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DEALER NEWS OFFICIAL PUBLICATION OF THE MASSACHUSETTS/NEW ENGLAND INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION

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Science of

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• FROM THE PRESIDENT’S DESK • SOUTHERN AUTO AUCTION GOES MOBILE • 20th ANNUAL MIADA GOLF TOURNAMENT

DALLAS, TEXAS Permit No. 2079

PAID

PRSRT Standard U.S. Postage

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Inside

MAGAZINECONTENTS 10 Provisioning: Used Car Science 12 Cash Is King in BHPH 17 SAA Goes Mobile 22 Compliance Overdrive

BOARD OF DIRECTORS President of MA

Treasurer of MA

VP of MA

Clerk of MA

John Elefetherakis John’s Auto Sales 617-628-5511 johnnycars@comcast.net

Eric Schneider The Garage 508-583-5955 rickthegarage@gmail.com

Bob Hayes Auto Towne Rentals Inc 781-878-9656 bobh4433@aol.com

Melissa Otis Oakland Auto Sales 508-822-8822 oaklandautosales@aol.com

WHAT’SNEW R A2Z EDUCATION SERIES - AutoZone Educating the independent dealer to deliver the highest quality service levels to your customers, manage your shop efficiently, train your technicians and maximize profits. niada.tv R N  ATIONAL TIRE SAFETY WEEK: June 3-9 National Tire Safety Week is a nationwide event sponsored by the Rubber Manufacturers Association to raise consumer awareness about tire safety, help consumers keep their tires safe and demonstrate the industry’s commitment to motorist safety. Visit www.betiresmart.org and fill out the form to receive your free National Tire Safety Week kit that includes brochures and other materials.

ADVERTISERSINDEX ADESA......................................................................... 9 Ally ...........................................................................15 Auto Auction of New England....................................... 7 AutoTrader.com........................................................... 3 Auto Use...................................................................19 Chase........................................................................16 Lynnway Auto Auction ................................................. 5 Manheim.com...........................................................11 Manheim New England..................... Inside Front Cover NIADA Certified..........................................................18 Persian Acceptance Corp ........................................ 20 Protective .................................................................13 Southern Auto Auction..................................Back Cover Stream Companies ........................ Inside Back Cover Thrifty Car Sales ....................................................... 17 Voisys .......................................................................22

MIADAOFFICE FOR INFORMATION ON HOW TO BECOME A MEMBER OF MIADA, PLEASE CONTACT BARRY GAGNE AT 781-278-0077 1 UPLAND ROAD BLDG. 200 • STE. 226 • NORWOOD, MA WEB SITE: WWW.MIADA.COM • 781-278-0077

NATIONAL INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION WWW.NIADA.COM • WWW.NIADA.TV NIADA HEADQUARTERS: 2521 BROWN BLVD. • ARLINGTON, TX 76006-5203 PHONE (817) 640-3838 FOR ADVERTISING INFORMATION CONTACT: TROY GRAFF (800) 682-3837 OR TROY@NIADA.COM. THE MA/NEW ENGLAND DEALER NEWS IS PUBLISHED BI-MONTHLY BY THE NATIONAL INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION SERVICES CORPORATION, 2521 BROWN BLVD., ARLINGTON, TX 76006-5203; PHONE 817-640-3838. PERIODICALS POSTAGE PAID AT DALLAS, TX AND AT ADDITIONAL OFFICES. POSTMASTER: SEND ADDRESS CHANGES TO NIADA STATE PUBLICATIONS, 2521 BROWN BLVD., ARLINGTON, TX 76006-5203. THE STATEMENTS AND OPINIONS EXPRESSED HEREIN ARE THOSE OF THE INDIVIDUAL AUTHORS AND DO NOT NECESSARILY REPRESENT THE VIEWS OF INDEPENDENT AUTO DEALER OR THE NATIONAL INDEPENDENT ATOMOBILE DEALERS ASSOCIATION. LIKEWISE, THE APPEARANCE OF ADVERTISERS, OR THEIR IDENTIFICATION AS MEMBERS OF MIADA OR NIADA, DOES NOT CONSTITUTE AN ENDORSEMENT OF THE PRODUCTS OR SERVICES FEATURED. COPYRIGHT © 2011 BY NIADA SERVICES, INC. ALL RIGHTS RESERVED.

STATE MAGAZINE MGR./SALES Troy Graff • troy@niada.com EDITOR Andy Friedlander • andy@niada.com ART/PRODUCTION MGR. Christy Haynes • christy@niada.com PRINTING Nieman Printing

Massachusetts, New England IADAs Announce Quality Dealers for 2012 The board of directors of Massachusetts Independent Auto Dealers Association unanimously endorsed the nomination of Juan Carlos Mendez, founder and owner of JC Auto Sales in Ashland, as the 2012 Quality Dealer for Massachusetts. The board of directors of New England IADA, meanwhile, unanimously endorsed the nomination of R.J. Foley, founder and owner of Foley Motorsports Sales in Shrewsbury, Mass., as the 2012 Quality Dealer representing the New England states and New England IADA. Mendez sold nearly 500 cars last year from his 4,000 square foot showroom in downtown Ashland. With seven employees and the experience of having “done all of the jobs I now have my employees doing,” Mendez not only appreciates the effort his employees give, he also is able to understand the needs of his staff and give his customers the best possible value and service. Mendez said the key to his success is the monthly meetings he has with his staff. “We discuss the good and the bad and address problems before they are out of control,” he explained. Mendez said he takes great pride in providing the “best work environment with updated equipment, training and clean work spaces,” which he said, leads to a better customer experience. “Our customers know that when they come into our facility they will be treated with the respect they deserve and get the customer service that is lacking in so many businesses these days,” he said. “We understand and appreciate that without customers, there is no business.” Mendez is a regular attendee at industry training seminars through MIADA, NIADA and other organizations, and is planning to attend the NIADA Convention in Las Vegas in June. Representing Massachusetts as its Quality Dealer “is not only a great honor but also a tremendous opportunity to learn from other dealers and the leaders in our industry,” he said. The Quality Dealer for Massachusetts is recognized locally at the Quigley Scholarship event. Mendez also is a nominee for the NIADA’s National Quality Dealer of the Year, which will be chosen at the NIADA Convention. Mendez, who has been in the auto industry for more than 15 years, credits his success to his dedicated and trained “honest, trustworthy and friendly” staff and his “hand-picked” quality inventory. It has proven to be a winning combination. Foley opened his dealership in 1984, but he was bitten by the car bug before that. “I’ve always had a love of cars and car sales, from the first time I put a car on my parents’ lawn and sold it in one day for a $350 profit,” Foley said. From the inspiration of that first car sold, and with a degree in business from Assumption College, Foley launched Foley Motorsports with a $20,000 loan from his brother. The dealership exceeded $30 million in sales for 2011. Foley Motorsports offers a state-of-the-art auto repair and detailing facility that provides high-quality automotive repair and maintenance services. Its full-service repair shop features factory-trained ASE Certified and Master Technicians. “I love high-end cars,” Foley said. His dealership reflects that passion. The vehicles on his lot include Audi, Lexus, BMW and more, but all have a common theme: quality vehicles sold with service and great value.”

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Calendar of Events

May 21: The Scholarship Dinner will take place this year

at Lake Pearl Lucianos, 299 Creek Street, Wrentham, Mass. Since 1997, the Massachusetts Independent Automobile Dealers Association has honored graduating high school seniors with $1,000 scholarships. The scholarships are named in honor of Dr. Lawrence Quigley, who served as honorary chair of this highly acclaimed event. To date, 165 students have been awarded this scholarship. Our scholars include outstanding athletes, talented musicians, splendid scholars, gifted artists and compassionate and giving stewards of our communities. Massachusetts and New England Quality Dealers of the Year awards will also be presented.

August 13: The 20th annual golf tournament will take

place at Indian Pond Country Club in Kingston, Mass. The tournament will benefit the Jimmy Fund and Dana Farber Hospital. Chairman is Ronnie Dial. Call MIADA for sponsorship information and golfer registration.

September 13: The MIADA Annual Meeting will

take place at the Sheraton Framingham, 1376 Worcester Rd., Framingham, Mass.

For additional information, call the MIADA office at (781) 278-0077 or visit our new website at www.miada.com.

www.miada.com

Your One Stop Shop to Save

THOUSANDS

The MIADA would like to have all independent dealers visit our new and improved website at www.miada. com. We have up-to-date information on legal and regulatory issues, curbstoning, auction information, an events calendar as well as membership information. Our member benefits and Auction coupons can save the MIADA independent dealer thousands of dollars by simply joining. Get all your local dealer information in one place. Visit miada.com and see how you can benefit by becoming a member OR how existing members can utilize all the benefits to save THOUSANDS.

visit www.miada.com

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From the President’s Desk Dear Members, I am excited and encouraged to have been elected your president for the 20112012 term. As a charter member of MIADA (has it really been nearly 30 years?) and having worked on many committees, including the board of directors, for most of that time, I must say I am prepared to take on this challenge! We have come a long way since those early years. We have a full-time staff, office space in a professional building, regular representatives at auctions and many more members then the few who gathered at the State House and pleaded for nonprofit status in the early ’80s. But our world has changed too – we have a website with leading businesses ready to serve your needs, remote access to legislative changes and directions, and professional affiliation with NIADA, not to mention a personal relationship with most other IADAs around the country. We are not here to re-invent the wheel. We are here to pull together as a team and create the best business platform, the most informed consumer base and the strongest

Latest NMB Partner Provides Emissions Diagnostics

PH2 Solutions has joined NIADA’s National Member Benefit program, offering the association’s members its award-winning PH2 Validator emissions diagnostic technology for a $259 savings with multiple payment plan options. The diagnostic software of choice for dealers and their on-site staff rapidly identifies emission-related issues on virtually all 1996 and newer vehicles, helping save time and resources on “Check Engine Light” maintenance and repairs, emission inspection compliance, fuel consumption, vehicle

legislative voice we can. Won’t you join me? As members, we hold the key to the future of this industry. Together we provide an example of excellence in dealing – compliance with state, federal and national mandates; confidence in fair dealing and quality representation for consumers and dealers; and education to the consumer of the value of dealing with a bonded and insured MIADA member. And together we can stamp out curbstoning. Massachusetts has some of the strictest consumer protection laws in the country. That is not a liability. Together we can use that legislation to eliminate dealers who won’t comply, to educate dealers who want to comply but don’t know how, and to increase consumer awareness of the benefits to the Commonwealth our industry provides, in services and in tax revenue. Let this be a fun year, a year when we plan together the programs that will help our members. We can learn from each other and from the support members who serve our industry. There is a spot for everyone in MIADA:

a place for small dealers, selling only a few cars a month, and megadealers with multiple locations. There are so many goals we can accomplish together. My hope is that when you see me at auctions or drive by my shop in Somerville, you will stop. Let’s talk. Or call me – if I don’t answer right away, leave a message and I will get back to you. This is a two-way communication. You tell me what you need in a professional car dealers’ association. I promise I will bring it up at the next board of directors meeting. Tell me what you like – and what you don’t like. Give me your thoughts on the direction we’re headed, and how we – as a team – can accomplish those goals. We have a capable executive director in Barry Gagne and a dedicated board of directors ready to hear your call. Let’s get this conversation started. As a single voice for united car dealers – as a team – we can do this! Sincerely, John J. Eleftherakis Owner, John’s Auto Sales Somerville, Mass.

acquisition and remarketing, and reducing customer “comebacks.” ”NIADA is delighted to be working with PH2 Solutions in assisting our members to resolve ‘Check Engine Light’ and vehicle emissions issues,” NIADA vice president of member services Scott Lilja said. “NIADA is confident PH2 Solutions will be a tremendous hit with our members who have vehicle service operations as well as those that outsource.” The PH2Validator earned first place in SEMA’s Best New Tools and Equipment Products category for 2012, and Motor magazine named it one of its Top 20 Tools for 2011. PH2 Validator’s easy-to-use application was developed specifically to address independent repair shop challenges such as OBDII false code problems, no code faults, costly long drive cycles and other emissionsrelated repairs. The diagnostic software redefines conventional factory drive cycles to 10 miles or less by engaging the on-board computer (PCM) with its patented automated repetitive requests of all supported monitors

simultaneously, resulting in rapid monitor completion if conditions are met. If readiness conditions are met, the monitors complete. If they are not met, driving beyond 10 miles will not change the outcome, and the PH2Validator’s automated data stream analysis provides technicians with a real-time record of clues as to why by simultaneously and continuously capturing out-of-range operating values and prioritizing them by seriousness. Exclusive NIADA member-only pricing is also available to repair shops handling member repairs. “We are honored to partner with NIADA and even more excited to offer members this game-changing technology that truly makes life easier for dealers, technicians and service centers, affording them the ability to move inventory faster and more efficiently,” PH2 Solutions president and CEO Mark L. Scotland said. FOR MORE INFORMATION, CONTACT NIADA@PH2SOLUTIONS.COM, AND TO ORDER, VISIT WWW.PH2SOLUTIONS.COM/ NIADA0818 OR CALL (973) 902-5517.

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PROVISIONING BY DALE POLLAK AND CHAD GOODSON

The New Science of Used Vehicle Sourcing & Sales These days, dealers are looking for every  %-A%&5.&62-&P9'(75*&72$%25.1*&/.1&5,%71&(.5+@& Americans are holding onto their cars longer  than ever, causing higher prices at auction  and a smaller crop of quality vehicles on  which dealers can bid. According to a new study by R.L. Polk,  length of vehicle ownership recently hit an  all­time high: 71 months for new vehicles  and 50 months for used cars and trucks. The  study also noted that people holding onto  their cars longer has resulted in decreased  used­vehicle supply. In this crowded marketplace, you need to  assess your strategy for long­term success if  you want to outperform your goals and beat  the competition. To help, consider this new  method dealers are using to better evaluate  and acquire in­demand units others might  pass up. It’s called provisioning.

What Is Provisioning? Q1.$7+7.272A&7+&-%62%-&'+&5,%&%/607%25& allocation of resources to achieve a  successful mission. To be clear, the mission  /.1&-%'(%1+&7+&5.&.8%1'5%&'&62'207'((*& successful used car operation. Put simply, for your business to thrive,  you need to know what cars to buy, what  5.&8'*&/.1&5,%4&'2-&),%1%&5.&62-&5,%&17A,5& units for your inventory. Provisioning is a  new way for dealers to set their used vehicle 

strategy (size of inventory investment, ROI/ 5912&%R8%05'57.2+S&'2-&%/607%25(*&891+9%&5,%& vehicles necessary to execute their plan  successfully. Provisioning is like a science because it  provides a methodical approach to buying  used vehicles. It helps evaluate certain types  of information vital to the success of your  used car business. What types of information? Demand: The number of people in your  '1%'&+%'10,72A&.2(72%&/.1&'&+8%0760&$%,70(%@ Interest: The average conversion rate  from search results pages to vehicle details  pages for a vehicle in your area. Volume: The number of units recently  sold in your area. Market days supply: The current  '$'7('B(%&+988(*&./&+747('1(*&0.26A91%-& vehicles and the rate at which such vehicles  have been sold over the past 45 days. !"#$%&'()(%*+ The spread between  average asking price and wholesale price –  the auction price vs. list price in your market. ,-&()&'()(%*+.The number of units  currently available at auction. Experience: The success of your recent  +'(%+&/.1&'&+8%0760&4'T%U4.-%(@ Analyzing that information on your own  isn’t easy. But technology and tools can help  you determine the types of vehicles that will  deliver the best return on investment every  month, giving you a huge advantage on your  competition.

What to Pay and Where to Find It Once you determine the cars that sell  fast in your market, you’ll want to make sure  you pay the right price for them. At auction,  there aren’t too many obvious deals these  -'*+3&B95&*.9&0'2&+57((&62-&A%4+&)75,&'&(755(%& guidance.  Many dealers rely on professional buyer  solutions like those by vAuto, for example.  Those services use in­market data to  help determine which units are worth your  investment. They can even help you identify  the price point at which a vehicle will get the  4.+5&'55%257.23&A%5&*.9&5,%&81.65&*.9&2%%-& and cover your reconditioning costs so you 

still hold gross. If you’re a dealer in the Northeast in the  )725%13&*.9&47A,5&,'$%&-7/609(5*&62-72A& enough SUVs to keep your inventory fully  stocked. Similarly, a dealer in the South  81.B'B(*&0'2#5&62-&%2.9A,&0.2$%157B(%+&72& the summer months. Wherever you are,  there’s inevitably a shortage of certain cars  in demand. So it can pay to look outside your  immediate area for quality inventory. Use online auctions to help keep your  lot full of vehicles you know will sell. Online  auctions can be some of the best places to  62-&0'1+&'5&A..-&8170%+&)75,.95&5,%&,'++(%&./& waking up early, checking pages of run lists  '2-&%(B.)72A&8'+5&.5,%1&-%'(%1+&5.&62-&*.91& spot in the lane. Instead, sit back with your  coffee and bid from the comfort of your home  .1&5,%&./60%@&

How to Reduce Acquisition Risk Of course, if you bid online, you won’t  be able to “kick the tires” and inspect the  vehicles in person, so you’ll especially need  to consider the condition and history of those  vehicles. Otherwise you might end up paying  too much for a car that seems perfect but  has reported damage or another incident that  could affect its retail value. The key is knowing the cars with good  service histories that merit your bids, since  those vehicles often sell for better prices. Many successful dealers run a vehicle  history report on every car they consider  buying as part of their standard procedure  to assess a vehicle’s condition and spot any  related acquisition risks. Whether through  online auctions or in­person trades, this triage  ensures the dealer and his buyers feel more  0.26-%25&5,'5&5,%&72$%25.1*&8('0%-&.2&5,%&(.5& will turn fast and make top dollar.  With declining supply and increasing  demand for quality vehicles, there is little  room to make acquisition mistakes on  vehicles you “had a feeling about” but didn’t  take the time to carefully vet. Provisioning  helps you avoid these mistakes and turns  *.91&'B7(75*&5.&%/607%25(*&'2-&%//%057$%(*& evaluate and acquire used vehicles into a  competitive advantage. 

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Cash Is King in Buy HerePay Here The two keys to Buy Here­Pay  Here are risk management and cash  management. Both, as always, are hot  topics. More so now with everything  that is going on in the automotive  industry and the economy in general. But cash – and the availability or  the management thereof – seems  to be on everyone’s mind, and in  some cases closing their doors. Cash is not as available as it was this time  last year. The good news is it is still available,  which isn’t true in some other unfortunate  72-9+517%+@&"5#+&V9+5&2.5&'+&%'+*&5.&62-&.1& secure, not to mention afford, since the rates  we enjoyed a year ago are no longer there. Local banks and credit unions appear to be  the best sources for lines of credit. The large  regional and national banks still seem to be  staying out of the car business. Local banks  and credit unions have smaller organizational  charts and usually less turnover, leading  to a more stable decision­making future. The three necessities to securing a line  with those sources are patience, persistence  and preparation. The days of simply walking  into a bank and securing a line of credit on  a handshake and a promise to pay are long  gone. Local banks and credit unions have  learned from the mistakes of the regional and  national banks and have become smarter and  more sophisticated in their approval process. Patience is needed because local  banks and credit unions need a complete  education on our industry. Not everyone is 

familiar with what we do and how we do it.  In some cases, it can be hard to convince a  bank to loan money to a business that will  in turn extend credit to someone who has  shown little ability to repay it. They need a  K­through­12 to make their decision and  continuing education after the line is secured. Persistence is needed because the days of  (%2-72A&72+575957.2+&+%%T72A&.95&B%2%607'17%+& of their generosity have just about ended,  especially to those dealing with subprime  clientele. BHPH dealers have to be willing  to go door­to­door and sell our business to  lenders. In most cases, it will take knocking  on more than one door. And once in the door,  it will take more than one cast to reel them in. Preparation is the determining factor to  success, initially and in the future. Because  banks and credit unions have become more  sophisticated in their decision­making, BHPH  dealers have to provide more sophisticated  72/.14'57.2&5.&5,%4@&Q%1/.14'+3&62'207'(& +5'5%4%25+&'2-&0'+,DK.)&'2'(*+7+&'1%& a few examples of data that needs to be  provided up front to obtain a line and on  an ongoing basis once a line is secured. The key to maintaining a good relationship  with a capital source is providing as much  information in the beginning as possible  and to keep doing so on a regular basis  so they never have to ask for anything.  Full and accurate disclosure is paramount.  Put yourself on the other side of the desk.  What would like to know if it was your  money? In this instance, there really is  no such thing as too much information. Having all the access in the world to capital  will be worthless unless you know how to  manage it. In today’s tight credit market,  BHPH dealers have to manage not only  their credit lines, but cash in general. Not  understanding how to manage available  cash has closed more BHPH dealers’ doors  than any other cause. It is that important. The best tool to effectively manage cash  is common sense. Don’t spend what you  don’t have. Too many dealers feel the need 

to live the lifestyle. Success can breed  contentment and contentment can breed  laziness, which usually leads to failure. C&0'+,DK.)&4.-%(&,%(8+&T%%8&0.44.2& sense at the forefront. The model can be  $%1*&-%5'7(%-&.1&+748(76%-&5.&0.$%1&5,%&B'+70& cash­in, cash­out categories. Either way,  it should show a one­, three­ and possibly  6$%D*%'1&'2'(*+7+3&'2-&+,.9(-&B%&98-'5%-& at least annually or when there has been  a change to the overall business model. Adding a location, an increase or decrease  in ACV, or even a change in underwriting  standards can impact cash needs. The  model should be realistic. Pie in the sky  and wishful thinking serve no purpose.  J'$72A&5,%&4.-%(&7+&.2(*&5,%&61+5&+5%8@& Having the discipline to manage to it is the  challenge. Without it, a dealer might as well  have the “sell some cars, collect some money�  business plan and hold on for dear life – a plan  that is not used by successful BHPH dealers. The model should be looked at on a  monthly basis and compared to actual  performance. That way, adjustments can  be made immediately to either the model or  the personnel in charge of managing to it.  Cash is king in our business. Not only  the availability of it, but the effective  management of it as well. There are BHPH  dealers who operate without the need of a  credit line because they understand how  to manage cash. There are BHPH dealers  who operate within credit lines effectively  because they understand how to manage  cash. But there are too many dealers  experiencing capital reductions and, in  some cases, all­out line calls because they  don’t understand how to manage cash.  Having the patience, persistence and  preparation to obtain and secure cash, then  the discipline to manage it, will take a load off  your mind and help keep your doors open. 

BY BRENT CARMICHAEL

&9&$65*7&$0/'&3&/$&.0%&3"503 NCM ASSOCIATES INC. #$"3.*$)"&-!/$.$0.

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NIADA Legislative Team Update Here’s the latest from the National  Independent Automobile Dealers  Association’s team of lobbyists and  advocates in Washington, D.C.

NIADA Annual Leadership Conference On March 22­23, Federal Advocates  W&O"CMC#+&(.BB*72A&614&W&'55%2-%-&5,%& NIADA Annual Leadership Conference  and participated in a panel presentation on  advocacy efforts and status regarding various  meetings and legislation, including S.1449  and a proposed auction sale amendment.  The formulation of an Association PAC was  also discussed. D.C. Meetings On March 7, NIADA met with staff  members of the Consumer Financial  Protection Bureau (CFPB) and the Federal  Trade Commission. With respect to the CFPB, there are three  areas of immediate interest and direct interest  to the association. I,%&61+5&7+&5,%&1%A9('5.1*&1.(%&5,%&G?QX&)7((& 8('*&)75,&1%+8%05&5.&4.5.1&$%,70(%&62'2072A@& While there has not yet been any activity  with respect to this issue, NIADA, through  Shaun Petersen, the association’s legislative/ regulatory/compliance counsel, will continue  to monitor the process. The second issue relates to education  of servicemembers. Pursuant to the  law, the CFPB is required to ensure  “servicemembers and their families are  educated and empowered to make better  informed decisions regarding consumer  62'207'(&81.-905+&'2-&+%1$70%+&.//%1%-& by motor vehicle dealers, with a focus  on motor vehicle dealers in the proximity  of military installations,” and “complaints  by servicemembers and their families  concerning such motor vehicle dealers are  effectively monitored and responded to, and  where appropriate, enforcement action is  pursued by the authorized agencies.” NIADA  will be pursuing options/opportunities for  assisting the CFPB in that effort. The third area of interest pertains to the  Consumer Advisory Board that the CFPB is 

directed to establish. The board is charged  with advising and consulting with the bureau  “in the exercise of its functions under the  /%-%1'(&0.2+94%1&62'207'(&(')+3&'2-&5.& provide information on emerging practices in  5,%&0.2+94%1&62'207'(&81.-905+&.1&+%1$70%+& industry.” NIADA is monitoring the membership  appointment process to the board with  interest. Legislative committee chairman  Chris Martin has submitted an application for  appointment.

Executive Agencies Regulatory Review Shaun Petersen will be leading the  regulatory review effort on behalf of NIADA.  He will be reporting on the FTC meeting  noted above and developments in the  regulatory process. Federal entities of interest include the  FTC, EPA, NHTSA, IRS and SBA. Early last  year the President issued executive orders  13563 and 13579, which directed all federal  agencies, including independent agencies  such as the FTC, to prepare plans for the  periodic review of existing regulations in  order to determine whether those regulations  +,.9(-&B%&4.-76%-3&+51%'4(72%-3&%R8'2-%-&.1& repealed. In September, as an example, the FTC  issued a 10­year review schedule and  accelerated its review of a number of rules  and guides in response to recent changes  in technology and the marketplace. NIADA,  where appropriate, will coordinate its review  efforts with the National Automobile Dealers  Association. Auction Sales Discussions are ongoing regarding  consumer and law enforcement issues  related to auction sales. Pending those  discussions, an April 9 meeting with the  Senate was cancelled at the request of  Senate staff. That stakeholder meeting was to include,  but was not limited to, the NHTSA, FBI,  Department of Homeland Security, staff of  members Pryor, Lieberman, Blumenthal, 

N'R4'2&'2-&X955%16%(-3&5,%&O'57.2'(& Auto Auction Association, NADA, NIADA  and representatives of various auction  companies. An attempt was made by Sen. Pryor  YMDC1T@S&5.&6(%&'2-&891+9%&'2&'4%2-4%25&5.& the Senate Highway Bill that would require  auction companies to make available certain  information to bidders at the time of sale  and certain information that would have to  be maintained and possibly made available  to the public after sales. Following NAAA  negotiations with the senator, he agreed to  2.5&6(%&.1&891+9%&5,%&'4%2-4%25&8%2-72A&'& dialogue with the affected stakeholders. While the amendment/issue does not on its  face necessarily directly impact NIADA, we  will continue to monitor the situation to ensure  the association’s interest are protected. S.1449, the Motor Vehicle and Highway Safety Improvement Act S.1449 is the bill that had an onerous  recall provision/process included in an  earlier version of the bill considered last  Congress. We lobbied for its exclusion and  the language was not part of the July 2011  introduced version of the bill. Working in  conjunction with NADA, committee members  were contacted on Dec. 13 to guard against  any attempts to reinstate the language. No  effort materialized. As currently constructed,  nothing in the bill directly impacts the  automobile industry. S. 1449 was included in S.1813, the  omnibus Highway Bill that passed the  Senate last month. In the House, jurisdiction  over the S.1449 issue is shared between the  Transportation and Infrastructure Committee  and the Energy and Commerce Committee  and is expected to also be addressed within  the context of the House Highway Bill. To date, there is no comparable provision  72&5,%&B7((&B%72A&-1'/5%-@&I7472A&'2-&62'(& resolution regarding it are also uncertain  although mid­April may be the target date  /.1&J.9+%&K..1&'057.2@&I,%&0911%25&81.A1'43& which expired March 31, was extended until  June 30 by Congress to allow more time for  62'(&1%+.(957.2&./&'&,7A,)'*&B7((@&

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Polk Provides Internet Reporting to Autobytel

Community Service Award Nominees

Congratulations to the following independent dealerships for being nominated for this year’s  NIADA/Manheim National Community Service Award. Independent dealerships across the nation contribute to their communities every day but  often go unrecognized for their community support. Many participate through special projects  ),7(%&.5,%1+&81.$7-%&+8.2+.1+,78+&.1&62'207'(&0.2517B957.2+3&.1&(%'-&722.$'57$%&0.449275*& improvement activities. The winning dealership will be named June 13 at the Leadership Awards Banquet during  the National Independent Automobile Dealers Association Convention and Expo in Las Vegas.  Manheim representatives will present the award along with a $5,000 check payable to the  dealership’s chosen charity.

THE 2012 NOMINEES ARE: D#(*0$E#"(/0#?$4'?."@)($3@("-$F(0#*')G-$H"*"C I"0G0*J?$3@("$F%*0?-$F(%#K0-$!*%C F"@(/0%?($H%#$3G0).L-$2).C-$M%')0?>'**0-$!*%C 1%((/0A?$1"("#?-$H*%L(")-$ICHC 3<9$3@("$F%*0?$"+$4@**0?-$F(0#*')G-$N%C O00*J?$3@("$F%*0?-$P#A0**-$P/'" E"@#)0J?$3@("$H0)(0#-$F"@(/$D%?(")-$1%??C

!#%)$1"#0**'$F%*0?$Q$F0#>'.0-$E#".KA%L-$R%C D&$S"*0A'%KJ?$3@("$F%*0?-$F",0#?0(-$1%??C R#0,'0#$1"("#?<T0%?')G-$2).C-$S%#&')-$ULC O")J?$3@("$F%*0?-$2).C-$T%A#0).0>'**0-$M%C 1Q!$3@("$F%*0?-$3*B@V@0#V@0-$IC1C 3*%,"$N%**0L$3@("$F%*0?-$U%*%,%W""-$1'./C F"@(/$X%.",%$3@("$F%*0?-$2).C-$X%.",%-$Y%?/C !%'#*L$O0*'%B*0$E"BJ?-$2).C-$E"'?0-$2&%/"$$

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enables dealers to better understand lost  ,++,%*C(1*>&%"B"(C"&.(7&17"(*10>&P(*"%("*& =".7&4,#+"*1*,%3/&2"=+1(-&*2"#&.=1-(&*2"1%& 0,==,68C+&3*%.*"-1"3&61*2&4C3*,#"%3D ],%&#,%"&1(0,%#.*1,(/&B131*&666D+,=JD 4,#&,%&666D.C*,$>*"=D4,#D&

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SAA Announces New Mobile Web Southern Auto Auction, in conjunction with  its 65th anniversary, announces the launch of  SAA Mobile Web (www.saa.com/m), a cutting­ edge resource that sets Southern Auto Auction  as the benchmark for dealer technology tools. The SAA mobile web includes vehicle  searches based on year, make, model, lanes  and events, condition reports and vehicle  history reports. It also includes the SAA Alert System.  A dealer can set an alert for each vehicle  to watch and multiple automatic, system­ generated text messages are sent to each  registered phone at certain points prior to the  vehicle crossing the auction block. “Southern Auto Auction has created a tool  that is far superior in the marketplace,” said  Dave Chahwan of Boch Motors. “With an  auction of the size of Southern, there are more  than 4,500 opportunities for me each week  to purchase vehicles in 20 lanes. The auction  alert function allows me to set my buy plan  each week and not miss any opportunities.  Southern’s ability to react and to deliver what  dealers want is very clear in this mobile web  product.” Scott Theriault, a professional buyer for 

dealerships and part of SAA’s dealer advisory  board during the development of the mobile  web, said that makes a difference. “One of the great things about this tool and  Southern remains their commitment to listening  to their customers,” Theriault said. “SAA hits  the mark with their dealer tools 99.9 percent of  the time, but they are always asking me, ‘How  can we improve?’ Each time I offer ideas, they  make those ideas happen immediately.” SAA information technology director Mike  Penda said future enhancements to the tool will  include additional vehicle history reports, buyer  ).1TK.)&'(%15+3&+%((%1&'22.920%4%25+&'2-& vehicle registration capabilities.   “Our goal was to consult with dealers,  ask which features are useful and to develop  a tool that was clean, functional and gave  dealers exactly what they need to make buying  decisions at SAA,” Penda said. “We feel  we hit the mark. The overall look and feel of  our mobile web platform is similar to our full  website [www.saa.com]. “When we were in our development stage,  we were often asked, ‘When are you going  to get an app?’ After much research and  development, we made the conscious decision 

“Our goal was to consult with dealers, ask which features are useful and to develop a tool that was clean, functional and gave dealers exactly what they need to make buying decisions at SAA,” Penda said. “We feel we hit the mark. The overall look and feel of our mobile web platform is similar to our full website [www.saa.com].

to not develop an app, but rather to create  a mobile web page that incorporates real­ time updates without any need to continually  download changes. Each time we enhance our  web page, dealers will see it the next time they  log on. And best of all, our mobile web page is  free to all registered dealers at SAA.” 

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Warrantech to Administer New NIADA CPO Program NIADA has selected Warrantech, an AmTrust  Financial Services company, to administer its  '((D2%)&O"CMC&G%1576%-&Q1%DZ)2%-&[%,70(%& Program. The NIADA CPO Program is the premier  0%15760'57.2&.857.2&/.1&72-%8%2-%25&'95.4.B7(%& dealerships seeking to effectively compete in the  0%1576%-&81%D.)2%-&$%,70(%&4'1T%5@& Warrantech, a leading provider of extended  service contracts for the automotive industry,  will administer the plan, address all post­sale  customer needs, and customize dealer and  consumer marketing materials. The company  )7((&).1T&0(.+%(*&)75,&O"CMC#+&+5'5%&'/6(7'5%+&5.& launch the program nationwide in May 2012.  “Our research is telling us that 65 percent of  consumers begin their vehicle search looking for  '&0%1576%-&81%D.)2%-&$%,70(%3&'2-&5,'5&294B%1& is growing,” NIADA CEO Mike Linn said.  “NIADA is committed to helping our members  give customers what they are looking for  and offer a top­notch buying experience for  car buyers in their communities. We see the  NIADA CPO Vehicle Program as a primary  way for NIADA members to further separate  themselves from their competitors and give  customers a better vehicle with additional  peace of mind after the sale.” 

With three unique plans under the NIADA  CPO program, dealers will be able to select  the option that is right for their market and their  customer base. These options include: \&&&C&5,1%%D4.25,U;3===D47(%&(7475%-&)'11'25*&5,'5& includes 36 months/36,000 miles of engine  and air conditioning component coverage. \&&&C&+7RD4.25,U]3===D47(%&(7475%-&)'11'25*&5,'5& includes 36 months/36,000 miles of engine  and AC component coverage. \&&&C&^_D4.25,U^_3===D47(%&(7475%-&)'11'25*@ The NIADA CPO limited warranty options  include coverage of engine, air conditioning,  turbocharger or supercharger, automatic and  manual transmission, transfer case, drive  axle, steering components, select electrical  components and seals and gaskets.  ?.1&4.1%&0.2+94%1&0,.70%&'2-&0.26-%20%3& the NIADA CPO limited warranty options above  can be supplemented by adding the extended  NIADA Total Care or the NIADA Total Care  Plus coverage, which includes front and rear  suspension, brakes, fuel system, cooling system  and additional electrical components. “In re­tooling the NIADA CPO Program, we  recognized independent dealer business models  vary widely and that we had to offer additional  GQZ&.857.2+&5.&+8%0760'((*&4%%5&5,%&.8%1'57.2'(&

demands of our dealers,” NIADA Chief Operating  Z/60%1&E5%$%&L.1-'2&+'7-@&!N'11'25%0,#+& successful track record with independent auto  dealers, varying product offerings, world­class  claims operation, nationwide sales footprint and  long term commitment to support the success  of our dealer members made the partnership  decision easy to make.”  In addition to the coverage, NIADA  and Warrantech will provide dealers with  comprehensive sales training on how to use  the CPO program to sell more vehicles and  extended service contracts, as well as marketing  support that includes in­store signage and  promotional materials.  “Warrantech is honored to have been  selected by the 66­year old NIADA as its CPO  program administrator,” Warrantech CEO Sean  Stapleton said. “We applaud the time­honored  tradition of excellence NIADA member dealers  observe, including their adherence to a strict  code of ethics. We feel that commitment mirrors  Warrantech’s dedication to excellence and drive  to provide superior products and continued  quality customer service.” For additional information regarding the  NIADA CPO program please call (877) 310­0288  or email automotivesales@amtrustgroup.com 

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NIADA to Launch New 20 Group Program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

worth the combative discussions she endures  ,%&*2"&+%"33C%"&32"&-"*3&*,&4,(0,%#&*,&*2"1%& $"(42#.%J3D H],%&GG&>".%3&.3&.&(,(+%,)*&*%.7"& .33,41.*1,(/&OPQRQ&2.3&%"+%"3"(*"7&*2"&B,14"& ,0&1(7"+"(7"(*&.C*,&7".="%3&.(7&2.3&0,C(7& 6.>3&*,&2"=+&*2"#&1#+%,B"&*2"1%&$C31("33"3D& P&4.(&.33C%"&>,C&OPQRQ&.(7&,C%&;V&^%,C+& +%,-%.#&61==&.=6.>3&+C*&*2"&(""73&,0&,C%& 7".="%3&)%3*D&\"&61==&("B"%&3.4%1)4"&*2"&NC.=1*>& ,%&3"%B14"&6"&+%,B17"&,C%&7".="%3DM

THE NIADA 20 GROUP PROGRAM WILL BE UNDER THE DIRECTION OF JOE LESCOTA, WHO

JOE LESCOTA

WAS RECENTLY INTRODUCED AS NIADA’S NEW DIRECTOR OF DEALER DEVELOPMENT, EFFECTIVE JUNE 1.

E2"&OPQRQ&;V&^%,C+&+%,-%.#&61==&$"&C(7"%& *2"&71%"4*1,(&,0&_,"&L"34,*./&62,&6.3&%"4"(*=>&

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`&K[+,&1(&_C("&.*& I."3.%3&9.=.4"&1(&L.3&<"-.3D&

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NADA Used Car Guide Chart 2,^%.($"+$(/0$O'?')G$H"?($"+$M%?$")$_?0&$N0/'.*0$R#'.0? D`^0.(0&$./%)G0$')$@?0&$>0/'.*0$^#'.0$@)&0#$.0#(%')$G%?$^#'.0$?.0)%#'"?

M%?$R#'.0$F.0)%#'"$   F0G,0)($    Intermediate Compact  Intermediate Midsize  Near Luxury  Large Car  Compact Utility  Luxury Midsize  Midsize Van  Midsize Utility  Large Pickup  Large SUV 

$$$$$$$$$Z[C==$$$$$      ]$ Z$     1.7%  $179  0.8%  $103  0.3%  $69  0.3%  $39  ­0.3%  ­$37  ­0.3%  ­$73  ­0.4%  ­$49  ­1.0%  ­$188  ­1.5%  ­$275  ­1.6%  ­$387 

Source: NADA Used Car Guide

Z[C\=$ ]$   6.0%  2.1%  ­0.2%  ­0.3%  ­2.8%  ­2.9%  ­3.2%  ­6.4%  ­8.6%  ­8.9% 

Z$   $638  $262  ­$38  ­$34  ­$408  ­$751  ­$453  ­$1,144  ­$1,540  ­$2,148 

Z\C== ]$   10.4%  1.8%  ­3.0%  ­3.2%  ­8.7%  ­9.0%  ­9.7%  ­16.5%  ­21.3%  ­22.0% 

Z $1,102 $233 ­$650 ­$415 ­$1,272 ­$2,313 ­$1,355 ­$2,959 ­$3,817 ­$5,298

NIADA ANNUAL CONVENTION & EXPO SET FOR  JUNE 11­14, 2012

The NIADA announced its 66th Annual  I,(B"(*1,(&`&K[+,&61==&$"&2"=7&_C("&FF8 Fa/&;VF;&b&.&6""J&".%=1"%&*2.(&+%"B1,C3=>& 342"7C="7&b&.*&I."3.%3&9.=.4"&:,*"=&.(7& I.31(,&1(&L.3&<"-.3D OPQRQ53&32,64.3"&"B"(*&61==&,00"%&.(& "[+.(7"7&7".="%&"7C4.*1,(&+%,-%.#&0,%& ;VF;/&1(4=C71(-&#,%"&3"331,(3&4,B"%1(-& #,%"&*,+143&*2.(&"B"%&$"0,%"/&.3&6"==&.3&.(& "(2.(4"7&K[+,&0".*C%1(-&#,%"&4,#+.(1"3& %"+%"3"(*1(-&.==&0.4"*3&,0&*2"&.C*,#,*1B"& 1(7C3*%>D&K[+,&"[21$1*&7.*"3&.%"&_C("&F;/&Fc& .(7&FaD&E2"&I,(B"(*1,(/&*,&$"&2"=7&0,%&*2"& *21%7&4,(3"4C*1B"&>".%&.*&3+"4*.4C=.%&I."3.%3& 9.=.4"/&61==&J14J&,00&61*2&.4*1B1*1"3&$"-1((1(-& ,(&!,(7.>&.0*"%(,,(/&_C("&FFD X(=1("&%"-13*%.*1,(&13&(,6&,+"(&.*&666D(1.7.D 4,#D&d,,#3&.*&I."3.%3&9.=.4"&61==&$"&.B.1=.$="& .*&*2"&7134,C(*"7&%.*"&,0&?F@a&+"%&(1-2*D OPQRQ53&Q((C.=&I,(B"(*1,(&`&K[+,& +%,B17"3&1*3&#"#$"%3&61*2&.(&,++,%*C(1*>& *,&("*6,%J&61*2&*2"1%&+""%3/&+.%*141+.*"&1(& NC.=1*>&"7C4.*1,(&3"331,(3&.(7&-.*2"%&B.=C.$="& 1(0,%#.*1,(&*2">&4.(&*.J"&$.4J&.(7&.++=>& *,6.%7&*2"1%&7".="%321+35&3C44"33D&K7C4.*1,(.=& ,00"%1(-3&61==&4,B"%&*,+143&0,%&$,*2&%"*.1=&.(7& 'C>&:"%"89.>&:"%"&7".="%3D&&E2"&"B"(*&13& .=3,&.&-.*"6.>&0,%&B"(7,%3&*,&$C1=7&.(7&0,3*"%& %"=.*1,(321+3&61*2&7".="%3&*2%,C-2&*2"&K[+,/& .(&1(7C3*%>&#.%J"*+=.4"&,0&*,+8(,*42&B"(7,%3& 32,64.31(-&*2"1%&+%,7C4*3&.(7&3"%B14"3&.(7& *2"&$"(")*3&*2">&4.(&+%,B17"&*,&7".="%3D  NIADA has held its Annual Convention  `&K[+,&31(4"&FAae&.(7&2.3&4,(*1(C"7& *,&f,C%132&.3&*2"&#,3*&3,C-2*8.0*"%&.(7& %"+C*.$="&C3"7&#,*,%&B"214="&1(7C3*%>&"B"(*& 0,%&.C*,#,$1="&7".="%3D&&

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Who Is Your Customer? Paul Webb explains how knowing your customer better can help you sell, sell, sell. Tamara Darvish’s Outraged video from the CAR Conference: Find out why the “taking out” of America’s hometown car dealers impacts not only dealers, but also automotive remarketers.

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BY CHIP ZYVOLOSKI

Chip Zyvoloski is a senior attorney for indirect lending at Wolters Kluwer Financial Services. For more information, visit www.wolterskluwerfs.com/indirect.

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MASS_NE_0512_O  

M A S S A C H U S E T T S/ N E W E N G L A N D www .miad a.com PAID PAID PAID OFFICIAL PUBLICATION OF THE MASSACHUSETTS/NEW ENGLAND INDEPEND...

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