Dealer News – June 2024

From December 2021 to December 2022, reported thefts rose by 50% in cities like Atlanta, Georgia, and El Paso, Texas, while it tripled in Dayton, Ohio. In 2022 alone, more than one million cars were stolen. That’s about two vehicles stolen every minute.

With fraud losses growing rapidly it begs the question: Exactly who should address the issue? The dealer? Lender? Technology service provider? The answer is most likely all of the above.

State Senator Maria Collett introduced a cosponsorship memo for increased financial disclosures and mandatory cooling-off periods. The legislation has not been referred to a committee yet. MIADA is actively educating the legislature about the potential burdensome requirements of this memo. Additionally, the House unanimously passed House Bill 816, requiring photo evidence of violation for removing a vehicle in Philadelphia. The bill is now on its way to the Senate for consideration, and MIADA will continue to monitor its progress.

Dealers should re-examine their compliance protocols in certain key areas to avoid CARS from being used against them.

Technological innovation, data-driven processes, improved compliance reporting and the overall sales approach process have made us better.

Here’s our monthly article on selected legal developments we think might interest the auto sales, finance, and leasing world. This month, the developments involve the Department of the Treasury, Senate and House Committee Chairs, Federal Communications Commission, and the Consumer Financial Protection Bureau.

Video messaging offers a straightforward method to communicate with customers easily and quickly, while car dealers can save time.

In marketing and sales, the crux of where numbers meet human interaction, we often see process improvement needs to catch up to other areas in the business.

To help protect your business, make sure you’re verifying that your customers’ insurance is active and adequate before you had them the keys to test drive, pull their new auto off the lot, or take your service loaner for a spin.