Mid-Atlantic Dealer News - March 2023

The official magazine of the MIDATLANTIC INDEPENDENT AUTO DEALERS ASSOCIATION

PENNSYLVANIA • MARYLAND • DELAWARE

1501 North Front St., Harrisburg, PA 17102 (717) 238-9002 midatlanticautodealersunited.org

Noah Melamed - Chairman Ticket to Ride Auto, Lancaster, PA nmelamed@yourttr.com

Chris Smiley - Advisor Mountville Motor Sales, Columbia, PA rcsmiley@comcast.net

Bert Straub, President 1st Choice Auto LLC, Fairview, PA bertcstraub@gmail.com

Vacant, President - Elect

John DeFilippo - Treasurer DeFilippo Bros. Motorcars, Prospect Park, PA john.m.defilippo@gmail.com

Clint Weaver- Secretary America’s Auto Auction Harrisburg, Mechanicsburg, PA clint.weaver@americasautoauction.com

Tom Hodges, Vice-President Tom Hodges Auto Sales, Hollywood, MD tom@tomhodgesauto.com

Dan Limongelli, Vice-President Jo Dan Motors, Plains, PA jodanmotors@gmail.com

Michael Mansour, Vice-President Car Connection, Inc., New Castle, PA mike@carconnection1.com

Beth Melamed, Vice-President Ticket to Ride Auto, Lancaster, PA bmelamed@yourttr.com

Tom Brandis • tombrandis@netscape.net

Advantage Auto Sales & Credit, Quakertown, PA

Lisa Cohowicz • lisac@nepautoauction.com North East Pennsylvania A/A, Scranton, PA

Jeff Dreier • dreierauto@hotmail.com

Dreier Auto Sales, Shavertown, PA

April Hollobaugh • ajautosalestitusville@gmail.com A&J Auto Sales, Titusville, PA

Kevin Luring • k.luring@yahoo.com ADESA PA, York, PA

James Makia • james@exclusivemotorcarsmd.com Exclusive Motorcars, Randallstown, MD

Dan McNamee • dtlcars@aol.com

Daniel Thomas Auto Sales, Croydon, PA

Gregg Pachik • gregg.pachik@manheim.com

Manheim Philadelphia, Hatfield, PA

Kerri Rotunda • kerrir@corryade.com

Corry Auto Dealers Exchange, Corry, PA

George Smouse • gasmouse@zoominternet.net

Smouse Trucks & Vans, Mt. Pleasant, PA

Steve Worley • worleymotors@hotmail.com

Worley Motors, Enola, PA WOULD

ATTENTION: Effective January 1, 2023 PIADA will be charging a 3% surcharge on all credit card transactions to help us offset the merchant fees we have to pay. The 3% surcharge will not be charged when paying your annual membership fees. NO surcharge applies if paying with cash or check.

4 | How to Boost Lead Generation in Auto Dealerships

Boosting lead generation is important for car dealerships to stay competitive, maintain a steady stream of deals, reduce customer acquisition costs, and drive future growth.

6 | A Deeper Look Inside: Legislative Session Update

Governor Josh Shapiro and Lt. Governor Austin Davis were sworn in on January 17, 2023. We will have at least 54 new state legislators (5 were House members elected to the Senate) in the 207th Legislative Session of the General Assembly.

7 | When They are Afraid to Commit

Soothing the frayed nerves of customers in a tight economy is a challenge, but offering payment protection can be the push they need to sign.

8 | How to Sell Battery-Electric Vehicles to Skeptical Customers

Dealership buy-in is considered an important element to the prospects of EV market success.

10 | CFPB Orders Wells Fargo to

Pay

$3.7

Billion

for

Widespread

Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.

17 | Car Financing Costs Will Keep Rising This Year

Vehicle loan rates will continue to rise this year as the Federal Reserve issues further bumps, so borrowers will pay more to finance cars, especially borrowers with bad credit, forecasts consumer financial services company.

18 | 5 Key Opportunities for Your Dealership in 2023

As we begin 2023, the lasting effects of supply chain shortages and lower new car sales, coupled with the rising cost of steady parts and materials, are still being felt. Experts tell us that these challenges will continue well into the year.

19 | Insurance Companies are Refusing to Cover Certain Hyundai & Kia Models

The changes do not affect existing policyholders, but it certainly puts a damper on anyone hoping to grab a used car and get it insured.

DEPARTMENTS

MIDATLANTIC INDEPENDENT AUTO DEALERS ASSOCIATION SPONSORS

Well, here we are solidly in a new year with tax season fast approaching and what appears to be inventory challenges still. What are you going to do differently? How are you going to adjust? Are you finding yourself with more time on your hands? Now is a great time to get active. Active with sourcing different ways to get inventory, new ways to produce leads, looking into diversifying your business,

and actively looking at your expenses. I don’t know about you, but I know there are moments when the what-if creeps in. These are the times I need to look at what I am doing. What is my part? This is why I was led to serve on this board. Do you have something to offer? Are you interested in becoming an active board member? Are you sick of the same old story? Are you sick of the same old what-ifs? Now is your time to do something about it. Reach out to us on how to become an active board member.

Reach us with your ideas on how we can improve the association. Remember, this association is designed to inform, teach and protect independent dealers. Do you have a dealer friend you think is doing an excellent job? How about nominating them for the independent quality dealer of the year? We are currently taking applications for nominees. This is the perfect opportunity to let one of our local dealers shine nationally. The NIADA conference will be in Las Vegas this June. Our states (PA, MD, and DE) must be honored on the national stage. n

I hope 2023 is off to a good start for you , both personally and professionally.

Please don’t forget that beginning in June the FTC will be enforcing online data security for the customers’ data you receive. We encourage everyone to be up to date with this by visiting our website (PIADA.org) and taking the online Safeguards Compliance Course to ensure you understand what is expected of your business to be compliant.

For our PA dealers, we have just added Agent Training courses in partnership with the Pennsylvania Association of Notaries (PAN). Classes are available online via Zoom or in person (see page 17). Visit our website for more information.

Thank you for your support!

BERT STRAUB, PRESIDENT MIDATLANTIC REGIONAL IADA MANAGER, 1ST CHOICE AUTO, LLC FAIRVIEW, PA

EXECUTIVE DIRECTORS MESSAGE

JOHN ODORISIO EXECUTIVE DIRECTOR MIDATLANTIC REGIONAL IADA

MidAtlantic IADA members,

How to Boost Lead Generation in Auto Dealerships

By Sean Toussi, Glo3D.com

Lead generation is the process of identifying and attracting potential customers for a business. Car dealerships need to boost lead generation to increase the number of qualified customers they can reach. By generating leads, a dealership can create a pipeline of potential customers who may be interested in purchasing a vehicle. Boosting lead generation is important for car dealerships to stay competitive, maintain a steady stream of deals, reduce customer acquisition costs, and drive future growth. Here are a few tactics to learn more about how to boost lead generation in your dealership.

ADVERTISING

Dealerships can advertise their vehicles and services through a variety of mediums, including TV, radio, and online ads. These ads can be targeted to reach specific demographics or geographic areas. For example, a dealership might advertise on local radio stations or in regional newspapers to reach potential customers in their area. Online advertising can also be effective, as it allows dealerships to target specific keywords or demographics. Two major types of advertising are explained below.

SEARCH ENGINE ADS

Having a strong presence on search engines is vital for car buyers, who typically spend 60% of their time researching online. Make sure your site is at the top of the Google results pages by taking advantage of pay-perclick (PPC) ads. These ads are designed to target a specific audience and appear when relevant keywords are used. There is a wide variety of lead generation ads that dealers can get visitor’s information to push them into their marketing funnel.

ONLINE PRESENCE

In today’s digital age, dealerships need to have an active online presence. This can be through their website and social media channels. A dealership’s website can provide

information about its inventory, pricing, and financing options, which can help attract customers who are looking to make an informed purchase. As it is mentioned before, an active social media presence can also help dealerships connect with potential customers and showcase their inventory and services.

CUSTOMER LOYALTY AND REFERRAL PROGRAMS

Loyalty programs are designed to reward customers for their continued business. These programs can offer discounts, special offers, or other perks to customers who make frequent purchases at the dealership. By offering these perks, dealerships can encourage customers to return for their future vehicle purchases.

Most marketers agree that referral programs provide a more cost-effective lead generation than any other channel. People tend to trust the opinions of those close to them, so when a current customer endorses a product or service, it can quickly create trust among their friends and family. This can have a positive impact on car sales and help them be made more quickly.

SOCIAL MEDIA

The utilization of social media is now actively influencing the car-buying experience. Nearly 90% of car shoppers who utilize social media for research have reported that it had a direct effect on their final purchase decision, with Facebook being the most popular platform for this purpose. Therefore,

car dealerships should take advantage of social media to reach out to new customers and stay in touch with existing ones. Social media can help auto dealers capture leads organically. Besides, paid ads in social media enable dealers to reach the most appropriate target audience with precision and acquire contact information like email or phone numbers directly from the platform.

PARTNERSHIP

By partnering with local businesses or organizations, car dealerships can tap into a new audience of potential customers. For example, a dealership might partner with a local sports team or community center to reach a new group of people who may be interested in purchasing a vehicle. Partnerships can also help increase brand visibility for a dealership. For example, a dealership might partner with a local restaurant or event venue to have their vehicles on display. This can help increase awareness of the dealership and its vehicles among potential customers. So, it builds credibility and trust with a new audience. When people see that a dealership is actively involved in the community, it can help create a positive image and establish trust. Local car washes, auto parts stores, car detailing shops, and even auto insurance companies can be good candidates for car dealership partnerships. n

If you have any questions or comments regarding this article, please email Sean@ Glo3D.com, Glo3D.com Content Team (AIbased, Digital Merchandising.Virtual tour, Video Tour)

A Deeper Look Inside: Legislative Session Update

By Tyler Burke, Associate, Milliron & Goodman Government Relations

The 207th Legislative Session began on January 3, 2023, and Governor Josh Shapiro and Lt. Governor Austin Davis were sworn in on January 17, 2023. We will have at least 54 new state legislators (5 were House members elected to the Senate) in the 207th Legislative Session of the General Assembly.

• 7 new state Senators (6 Republican and 1 Democrat)

• 48 new state Representatives (23 Republican and 25 Democrat)

The breakdown of the 50-member state Senate will be 28 Republican, 22 Democrat. The breakdown of the 203-member state House currently is 102 Democrats to 100 Republicans with 1 open seat since Rep. Lynda Culver (R-Columbia/Montour/ Northumberland) won a special election on January 31, 2023, to fill the state Senate seat formerly held by John Gordner who resigned to became General Counsel to the Senate Republicans.

On January 3, 2023, the House elected Rep. Mark Rozzi (D-Berks) as Speaker. However, now that the Democrats will have a 102seat majority (counting Speaker Rozzi), there are rumors that the Democrats will try to remove Speaker Rozzi and replace him with House Democratic Leader Joanna McClinton (D-Philadelphia). Rep. Rozzi has told his Democratic colleagues that he will remain a Democrat, but not caucus with either party, allowing him to be independent. Moreover, he has made public statements indicating that he intends to remain Speaker.

Speaker Rozzi has refused to convene the House, which still doesn’t have operating rules, committees, or chairpersons. Instead, Speaker Rozzi appointed a bipartisan committee to draft new operating rules, which hasn’t resulted in any progress and the House has yet to convene in voting session over the protests of Republicans.

Frustrated by the lack of action, House Republican Leader Bryan Cutler (R-Lancaster) announced committee chairs for the 2023-24 session:

Aging and Older Adult Services

Rep. Steve Mentzer (R-Lancaster)

Agriculture and Rural Affairs

Rep. Dan Moul (R-Adams)

Appropriations

Rep. Seth Grove (R-York)

Children and Youth

Open Commerce

Rep. Joe Emrick (R-Northampton)

Consumer Affairs

Rep. Jim Marshall (R-Beaver)

Education

Rep. Jesse Topper (R-Bedford/Fulton)

Environmental Resources and Energy

Rep. Martin Causer (R-Cameron/ McKean/Potter)

Ethics

Rep. Kate Klunk (R-York)

Finance

Rep. Keith Greiner (R-Lancaster)

Game and Fisheries

Rep. David Maloney (R-Berks)

Gaming Oversight

Rep. Russ Diamond (R-Lebanon)

Health

Rep. Kathy Rapp (R-Warren/Crawford/Forest)

Human Services

Rep. Doyle Heffley (R-Carbon)

Insurance

Rep. Tina Pickett (R-Bradford/Wyoming)

Judiciary

Rep. Rob Kauffman (R-Franklin)

Labor and Industry

Rep. Ryan Mackenzie (R-Lehigh)

Liquor Control

Rep. Mindy Fee (R-Lancaster)

Local Government

Rep. R. Lee James (R-Venango/Crawford)

Government Oversight

Rep. Aaron Kaufer (R-Luzerne)

Professional Licensure

Rep. Carl Walker Metzger (R-Somerset)

State Government

Rep. Brad Roae (R-Crawford/Erie)

Tourism and Recreational Development

Rep. Donna Oberlander (R-Armstrong/ Clarion)

Transportation

Rep. Kerry Benninghoff (R-Centre/Mifflin)

Urban Affairs

Rep. Rich Irvin (R-Franklin/Huntingdon)

Veterans Affairs and Emergency

Preparedness

Rep. Mark Gillen (R-Berks)

After the February 7, 2023, House special elections in Allegheny County, the House announced its session schedule. Below is the session schedule for both the Senate and the House including the dates for budget hearings by the Appropriations Committees.

2022-23 SESSION SCHEDULE

Senate

February 27 & 28

March 1, 6, 7 & 8

Senate Budget Hearings

March 20, 21, 22, 23, 27, 28, 29 & 30

April 11, 12 & 13, 24, 25 & 26

May 1, 2, 3, 8, 9 & 10

June 5, 6, 7, 19, 20, 21, 22, 23, 26, 27, 28, 29 & 30

House

February 21, 22. 23, 27 & 28

March 1, 6, 7 & 8

House Budget Hearings

March 20, 21, 22, 23, 27, 28, 29 & 30

April 11, 12, 13 & 14, 24, 25 & 26

May 1, 2, 3, 22, 23 & 24

June 5, 6, 7, 12, 13, 14, 20, 21, 22, 27, 28, 29 & 30

Milliron & Goodman will be sure to keep you updated as the picture in the state House becomes clearer and on legislation of interest as it is introduced in the new legislative session.

When They are Afraid to Commit

Soothing the frayed nerves of customers in an tight economy is a challenge, but offering payment protection can be the push they need to sign.

By Thomas F. Lovetere, President and CEO, Driver’s Connection, Inc.

We are living in challenging times, and we are feeling it in our customers’ hesitation to commit to financial obligations. Can we blame them? Job uncertainty, rising food prices, the economy, car theft, vandalism, and more are keeping people away from our businesses.

How do we offset that? We won’t always know why a customer is on the fence, but we can make them understand that the fear of a long-term auto finance commitment is unjustified, and that there are products and services on the market to offset their uncertainty and get them on the road in the car of their dreams!

CPR for Cars™ was created with these customers in mind, but it’s not just for them. There are few car owners who are still paying off a loan or lease who would not benefit from the security of a 5-year Car Payment Protection program backed by an A+ rated insurer, no credit check needed.

We help you convert nervous prospects into confident customers by protecting their finances and their credit, reducing— if not eliminating—the risk of falling behind on payments due to loss of use, offsetting the (very real) possibility of extended waits for parts that could keep their vehicle off the road, and assisting them with the upfront cost of replacing a vehicle in the event of theft and total loss.

CPR for Cars™ Car Payment Protection program gives you the ability to move your customers past the fear of events outside their control, the fear that keeps them holding on to their old cars, and the fear of negative impact to their finances and credit rating. Like GAP insurance’s rise in popularity from a niche coverage to an industry standard, we see the changing needs of car owners, dealerships, and financing companies embracing the

additional protections membership in our one-of-kind program provide.

CPR for Cars™ is not insurance; it is a membership program for consumers that can be sold through auto dealerships as a stand-alone or embedded in any F&I product. It protects your customers by reimbursing them for loan or lease payments when they can’t use their vehicle due to a covered event like mechanical repairs, accidents, stolen vehicles, recalls and more.

Any loan or lease qualifies for the program, as do most passenger vehicles (see our website for details), which gives participating dealerships an opportunity to engage and upsell to your past customers, as well as your current and future customers.

Dealerships can become resellers of the program at no cost, and since the CPR for Cars™ program is not a physical product, there is no inventory to store or reorder. The CPR for Cars™ program does not have a set retail price for membership so you can more accurately respond to the needs of your customer base, align with ongoing initiatives, and ensure a profitable revenue stream.

CPR for Cars™ membership is the simple and affordable assurance your customers need to close the deal. n

For more information or to become a reseller, contact: mohrcosales@cprforcars. com; 800-975-8023; dealerships. cprforcars.com

How to Sell Battery-Electric Vehicles to Skeptical Customers

Dealership

When it eventually comes to high-volume electric-vehicle sales, auto dealers will tackle the task. But it will take getting up to speed first.

So says Stephanie Brinley, an auto analyst at S&P Global, during an Automotive Press Assn. online panel discussion on automotive trends, including what’s ahead when BEVs break out of their niche status and enter the mainstream market.

“Dealers will find their own way and figure out how to (sell battery-electric vehicles),” she says. “There is a lot to learn on the retail side.”

Dealership buy-in is considered important to the prospects of BEVs ultimately replacing cars with internal combustion engines as consumers’ vehicle of choice.

“Dealers will eventually get it,” Brinley says of BEV selling skills. “They must be able to answer customer questions. There will be a lot of consumers who are confused.”

BY STEVE FINLAY

It’s vital for dealerships to cut through customer confusion, says panel participant Mark Phelan, Detroit Free Press.

“Tomorrow, education will be a huge issue,” he says, adding that’s where dealers come in. Today so-called early adaptors who are keen on electric-vehicle ownership are “delighted to sit (with a salesperson) for 40 minutes and hear about BEVs,” Phelan says.

But that group contrasts with many other current consumers who are less knowledgeable about BEVs– and have yet to warm up to the idea of buying one.

Selling BEVs now is relatively easy because salespeople are interacting with people who enthusiastically want one.

Later on, detailing the ins and outs of BEVs “will be harder to explain” to the average consumer, Phelan says.

As the expected BEV market goes from early adoptors to mainstream shoppers “dealers will be important,” says fellow panelist Jake Fisher, senior director of auto testing for Consumer Reports.

BEV market share as a percentage of all vehicle sales were fractional in recent years (generally between 2% and 5%, according to Cox Automotive). But global BEV sales are increasing, spurred largely by government incentives and by automakers introducing more and more electrified products.

Yet even though BEV sales are growing, hordes of consumers are not yet clamoring for them. The buzz BEVs get today is not commensurate with their market share.

“They are hot, but still in the innovator stage,” Brinley says.

buy-in is considered an important element to the prospects of EV market success.

S&P Global says the BEV market reached 5% in 2022. The company expects that to reach 8% this year, 12% in 2024 and 42% by the end of the decade. But Brinley says, “By 2030, we’ll still have a lot of gasoline engine vehicles on the roads.”

BloombergNEF reports there now are 30 million BEVs on the road, triple since 2020.

Tesla is the BEV market leader. Accordingly, it’s the company with a target on its back as traditional automakers such as General Motors, Ford, Volkswagen and Hyundai up their BEV game with new and planned vehicle introductions.

“Set aside that Elon has set himself on fire,” says Phelan, referring to Tesla CEO Elon Musk’s eye-raising remarks of late, especially related to his acquisition of Twitter. “Tesla now has competition.”

Phelan predicts Tesla’s market share “will sink dramatically over the years because that is what happens when

there are more (product) choices. Tesla has loyal owners, but the deck is stacked against it.”

That said, “Tesla has shown you can build and sell BEVs that are exciting” not just glorified golf carts, Phelan adds.

Brinley says that for the next few years Tesla will enjoy a production advantage because its BEV factory in California has been up and running for years now.

But Fisher says other automakers who are expanding their lineups with BEVs “can work out the growing pains.” Making BEVs “is not rocket science.”

Franchised dealer trade associations emphasize that most of their members are embracing the impending BEV age.

BEV talk was a hot topic at last year’s National Automobile Dealers Assn. convention. More of the same is expected at this year’s NADA gathering in Dallas in late January. n

GET TO KNOW YOUR MID-ATLANTIC STAFF

John Odorisio

Executive Director

(717) 317-3098

john@piada.org

Nicole Autry Dealer Set-Up Unit

(717) 317-1966

nicole@piada.org

Cynthia Slemons Membership Specialist

(717) 238-9002 x16

cynthia@piada.org

Pamela Switalski

Dealer Titles

(717) 238-9002 ext. 15

pamela@piada.org

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Online Registration (717) 238-9002 x27 barb@piada.org

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Title Call Center (717) 238-9002 jessica@piada.org

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Heather Levesque Accounting (717) 238-9002

heather@piada.org

INDUSTRY INSIGHT

Car-Buying Grabbing More Wallet Share

By ADT Staff

Sixteen percent of consumers who financed a new car in the fourth quarter have monthly payments of at least $1,000, a record.

A new report quantifies the rising cost of consumer car loans, which are getting more and more expensive.

Car-shopping research website Edmunds shows that about 16% of consumers who financed a new car in the fourth quarter have monthly payments of at least $1,000, the highest ever level. That is compared with 10.5% a year earlier and 6.7% in the fourth quarter of 2020.

Even some used-car buyers committed to the same payment segment – a record 5.4%, up from about 4% year-over-year and from 1.5% two years earlier.

Edmunds also reported that down payments on car purchases are rising. The average for new and used cars also made records in the quarter, jumping to $6,780 and $3,921, respectively.

Rising interest rates are a big factor in the increasing cost of buying a vehicle. The average annual percentage rate on new cars reached 6.5% in the fourth quarter, Edmunds reported, up from 5.7% quarter-over-quarter and from 4% year-overyear.

Meanwhile, more consumers are shifting from leases to purchases. Edmunds says the new-vehicle lease penetration rate dropped from 29% in the fourth quarter of 2019, just before the pandemic, to 16% in the recently ended quarter. Among luxury-vehicle shoppers, it fell from 53% to 26%. n

CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank. Wells Fargo also charged consumers unlawful surprise

overdraft fees and applied other incorrect charges to checking and savings accounts. Under the terms of the order, Wells Fargo will pay redress to the over 16 million affected consumer accounts, and pay a $1.7 billion fine, which will go to the CFPB's Civil Penalty Fund, where it will be used to provide relief to victims of consumer financial law violations.

“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said CFPB Director Rohit Chopra. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an

important initial step for accountability and long-term reform of this repeat offender.”

Wells Fargo (NYSE: WFC) is one of the nation's largest banks, serving households across the country. It offers a variety of consumer financial services, including mortgages, auto loans, savings and checking accounts, and online banking services.

According to today’s enforcement action, Wells Fargo harmed millions of consumers over a period of several years, with violations across many of the bank’s

largest product lines. The CFPB’s specific findings include that Wells Fargo:

• Unlawfully repossessed vehicles and bungled borrower accounts: Wells Fargo had systematic failures in its servicing of automobile loans that resulted in $1.3 billion in harm across more than 11 million accounts. The bank incorrectly applied borrowers’ payments, improperly charged fees and interest, and wrongfully repossessed borrowers’ vehicles. In addition, the bank failed to ensure that borrowers received a refund for certain fees on add-on products when a loan ended early.

• Improperly denied mortgage modifications: During at least a seven-year period, the bank improperly denied thousands of mortgage loan modifications, which in some cases led to Wells Fargo customers losing their homes to wrongful foreclosures. The bank was aware of the problem for years before it ultimately addressed the issue.

• Illegally charged surprise overdraft fees: For years, Wells Fargo unfairly charged surprise overdraft fees - fees charged even though consumers had enough money in their account to

cover the transaction at the time the bank authorized it - on debit card transactions and ATM withdrawals. As early as 2015, the CFPB, as well as other federal regulators, including the Federal Reserve, began cautioning financial institutions against this practice, known as authorized positive fees.

• Unlawfully froze consumer accounts and mispresented fee waivers: The bank froze more than 1 million consumer accounts based on a faulty automated filter’s determination that there may have been a fraudulent deposit, even when it could have taken other actions that would have not harmed customers. Customers affected by these account freezes were unable to access any of their money in accounts at the bank for an average of at least two weeks. The bank also made deceptive claims as to the availability of waivers for a monthly service fee.

Wells Fargo is a repeat offender that has been the subject of multiple enforcement actions by the CFPB and other regulators for violations across its lines of business, including faulty student loan servicing, mortgage kickbacks, fake accounts, and harmful auto loan practices.

Enforcement Action

Under the Consumer Financial Protection Act, the CFPB has the authority to take action against institutions violating federal consumer financial laws, including by engaging in unfair, deceptive, or abusive acts or practices. The CFPB’s investigation found that Wells Fargo violated the Act’s prohibition on unfair and deceptive acts and practices.

The CFPB order requires Wells Fargo to:

• Provide more than $2 billion in redress to consumers: Wells Fargo will be required to pay redress totaling more than $2 billion to harmed customers. These payments represent refunds of wrongful fees and other charges and compensation for a variety of harms such as frozen bank accounts, illegally repossessed vehicles, and wrongfully foreclosed

homes. Specifically, Wells Fargo will have to pay:

• More than $1.3 billion in consumer redress for affected auto lending accounts.

• More than $500 million in consumer redress for affected deposit accounts, including $205 million for illegal surprise overdraft fees.

• Nearly $200 million in consumer redress for affected mortgage servicing accounts.

• Stop charging surprise overdraft fees: Wells Fargo may not charge overdraft fees for deposit accounts when the consumer had available funds at the time of a purchase or other debit transaction, but then subsequently had a negative balance once the transaction settled. Surprise overdraft fees have been a recurring issue for consumers who can neither reasonably anticipate nor take steps to avoid them.

• Ensure auto loan borrowers receive refunds for certain add-on fees: Wells Fargo must ensure that the unused portion of GAP contracts, a type of debt cancellation contract that covers the remaining amount of the borrower’s auto loan in the case of a major accident or theft, is refunded to the borrower when a loan is paid off or otherwise terminates early.

• Pay $1.7 billion in penalties: Wells Fargo will pay a $1.7 billion penalty to the CFPB, which will be deposited into the CFPB’s victims relief fund.

The CFPB wishes to thank members of the public who submitted complaints through the CFPB’s complaint system across Wells Fargo product lines. These complaints aided in the detection of some of the illegal activity uncovered in the CFPB’s investigation.

The CFPB is also grateful for the cooperation and the substantial work performed by the Office of the Comptroller of the Currency, whose efforts have contributed to the significant remediation received by consumers harmed by the bank’s illegal activity, and the Federal Reserve Board of Governors. n

Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts

The CARLAWYER©

By Eric Johnson, Partner in the law firm of Hudson Cook, LLP, Editor in Chief of CounselorLibrary.com’s Spot Delivery®

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 Consumer Financial Protection Bureau, New York attorney general, Office of the Comptroller of the Currency, and the National Credit Union Administration Board. As usual, our article features the “Case(s) of the Month” and our “Compliance Tip.” Note that this column does not offer legal advice. Always check with your lawyer to learn how what we report might apply to you or if you have questions.

FEDERAL DEVELOPMENTS

On January 4, the Consumer Financial Protection Bureau and the New York attorney general filed a lawsuit against Credit Acceptance Corporation in connection with its financing of consumers' used vehicle purchases. Specifically, the complaint alleges that CAC "engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act of 2010 ... by obscuring the cost of credit for auto loans and taking unreasonable advantage of consumers' lack of understanding of the risk of default and the severity of the consequences, as well as their inability to protect their interests, and for providing substantial assistance to dealers, even though CAC knew or should have known the dealers were misrepresenting the

voluntary nature of add-on products." The complaint also alleges that CAC "violated New York Executive Law § 63(12) by engaging in repeated and persistent fraudulent and illegal conduct, including misstating the cost of credit, entering into unconscionable contract terms, and violating the statelaw statutory disclosure regimes set out in the New York Personal Property Law. CAC likewise violated New York General Business Law § 349 by engaging in these same deceptive business practices." Finally, the complaint alleges that because CAC allegedly violated the CFPA and New York law, it also violated New York's securities fraud law.

On January 11, the Consumer Financial Protection Bureau announced a proposed settlement with Forster & Garbus, LLP, resolving allegations that the law firm used illegal debt collection practices in violation of the Fair Debt Collection Practices Act and the Consumer Financial Protection Act's prohibition against deceptive acts and practices. The Bureau alleged that, from 2014 through 2016, the law firm filed debt collection lawsuits against consumers without the requisite documentation supporting the debt and falsely represented to consumers that attorneys were meaningfully involved in the preparing and filing of lawsuits. If approved by the court, the order would require Forster & Garbus to: (1) retain specific documents supporting the debt before filing a debt collection lawsuit, including the name of the original creditor, evidence that the consumer authorized the debt, the chain of title supporting any sale of the debt, and a breakdown of how the debt amount was calculated; (2) certify that an attorney whose name will appear on the complaint has reviewed the documentation supporting the debt and

ensured that the complaint is consistent with the documentation; (3) dismiss any pending collection lawsuit if it does not certify its compliance with the specified documentation and meaningful attorney review requirements within 120 days of the court entering the order; and (4) pay a $100,000 penalty to the Bureau. Noting that Forster & Garbus brought the allegedly illegal lawsuits on behalf of companies like Discover and Citibank, CFPB Director Rohit Chopra stated in the news release announcing the settlement that "[t]he CFPB will be scrutinizing large financial companies that enlist debt collection outfits operating lawsuit mills."

On January 11, the Consumer Financial Protection Bureau announced a proposed rule that would require nonbanks subject to its supervisory authority, with limited exceptions, to register each year in a public registration system established by the Bureau if they use certain terms and conditions in form contracts for consumer financial products and services that seek to waive consumer rights or other legal protections or limit the ability of consumers to enforce or exercise their rights. The specific terms and conditions defined in the proposed rule include waivers of claims a consumer can bring in a legal action; limits on a company's liability to a consumer; limits on a consumer's ability to bring a legal action by dictating the time frame, forum, or venue for a consumer to bring a legal action; limits on the ability of a consumer to bring or participate in a class action; limits on the ability of a consumer to file complaints or post reviews; certain other waivers of consumer rights or other legal protections; and arbitration agreements. The specified terms and conditions would be covered

by the proposed rule whether they are legally enforceable or not. Registrant information and information about their use of these terms and conditions would be published in the registry. The public comment period will remain open for 60 days following publication of the proposed rule on the Bureau's website or 30 days following publication of the proposed rule in the Federal Register, whichever period is longer.

On January 12, the Office of the Comptroller of the Currency issued a revised "Fair Lending" booklet of the Comptroller's Handbook, which replaces the booklet of the same title issued in January 2010. The booklet assists OCC examiners in assessing fair lending risk and evaluating compliance with the Fair Housing Act and the Equal Credit Opportunity Act and its implementing regulation, Regulation B.

On January 26, the National Credit Union Administration Board approved maintaining the current 18 percent interest rate ceiling for loans made by federal credit unions for a new 18-month period from March 11, 2023, through September 10, 2024.

CASE(S) OF THE MONTH

Dealership Was Vicariously Liable for Employees' Actions in Connection with Consumer's Fraudulent Purchase and Financing of Vehicle with Forged Documents in Violation of New Jersey Consumer Fraud Act: An individual went to a dealership and used his grandmother's personal information to buy and finance a vehicle without her knowledge. The grandmother later sued her grandson, the dealership, the dealership's salesperson, and the dealership's sales manager. The salesperson and the manager oversaw the sales transaction with the grandson. The grandmother moved for summary judgment on her New Jersey Consumer Fraud Act claim, alleging that the dealership engaged in an unconscionable business practice by transacting the

sale of the vehicle in her name using forged signatures and by participating in the wrongful use of her personal information. She also alleged that the dealership was vicariously liable for the salesperson's and the sales manager's actions. The grandmother alleged that she suffered damages comprised of the deficiency owed to the financing company, tolls, and parking fines. The trial court granted summary judgment for the grandmother on her CFA claim against the dealership. The dealership appealed, arguing, in part, that it could not be vicariously liable for the salesperson's and the sales manager's actions because their actions were criminal and thus not within the scope of their employment.

The Superior Court of New Jersey, Appellate Division , affirmed the trial court's decision. The appellate court agreed with the trial court's findings that the salesperson and the sales manager were acting in those capacities when they completed the sale and financing transaction with the grandson and that the grandmother was not present at the transaction and did not authorize or sign the sales documents. The appellate court agreed with the trial court's conclusion that the salesperson and the sales manager enabled the grandson to complete a fraudulent purchase with forged documents and, therefore, the salesperson's and the sales manager's conduct constituted an unconscionable business practice in violation of the CFA. The appellate court also agreed with the trial court's conclusion that the dealership was liable for its employees' actions because the salesperson and the sales manager were acting within their scope of employment when they engaged in the fraudulent conduct. The trial court found that the salesperson and the sales manager were performing the kind of work they were employed to perform (i.e., effecting the sales of vehicles and associated financing) while present on their employer's premises during business hours and for the purpose of serving their employer. In addition, the

trial court noted that the salesperson and the sales manager acknowledged the dealership's written policy regarding unethical conduct, which specifically included accepting or writing credit applications known to be false and forging customers' signatures on any documents and explicitly stated that the dealership could be exposed to liability for the type of conduct engaged in by the salesperson and the sales manager.

See De Medeiros v. Brilhante, 2022 N.J. Super. Unpub. LEXIS 2514 (N.J. Super. App. Div. December 13, 2022).

COMPLIANCE TIP

Our Case of the Month discusses the extremely important and all-tocommon issue of fraud committed on the dealership. In this case, not only did the grandson commit fraud on the dealership, but so too did the salesperson and sales manager. The actions by the salesperson and the sales manager were attributed to the dealership and the dealership was vicariously liable for their employees’ actions. What can a dealership do to protect itself? Have a written policy regarding unethical conduct, including that writing or accepting credit applications that are false and forging customers' signatures on any documents are terminable offenses. Conduct frequent audits of your deals to ensure that no fraud occurred in the transaction. Get your sales and F&I employees AFIP certified. If you find evidence of fraud, you need to take quick and decisive action. Don’t let this type of fraud take root in your dealership! n

Eric (ejohnson@hudco.com) is a Partner in the law firm of Hudson Cook, LLP, Editor in Chief of CounselorLibrary.com’s Spot Delivery®, a monthly legal newsletter for auto dealers and a contributing author to the F&I Legal Desk Book. For information, visit www.counselorlibrary. com. ©CounselorLibrary.com 2023, all rights reserved. Single publication rights only to the Association. HC# 4889-78412622.

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1100 S. York St., Mechanicsburg, PA 17055 717.697.2222 / Fax: 717.697.2234

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AMERICAN AUTO AUCTION ERIE

P.O. Box 317, 12141 Route 6 West Corry, PA 16407 814.664.7721 / Fax: 814.664.7724

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BLOOMSBURG AUTO AUCTION

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Exit 178 of I-80, Lock Haven, PA 17745 800.248.8026 / Fax: 570.726.7841

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LEHIGH VALLEY AUTO AUCTION

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MOUNTAIN STATE AUTO AUCTION Route 2, Box 835, Shinnston, WV 26431 304.592.5300 / Fax: 304.592.3510

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Car Financing Costs Will Keep Rising This Year

By ADT Staff

Vehicle loan rates will continue to rise this year as the Federal Reserve issues further bumps, so borrowers will pay more to finance cars, especially borrowers with bad credit, forecasts consumer financial services company Bankrate.

The interest rate effect won’t be entirely offset by increased vehicle inventories resulting from eased supply-chain scarcity and bottlenecks, a shift that has helped level high prices, Bankrate says.

Rates will be “tempered by competitive lenders,” but rate increases are expected to continue as the Fed works to quell inflation.

The net effect on consumers is higher borrowing costs. Bankrate quotes a CoPilot

study that found monthly car payments are up by more than 3%. n

Still, most buyers should be spared from worst-case scenarios.

“For most car buyers – those with average or better credit – rates will remain below 7% on new car loans and below 8% on used car loans,” says Bankrate Chief Financial Analyst Greg McBride. “But consumers with weaker credit profiles will have a much different experience as credit tightens and rates reach well into double digits.”

Bankrate predicts that five-year new-car loans will reach 6.9% this year, four-year loans 7.75%.

The Fed increased the benchmark rate seven times in a row over the past year. Bankrate says 60-month financing for a new car averaged 3.86% last January and closed the year at more than 6%.

Meanwhile, wholesale vehicle prices fell by more than 15%.

Bankrate predicts that five-year new-car loans will reach 6.9% this year, four-year loans 7.75%.

5 Key Opportunities for Your Dealership in 2023

By RevolutionParts

As we begin 2023, the lasting effects of supply chain shortages, lowered new car sales, and the rising cost of steady parts and materials are still being felt. Experts tell us that these challenges will continue well into the year.

Many dealerships today are experiencing stagnant revenue growth. While 2023 is expected to be filled with challenges, there are plenty of opportunities to help your dealership generate more revenue and scale its business.

Here are the top five opportunities your dealership can take advantage of in 2023 to improve its sales growth.

Invest in Quality Digital Marketing

Digital marketing is a must-have to succeed online. If your dealership has no online marketing presence, your customers won’t know you exist. To build the right marketing strategy, you must look at what digital tools and resources will work best for your department’s needs.

Standard marketing tools like email marketing, pay-per-click ads, and SEO implementation are all great starting points for the dealership. However, to truly

have an effective marketing strategy, you need to have the right messaging that you can implement across all of these tools.

Going into 2023, dealerships should streamline their messaging to be more than just priced-focused. Focus on the dealership’s value across all departments, from easy online shopping to convenient delivery. Vehicle sales are important, and you want a solid marketing plan to sell more.

Don’t forget about fixed ops! The parts department is a great place to grow revenue and increase your absorption rate, but if you don’t market your parts department effectively, you’ll miss out on revenue. Unfortunately, 23% of dealerships are not marketing their parts department, meaning they are not reaching many potential customers. Fortunately, dealers using RevolutionParts have access to a team of parts marketing specialists to help drive more traffic and conversions for their parts web store.

Modernize the Customer Experience

It’s no secret; online shopping is the number one way to buy among many of today’s consumers. If your dealership

wants to keep up with modern shopping habits, you must adapt to the online retail model–for the whole dealership. This is the year to empower customers to shop exactly how they want.

Start by taking a multichannel approach. Sell cars, parts, and accessories in-store and online. You should also allow customers to schedule a service online.

People are shopping online now more than ever, and many consumers would rather do the bulk of their vehicle shopping from the comfort of their homes. Others prefer to do some (or even all) of the buying experience at the dealership. You should offer both options to create a seamless shopping experience.

Finally, continue this online approach into the service lane. Make it easy for your customers to schedule service appointments online. Plus, by providing an option for customers to make their own appointments online, you can free up your service staff as they will spend less time on the phone.

Sell Parts on Multiple Selling Channels

New car sales are waning, and forwardthinking dealers are turning to other profit generators in the dealership. Drivers are keeping their vehicles longer. This means more of them are coming into your parts and service departments rather than purchasing a new vehicle.

Parts sales, in particular, felt a significant impact during the pandemic. Dealers felt a sharp decrease in their conventional parts business, losing close to $6 billion in parts sales. However, online sales weren’t decreasing in the same way but were instead increasing. RevolutionParts customers saw a 27% increase in parts sales by selling online in 2020.

Selling parts online is the new way to generate more revenue at the dealership. Selling at your parts counter alone isn’t enough to meet the demand for auto parts. To turn auto parts sales into a strong source of revenue, you need to be selling across multiple channels.

Selling online doesn’t just mean selling your parts on your dealership website. You should be selling on multiple channels, including your dealership’s website, a designated web store, online marketplaces (i.e., Amazon and eBay), or a combination of all three. The more places you have available to sell through, the better. Meet your customers where they’re already shopping.

Use Crowd-Sourced Services

Retailers across all industries are taking advantage of crowd-sourcing services.

Companies like Uber, Lyft, and DoorDash offer cost-effective and convenient delivery services that can fulfill sameday orders to millions of consumers. Automotive retailers are beginning to use these services to deliver auto parts to local buyers.

Close to 112 million people in the U.S. reported using a delivery service app at least once in 2020. The use of these services is expected to continue to grow. With most consumers moving toward this kind of shopping model, automotive retailers will have to quickly pivot toward this buying experience to meet the demands of their local consumer base.

Another great way to use crowd-sourcing services is to use them in tandem with the service lane. Dealers can use services like Lyft and Uber to schedule rides for customers with cars being serviced. When they drop off their car, order a ride to get them to their destination and return later. They’ll be thankful for the convenience.

Improve Shipping Practices

For dealerships taking steps to grow their parts customer base beyond their local market, shipping auto parts can be the biggest hurdle to get over. Between the cost of materials, the cost of shipping carriers added insurance, and delayed delivery times, it can be a nightmare keeping track of all the moving parts to get products shipped out.

Dealers should simplify the shipping process as much as possible. With the right tools from RevolutionParts, dealers can print their own labels, use their own branded packaging, ensure that the right parts are shipped to the right customers, and ensure their packages are protected.

Get Ready for New Opportunities in 2023

Ready to start the new year off right? Get your eCommerce strategy in the water now and grow your dealership’s business. Gearing up for 2023 but want more insight? Download the 2022 consumer report to learn more about online parts buyers so you can include these insights in your dealership’s 2023 strategy! n

Insurance Companies are Refusing to Cover Certain Hyundai and Kia Models

By Chris Teague

You’ve probably heard about the TikTokinspired uptick in Hyundai and Kia thefts, where the lack of an immobilizer has given thieves an open invitation. Beyond the stress that your car could be stolen at any time, insurance companies now appear to be less willing to cover the vehicles.

The Drive spoke with Progressive Insurance, which said it had stopped issuing new policies to some Hyundai and Kia vehicles. A spokesperson told the publication that “due to the theft risk that some Hyundai and Kia vehicles present, in many cases, it makes these vehicles difficult to insure, so in certain areas of the country, we have adjusted our acceptance criteria for new business.”

The changes do not affect existing policyholders, but it certainly puts a damper on anyone hoping to grab a used car and get it insured. The Drive’s staff reached out to several other insurers in different areas of the country, discovering that several were unwilling to issue new policies. Progressive denied policies for a Kia Soul in Denver, and news outlets in other cities have reported similar outcomes.

Those that don’t deny insurance coverage outright charge much more for the privilege. One driver told his local newspaper in St. Louis that Progressive would cover his car, but would charge $350 monthly. n

2023 ADVANCED ISSUING AGENT TRAINING COURSES

IN-PERSON COURSES

The in-person training courses will be provided by Pennsylvania Association of Notaries, a PennDOT approved instructor. All classes begin at 9:00AM. No refunds and may not be transferred to another class date.

Members: $125; Non-members: $150

Tuesday, March 14

Deadline to register: February 27

AMERICA’S AA – HARRISBURG 1100 S. York St. Mechanicsburg, PA 17055

Monday, April 24

Deadline to register: April 7

MANHEIM PITTSBURGH AA 21095 Route 19 Cranberry Twp., PA 16066

Thursday, June 15

Deadline to register: May 31

NORTHEAST PENNSYLVANIA AA 860 N. Keyser Ave. Scranton, PA 18504

Thursday, September 21

Deadline to register: September 6

MANHEIM PHILADELPHIA AA 2280 Bethlehem Pike Hatfield, PA 19440

Thursday, October 5

Deadline to register: September 20

GARDEN SPOT AA Robert Rd. & Apple St. Ephrata, PA 17522

ZOOM COURSES

The ZOOM training courses will be provided by Pennsylvania Association of Notaries, a PennDOT approved instructor. All classes begin at 9:30AM. Class size limited – registration closes ten business days prior to class date No refunds and may not be transferred to another class date. Members: $99; Nonmembers: $129

Thursday, April 13

Deadline to register: March 29

Thursday, July 20

Deadline to register: July 5

ONLINE COURSES

The online training courses will be provided by Pennsylvania Association of Notaries, a PennDOT approved instructor.

Members/Nonmembers: $169

COURSE REGISTRATION

Names of attendee(s): [MUST BE THE SAME AS IT APPEARS ON ATTENDEE’S DRIVERS LICENSE]

MARYLAND FORMS DEALERS CAN ORDER

PENNSYLVANIA FORMS DEALERS CAN ORDER

Over

ADP FORMS

Please make checks payable to PIADA, 1501 North Front St., Harrisburg, PA 17102 (call in to receive shipping cost to include in payment) or you may fax orders to 717.238.3870 with credit card information. *All orders MUST be accompanied by a method of payment. *Must provide DIN if applicable.