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  • Friday, August 05, 2022 10:00 AM | Anonymous member (Administrator)

    Charles “Chuck” Weck, 66, of Marengo, died on July 30, 2022. Chuck was instrumental in the growth of the Napleton Group and later started the WAG, Weck Automotive Group, which included Elgin Kia and Mount Prospect Volkswagen.

    Chuck was born in Chicago on July 14, 1956, to parents Marion and Grace (nee Massarelli) Weck. Chuck was a loving husband, dad, grampy, brother, and prolific rescuer of dogs. He was a dedicated and self-made leader and mentor in the automotive industry; a “car guy” in the truest sense. He was a championship winning racer and speed record holder at Great Lakes Dragaway. He was a friend to so many. He was kind, charitable, and willing to extend himself to anyone in their time of need. He will be greatly missed by all who knew him.

    Chuck is survived by his beloved wife of 39 years, Carol (nee Kosek) Weck, his children, Chris (Abby) Weck, Kyle Weck, and Carly Weck, his grandchildren, Charlie and Maggie, and his six dogs. Funeral arrangements have not been set.


  • Friday, August 05, 2022 10:00 AM | Anonymous member (Administrator)

    Registration for the 2023 NADA Show is now open. The event will be held in Dallas Jan. 26-29. It will feature 80+ workshops, 60,000 sq. ft. of exhibits, more than 500 exhibitors, and much more. Main stage speakers include Nikki Haley Greg Gutfeld, Deion Sanders, Michael Alford, and Geoffrey Pohanka.

    NADA members can click here for more information and to register: https://www.nada.org/nada-show.
  • Friday, August 05, 2022 10:00 AM | Anonymous member (Administrator)

    The CATA is seeking nominations for the TIME Magazine Dealer of the Year Award Nominee from the Chicago area. This is a prestigious recognition for one CATA member to compete against 50+ dealers from across the country, culminating in the ultimate winner being crowned at the NADA Show in Dallas, TX next January.

    If there is a member dealer who you feel deserves this recognition, please Click here to complete the short 3-question TIME Dealer of the Year Nomination Survey. Please note that nominations for this award must be submitted by a dealer for themselves or a fellow dealer.

    All nominations will remain confidential. Thank you for your continuing support and cooperation.
  • Friday, August 05, 2022 10:00 AM | Anonymous member (Administrator)

    A new report shows new car shoppers are more likely to purchase an electric vehicle (EV) from a traditional, legacy automaker than from an upstart EV specialist manufacturer—including Tesla.

    More than one-third (35%) of the survey’s respondents favor purchasing from a well-established automaker, while just fewer than one-quarter (24%) indicate they’d likely look to an EV start-up to purchase their first electric vehicle. A further 41% of the study’s participants are undecided, highlighting the stakes at play for familiar brands and start-ups seeking to capitalize on rising waves of EV interest among consumers and win over future EV buyers.

    Those are the latest findings of the new Brand DeepDive report from EVForward™, the largest, most comprehensive study of the next generation of electric vehicle buyers. The dedicated platform was developed in 2019 by Escalent, a top human behavior and analytics advisory firm with extensive experience counseling the world’s automotive companies.

    “While brands such as Tesla and Rivian continue to make headlines as the fresh entrants into an industry dominated by decades-old multinational corporations, many consumers have taken notice of the strides familiar auto brands have been taking to market—and improve—their electrified offerings,” said KC Boyce, vice president with the Automotive & Mobility and Energy practices at Escalent. “The idea that a new player to the automotive market will remain the leader as more and more established brands expand their EV offerings is far from a certainty.”

    For more information, read the full report here: https://escalent.co/news/established-automakers-hold-edge-over-ev-start-ups-in-race-to-win-ev-shoppers/.

  • Friday, August 05, 2022 10:00 AM | Anonymous member (Administrator)

    [From NADA] The NADA recently alerted members to a little-known requirement under what is known as the Mail, Internet, or Telephone Order Merchandise Rule that could arise as a potential issue for dealers as a result of the current market conditions. This week, the Federal Trade Commission (FTC) announced two enforcement actions under this Rule. A few things to note from the FTC notice published this week – according to the FTC:

    1. First…

    “a refresher on the requirements of the Mail, Internet, or Telephone Order Merchandise Rule. Under the Mail Order Rule, at the time sellers solicit an order, they must have a reasonable basis they will be able to ship: 1) within the stated time; or 2) if no time is stated, within 30 days. If a shipment is delayed, the Rule lays out sequential if-then steps sellers must take to ensure buyers aren’t left in the lurch….

    2. There is no “COVID exception” to the Mail Order Rule.

    “Certainly the pandemic has had an impact on the supply chain. But as the Court in the American Screening case observed, “[T]he law provides no exceptions for sellers that do their ‘best’ during pandemics”….That’s because the Mail Order Rule presciently built in procedures for times such as these. Assuming a seller had a reasonable basis to make a shipping claim in the first place, the Mail Order Rule includes step-by-step instructions on how to address an unanticipated shipment delay and still comply with the law.

    3. Without records proving compliance, there is a rebuttable presumption of a violation of the Rule:

    …If a company fails to have “records or other documentary proof establishing its use of systems and procedures which assure compliance,” the Rule establishes “a rebuttable presumption that the seller failed to comply with said requirement.”

    While there may be arguments/reasons why this Rule does not apply to specific dealers, out of an abundance of caution it may be worthwhile for many dealers to review their practices in light of the FTC guidance and attached materials to ensure appropriate systems and procedures are in place to meet any applicable requirements under this rule.

  • Friday, July 22, 2022 9:00 AM | Anonymous member (Administrator)

    Dealers periodically ask how long they need to keep certain documents or at what point can they be disposed of. The enclosed analysis, put together over 20 years ago by Crowe Chizek (now Crowe LLP), continues as an accurate and comprehensive analysis of these concerns, and continues to provide direction to our dealer members:

    Records Retention Checklist

    Type Years
    Accident reports and claims (settled cases) 10
    Accounts payable ledgers and schedules 7
    Accounts receivable ledgers and schedules
    Audit report of accountants Permanently
    Bank reconciliations 7
    Bank statements
    Capital stock and bond records ledgers, transfer registers, stubs showing issues, record of interest coupons options, etc. Permanently
    Cash disbursement journal 7
    Cash receipts journal
    Chart of accounts Permanently
    Checks (canceled, but see exception below) 7
    Check (canceled for important payments, i.e., taxes, purchases of property, special contracts, etc.) (Checks should be filed with the papers pertaining to the underlying transactions) Permanently
    Contracts and leases (expired) 7
    Contracts and leases still in effect Permanently
    Correspondence (general) 5
    Correspondence (legal and important matters only) Permanently
    Credit application (denied) 2
    Credit application (approved) No requirement
    Customer files 10
    Deeds, mortgages, and bills of sale Permanently
    Depreciation schedules Permanently
    Deposit slips 7
    Duplicate deposit slips
    Employee personnel records (after termination) 6
    Employee withholding records
    Employment applications
    Expense analyses and expense distribution schedules
    Financial statements (end of year, other months optional) Permanently
    General and private ledgers (end-of-year trial balances) Permanently
    Gifts, records of gifts Permanently
    Group disability reports 8
    Incorporation records made or received Permanently
    Insurance policies (expired) 4
    Insurance policies reports, and claims (current) Permanently
    Internal audit reports (in some situations longer retention periods may be desirable) 3
    Internal reports (miscellaneous) 3
    Inventories of products, materials, and supplies 7
    Invoices to customers 7
    Invoices from vendors
    Invoices (vehicles) 10
    Journals Permanently
    Minute books of director and stockholders, including bylaws and charger Permanently
    Notes-receivable ledger and schedules 7
    Odometer statements
    OSHA records 6
    Payroll register Permanently
    Petty-cash vouchers 3
    Property appraisals by outside appraisers Permanently
    Property records (including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints, and plans) Permanently
    Purchase orders 7
    Repair orders
    Retail installment contract (assigned) 10
    Retail installment contract (not assigned) 11 years after expiration
    Retirement and pension records Permanently
    Service contracts/extended warranty 10 years after expiration
    Shipping and receiving reports 7
    Stock and bond certificates (canceled) Permanently
    Subsidiary ledgers 7
    Tax and legal correspondence Permanently
    Tax returns and worksheets, revenue agent’s reports, and other documents relating to determination of income tax liability Permanently
    Tax Form 8300 5
    Trademark registrations Permanently
    Vouchers for payments to vendors, employees, etc. (including allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) 7
    Underground storage tanks Permanently
    Uniform hazardous-waste manifests 3
    Unemployment tax returns and work papers 5
       

  • Friday, July 22, 2022 9:00 AM | Anonymous member (Administrator)

    The Illinois Predatory Loan Prevention Act (PLPA) takes effect on August 1, 2022. Several key components of the Act are as follows:

    1. All retail installment contracts or agreements must include a “separate disclosure” signed by the consumer substantially similar to the form provided herein. While “separate disclosure” is not defined, we recommend that the disclosure be made on a separate form.
    2. The disclosure must be “clear and conspicuous.” While “clear and conspicuous” is not defined herein, other regulatory acts require that a “clear and conspicuous” disclosure be in at least 10-point type. We recommend that this disclosure be made accordingly.
    3. The disclosure must be in English and in the same language as the retail installment agreement.
    4. The PLPA APR is based on the expansive definition of APR of the Military Lending Act. As such, it includes all fees and charges [including Doc fees], including charges and fees for single premium credit insurance and other ancillary products sold in connection with a credit transaction, which might otherwise be excludable from the APR.

    Below is a sample of the form that must be provided:

    DISCLOSURE OF 36% RATE CAP

    A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a retail installment contract, as calculated under the Illinois Predatory Loan Prevention Act (PLPA APR).

    Any retail installment contract with a PLPA APR over 36% is null and void, such that no person or entity shall have any right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the retail installment contract.

    The annual percentage rate disclosed in any retail installment contract may be lower than the PLPA APR.

       ____________________________________

       Borrower Signature

       ____________________________________

       Co-Borrower Signature (If Applicable)


  • Friday, July 22, 2022 9:00 AM | Anonymous member (Administrator)

    [From Automotive News] The National Automobile Dealers Association criticized as shaky the foundation for the Federal Trade Commission's new proposed dealership regulations. Among its counterpoints:

    • The FTC said it received more than 100,000 auto-related complaints in 2021. NADA says there were 42 million new- and used-car sales last year.
    • The FTC said motor vehicle roundtables in 2011 revealed consumer confusion with financing and people surprised not to get the advertised price. NADA said the FTC didn't take action then.
    • The FTC said a 2017 qualitative study showed consumers felt confused about vehicle price, rushed through final documents and surprised about add-on charges. NADA said the introduction to an FTC report on that research states, "The data generated are not useful for forming quantitative or generalizable conclusions."
    • The FTC said more than 50 FTC enforcement actions and 246 actions involving other law enforcement agencies justify the rule changes. NADA said just 3 of the FTC actions involved voluntary protection products, despite them being a major focus of the agency's new proposal, and 16 weren't against dealerships. As for the actions involving other law enforcement agencies, "a whole slew" of those weren't against dealers either, NADA said.
    • The FTC said consumers will save 3 hours per transaction, which works out to a $30 billion-plus benefit to society over a decade. NADA said the FTC never explains how it came up with that 3-hour figure.

    More information can be found in the July 18, 2022, Automotive News article.

  • Friday, July 22, 2022 9:00 AM | Anonymous member (Administrator)

    The CATA is in the process of launching its all-new Website and membership portal. Designed to be more device friendly, informative, and helpful, the new www.CATA.info is also a portal for CATA member services. This portal will allow all CATA members to access forms, read news articles, register for events, and pay membership dues.

    The new Website officially launched last week giving members a sneak peek at all the CATA has to offer. Over the next month, the CATA will transition all of its messaging and contact platforms to this single portal. During that time, the CATA will be updating contacts for every dealership and allied member. As part of this process, an email will be sent to the main contact at each member. This email will contain instructions on how to log into the portal and detail how each main contact can add other members of their organization to the membership. Doing so will grant access to the member section of the CATA Website, allow them to register for events, and pay membership dues.


  • Friday, July 08, 2022 10:20 AM | Anonymous member (Administrator)

    Chicago’s minimum wage increased on Friday, July 1, when it rose above $15 per hour for the first time. There are some exceptions: For example, tipped employees must make a minimum of either $9.24 for large employers or $8.70 for medium-sized employers. Employers are required to make up the difference between tips received and the applicable minimum wage for employer size.

    Cook County’s minimum wage also increased July 1, to $13.35 for nontipped workers and to $7.40 for tipped workers. The state minimum wage is $12 for nontipped workers 18 and over and $7.20 for tipped workers. It is set to increase Jan. 1, 2023, to $13 and $7.80, respectively.

    Under the ordinance workers under 18 must be paid at least $12 an hour, up from $11 an hour last year. Another exception is for young employees — those 24 or younger — of religious corporations or organizations. They must be paid at least $12 an hour.

    Scheduled changes were also made to the city’s Fair Workweek Ordinance, which requires employers in certain industries to give employees advance notice of their schedules and pay them for last-minute changes. Starting Friday, July 1, the umbrella of workers covered under the ordinance will expand and employers will be required to give those employees a few days’ additional notice of their schedules.

    More information can be found here.

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