2014 Dealer License Renewal Update

By now you should have received your 2014 Dealer License Renewal information. This is the last year you will receive a mail reminder to renew your MVED business license. Everyone should renew via the new website mvp.tax.utah.gov You will then receive email renewal reminders each year. The MVP access must be started by the OWNER(S) of your company. An employee should not be using the owner’s personal information to set up a log in. The owners are responsible for who can access the MVP account.

MVED no longer needs a copy of the renewal confirmation page. They will be able to see the renewal 24 hours after you renew online. If you have plates please be sure to send MVED proof of current insurance as your renewal will just sit in a hold status until after they have received your proof of insurance for the business plates.

You will not be able to go in and wait for the renewal to be processed. All renewals will be processed within a few days of receipt and MAILED back to you.

Read more on the MVED May 2014 Newsletter (Download Now - PDF)

Also please note that all MVED licenses must be renewed by June 30th. If you fail to renew your license online by the designated time (June 30th), you will be required to come into the MVED office and complete physical paperwork. Also note that the 3 Hour Dealer Training is required with your license renewal. This can take up to 24 hours to show in the MVED system so don't delay your education to the end as well.

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.