Wednesday, January 10, 2018

January 2018 SDADA Column

Last year I watched (and helped a little) as NADA planned NADA100, a celebration of 100 years of service to dealers. The celebration in New Orleans was spectacular and everyone I talked to who attended had a great time. It was a gala worthy of the occasion.

It was great to walk down memory lane  and recap the rich history of both our trade association and our industry while also celebrating its future. The automobile industry has been an integral part of our nation's history.

Perhaps even more remarkable is that the South Dakota Automobile Dealers Association is celebrating 100 years of service to South Dakota dealers this year. Committees and staff are planning a celebration of this milestone to be held in Sioux Falls, June 13-15.

Details of this grand event will be coming soon but I urge you to mark those dates on your calendar. This will be a celebration of the history of the automobile industry in our state and if you are reading this, you are an important part of that history.

Encourage other dealers, current and past, to join us for this great celebration of the automobile industry in our state. I know one thing about car dealers, we DO know how to celebrate.

Military Lending Act

On December 14, 2017, the Department of Defense issued an interpretation of the Military Lending Act regulation that requires immediate attention. The DoD's interpretation states that vehicle financing with active duty military personnel and their dependents that includes GAP protection and/or credit insurance requires compliance with the MLA.

If you sell vehicles to active duty military personnel and their dependents, you need to  consider your store's policies about future sales of GAP protection and credit insurance.

NADA has obtained permission to distribute an article by leading dealer attorney Mike Charapp to further assist dealers in understanding and addressing issues raised by the interpretation. Mr. Charapp identifies potential compliance measures a dealer may wish to consider adopting after consulting with its legal counsel. You will find that article elsewhere in this publication. I urge you to carefully read and consider its implication for your dealership.

Football Fan? You Need to Come to NADA Show

Nick Saban, the head football coach at 2017 National Champion University of Alabama, is one of five keynote speakers. He is considered one of the greatest coaches of all time with six national championship wins and many other accolades. Saban is scheduled to speak at the general session on Friday, March 23.

Joe Theismann, a NFL champion quarterback, broadcaster and entrepreneur, is one of four speakers slated for the new Distinguished Speaker Series. His session, “Game Plan for Success,” which draws parallels between winning in football and business, will be held on Saturday, March 24.

Keynote speakers for the NADA Show are Mark Scarpelli, 2017 NADA chairman, and Saban (Friday’s general session); Wes Lutz, 2018 NADA chairman-elect, and John Krafcik, CEO of Waymo LLC (Saturday’s general session); and Robert O’Neill, team leader at Naval Special Warfare Development Group (Sunday’s inspirational session).

The NADA Show runs from Thursday, March 22, to Sunday, March 25. Click here to register.

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