Dealers help those in community by donating vehicles
Phil Long Ford partners with nonprofit to give SUV to working single mom
Hands of The Carpenter (Hands) and Phil Long Ford of Denver are working together to solve a vehicle crisis issue for a Jefferson County woman in need.
Soraya Rivera, a working single mother of two children ages five and ten years old, will receive a 2008 Ford Edge from Hands tomorrow, December 23 at 2:30 pm at Phil Long Ford of Denver’s dealership location.
Wanting to give the vehicle to Rivera before Christmas, the partners worked together to offer her a car that would fit her needs and family.
Larry H. Miller Chrysler Dodge Jeep Ram 104th helps Tennyson Center help their kids
Brent Wood, general manager with Larry H. Miller Chrysler Dodge Jeep Ram 104th launched the dealership's Five Days of Giving with a $10,000 donation to the Tennyson Center for neglected, abused and traumatized children.
Wood said, "We can't let these kids and families down who suffer from abuse, neglect and trauma. Anything we can do to help the cause and get these kids and families back on track, especially in these tough times."
Thanks Phil Long Ford and Larry H. Miller Chrysler Dodge Jeep Ram 104th for your generosity this season! You've changed families' lives through your generosity!
If your dealership has helped your community this season, please click here to share your news with CADA.
You're CRUSHING it in December!
Thanks for your 9 donations!
Wow! Thank you for your generous nine donations last week! I'm thrilled with what we've accomplished together this year and am excited about what's to come next year.
Thank you to the following dealers who are changing lives with their donations:
Thanks to your generosity, Clear the Air Foundation did it again! We just awarded Heather Kilby a $4,000 tool scholarship. Heather attends Pueblo Community College and works at Winslow BMW of Colorado Springs. A self-described BMW enthusiast, Heather has restored her BMW e36 and uses it as her daily driver. Congratulations Heather!
Through last week, 11 scholarships valued at $46,000 have been awarded this year. Considering the budget this year was slashed to just $15,000, those are remarkable results! Again, your donations make our scholarships possible. If all goes well, I hope to award up to three more scholarships this year (that would be by next week!). Feel free to donate any of those low cash-value vehicles to help us all make it to the finish line, before powering up again in a couple weeks.
Speaking of which, there are fewer than two weeks until the end of the year, and we are Crushing it in December! We just hit 853 donations for the year, bringing us to 5,346 all-time vehicles donated. Thank you for all of your help this year!
Under the Hood: Service Department Legal Compliance
This year has been anything but normal, and has forced many changes in automotive retailing and service.
Colorado has detailed laws governing service department compliance. Failure to follow these laws can result in an award of treble damages and attorney fees.
Led by industry veterans Michael Dommermuth and Colin Walker, directors with Fairfield & Woods , PC, this webinar offers an update on new COVID-19 laws and regulations. You’ll learn more about how your service department and the employees you manage need to comply with these new rules.
Colin will cover Employment law topics, including liability for an employer’s failure to take COVID precautions and testing; Proposition 118, the new paid family and medical leave law enacted by Colorado voters in November; and the new pay equity law that goes into effect January 2021 — one of the most challenging laws ever faced by Colorado employers.
Michael will cover topics related to consumer consent, documentation and form requirements, electronic transactions, recalls, liability to inform and how to handle abandoned vehicles.
Michael J. Dommermuth, director of Fairfield and Woods, PC, has represented motor vehicle dealers throughout Colorado and the Rocky Mountain West for more than 30 years. His firm provides full-service representation of motor vehicle dealers.
With more than 20 years’ general employment and litigation experience Director Colin Walker represents clients across a variety of industries, including automotive, in employment disputes.
January 21 bootcamp
Automotive Buy-Sell Transactions from A to Z
Colorado’s automotive buy-sell market remains robust, despite the Covid-19 Pandemic. This webinar will include an in-depth discussion of automotive buy-sells from A to Z.
Michael Dommermuth and Randy Earnest, directors with Fairfield and Woods P.C., have extensive experience representing buyers and sellers in automotive buy-sell transactions.
They will cover current buy-sell trends, including blue sky multiples, broker contracts, non-disclosure agreements, asset vs. stock transactions, real estate issues, rights of first refusal, manufacturer issues and typical contract issues.
Michael and Randy also will discuss issues related to the impact of PPP money in the sale of a dealership and other topics related to preparing your dealership for a sale.
If you are in the market to buy or sell a dealership, there are important issues that go into every transaction. Failing to understand each requirement could cause problems for you down the line.
Director of Fairfield and Woods, PC, Michael has represented motor vehicle dealers throughout Colorado and the Rocky Mountain West for more than 30 years. His firm provides full-service representation of motor vehicle dealers.
Randy Earnest
Director at Fairfield and Woods, P.C., Randy represents motor vehicle dealers throughout Colorado and the region. As part of the full-service representation the firm provides motor vehicle dealers are federal and state compliance matters, buy/sell agreements, franchise matters, manufacturer and consumer relations, dealer succession and employment.
End of year reminders
“Well the times, they are a changin’…” — Bob Dylan
As we close out 2020 and look to 2021, I wanted to provide a few reminders about deadlines that may loom and new legislation that’s going into effect January 1, 2021. All have a stark impact on automobile dealers — and are easily overlooked if not careful.
UCCC Retail License Filing. As a dealer, you are a retailer under Colorado’s Uniform Consumer Credit Code and must annually update your filing with the Attorney General. The fee for 2021’s Retail Sales Notification Fee is $375. The deadline to refile is January 31, 2021. There is a 30-day grace period, after which the penalty for not filing begins at $5.00 a day. Click here to file.
OSHA Form 300A. If you have more than 10 employees, you are required to keep a log of serious work-related injuries. In March, you can electronically file a summary of those injuries with OSHA through form 300A.
Equal Pay for Equal Work Act (EPEWA). This becomes effective Jan. 1, 2021. In mid-November, the Colorado Department of Labor made rules to implement EPEWA. Notably, the rule struck the controversial geographic limits provision for promotional opportunities in multistate organizations.
However, it does require employers to notify all employees of any ‘promotional vacancy’ in the organization for full-time opportunities. The posting must include salary and a description of benefits, including commissions or alternative compensation.
The law also sets forth a complaint procedure for aggrieved employees. Click here for a description from Mercer. We hosted a webinar on this bill, and it is now available through the Education on Demand portal.
Healthy Families and Workplaces Act This bill becomes effective January 1, 2021. Unlike EPEWA, which was passed in 2019, this bill is moving extremely quickly, and is unfavorable to dealers. This sets up a paid sick leave system, wherein workers can earn one hour of paid sick leave for every 30 hours worked.
This is going to be a significant administrative change for dealers. More concerning, if a public health emergency is called, similar to the one this summer, employees will automatically be granted an 80-hour paid sick leave buffer for the duration of the emergency. This can be taken liberally with minimal documentation and puts a burden on the employer to operate short-staffed or pay for substitute employees.
CDLE has issued a poster that will satisfy the law’s notice provisions here, but will require an adjustment to incoming employee informational packets. Click here to download the poster.
Also, click here for the text of the rule and a Question and Answer document.
CADA is working to get a web-based training on this subject matter immediately.
Thanks for participating in our Legislative Grassroots Meetings!
Special thanks to those dealers who have been an active part of the 100 in 100 Days Campaign so far!
Power in Numbers
Currently, CADA has hosted 77 Legislative Grassroots Meetings with 77 Legislators and 21 Fundraising Events with 56 Legislators. Our staff has also been in attendance at 4 C-3 Legislative Base Camps alongside 30 Legislators. Our PAC Dinner was another successful gathering with 15 Legislators, adding another meeting type to the schedule - Political Action Events.
Only made possible through dealer attendance, we have been a part of 103 meetings with Legislator attendance totaling 178.
Learn from Industry Experts at NADA Show Education Sessions
This year, NADA Show will feature more than 60 education sessions, both live and on-demand, led by NADA Academy instructors and the industry's top automotive business experts, Tuesday, February 9 through Thursday, February 11.
Thanks to our first-ever online Show format, more dealers, managers and other dealership employees will have access to NADA's award-winning training, to help rebuild and re-energize their businesses. Without the cost of travel, dealers and managers can learn the latest strategies and emerging trends in their comfort of their homes or dealerships.
View the full schedule of workshops and education sessions taking place at this year’s Show. Then register today and secure your spot at the Auto Industry Event of the Year.
Staying at the top of your game in the ever-changing world of automotive means constant education and self-growth. Check both boxes with CADA’s Education on Demand, through training that fits your schedule.
You’ll find relevant and timely training you can stream on topics ranging from COVID-19-related Employment Law to Solar and Hail inventory protection options, to Avoiding Lawsuits and Warranty Reimbursement. And we’re adding more sessions all the time.
Governor Polis issued a Colorado's mask mandate that requires everyone over the age of 11 to wear a non-medical face covering when in public spaces. The statewide mandate was put in place in July, and has been extended every 30 days since then.
TN1060 3-layer disposable face masks (50/package)
TN2210 5-layer KN95 anti-dust face masks (50/package)
Phil Long Dealerships announces 75th Anniversary truck giveaway winner
On Friday, December 11, Phil Long Dealerships announced its 75th Anniversary truck sweepstakes winner is Kay Vucasovich, where she'll use her $40,000 prize winnings for a new vehicle purchase!
Congrats Phil Long Dealerships for 75 years of keeping Coloradans moving!
For information about any Endorsed Providers' products or services, contact: Marsha Temple 303.457.5123 office | 303.589.3801 mobile
Is an Annuity an Option You Should Consider?
Figuring out the best options for investing for your future can be confusing and time consuming, especially for a business owner with a full schedule. A common goal for many investors is to maximize growth while minimizing risk. When considering investment vehicles for your assets, one option you might want to consider is an annuity.
What is an annuity?
An annuity is a contract between an individual and a life insurance company that can be used to accumulate savings for a long-term goal (like retirement) or provide an immediate income stream guaranteed for a certain number of years or a lifetime. Annuities are designed to provide conservative, yet consistent, returns. An annuity contract typically contains a current interest rate, determined by the issuing company based on current economic conditions and which may vary over time, and a guaranteed interest rate, the minimum rate that will be applied for the life of the contact.
See if you can take advantage of tax-deferred accumulation during your lifetime
A deferred annuity can be qualified or non-qualified. After an initial deposit to open the annuity, the owner has the option to make additional contributions in any amount (within IRS limits). Earnings on the annuity are not taxed until they are withdrawn. Distributions can be taken at any time, less any applicable surrender charges. An IRS early withdrawal penalty of 10 percent may apply to distributions taken before age 59½.
Don’t outlive your assets
A single premium immediate annuity (SPIA) provides a way to produce income by converting a single lump sum payment into a guaranteed series of payments over your lifetime and/or a guaranteed period. The lump sum used to set up a SPIA may come from savings and investments, proceeds from the sale of a business, or payouts from a retirement plan.
How can an annuity fit in my situation?
Annuities, either deferred or immediate, can be especially useful in these situations:
Fund a retirement plan A qualified plan (IRA, SEP plan, or SIMPLE IRA) can be funded with a deferred annuity contract during your working years. Contributions are made with pre-tax dollars and earnings are taxed at withdrawal. Distributions are taxed at regular income tax rates when received, and an IRS early withdrawal penalty of 10 percent may apply to distributions taken before age 59½. Alternatively, contributions to a Roth IRA are not deductible when made, but distributions are generally received income tax-free during requirement.
Sale of a business or other large sum to invest When you sell your business, you may not want to worry about where to invest that money to meet future (retirement) needs. A tax-deferred annuity may provide a vehicle for long-term growth for some of the funds you do not need for other opportunities.
Rollover of life insurance policy Rather than surrendering a life insurance policy that is no longer needed, the policy owner may want to consider rolling the cash value to an annuity, especially if the policy’s cash value exceeds the premiums paid (the policy has a gain). A life insurance policy rolled over to an annuity under a 1035 exchange may defer taxation on any gain until payouts begin and spread the tax due over a number of years.
Ask your Federated marketing representative about Federated’s annuity contracts and how they might fit into your overall planning needs.
.png?upscale=true&width=1120&upscale=true&name=Endorsed%20Providers%20(2).png)
