Dealer Inventory Exemption from Property Taxation

As we near the beginning of 2014, many dealers have received the annual dealer inventory exemption  notices from their county assessors. Please make sure that you complete the inventory list and application and return it to your county assessor in a timely manner. Salt Lake County requires that each page of your inventory you return, be signed and notarized. Please pay special attention to your county requirements, as each county can be somewhat different. If you have specific questions regarding your county requirements, please contact your county assessor.

A link (PDF) to the Salt Lake County notice is provided below.
2014 Dealer Inventory Exemption from Property Taxation Pursuant to Utah Code Ann. 59-2-1114 (Sup. 1991)

2014 Standard Mileage Rates for Business, Medical and Moving Announced

WASHINGTON — The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 56 cents per mile for business miles driven
• 23.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The business, medical, and moving expense rates decrease one-half cent from the 2013 rates.  The charitable rate is based on statute.

TransFirst Offers UCDU Members Great Credit Card Processing Service

The Used Car Dealers of Utah is pleased to offer payment processing services from TransFirst^® as part of its member benefits. TransFirst’s innovative products and 24/7, U.S.-based merchant support are part of a comprehensive program that can help members like you save money and grow your business. TransFirst offers UCDU members a free merchant statement analysis to see how much you may be able to save. With an A+ rating from the Better Business Bureau, you can trust TransFirst to create a program that works for you. Some of TransFirst’s benefits include:

·       Ability to process major credit cards, debit cards and ACH

·       State-of-the-art security and data protection technologies

·       Wired, wireless, mobile and Internet-based processing options

·       Industry-compliant processing equipment and software

·       Pricing structures for businesses of every size

·       Comprehensive online reporting available 24/7

For more information please call 800-613-0148 or visit us as http://www.transfirstassociation.com/niada 

CAR Financial St Louis Branch Opening

CAR Financial Services has opened a new office in St. Louis, marking its 17th domestic office plus two international locations.

CAR’s expansion plans are in full gear, and more offices are set to open later this year and early in 2014. 

“We are expanding into territories that have historically been high performers in the buy here-pay here marketplace,” said Rick Potter, President of CAR Financial. “This opening and those coming soon will bring our local point of presence, financial expertise and genuine customer service that will make an immediate impact for the dealer base in these areas.  We are excited about our domestic and international expansion plans.”

Bob Coon, a veteran of the financial services industry, will manage the office. Coon joined CAR two years ago following a long career with Wells Fargo Financial. The office is located at 9717 Landmark Parkway along the I-270 St. Louis beltway.

“Bob brings a great skill set and a can-do attitude to the dealers in his market and we were lucky to be able to bring him on board,” Potter said. “He is a go-getter in every sense and he is excited to be able to serve the buy here-pay here dealer community in the St Louis and surrounding markets.” Potter continued.

CAR Financial has a proven track record of over 20 years in the Auto Finance industry. They can help you survive difficult economic times by customizing a purchase/service program that meets your needs while providing quality service through a single point of contact that is located near your dealership. They strive to understand your day to day business so that they can structure a program designed to meet your long term goals and objectives. Whether floorplans to fund your buy here-pay here operation, purchasing a stream of payments, purchasing all or part of your accounts outright either in BULK or at POS, or simply servicing your buy here-pay here portfolio, the trusted professionals at CAR Financial are interested in working with you to meet your dealership needs. 

CAR Financial Services, Inc. ("CAR") services both independent automotive dealers and automotive sub-prime financial organizations. CAR operates in 45 States and is continually evolving its programs to meet the ever changing needs of those we serve. Our strengths lie with our experienced and professional employees, our dedication to technology and a tradition of over 20 years of quality service.

Interested in more information on any of our programs and services?
Visit us online at www.carfinancial.com or  call 877-570-8857.

Wills & Living Trusts

Living trusts are created with a clearly defined objective: to avoid probate. Misconceptions about living trusts have spread to the point where people think they can accomplish much more than they really do. Here is a realistic assessment of living trusts.

If you fear probate, consider a living trust. If you worry about your will being contested or your heirs fighting over your assets, a revocable living trust may be your best option.
You fund a revocable living trust with all, or largely all, of your assets during your lifetime. The trust owns the assets, yet you can still use these assets while you live. Once you die, the revocable living trust becomes irrevocable and the trust assets are distributed according to your wishes by designated successor trustees, exempt from probate.1,2,3
In addition to giving you more control and privacy, a living trust may save your heirs time and money. An AARP survey finds that it takes roughly 18 months to distribute the typical estate because of probate. Settlement costs from probate may eat up as much as 5% of an estate.1,2

Long Time Member Howard "Sherm" Sherman Passes Away

Howard Orson Sherman, “Sherm” passed away peacefully surrounded by his loving family early Friday morning May 31, 2013, his favorite time of day, to begin his new journey.

He was born March 24, 1931 in Ogden, Utah son to Trueman Carl and Fushia Olea Bybee Sherman. As a graduate of Ogden High School, Sherm put away his basketball and enlisted directly into the United States Navy in December 1949 serving his country during the Korean War from 1950 to 1954. As a Cryptographer Decoder, he received full military honors ranking Petty Officer 3rd Class in Communications. Upon his return, he studied engineering at Weber State College....

Read the Full Obituary 

Our condolences go out to the Sherman Family. Thank you "Sherm" for making the car industry better for all of us.

AutoTrader.com Partners With Experian Automotive To Enable Dealers To Provide AutoCheck Vehicle History Reports On Their AutoTrader.com Listings

ATLANTA, May 23, 2013 /PRNewswire/ -- Today, AutoTrader.com® announced that it has entered into an agreement with Experian Automotive which will enable dealers to utilize AutoCheck® vehicle history reports when merchandising their inventory on AutoTrader.com. Beginning in September, dealers who subscribe to Experian Automotive's AutoCheck product will have the option of utilizing those vehicle history reports on the AutoTrader.com site. This non-exclusive partnership is a step designed to facilitate choice for AutoTrader.com's dealer customers and allow other vehicle history report providers to work with AutoTrader.com in a similar manner.

"We are listening to our customers and strive to evaluate our products and services based on their feedback," said Alan Smith , chief operating officer at AutoTrader.com. "Our dealer customers have clearly expressed a desire to have more freedom in deciding which vehicle history reports they would like to use to merchandise their inventory on our site, and our goal with this partnership is to make that choice a reality."

Former NIADA President Dies

Joe Eikenberg Sr., a former president of the National Independent Automobile Dealers Association and a past president of U-Save Auto Rental of America, died last month.  Eikenberg, 86, was a national leader in the independent used-vehicle industry in the 1980s and 1990s.  He was named the first recipient of NIADA’s National Quality Dealer of the Year in 1976 and served as NIADA’s president in 1979-80.

During his tenure with NIADA, he was very involved in national lobbying efforts and testified to Congressional sub-committees on several occasions on the rights of independent used vehicle dealers.  "Joe was a very good friend and great leader of NIADA. He was also our first quality dealer of the year. We will all miss him," said Mike Linn, NIADA’s CEO.  Eikenberg was a leader of a small investment group that purchased U-Save Auto Rental served for several years as the company’s president.  During his time as president, U-Save Auto Rental was named in two consecutive years to Inc. magazine’s Inc. 500 list of the fastest growing American privately held companies.

Auto Remarketing’s publisher emeritus Ron Smith called Eikenberg an icon of the independent used-car industry.  “Joe, almost single-handedly, changed the used car dealer’s image from someone you could hardly trust to a respected small businessman.  The respect dealers have today as sharp, honest, hardworking men and women can be traced back to Joe Eikenberg and the way he handled business and relationships,” Smith said.
The Eikenberg name has long been respected among independent dealers in the Maryland market and is still be carried on by his son, Joe Eikenberg Jr.  Joe Eikenberg is survived by his wife Doris, children and grandchildren.

NIADA Scholarship Application Deadline Extended

The application deadline has been extended to April 1st for this year's NIADA Regional Scholarships to be awarded at the NIADA Annual Convention & Expo Leadership Awards Banquet, June 26, 2013, in Las Vegas at Caesars Palace.

• Who's Eligible? --  Seniors who will be graduating in Spring 2013
• How Much Are They? -- $3500 to one top student in each of the four NIADA Regions
• How To Apply? -- Go to www.niadafoundation.org for the application form.

Not only will the top students receive a scholarship to their chosen college or university, they will be guests, along with their parents, of NIADA at the annual event.
“Our scholarship program and the recognition of these outstanding young people would not have been possible without the support of our friends at AutoTrader.com. They have led the way with their annual generous support, demonstrating their vision and values to do more than just connect buyers and sellers, but to connect to their communities,” Mike Linn, NIADA Foundation President.
Students who currently attend or plan to attend Northwood University should contact Northwood’s Financial Aid Office regarding the National $10,000 NIADA/AutoTrader Scholarship.
For additional information, contact Georgia Brown, Director of Education, 800-682-3837.

Professional Presence on the Phone

Within the first 5 seconds on the telephone, you and your employees establish your company’s image with clients and prospects. With each minute that passes in conversation, either strengthen a caller’s confidence… or weaken your professional integrity.

In short, you and your employees’ telephone skills can make or break your business.

1. When you’re on the phone with a client, you’re playing the roles of a good-will ambassador, problem solver, public relations representative, and more. Whether you are having a good day or a bad day, your telephone call is a performance that should leave your client feeling positive about you.

Criminal Charges Filed against Past Insurance Agent

The Utah Insurance Department’s Fraud Division has filed criminal charges against former insurance agent Stewart Ian Rodgers. Rodgers has been operating under the name “SIR Insurance Group Online.”

The Insurance Fraud Division received a complaint from a Salt Lake City car dealership with concerns that their insurance policy with Rodgers appeared to be non-existant, even though they had been paying premiums to an insurance company. Upon checking with the insurance company the complainant believed they were insured with they were told that no policy existed. Since then two other car dealership owners have discovered that they too have been paying for coverage that does not exist. It is alleged that Rodgers has been pocketing premiums for personal use.

Multiple felony charges have been filed against Stewart Rodgers in the Farmington, Utah Second District Court.

The Insurance Fraud Division is asking that anyone who has purchased a policy through Stewart Ian Rodgers or SIR Insurance Group Online, to contact their insurance carrier to verify that a policy does exist. The time period of concern is between January 2011 to September of 2012.

If anyone has information that could help with this investigation, please contact Deputy Director Shane Tiernan at 801-531-5398 or by email to stiernan@utah.gov.