Pub. 21 2022 Issue 2

Are you taking advantage of your reinsurance program to maximize results? You could be missing out on opportunities for building wealth and achieving other important financial goals.

By now, almost all dealerships are aware that the Federal Trade Commission (FTC) recently revised the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule for the first time in 20 years, with the new regulations going into effect on Dec. 9, 2022. In conjunction with these new regulations, the FTC released a 145-page publication of comments and clarifications on certain aspects of the new Rule and dealers have been bombarded with seminars, webinars, articles, and sales pitches from various sources about its interpretation.

The Federal Trade Commission (FTC) updated its Information Safeguards Rule to strengthen the safeguards that businesses, including auto dealers, are required to put in place to protect their customers’ private information. In recent years, widespread data breaches and cyberattacks have resulted in significant harm to consumers, resulting in monetary loss, identity theft, and other forms of financial distress. The FTC’s updated Safeguards Rule requires dealers to develop, implement, and maintain a comprehensive security system to keep their customers’ information safe.

NADA PAC helps to elect to Congress qualified individuals who understand the needs of new car and truck dealers. NADA PAC is consistently credited as being one of the nation’s top trade association political action committees in terms of both total fundraising and contributions to federal candidates. NADA PAC supports candidates for Congress on a bipartisan basis from the recommendations of the NADA PAC dealer leadership for each state.

NJ CAR appreciates the support of the 264 dealers who contributed to CAR-PAC, the Coalition’s political action committee, between January 1, 2022 and March 31, 2022.
CAR-PAC needs the contributions of ALL dealers to ensure it has the necessary financial resources to support candidates (on both sides of the aisle) who support the franchised retail automotive industry in New Jersey and ensure the dealers’ voice is heard in Trenton on a wide variety of important public policy issues. CAR-PAC has been (and will continue to be) very active in supporting the candidates who support our industry.

Employees feel better about their employment when they know their employer cares. Employee benefits can generate this goodwill, but only if employees know and understand their benefits. In a company where employee benefits are generous and wide-ranging, benefits education is the key to keeping a satisfied employee.

Senator Shirley Turner 15th Legislative District What inspired you to run for office and become a legislator?I felt that we needed more diverse representation in the New Jersey Legislature in terms of giving a voice to women and minorities and working to level the playing field for the underserved. What is your greatest achievement and

Many have wondered how a licensed auto dealer can sell a vehicle when they do not have a valid title in their possession. This puzzling question can be explained by the provisions of N.J.S.A. 39:10-9. Dealers often come into possession of used motor vehicles when a customer trades in a vehicle towards a new purchase or if they purchase a used vehicle from another dealer.

The National Automobile Dealers Association (NADA) works to advance the interests of the 17,000+ franchised new car and truck dealerships across the country. It has been very active in 2022 so far for NADA. Below are just some of the highlights.

The Charge Up New Jersey Electric Vehicle (EV) Incentive Program is expected to reopen for its third iteration sometime in 2022. While New Jersey’s franchised car and truck dealerships support the program and have been active participants, the program administration has been a mixed bag. There is no doubt the Program has driven demand for EVs in New Jersey, but the on-again, off-again nature of the incentive, long wait times for reimbursement and other administrative shortcomings have left a lot to be desired by participating dealers. Over the past two years, we have learned what worked, what didn’t work, what is popular with consumers and what could be improved.