O f fi c e r s ’ M e s s a g e

officers’ message

Staying on Top of Compliance

by Eddie Hale

Neighborhood Autos (Decatur) TIADA TREASURER

Prior to our quarterly meeting, we ask each officer of the association to call at least two members and spend some time visiting with them about the industry. By doing this, we want to ensure we are addressing their needs as an association. As elected officers we feel it is important to make sure we are representing the members of this association, and what better way to do that than to find out what the members are thinking.

The names of members to be called are selected randomly by the TIADA staff and provided to each officer about two weeks prior to the meeting. During the board meeting, each officer reports back to the full board on their phone calls. This gives us a chance to hear from 26 different members; it is sort of our state of the industry report.

I was thrilled to hear how well dealers were doing last year. With all the uncertainty in the world I assumed most of my phone calls would be doom and gloom, but outside of finding inventory and wholesale prices, the industry seemed to be fairing quite well. I was also excited to hear the feedback on the great job the association was doing supporting dealers and addressing industry concerns.

As wholesale prices are starting to adjust and we all become more accustomed to finding inventory online, I am hearing a new concern: What should we expect from the new administration in D.C. related to industry regulation, namely the Consumer Financial Protection Bureau and the Federal Trade Commission? As someone who has been in the business for some time, I can tell you the only certainty is that things are going to change. I don’t know if things will be better or worse, but things will definitely change; they always do and they always will.

When I talk to dealers today about the concern of new regulations, or a more aggressive regulatory environment, I emphasize that every dealer must have someone at the dealership who is committed to overseeing compliance. This doesn’t mean to delegate and forget about it. If you are the owner or the GM and you are not the compliance person, you need to meet with your compliance person regularly. Make sure they not only have the tools they need, but also access to the appropriate people to address compliance issues. This could include online and in person education, blogs, compliance emails, websites, etc. TIADA sends a fantastic industry update email the first and third Thursday of every month. Make sure your compliance person is receiving that email, reading it, and sharing it within your organization.

We have been focused on compliance for years at

TIADA has been one of the many resources we use to stay compliant and I encourage you to do the same.

our dealership, and we didn’t let our guard down over the last four years. We continued to attend industry conferences and strived to stay abreast of best practices. TIADA has been one of the many resources we use to stay compliant and I encourage you to do the same. Use your association to help you stay compliant. The Compliance Consultation Service is one of the most used benefits and it only takes a few minutes to submit your question online through the website or to pick-up the phone and give them a call at the office. And if we aren’t addressing your needs, the phone works both ways so feel free to give one of the officers a call — we would love to hear from you.

635 Fritz Dr. Ste 210 Coppell, TX 75019 469-637-0150

Happenings in the Industr y…

T I A DA ’ s M a r v i n N o r w o o d S c h o l a r s h i p

In 2015, TIADA’s academic scholarship was formally renamed the Marvin Norwood Scholarship in honor of Hall of Fame inductee Marvin Norwood from Abilene Auto Sales. Marvin, who passed away in 2013, was an avid supporter of the scholarship program. $1,000 in financial assistance will be awarded to a deserving applicant who is entering or currently enrolled in an accredited college or a trade school. Application (see page 13) and required documents must be received by May 10, 2021.

N I A DA Fo u n d a t i o n S c h o l a r s h i p s

The NIADA Foundation promotes the academic growth of youth throughout the United States and awards scholarships annually in June at the NIADA convention. The competition for all students is judged by Northwood University, who narrows the field of competitors down to four candidates representing each of NIADA’s four regions for the regional scholarship and also selects the national scholarship recipient. Application is available at NIADAFoundation.org and must be postmarked no later than March 9, 2021 and received no later than March 26, 2021.

Meet Earl Cooke

TIADA is happy to introduce you to Earl Cooke who joined the TIADA staff as the Director of Compliance and Business Development at the beginning of the year. Earl joins us from the West Virginia Legislature where he audited state agencies and worked as committee counsel. Prior to earning his law degree from the University of Georgia, Earl spent almost two decades working at car dealerships holding various titles including Finance Manager, Finance Director, Sales Manager, and Salesperson. During law school, Earl focused his practical training on the automotive industry by interning with the National Automobile Dealers Association’s Regulatory Affairs Division, the Florida Automobile Dealers Association, Asbury Automotive Group’s legal and compliance department, and working as a law clerk with Kurkin Forehand Brandes LLP, a small boutique law firm that specializes in representing automobile dealers. Having Earl on staff will strengthen TIADA’s ability to address compliance issues to better serve our members.