Ethos Group partners with retail automotive dealers to promote an ethical, customer-focused approach to the sale, financing, and servicing of automobiles. Their proven approach along with their technology platform improves efficiency, compliance, profitability, and the customer experience. It increases revenue while reducing risk and cost. Their services include technology, compliance, consulting, recruiting, training, product administration, and dealer participation programs. For more information, contact Lance Graves at lgraves@ethosgroup.com or ph# 402-960-0538.
IADA MAKES IT EASIER TO SEND YOUR MANAGERS TO NADA PROFESSIONAL SERIES
Take advantage of the absolute easiest and most affordable way to train your managers.
No expensive flights across the country - training locally right at your IADA office in Springfield.
NADA is providing their premier Professional Series trainer for our classes at IADA.
IADA is excited to begin offering the NADA Professional Series right here in Illinois at our IADA office. We want to provide the most efficient and affordable way to offer this best-in-class training to your dealership managers without having to fly to other parts of the country and spend extra nights in hotels. The Series covers all parts of your dealership:
Classes are $2,995 for members - or get all NADA Professional Series classes and Academy Seminars for every employee at your store with an annual subscription, $699/mo for initial dealership and $399/mo for any add'l dealership (12-month subscription required)! Subscription information here.
The ongoing inventory shortage has created a market where many customers are willing to pay over MSRP for a new vehicle and many dealers have started adding "market adjustments" to the prices of their new vehicles. Like clockwork, the Illinois Attorney General's Office has increased its enforcement activity related to motor vehicle price advertising in the area of market adjustments.
The practice of adding a market adjustment charge is perfectly legal, after all, the "S" in MSRP means suggested, not mandated. However, proper disclosure of a market adjustment charge is key. Any dealer charging a market adjustment fee must navigate the potential pitfall that is Section 475.310 of the Illinois Motor Vehicle Advertising rules (below). Section 475.310 requires a dealer to honor the best advertised price for a specific vehicle. If you post a market adjustment addendum alongside the Monroney label, you must make sure that your advertising (internet, print, radio, etc.) either includes the market adjustment or does not list any price at all. Similarly, if your advertised price does not include the charge for any dealer-installed accessories, you cannot add the cost of those accessories to the vehicle price, unless the customer is able to decline those accessories.
ยง 475.310 Advertised Price
It is an unfair or deceptive act to advertise the total price of a motor vehicle without including in the advertised price all costs to the purchaser at the time of sale, or which are necessary or usual prior to delivery of such vehicle to the purchaser, including any costs of delivery, dealer preparation and any other charges of any nature; provided, however, taxes, license and title fees and a documentary service fee, as defined herein, may be excluded from the advertised price if clearly disclosed in the advertisement that these costs are excluded from the advertised price. Purchasers shall be able to purchase all vehicles described by the advertisement at the advertised price.
SOURCE: Amended at 25 Ill. Reg. 4819, effective March 20, 2001.
USING YOUR HSA AS A LONG TERM SAVINGS VEHICLE
When it comes to long-term savings, a few vehicles come to mind-401(k), traditional or Roth IRA, or a taxable investment account. But for those who have a qualified high-deductible health plan (HDHP), a health savings account (HSA) can be an incredible tool to reduce your federal income tax liability now and provide tax-free growth in the future.
Unfortunately, not everyone is aware of how powerful the HSA can be. Read more
REMINDER: LIEN RELEASE TITLE CAN HELP YOU SUBMIT TITLE WORK TO SOS IN A TIMELY MANNER
Used vehicle scarcity means that trade-ins don't last long on dealer lots. In some cases, waiting for a lienholder to release a title after lien payoff can make it difficult to meet SOS title application deadlines.
We at IADA would rather light a candle than curse your darkness, so, several years ago, IADA worked with SOS to create a $20 Lien Release Certificate of Title. A dealer can apply for a Lien Release Title when a lienholder is unwilling or unable to provide a certificate of title in a timely manner after lien payoff. Lienholders are more likely to provide a lien release, and dealers can use a lien release to apply for a new title in the name of the dealership rather than wait for the lienholder to deliver the title for a trade-in.
