 2017 also finished 2 percent higher than last year, slightly slower growth than 2015 and 2016, which was at 2.5 percent.
Representing Florida Did you catch the Dec. 18 "Retail Markets" interview with Used Car News featuring FIADA member Kathy Renee of Kathy's Kars in St. Petersburg last month? If you missed it, check it out online under the Back Issues tab at www.usedcarnews.com. 30 — Independent Dealer — January 2018
Don't Forget! We're still looking for members to share their hobbies, secret talents and amazing accomplishments with our readers. Send us a photo and tell us about it at info@fiada.com. www.fiada.com
2017-2018 FIADA EXECUTIVE COMMITTEE:
SCOTT LANIER, CMD President Credit Cars Orlando, FL 32808 (407) 295-6211
FRANK FUZY
LISA COMPAGNO
Chairman of the Board Palm Tree Auto Sales Stuart, FL (772) 288-2099
GEORGE HICKEY
STEVE MARBAIS, CMD
Regional Vice President Bond Auto Sales, Inc. Tampa, FL 33604 (813) 238-7478
Regional Vice President Marbais Enterprises, Inc. Ocoee, FL (407) 877-7422
JENAY RHOADS
PHIL RISLEY
Secretary Florida Auto Exchange Co., Inc Dunedin, FL (727)-796-2886
Treasurer Cars & Credit of Jacksonville Jacksonville, FL (904) 616-4074
BRANDI NOEGEL
JIM WINTERICK, SR.
Regional Vice President Noegel’s Auto Sales Starke, FL (904) 964-6461
Chairman of the Board Gulfstream Motor Credit Miami, FL (305) 253-2335
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Regional Vice President Century Motors of S. Fla., Inc. Pompano Beach, FL 33064 (954) 785-0369
BRAD JOEL
Senior Vice President Splish Splash Auto Sales Princeton, FL 33032 (305) 258-1191
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January 2018 — 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
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
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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
Salvage Sale Thurs 11 AM
32 — Independent Dealer — January 2018
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