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June 5, 2015 Volume 57
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ILLINOIS LEGISLATURE ENDS WITHOUT BUDGET AGREEMENT SESSION SPILLS INTO SUMMER
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The Illinois General Assembly ended its regular session on May 31st----without a deal on a BALANCED state budget. Without this budget agreement, lawmakers will return to the Capitol for special sessions to possibly negotiate a budget for the upcoming fiscal year.
It appears with an unresolved state budget deficit and a major political impasse on fundamental issues like tax increases, budget cuts and business regulations adjustments, the legislature could be in for a long summer hammering out these issues.
The legislature, controlled by the Democrats, approved a spending plan for fiscal year 2016 beginning July 1st that is $3---$4 billion short. The Democrats claim that Governor Rauner should agree to a tax increase in order to close the budget gap.
Governor Rauner has publically maintained that any tax increase MUST be accompanied with sweeping changes, such as, a freeze on property taxes, less expensive workers' compensation insurance for businesses and term-limits for politicians. This standoff between the Democratic leadership and the Governor has grown intense and personal-----it appears a long hot summer in Springfield is in store for everyone.
IADA will update the membership as any new developments occur at the Capitol.
UPDATE ON SUNDAY CLOSING LAW
We were successful this year to hold all three (3) pieces of legislation introduced by Senator Oberweis to open dealerships on Sunday in the Senate Transportation Committee. Senator Oberweis had introduced the following bills:
• SENATE BILL 1706---Allows for the sale of vehicles by dealers on Sundays if the dealer is a person who observes a religious day of worship other than Sunday.
• SENATE BILL 1780---Repeals the current Sunday Closing Law and allows dealerships to operate and sell vehicles on Sundays.
• SENATE BILL 1835---Allows for the sale of motor vehicles by dealers for no more than 2 hours on Sundays.
However, Senator Oberweis has told IADA that he will once again introduce these bills again next session. He is definitely on a mission to repeal this law which has been in place for over thirty years. Next year will be his third attempt on his personal crusade to open dealerships on Sundays. With all of Illinois fiscal problems, you would think the Senator would concentrate his efforts on those matters.
IADA would like to thank dealers and their employees for their calls, e-mails and notes to their legislators on this issue. If you happen to see your legislator during the summer, please continue to educate them on Sunday Closing----your input makes all the difference. |
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SUPERCHARGE YOUR DEALERSHIP PROFITS WITH AN INTENSIVE ONE DAY WORKSHOP
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 Join us at the DoubleTree by Hilton Chicago - Oak Brook on July 7, 2015 for a full day of learning how to use the Internet and technology to sell and service more vehicles, more profitably. In partnership with IADA, Digital Dealer Workshops Chicago will showcase game-changing strategies and best practices from top automotive industry experts.
Choose from 20 cutting-edge sessions to gain the knowledge and inspiration you need to map out an actionable growth strategy. IADA members receive exclusive partnership pricing.
To learn more about the Digital Dealer Workshops, click here. |
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KPA LAUNCHES SALES & FINANCE COMPLIANCE SOLUTIONS FOR DEALERSHIPS
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Safeguard your dealership with the KPA Sales & Finance Compliance Elements program. A comprehensive and cost-effective training and software solution, the industry-leading Elements program is designed to educate every individual involved
in vehicle sales and finance. From department heads to office staff, the Elements online-training program will impact how your dealership employees interact with consumers, market to consumers, and process deals.
Well-trained employees not only protect your dealership, they also portray a positive image to your consumers and produce better results for your dealership.
Click here to read more. |
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J.D. POWER ANNOUNCES AGREEMENT TO ACQUIRE NADA USED CAR GUIDE FROM FROM THE NATIONAL AUTOMOBILE DEALERS ASSOCIATION
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J.D. Power and the National Automobile Dealer Association (NADA) today announced an agreement under which J.D. Power will acquire NADA's Used Car Guide business, a premier source of used-vehicle values. The transaction is expected to close early in the third quarter of 2015 and is subject to Hart-Scott-Rodino Act review.
Established by NADA in 1933, NADA Used Car Guide is a leading provider of U.S. retail, loan, trade-in and auction used-vehicle values, and is widely recognized in the industry as the authority for accurate and comprehensive used-vehicle valuation information. The company will remain based in the McLean, Virginia vicinity where it serves more than 100,000 subscribing clients, including retailers, financial institutions, insurers and software providers.
J.D. Power is a global marketing information services company known for using the voice of the customer to create reviews and ratings which measure the shopping, purchase and ownership experience across a wide range of brands and products. The Power Information Network® (PIN) from J.D. Power provides real-time automotive information and decision-support tools based on the collection of daily new- and used-vehicle retail transactions.
The agreement brings together PIN, which combines advanced analytics of new- and used-vehicle retail sales and pricing data, with the complementary and extensive knowledge, expertise and market presence of the NADA Used Car Guide, thereby expanding J.D. Power's analytical and modeling capabilities into new product offerings, deepening its presence in auto finance and auto insurance, and enriching retail solutions.
"J.D. Power has built its strong brand through analytics, data and its growing benchmark business. Benchmarks are a key to the McGraw Hill Financial business model and the NADA Used Car Guide adds a unique set of valuations, which are used as benchmarks by customers, to the well-respected J.D. Power portfolio," said Douglas L. Peterson, president and chief executive officer of McGraw Hill Financial. "We see clear opportunities for both revenue and cost synergies as J.D. Power couples NADA Used Car Guide with the real-time automotive capabilities of the Power Information Network® (PIN) to bring value to a broad set of customers. This is another example of McGraw Hill Financial utilizing an attractive tuck-in acquisition to expand the capabilities of the company's iconic businesses."
"This deal is a perfect fit for dealers and NADA Used Car Guide customers. Under terms of the deal, NADA members will continue to receive a subscription to the Guide as a membership benefit," said Peter Welch, president of NADA. "NADA and J.D. Power will continue to build upon our longstanding alliance by sharing data and insights, and bringing together retailers and leaders from the automakers, suppliers and the media at co-hosted conferences and events, offering thought leadership and solutions directly benefiting the retailer network and overall automotive industry."
"We are thrilled to add the NADA Used Car Guide and its vehicle valuation capabilities to J.D. Power," said Finbarr O'Neill, president of J.D. Power. "NADA Used Car Guide analytical solutions will perfectly complement PIN's expertise in new- and used-vehicle retail and pricing services, and we will gain an impressive array of integrated vehicle valuation solutions. The Guide's high integrity and unbiased approach to used-vehicle values, analytics and insights fits perfectly with J.D. Power's reputation as a trusted advisor to the automotive industry."
"This is an exciting opportunity for Used Car Guide to take advantage of great synergies with JD Power," said Mike Stanton, vice president and chief operating officer of the NADA Used Car Guide. "On its own, the NADA Used Car Guide provided the best data available on used-car pricing. But now, our customers will benefit from a seamless view of new- and used-vehicle price information with both companies under the umbrella of the J.D. Power brand."
The NADA Used Car Guide name will be used by J.D. Power for period of time before transitioning to the J.D. Power brand.
Source: J.D. Power |
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FEDERATED INSURANCE: AUTO DEALER CLAIM OF THE MONTH
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Federated Insurance's "Claim of the Month" - Could it happen to you?
A dealership used an overnight drop box outside their building for service customers. Using a magnet, thieves reached into the box and pulled out three sets of keys, which they used to steal customers' vehicles.
CLAIM AMOUNT: $95,000
Who's watching your vehicles? What's your strategy to help prevent this from happening at your dealership? Federated Insurance recommends several protective measures to help manage risks; for example,
• Use a drop box with "one way" access-keys can go in, but they can be retrieved only by unlocking the box.
• Use electronic surveillance, security lights, or other means to deter thieves.
• Develop a method that allows customers to drop off their keys that doesn't involve
a drop box.
These are just a few loss control recommendations you can use to help protect your dealership. To learn more, contact your local Federated Insurance representative and request a copy of our Auto Dealer "Who's Watching Your Vehicles? - Keys to Inventory Control" risk management packet. Federated Insurance is recommended by 18 state and national auto dealer associations just like yours for customized insurance programs and value-added risk management services, such as Federated's Shield Network®, the Risk Management Resource Center, and the Federated Employment Practices Network®. Visit www.federatedinsurance.com to discover resources you can use to create or ramp up your own risk management program, or to contact your local representative. |
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