New Jersey Dealer News

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PAIDDALLAS, TEXASPermit No. 2079

JUNE/JULY 2012

• CREDIT CARDS: A NECESSARY EVIL• PROVISIONING: NEW SCIENCE OF USED CARS• CASH IS KING IN BUY HERE-PAY HERE

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N E W J E R S E Y I N D E P E N D E N T A U T O M O B I L E D E A L E R S A S S O C I A T I O N

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DEALER NEWSGet ready for

MARIADACONVENTION

AND EXPO see page 21

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JUNE/JULY 2012 D E A L E R N E W S

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WHAT’S NEW

MAGAZINE CONTENTS

ADVERTISERS INDEX

04 Credit Cards: A Necessary Evil06 Provisioning: Used Car Science08 Cash is King in BHPH16 New NIADA CPO Program18 Go all in on Service22 Compliance Overdrive

NATIONAL INDEPENDENT AUTOMOBILE DEALERS ASSOCIATIONWWW.NIADA.COM • WWW.NIADA.TVNIADA HEADQUARTERS: 2521 BROWN BLVD. • ARLINGTON, TX 76006-5203 PHONE (817) 640-3838FOR ADVERTISING INFORMATION CONTACT: TROY GRAFF (800) 682-3837 OR [email protected] New Jersey Dealer News is published bi-monthly by the National Independent Automobile Dealers Association Services Corporation, 2521 Brown Blvd., Arlington, TX 76006-5203; phone 817-640-3838. Periodicals postage paid at Dallas, TX and at additional offices. POSTMASTER: Send address changes to NIADA State Publications, 2521 Brown Blvd., Arlington, TX 76006-5203. The statements and opinions expressed herein are those of the individual authors and do not necessarily represent the views of New Jersey Dealer News or the National Independent Automobile Dealers Association. Likewise, the appearance of advertisers, or their identification as members of NIADA, does not constitute an endorsement of the products or services featured. Copyright © 2012 by NIADA Services, Inc. All rights reserved.

STATE MAGAZINE MGR./SALES Troy Graff • [email protected] Andy Friedlander • [email protected]/PRODUCTION MGR. Christy Haynes • [email protected] Nieman Printing

OFFICE

ADESA ....................................... Inside Front CoverAlly ...................................................................11AutoTrader.com .................................... Back CoverAuto Use ...........................................................14Chase ................................................................15Manheim.com ......................................................5NIADA Certified ..................................................17Nowcom ..............................................................7STARS GPS .................................Inside Back CoverThrifty Car Sales ................................................13United Acceptance .............................................12Voisys ............................................................... 22Westlake Financial ..............................................9

CARFAX has launched its newest wave of television ads as part of the national “Show Me the CARFAX” campaign.

Starring again in all of the ads to deliver the message of smarter used car shopping is the knowledgeable Car Fox. The spots, which humorously depict people buying used cars from various types of sellers, illustrate how CARFAX vehicle history reports can build confidence in the cars people buy as well as the dealers from whom they’re buying. Car Fox issues a friendly reminder for consumers to make an educated buying decision from a trusted seller by saying, “Show Me the CARFAX.”

“Smart used car shoppers make good buying decisions by consulting the experts first,” CARFAX communications director Larry Gamache said. “An inspection by a qualified mechanic and a trusted CARFAX Report is the best one-two punch.

“We’ve watched Car Fox help boost traffic at dealerships and build confidence with consumers everywhere since he became part of the ‘Show Me the CARFAX’ campaign. We fully expect that success to increase with these latest ads.”

The new ads can be viewed on the CARFAX channel on YouTube or the company’s website, carfax.com.

“The ads featuring Car Fox have been wildly successful,” said Zevin Auerbach, a creative partner at Zimmerman Advertising. “The new series will give fans something to really look forward to. In essence, they’re mini-TV shows with a car dealer as a recurring character. The imaginative dealer is constantly trying to outfox Car Fox with a series of gimmicks like a ‘seal of approval,’ which is actually a live sea lion.

“Of course at the end, the customer says ‘Show me the CARFAX,’ as our dealer makes one last humorous attempt to provide an alternative.”

Carfax gives free marketing materials featuring Car Fox to dealers, including an inflatable Car Fox for Carfax Advantage Dealers.

insideCARFAX Introduces Its Latest TV Ads

Person to Contact:Dail Hughes, ID#02-37367Tax Law SpecialistTelephone Numbers:1(866)270-0733 option# 3 or(313)2346146Refer Reply to:SE: S:/FBSA:PO:DCC: CTRSG120487Date: April 5, 2012

Dear Sir or Madam,The Financial Crimes Enforcement

Network (FinCEN), via the Internal Revenue Service Enterprise Computing Center-Detroit (ECC-D), has received the Form(s) 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, dated February 27, 2012. We are unable to process the Form(s) 8300 because you did not submit the correct form version. FinCEN updates Bank

Secrecy Act forms approximately every three years and financial institutions must submit the most current version of a form. Please resubmit the form(s) as soon as possible and no later than 10 business days upon receipt of this letter. Failure to properly file a BSA form may result in fines or other penalties.

If you need to resubmit this form(s) on paper, please visit FinCEN’s website to obtain and download the most current version of the form: http://www.fincen.gov/forms/bsaforms/. Make sure that you mail the form(s) to the address identified in the “When and Where to File” section of the particular form. Do not mail the form(s) to the address at the top of this letter.

If you have any questions about this letter, please contact Dail Hughes @ 1 (866) 270-0733 option #3.

Thank you for your assistance.

DEPARTMENT OF THE TREASURYIRS ENTERPRISE COMPUTING CENTERP.O. BOX 33116DETROIT, MI 48232-0116

T H E L AT E S T | visit carfax.com

FOR INFORMATION ON HOW TO BECOME A MEMBER, PLEASE CONTACT PAULA FRENDEL (855) 694-2324 [email protected] WWW. NEWJERSEYIADA.ORG

Sirius XM Satellite Radio is America’s satellite radio company. Independent dealerships can now offer a free SiriusXM three-month trial on all pre-owned vehicles with factory-equipped satellite radio. In addition to selling your customers a quality vehicle, you’ll be giving them the opportunity to enjoy satellite radio. And there’s no cost to your customer. Visit www.siriusxm.com/niadaprogram to enroll your dealership today!

NIADA Member Health Plans, administered by JLBG Health, bring you choice and flexibility when designing your personal health plan while providing potential savings of thousands of dollars annually. To review the plan details and receive an instant online rate, visit www.NIADAHealthPlans.com or call 1-888-308-9340.

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Consumers are becoming more comfortable with disclosing their credit card information to counterparties either over the phone or online.

Part of the reason is the explosion of websites such as Amazon and eBay. The convenience of the websites hinges on the ability to make instant payment for goods.

The other reason consumers have become more comfortable using their credit cards is the protection card issuers have given consumers against fraudulent purchases. In the auto industry, it is common for a consumer to purchase parts or other merchandise over the telephone or on websites like eBay. More and more, consumers are also using credit cards to secure availability of a particular vehicle or finance approval without physically visiting the dealership.

However, as you are likely aware from years of experience dealing with credit card companies, the relationship the credit card company is looking to protect is with the consumer, not necessarily with your business.

Businesses see accepting credit cards to pay for purchases as a necessary evil in a modern world focused on convenience and fluid transactions. As you evaluate ways to make transactions more convenient for the consumer, remember to analyze your processes for handling credit card payments. Failing to take simple steps can leave your business facing costly chargebacks.

You create potential liability for your business when you accept payment by credit card when the credit card is not present. An example of this type of

transaction, called a “Card Not Present” or “MOTO” transaction, is a consumer who authorizes the dealership to charge his or her credit card over the phone to submit a down payment or deposit on a vehicle. Another example is a consumer who orders a part from your parts department and pays for it over the phone using a credit card.

In both instances, employees often fail to have the consumer sign the slip if or when the consumer eventually visits the dealership. Perhaps unbeknownst to you, when you consummated your merchant agreement your business agreed to warrant the legitimacy of the cardholder and the transaction to the bank that issued the card. If the consumer later claims the Card Not Present/MOTO transaction was unauthorized, the bank can charge back the transaction. If you do not have the consumer’s signature on the payment slip, you will likely lose in those kinds of disputes.

The credit card industry is experimenting with services that will address some of that liability as it relates to online sales. In the meantime, here are some processes you can implement to help protect your dealership when conducting Card Not Present/MOTO transactions:

• Ask the consumer for the Card Verification Value 2 (“CVV”) printed on the card. Usually, this three-digit sequence is printed on the front or back of the card, near the card number or signature. If a criminal stole the credit card number but does not have physical possession of the card itself, this will thwart many fraudulent transactions.

Ask your website provider to help create a form on your web page, if you accept credit card payments there, that captures the CVV and stores it securely. If you store the CVV somewhere, make sure your processes comply with the law, such as the Red Flags Rule.

• Have the consumer provide his or her billing address and do not ship goods to any address but the billing address. For a fee, Visa or Mastercard provide a service that allows you to verify the billing address. Consider obtaining the service as an extra safeguard.

• Have the consumer sign for the product at the time and place of delivery, whether that place is your dealership or the shipping address. If the consumer claims he or she never received the goods, that should firmly rebut that statement.

• For sales of vehicles, cancel the previous charge taken over the phone and run the transaction again in the presence of the consumer. Have the consumer sign the credit card slip and retain it in your records. When doing so, make sure to have the permission of the bank financing the consumer’s transaction allowing you to accept a credit card transaction for a down payment. Many banks agreements expressly prohibit that practice and those that allow it often require prior notice.

BY LEONARD A. BELLAVIA LEONARD A. BELLAVIA, A FOUNDING PARTNER OF THE LAW FIRM OF BELLAVIA GENTILE & ASSOCIATES, LLP, IS AN OFTEN QUOTED SOURCE FOR AUTOMOTIVE NEWS AND A REGULAR SPEAKER FOR NATIONAL AUTOMOTIVE AND MARINE RELATED TRADE ORGANIZATIONS. VISIT WWW.DEALERLAW.COM OR EMAIL [email protected].

Managing a Necessary Evil

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These days, dealers are looking for every edge to find quality inventory for their lots. Americans are holding onto their cars longer than ever, causing higher prices at auction and a smaller crop of quality vehicles on which dealers can bid.

According to a new study by R.L. Polk, length of vehicle ownership recently hit an all-time high: 71 months for new vehicles and 50 months for used cars and trucks. The study also noted that people holding onto their cars longer has resulted in decreased used-vehicle supply.

In this crowded marketplace, you need to assess your strategy for long-term success if you want to outperform your goals and beat the competition. To help, consider this new method dealers are using to better evaluate and acquire in-demand units others might pass up. It’s called provisioning.

What Is Provisioning?Provisioning is defined as the efficient

allocation of resources to achieve a successful mission. To be clear, the mission for dealers is to operate a financially successful used car operation.

Put simply, for your business to thrive, you need to know what cars to buy, what to pay for them and where to find the right units for your inventory. Provisioning is a new way for dealers to set their used vehicle strategy (size of inventory investment, ROI/turn expectations) and efficiently pursue the vehicles necessary to execute their plan successfully.

Provisioning is like a science because it provides a methodical approach to buying used vehicles. It helps evaluate certain types of information vital to the success of your used car business.

What types of information?Demand: The number of people

in your area searching online for a specific vehicle.

Interest: The average conversion

rate from search results pages to vehicle details pages for a vehicle in your area.

Volume: The number of units recently sold in your area.

Market days supply: The current available supply of similarly configured vehicles and the rate at which such vehicles have been sold over the past 45 days.Profitability: The spread between

average asking price and wholesale price – the auction price vs. list price in your market.

Availability: The number of units currently available at auction.

Experience: The success of your recent sales for a specific make/model.

Analyzing that information on your own isn’t easy. But technology and tools can help you determine the types of vehicles that will deliver the best return on investment every month, giving you a huge advantage on your competition.

What to Pay and Where to Find ItOnce you determine the cars that sell

fast in your market, you’ll want to make sure you pay the right price for them. At auction, there aren’t too many obvious deals these days, but you can still find gems with a little guidance.

Many dealers rely on professional buyer solutions like those by vAuto, for example. Those services use in-market data to help determine which units are worth your investment. They can even help you identify the price point at which a vehicle will get the most attention, get you the profit you need and cover your reconditioning costs so you still hold gross.

If you’re a dealer in the Northeast in the winter, you might have difficulty finding enough SUVs to keep your inventory fully stocked. Similarly, a dealer in the South probably can’t find enough convertibles in the summer months. Wherever you are, there’s inevitably a shortage of certain cars in

demand. So it can pay to look outside your immediate area for quality inventory.

Use online auctions to help keep your lot full of vehicles you know will sell. Online auctions can be some of the best places to find cars at good prices without the hassle of waking up early, checking pages of run lists and elbowing past other dealers to find your spot in the lane. Instead, sit back with your coffee and bid from the comfort of your home or the office.

How to Reduce Acquisition RiskOf course, if you bid online, you won’t

be able to “kick the tires” and inspect the vehicles in person, so you’ll especially need to consider the condition and history of those vehicles. Otherwise you might end up paying too much for a car that seems perfect but has reported damage or another incident that could affect its retail value.

The key is knowing the cars with good service histories that merit your bids, since those vehicles often sell for better prices.

Many successful dealers run a vehicle history report on every car they consider buying as part of their standard procedure to assess a vehicle’s condition and spot any related acquisition risks. Whether through online auctions or in-person trades, this triage ensures the dealer and his buyers feel more confident that the inventory placed on the lot will turn fast and make top dollar.

With declining supply and increasing demand for quality vehicles, there is little room to make acquisition mistakes on vehicles you “had a feeling about” but didn’t take the time to carefully vet. Provisioning helps you avoid these mistakes and turns your ability to efficiently and effectively evaluate and acquire used vehicles into a competitive advantage.

BY DALE POLLAK AND CHAD GOODSON

The New Science of Used Vehicle Sourcing & SalesU S E O N L I N E AU C T I O N S T O H E L P K E E P YO U R LO T F U L L O F V E H I C L E S YO U K N OW W I L L S E L L .

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U S E O N L I N E AU C T I O N S T O H E L P K E E P YO U R LO T F U L L O F V E H I C L E S YO U K N OW W I L L S E L L .

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The two keys to Buy Here-Pay Here are risk management and cash management. Both, as always, are hot topics. More so now with everything that is going on in the automotive industry and the economy in general.

But cash – and the availability or the management thereof – seems to be on everyone’s mind, and in some cases closing their doors.

Cash is not as available as it was this time last year. The good news is it is still available, which isn’t true in some other unfortunate industries. It’s just not as easy to find or secure, not to mention afford, since the rates we enjoyed a year ago are no longer there.

Local banks and credit unions appear to be the best sources for lines of credit. The large regional and national banks still seem to be staying out of the car business. Local banks and credit unions have smaller organizational charts and usually less turnover, leading to a more stable decision-making future.

The three necessities to securing a line with those sources are patience, persistence and preparation. The days of simply walking into a bank and securing a line of credit on a handshake and a promise to pay are long gone. Local banks and credit unions have learned from the mistakes of the regional and national banks and have become smarter and more sophisticated in their approval process.

Patience is needed because local banks and credit unions need a complete education on our industry. Not everyone is familiar with what we do and how we do it. In some cases, it can be hard to convince a bank to loan money to a business that will in turn extend credit to someone who has shown little ability to repay it. They need a K-through-12 to make their decision and continuing education after the line is secured.

Persistence is needed because the

days of lending institutions seeking out beneficiaries of their generosity have just about ended, especially to those dealing with subprime clientele. BHPH dealers have to be willing to go door-to-door and sell our business to lenders. In most cases, it will take knocking on more than one door. And once in the door, it will take more than one cast to reel them in.

Preparation is the determining factor to success, initially and in the future. Because banks and credit unions have become more sophisticated in their decision-making, BHPH dealers have to provide more sophisticated information to them. Performas, financial statements and cash-flow analysis are a few examples of data that needs to be provided up front to obtain a line and on an ongoing basis once a line is secured.

The key to maintaining a good relationship with a capital source is providing as much information in the beginning as possible and to keep doing so on a regular basis so they never have to ask for anything. Full and accurate disclosure is paramount. Put yourself on the other side of the desk. What would like to know if it was your money? In this instance, there really is no such thing as too much information.

Having all the access in the world to capital will be worthless unless you know how to manage it. In today’s tight credit market, BHPH dealers have to manage not only their credit lines, but cash in general. Not understanding how to manage available cash has closed more BHPH dealers’ doors than any other cause. It is that important.

The best tool to effectively manage cash is common sense. Don’t spend what you don’t have. Too many dealers feel the need to live the lifestyle. Success can breed contentment and contentment can breed laziness, which usually leads to failure.

A cash-flow model helps keep

common sense at the forefront. The model can be very detailed or simplified to cover the basic cash-in, cash-out categories. Either way, it should show a one-, three- and possibly five-year analysis, and should be updated at least annually or when there has been a change to the overall business model.

Adding a location, an increase or decrease in ACV, or even a change in underwriting standards can impact cash needs. The model should be realistic. Pie in the sky and wishful thinking serve no purpose.

Having the model is only the first step. Having the discipline to manage to it is the challenge. Without it, a dealer might as well have the “sell some cars, collect some money” business plan and hold on for dear life – a plan that is not used by successful BHPH dealers.

The model should be looked at on a monthly basis and compared to actual performance. That way, adjustments can be made immediately to either the model or the personnel in charge of managing to it.

Cash is king in our business. Not only the availability of it, but the effective management of it as well. There are BHPH dealers who operate without the need of a credit line because they understand how to manage cash. There are BHPH dealers who operate within credit lines effectively because they understand how to manage cash. But there are too many dealers experiencing capital reductions and, in some cases, all-out line calls because they don’t understand how to manage cash.

Having the patience, persistence and preparation to obtain and secure cash, then the discipline to manage it, will take a load off your mind and help keep your doors open.

BY BRENT CARMICHAELEXECUTIVE CONFERENCE MODERATORNCM ASSOCIATES [email protected]

Cash Is King in Buy Here-Pay HereCA S H I S K I N G I N O U R B U S I N E S S . N O T O N LY T H E AVA I L A B I L I T Y O F I T B U T T H E E F F E C T I V E M A N AG E M E N T O F I T A S W E L L .

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If you are a small employer with fewer than 25 full-time equivalent employees who earn an average wage of less than $50,000 per year, and you pay at least half of employee health insurance premiums, there is a tax credit that can put money in your pocket.

The Small Business Health Care Tax Credit is specifically targeted to help small businesses and tax-exempt organizations. The credit can enable small businesses and small tax-exempt organizations to offer health insurance coverage for the first time. It also helps those already offering health insurance coverage maintain the coverage they already have.

Here is what small employers need to know so they don’t miss out on the credit for tax year 2011:

• Qualifying businesses calculate the Small Business Health Care Credit on Form 8941, Credit for Small Employer Health Insurance Premiums, and claim it as part of the general business credit on Form 3800, General Business Credit, which they would include with their tax return.

• Tax-exempt organizations can use Form 8941 to calculate the credit and then claim the credit on Form 990-T, Exempt Organization Business Income Tax Return, Line 44f.

• Businesses that couldn’t use the credit in 2011 may be eligible to claim it in future years. Eligible small employers can claim the credit for 2010 through 2013 and for two additional years beginning in 2014.

For tax years 2010 to 2013, the maximum credit for eligible small business employers is 35 percent of premiums paid. For eligible tax-exempt employers the maximum credit is 25 percent of premiums paid. Beginning in 2014, the maximum credit will go up to 50 percent of qualifying premiums paid by eligible small business employers and 35 percent of qualifying premiums paid by eligible tax-exempt organizations.

Additional information about eligibility requirements and calculating the credit can be found on the Small Business Health Care Tax Credit for Small Employers page of IRS.gov.

IRS Tax Tip: Claiming the Small Business Health Care Tax Credit

I N D U S T RY T I P S

We invite you to join us for the 2012 MARIADA Conference & Expo, Sept. 9-10 at the Trump Taj Mahal in Atlantic City, N.J.

Conference AgendaBe there … at the Trump Taj Mahal in Atlantic City on Sunday and Monday, Sept.

9-10, 2012. We will be joined by many vendors, sponsors, exhibitors and renowned industry speakers, providing their latest and greatest products and services.

Be there to share in the learning, networking, and fun. Speaking of fun, show up a day early – Saturday, Sept. 8 – for golf by the water (not golf balls in the water) and an Intracoastal Waterway Boat trip for fun with friends, colleagues, and family. We are finalizing details and will begin offering and accepting registrations shortly for the conference.

The price for dealers and employees of NJIADA members is will be inexpensive ($195 per person) and the payback is big-time and beyond – new knowledge of how to make money and stay in compliance with the many industry regulations while doing it. We made the conference a driveable distance on a day when most dealerships are closed to try to make it as doable as possible for our nembers.

Where and when:Sept. 9-10, 2012Trump Taj Mahal1000 Boardwalk Atlantic City, NJ 08401

PLEASE JOIN US IN OUR EFFORT TO HELP YOU IN YOUR BUSINESS BY ATTENDING THE CONFERENCE.

Check www.mariadaconference.org for registration forms and details.Thank you, Paula Frendel Executive DirectorNJIADA 855-694-2324

[email protected]

An Important Announcement from the NJIADA Executive Director

Experian Automotive announced the launch of AutoCheck® Elite, a program that gives car dealers information and insights into the market, the vehicles and the people who buy them.

In addition to the vehicle history data of the original AutoCheck, AutoCheck Elite allows dealers to access reports providing in-depth insights into dealer sales performance, vehicle registrations and consumer demographics in their market. Dealers can use that information to evaluate their sales performance against the competition, track sales trends of the most popular makes and models, and better understand the consumers in their market.

And AutoCheck Elite dealers receive other features, including access to AutoCheck best practices training, a sales event marketing guide and enhanced showroom materials.

For more information, visit www.experianautomotive.com.

Experian Enhances Its AutoCheck ReportsV E H I C L E H I S T O RY

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Congratulations to the following independent dealerships for being nominated for this year’s NIADA/Manheim National Community Service Award.

Independent dealerships across the nation contribute to their communities every day but often go unrecognized for their community support. Many participate through special projects while others provide sponsorships or financial contributions, or lead innovative community improvement activities.

The winning dealership will be named June 13 at the Leadership Awards Banquet during the National Independent Automobile Dealers Association Convention and Expo in Las Vegas. Manheim representatives will present the award along with a $5,000 check payable to the dealership’s chosen charity.

Community Service Award Nominees

The 2012 nominees are:ERTLE BROTHERS DISCOUNT AUTO, STERLING, COLO.NOEGEL’S AUTO SALES, STARKE, FLA.SOUTHEAST CAR AGENCY, INC., GAINESVILLE, FLA.MATTHEWS MOTORS, CLAYTON, N.C.A-1 AUTO SALES OF DULLES, STERLING, VA.REEL’S AUTO SALES, ORWELL, OHIOBOURNE’S AUTO CENTER, SOUTH EASTON, MASS.FRAN MORELLI SALES & SERVICE, BROCKWAY, PA.ED HOLEWIAK’S AUTO SALES, SOMERSET, MASS.PREMIER MOTORS-LEASING, INC., HARDIN, KY.RON’S AUTO SALES, INC., LAWRENCEVILLE, GA.M&F AUTO SALES, ALBUQUERQUE, N.M.ALAMO VALLEY AUTO SALES, KALAMAZOO, MICH.SOUTH TACOMA AUTO SALES, INC., TACOMA, WASH.FAIRLY RELIABLE BOB’S, INC., BOISE, IDAHO

GAS PRICE SCENARIO $4.00 $4.50 $5.00

NADA Used Car Guide Chart I M PAC T O F T H E R I S I N G C O S T O F G A S O N U S E D V E H I C L E P R I C E S E X P E C T E D C H A N G E I N U S E D V E H I C L E P R I C E U N D E R C E R TA I N G A S P R I C E S C E N A R I O S

S O U RC E | NADA Used Car Guide

SEGMENT % $ % $ % $ INTERMEDIATE COMPACT 1.7% $179 6.0% $638 10.4% $1,102INTERMEDIATE MIDSIZE 0.8% $103 2.1% $262 1.8% $233NEAR LUXURY 0.3% $69 -0.2% -$38 -3.0% -$650LARGE CAR 0.3% $39 -0.3% -$34 -3.2% -$415COMPACT UTILITY -0.3% -$37 -2.8% -$408 -8.7% -$1,272LUXURY MIDSIZE -0.3% -$73 -2.9% -$751 -9.0% -$2,313MIDSIZE VAN -0.4% -$49 -3.2% -$453 -9.7% -$1,355MIDSIZE UTILITY -1.0% -$188 -6.4% -$1,144 -16.5% -$2,959LARGE PICKUP -1.5% -$275 -8.6% -$1,540 -21.3% -$3,817LARGE SUV -1.6% -$387 -8.9% -$2,148 -22.0% -$5,298

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N E W 2 0 G RO U P P RO G R A M

After repeated requests from its members, the National Independent Automobile Dealers Association has announced it is entering the 20 Group business.

NIADA CEO Michael Linn announced the NIADA 20 Group program, which will organize and moderate groups of independent auto dealers from around the country to meet and share new ideas and best practices.

Linn said the move is being made after repeated requests from within the group’s membership of nearly 20,000. Dealers have voiced a strong desire to share best practices and operational data between the various member sets.

“NIADA members have historically been a tight-knit group of dealers. Developing a 20 Group platform for them to facilitate ideas and compare operational practices is a natural extension of their close relationships,” Linn said. “Additionally, we have mounting feedback from dealers participating in existing

20 Group models who feel their best interests are being underserved or even ignored. One dealer told me she felt the escalating cost to participate in her current 20 Group was not worth the combative discussions she endures or the pressure she gets to conform to their benchmarks.

“For 66 years as a nonprofit trade association, NIADA has represented the voice of independent auto dealers and has found ways to help them improve their businesses. I can assure you NIADA and our 20 Group program will always put the needs of our dealers first. We will never sacrifice the quality or service we provide our dealers.”The NIADA 20 Group program will be under the direction of Joe Lescota, who was recently introduced as NIADA’s new Director of Dealer Development, effective June 1.

“Even the most successful independent dealers are constantly seeking new ways to improve their businesses,” Lescota said. “They

know the slightest change in sales, financing, service or operational policy can have a major impact on their profitability. Our 20 Groups will be a great way for NIADA dealers to stay on track because colleagues will be there to prod, poke and encourage improved performance. The new platform will match dealers of like size, sales volume and revenue mix for maximized compatibility. They will share ideas and best practices and learn from one another regardless of size or geographical region.

“No independent dealer is too large or too small to contribute, learn and benefit from the collaborative dialogue of a 20 Group discussion. Every one of our members is encouraged to participate.”

The first phase of NIADA’s 20 Group format will focus on independent auto retail operations. More information will be available at the NIADA Convention & Expo in June at Caesars Palace in Las Vegas.

NIADA to Launch New 20 Group Program

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Looking for “green” cars? Go west.California boasts the most shoppers looking for

vehicles with fuel efficiency ratings of 40 miles per gallon or better, according to research by Cars.com. The data, taken from Cars.com searches, also showed Southern states were the “least green.”

“There’s a perception that Californians are more eco-conscious, and our car shopping data shows that’s true,” Cars.com editor-in-chief Patrick Olsen said. “With more charging stations than any other state and dedicated car-pool lanes, it’s easy to understand why manufacturers typically choose California as the place to launch their new green vehicles.

“The hard workers in the South need their pickup trucks. For these workers, a hybrid or fuel-efficient vehicle would likely be a second car, and that’s just not as feasible for many in this economy.”

The website also ranked the cities and towns with the most and least fuel-efficient vehicle shoppers. Not surprisingly, California dominated the most green list with six of the top 10 cities, led by the San Francisco Bay area, while five Southern markets were among the 10 with the fewest 40-mpg cars, with Midland-Odessa, Texas at the top.

Who Buys the “Greenest” Cars? Does the West Coast Boast More Eco-Friendly Drivers?

Eco

- Frie

ndly

The top 10 eco-friendly cities: 1. San Francisco-Oakland-San Jose, Calif. 2. Madison, Wis. 3. Monterey-Salinas, Calif. 4. Portland, Ore. 5. San Diego, Calif. 6. Green Bay-Appleton, Wis. 7. Santa Maria-Santa Barbara San Luis Obispo, Calif. 8. Sacramento-Stockton-Modesto, Calif. 9. Chico-Redding, Calif. 10. Zanesville, Ohio

The 10 with the fewest green car shoppers:1. Odessa-Midland, Texas 2. Laredo, Texas 3. Fairbanks, Alaska 4. Albany, Ga. 5. Bluefield-Beckley-Oakhill, Va./W. Va. 6. Glendive, Mont. 7. Helena, Mont. 8. Columbus-Tupelo-West Point, Ala./Miss. 9. Casper-Riverton, Wyo. 10. Baton Rouge, La.

T H E R E ’ S A P E RC E P T I O N T H AT CA L I FO R N I A N S A R E M O R E E C O - C O N S C I O U S , A N D O U R CA R S H O P P I N G DATA S H OW S T H AT ’ S T R U E .

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www.newjerseyiada.org OUR MEMBER BENEFITS AND AUCTION COUPONS CAN SAVE THE NJIADA INDEPENDENT DEALER THOUSANDS OF DOLLARS BY SIMPLY JOINING.

Your One Stop Shop to Save THOUSANDS

The NJIADA would like to have all independent dealers visit our new and improved website at www.newjerseyiada.org. We have up to the date information on legal and regulatory issues, curbstoning, auction information, an events calendar as well as membership information. Our member benefits and Auction coupons can save the NJIADA independent dealer thousands of dollars by simply joining. Get all your local dealer information in one place. Visit newjerseyiada.org and see how you can benefit by becoming a member OR how existing members can utilize all the benefits to save THOUSANDS.

V I S I T W W W. N E W J E R S E Y I A DA . O RG T O DAY ! !

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Why all this excitement about selling CPO vehicles?

As an independent used vehicle dealer, you are likely aware of the recent trend in the automobile industry toward selling certified pre-owned vehicles. The trend began with manufacturer-backed programs for new vehicle franchised dealers and has expanded into the independent used car segment.

A vehicle is normally designated as “certified” after undergoing a thorough inspection of key components for both functionality and safety, and completing the needed repairs and reconditioning. Most CPO programs require that the vehicle meets CARFAX standards, assuring the potential buyer he is purchasing a safe and dependable vehicle that is a step above a typical used car.

The programs generally include a mechanical breakdown warranty for a specific term and most provide extended coverage options.

You might have found it difficult to compete against dealers selling a certified program, even with a price advantage, because consumers seem willing to spend more for a vehicle that has been certified and comes with some term of mechanical protection coverage.

So what are the advantages to you, as an independent dealer, of selling CPO vehicles? There are several:

• An enhanced image in your marketplace.• Improved gross revenue and

increased profitability created by the sale of more vehicles.

• The ability to compete with franchise dealerships that offer CPO programs.

• An edge on the competition.• Increased customer satisfaction

and confidence.CPO is very much the cutting edge of the

used auto industry. Sales are growing rapidly. As reported in Auto Remarketing, CPO sales reached 174,471 vehicles in March, the most certified units ever sold in a month, according to the latest numbers from Autodata Corp. That closed the best quarter ever for CPO sales – a record 454,944 vehicles sold in the first three months of 2012, up 8.4 percent from the first quarter of 2011.

In its 2010 Used Vehicle Market Report, J.D. Power and Associates found 67 percent of all used car buyers began their purchase

process planning to buy a certified vehicle, and 21 percent of CPO buyers were not originally looking for a certified vehicle.

Given the obvious consumer interest in them, it’s no wonder CNW Market Research found certified vehicles turn almost 20 days faster than non-certified, with an average 24.8-day turn. CNW’s March statistics also showed CPO sales provide dealers with 12 percent to 17 percent additional profit – an average of $2,274 per unit – versus the sale of non-certified used vehicles. And that premium has been rising steadily since January 2011.

The market potential is huge. More than 35 million used vehicles were sold in 2011, but less than 2 million were certified by manufacturer programs. Independent dealers sold 22.4 million cars in 2010. An independent dealer who chooses to sell certified pre-owned vehicles can expect to earn a larger share of that enormous market and earn a higher percentage of repeat customer sales as a result of the higher level of customer satisfaction with a CPO vehicle.

Victor Salvato, president of Auto Sales Outlet in Rochester, N.Y., is an independent dealer who has experience offering a CPO program to his customers. Salvato said advertising certified vehicles made an immediate impact on his dealership in a variety of ways.

“The quality and volume of the responses to our advertising improved immediately,” he said. “It was obvious that we were reaching a higher quality prospect who was interested in a higher quality vehicle based on the customer’s perception of what a certified vehicle is. We can thank the manufacturers and franchise dealers for educating our customers through their promotion of certified vehicles.

“Not only have we sold more cars, but our profits have increased as well. Being a certified dealer has definitely improved our image and our credibility in the marketplace, and we are beginning to see an increase in repeat sales as well.”

The New NIADA CPO ProgramNIADA has partnered with Warrantech,

an AmTrust Financial company, in the design and administration of its new certified pre-owned program. NIADA

completed extensive research with its dealer members to assure that the program it is providing is exactly what the dealers want.

The combined efforts of NIADA and Warrantech, and the input of the dealers consulted, have resulted in a program that is innovative, marketable, flexible and financially sound.

The NIADA CPO program is much more than a 125-point inspection and a warranty. The program is truly a “selling system.”

All eligible vehicles must be certified, a requirement that insures the integrity and credibility of the program. The dealer selects one of three limited warranty terms that are complemented by flexible and affordable wrap-around and extended coverage options for the consumer.

With three unique plans under the NIADA CPO program, dealers will be able to select the option that is right for their market and their customer base. The options include:

• A three-month/3,000-mile limited warranty that includes 36 months/36,000 miles of engine and air conditioning component coverage.

• A six-month/6,000-mile limited warranty that includes 36 months/36,000 miles of engine and AC component coverage.

• A 12-month/12,000-mile limited warranty.

The NIADA CPO limited warranty options include coverage of engine, air conditioning, turbocharger or supercharger, automatic and manual transmission, transfer case, drive axle, steering components, select electrical components and seals and gaskets.

For more consumer choice and confidence, the NIADA CPO limited warranty options can be supplemented by adding the extended NIADA Total Care or the NIADA Total Care Plus coverage, which includes front and rear suspension, brakes, fuel system, cooling system and additional electrical components.

“In re-tooling the NIADA CPO program, we recognized independent dealer business models vary widely and that we had to offer additional CPO options to specifically meet the operational demands of our dealers,” NIADA chief operating officer Steve Jordan said. “Warrantech’s successful track record with independent auto dealers, varying product offerings, world-class claims

I N D U S T RY N E W S | for more information (877) 310-0288 or email [email protected]

NIADA Gets Independents into the Hottest Thing in the Auto Industry: Certified Pre-Owned

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operation, nationwide sales footprint and long-term commitment to support the success of our dealer members made the partnership decision easy to make.”

The program is easy to sell, provides coverage from day one and a solid benefits package, day one rental coverage (no minimum shop time), simplified pricing, low-cost surcharges and eligibility guidelines that are very generous – current plus 14 model years and 100,000 miles at time of sale.

The program is supported by a wealth of top-quality marketing and merchandising materials to promote the program throughout the dealership, all proudly displaying the familiar logo of NIADA.

An NIADA-backed CPO program adds even more credibility for dealers who choose to market it. NIADA brings the strength of more than 18,000 dealers nationwide, the stability of 66 years of experience and the dependability of being the dealers’ voice to regulators, suppliers and, most importantly, consumers.

“Warrantech is honored to have been selected by the 66-year old NIADA as its CPO program administrator,” Warrantech CEO Sean Stapleton said. “We applaud the time-honored tradition of excellence NIADA member dealers observe, including their adherence to a strict code of ethics.

We feel that commitment mirrors Warrantech’s dedication to excellence and drive to provide superior products and continued quality customer service.”

NIADA, with the support and participation of the state independent dealer associations around the country, is excited to make this program available to its member dealers.

Warrantech and AmTrustIn selecting Warrantech/AmTrust as

the administrator of the program, NIADA has partnered with a world-class provider of warranty products and administrative services. For more than three decades, Warrantech has been the solution for manufacturers, retailers, dealers, distributors and other sales organizations seeking increased profitability, enhanced market differentiation and long-term customer loyalty.

Those clients include Volvo, Mazda, General Motors, Ford, Chrysler, Sony, Samsung, Panasonic, PepBoys and many more familiar names.

AmTrust, rated “A” Excellent, FSC IX by A.M. Best, fully insures the NIADA CPO program, adding the financial strength and security necessary to protect the dealers who market the program and the consumers who are protected by the product.

Warrantech provides a state-of-the-art claims center that houses more than 300 experienced claims adjustors. All automotive adjustors are ASE-certified technicians with an average tenure of more than 10 years with the company.

Claims service highlights for the CPO program include:

• Instant credit card payment.• Repairs can be completed at the

selling dealership or sublet to any licensed shop or franchised dealer.

• Multiple, convenient methods of submitting claims.

The NIADA Certified Pre-Owned program is designed to give dealers more options to better serve their customers, allow them to compete with manufacturer CPO programs and provide them with a competitive edge against other used car dealers in their marketplace that do not offer a CPO advantage.

If you are interested in marketing the new program or just want more information, please call (877) 310-0288 or email [email protected].

BY PATRICK REED PATRICK REED IS BUSINESS DEVELOPMENT MANAGER FOR WARRANTECH/AMTRUST GROUP IN BEDFORD, TEXAS. HE HAS MORE THAN 35 YEARS OF AUTOMOTIVE INDUSTRY EXPERIENCE, FOCUSING ON VEHICLE SERVICE CONTRACTS. HE CAN BE REACHED AT [email protected] OR (817) 785-6248.

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C O N T I N U E D O N PAG E 2 0

For independent dealers, having a service department isn’t something that should be taken lightly.

Not all dealerships offer service – it isn’t for everybody – but for those that do it should be an integral part of the business, used to give the dealer an opportunity to attract, retain and better understand customers.

Joe Lescota, the NIADA’s new director of dealer development, said he knows many dealers who lose money in the service department because the money that comes in through service goes into one big pot.

“There’s a whole process in operating a service department,” said Lescota, the longtime instructor for NIADA’s Certified Master Dealer program. “Dealers think they are selling service when what they’re really doing is selling time.

“A dealership only has so many hours in the day to operate. So a dealer should take the number of techs he has and multiply that number by the number of hours in operation. So a dealer might have 80 hours a day of time to sell. From a profit standpoint, it doesn’t matter if the dealer is changing oil or dropping an engine.”

Doug and Nyla Borgmann, owners of Creighton Auto, Inc., in Creighton, Neb., manage to keep their mechanic and their body man pretty busy, which is good for their business.

That means doing repairs for everyone, not just customers.

“Offering service works for us,”

Doug Borgmann said. “We advertise on our store sign. Service accounts for between 25 and 30 percent of business. Our mechanic has been with us since the early 1980s. He’ll retire in four or five years and that has me worried. Replacing him will be hard. Our body man has been with us for about three years. Before getting him, we had a hard time getting someone full time to do our body work.”

J.R. Westbrook, owner of Tyro Auto Sales in Bay City, Texas, has been offering service at his store since 1971. He does outside work in addition to working on the cars of customers, but he doesn’t advertise. He depends on word of mouth.

Westbrook has kept his technician for years, operating on the theory that it’s easier to keep the person you have happy than go out and find new people.

Staff is a key component to offering a good service department.

Getting good help was one of the reasons Randy Yates, owner of Yates Motors in Gering, Neb., closed his service center.

Yates is a third-generation dealer. His lot has been around for 66 years, and for much of that time, it offered service. Eventually, though, it wasn’t worth the trouble.

“We got rid of our old service center, must be around nine years ago,” Yates said. “It was hard getting and keeping good people. I’d train people and they would get the skills they needed to do the job. But then they’d go to

dealerships, often franchise operations, that would pay better wages and I’d have to start the process all over again.”

Yates said he realized he was better off if he stuck to what he did best – sell cars. Now he sends his cars to be fixed by people who do what they do best – repair and recondition cars. By letting the work get done by specialists, he doesn’t have to bother with the hassle of hiring and training technicians, then replacing them as they leave his business.

Yates said he ended up spending a lot of time trying to drum up business for his mechanics instead of selling cars.

“If the mechanics aren’t busy all the time, then they aren’t making as much money as they could be,” Yates said. “It finally came to the point where it became too much work for me to find work for them and for myself. Now I have less headaches just selling the cars and farming any mechanical work out.”

He also didn’t have to keep up with the expense of getting new equipment all the time. For one thing, the types of tools a service provider must own has changed dramatically. Gone are the days when a mechanic could do all his work with a lift and some wrenches. Cars now are computerized, and dealers and shop owners have to invest their own money in the purchase of scanners and other electronic devices used to communicate with a vehicle’s electronics.

Lescota said Yates’ situation reflects a reality of operating a service department – it’s not easy. But, he

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added, the payoff can be tremendous when the job is done right.

“It’s always a challenge to get good technicians,” Lescota said. “So I suggest that dealers go the technical schools and start grooming technicians before they even graduate. Also, you have to give someone a reason to stay at your dealership.”

Usually that means giving them enough to do. As Yates discovered, if technicians don’t have enough to do, they’ll go somewhere where their skills will be in more demand.

It might also mean giving them more money. After all, technicians have to eat too, Lescota said.

“When I hear that a dealer can’t keep a technician, my thoughts first run to him not getting either enough work or enough money,” Lescota said. “And you can’t cheat on the equipment. It’s the cheap man who pays the most for things. By trying to save money on new equipment needed to work on today’s computerized cars, a dealer will end up having to spend a lot of money trying to keep technicians.

“People like to work in comfortable environments and technicians are no different from anyone else. I always say if a dealer can’t keep good mechanics, it can usually be traced back to poor lighting, poor parts and poor work conditions. There’s a demand for technicians and they’ll go where they feel most comfortable.”

Having a service department is a full commitment, Lescota said. And getting good technicians is a competitive sport between dealers. Maybe that tech left to go to a franchise operation because the boss there promised to send him to an ASE-certified program, where the tech could improve his skill set. Independent dealers should consider similar actions.

Bill Elliff, owner of Elliff Motors in Harlingen, Texas, is an example of a dealer who is committed to his service department. His lot provides a full variety of services, and he long ago realized that in order to have a service department, he had to have enough service work to keep his employees busy.

To better service his customers, his dealership can do anything from changing oil to engine replacement. He owns a couple of lots with a total

of seven service bays and 10 people working them. He advertises in print and on the signage around his lots.

He said finding qualified people isn’t that hard. Finding qualified people who are dependable and can be counted on to show up on time ready to work every day is the tough part, Elliff said.

But the effort is worth it. By hiring the right people, a dealer can have a service department that drives potential customers to the store, Elliff said. While they’re getting their car worked on, many of his service customers will wander around the lot and take a look at inventory. Maybe that person is looking for something new, and if he sees something he likes that service customer can be converted into a vehicle customer.

Elliff estimates his service department accounts for about 20 percent of his total business. He said some of his fellow dealers don’t realize that a service department has to be able to make it on its own. It shouldn’t be a loss leader.

Additionally, he sees dealers actually short-changing themselves when it comes to pricing their cars. A dealer might, for example, put $100 worth of reconditioning in a car he bought for, say, $5,000. When it comes time to price the car, he’ll want $1,000 profit. So he’ll price the vehicle at $6,100, Elliff said.

That’s a mistake. Any work put into a vehicle using the dealership’s own service department should be reflected positively in the price of the vehicle. If $100 of work was put into the car, that should translate into adding, say, $200 to the back-end value of the vehicle. So that car should be priced at $6,200, not $6,100.

“As an owner, you have to put the money in to develop the infrastructure needed to run a good service department,” Elliff said. “That means having the latest diagnostic equipment. But if you charge right for your services, you will always come out ahead.”

Ultimately, having a good service department should mean more than another revenue source, Lescota said. By having a service department aimed at serving the public at large and not just his current customer base, Elliff is bringing in new potential buyers to look at his inventory.

He’s creating a captive audience.But a good service department can

do even more. When a customer brings in a car, a dealer can glean all sorts of information about the customer. It’s built-in market research.

“The smart dealer should now know all sorts of things about that customer,” Lescota said. “The dealer should know how that service customer uses his car. Does he baby it or does he really run it through the ringer and wear it out? With that knowledge, the dealer can better help the customer make an informed decision on the best vehicle to buy when it comes time to get another car.”

By having a complete service department, a dealer can get a customer used to bringing his vehicle to his dealership. Need an oil change? Bring the car to good old Joe’s. In an accident? Have the car towed to Joe’s. Need some engine work? Go to Joe’s.

“There comes a time in every car’s life when it becomes counter-productive to keep putting more money in that vehicle,” Lescota said. “If you have a good relationship with your customers, and they bring their cars to you for service, you can tell that customer when it’s time to get a new car.”

A service department can also help Buy Here-Pay Here dealers with their bottom line, Lescota said. It’s a rule of that segment of the used car business that when a car stops running, the payments stop coming.

If a dealer has a service department, the customer can bring the car in to get fixed and the cost of repairs can be added to the payment schedule. A customer might not have $300 on him right then and there, but he can usually make his payments if that $300 is spread out over the rest of the payment schedule.

“A good service department gives dealers control,” Lescota said. “It gives the customer a reason to keep coming back to you. But if you’re going to have a service department, you can’t go in half-hearted. As they say in poker, you have to go all in – but the rewards can be huge.

“These days, dealers need every edge they can get. Now more than ever, dealers who don’t keep up, fall behind and go out of business.”

BY JIM STICKFORD

C O N T I N U E D F RO M PAG E 1 8 | A Service Department Can Be a Big Edge for Dealers Willing to Make the Commitment | B AC K T O T H E B A S I C S : G O A L L I N

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The concept or image of the “complaint department” isn’t anything new, and has provided fodder for jokes and comic strips over the years. But the decision by the Consumer Financial Protection Bureau (CFPB) to expand its consumer complaint system to include complaints regarding vehicle and consumer loans is no laughing matter.

If you haven’t been to the site yet, consider taking a look. The site, www.consumerfinance.gov/complaint, makes it very easy for anyone to register a complaint. It asks for a description of what happened, the desired resolution and the parties and products involved.

The CFPB’s decision to start accepting and reviewing complaints related to vehicle loans should get your attention for a few reasons. First and foremost, it signals that the CFPB is gaining momentum and is ready to try to identify

C O M P L I A N C E OV E R D R I V E

Reducing the Impact of Consumer Complaintsand resolve current problems in the industry – and to prevent future ones.

Second, the complaint process opens a whole litany of questions about how the CFPB will respond to complaints and how dealers will be involved. We don’t know much about the process yet, but hope the CFPB will provide more detail soon.

For now, the question all dealers should be asking themselves is, “How do I avoid complaints in the first place?”

It seems consumer finance complaints can originate in at least three ways:

• You did something wrong and the customer complains about it.

• The customer didn’t understand the agreement and thinks you did something wrong as a result.

• You did everything right, but the customer has unreasonable expectations and complains.

You can take steps to avoid or reduce the impact of all three scenarios, particularly when it comes to finance and insurance (F&I) processes.

You did something wrongCustomers should complain if you

misrepresent, overstate or lie about the products and services you provide or the nature, reason and amount of charges. If you are running your business that way – or you have a renegade employee who is committing such acts – you should expect whatever consumer complaints, lawsuits and/or criminal charges come your way.

The complaints and the liability they bring can be avoided if you run an honest and high-integrity business. You also need internal oversight, management and audit processes to help discover and eliminate any employee misconduct.

Customer didn’t understand Some reported court cases I’ve

read seem to be based on a lack of consumer understanding that spun out of control. The dealer didn’t necessarily do anything wrong, but the consumer seemed surprised at having to pay for cover insurance, or the gap amount, or having a vehicle repossessed, or any of a number of other predictable outcomes. The financing documents generally cover the fees, responsibilities and consequences, but the consumer didn’t read or understand them until long after the documents were signed.

In one recent case, the consumer asserted he hadn’t read the retail sales contract or been given time to read it. He said he simply signed and initialed where he was told to. He later complained and sued regarding a number of obligations he hadn’t understood, and the lawsuit didn’t turn out well for the dealer.

One strategy to avoid this would be to take the time at closing to educate the consumer. You could point out key provisions of the documents, such as late payment provisions, failure to insure, and conditions of and consequences of default. You could emphasize the importance of reading the documents and asking questions before signing, and back it up with a willingness to give consumers time to read and ask basic questions.

The idea is, if you tell the consumer what happens on default, he or she is not surprised – and is less likely to complain – if the car is repossessed.

Customer is unreasonableThere will always be unreasonable

customers whose expectations far exceed the terms of your sales agreements, warranties and commercial reasonableness. With those folks, you might not be able to avoid complaints. However, a regulator is more likely to conclude that a complaint is unreasonable if its investigation shows you run an honest, high-integrity business, have compliant processes and documentation in place, work hard to educate customers and set appropriate expectations.

While you can’t always please everyone, running a high-integrity business and educating your customers will undoubtedly help prevent customer complaints. The more positive view is that you won’t just be avoiding complaints and mitigating reputational risk, you will be building customer satisfaction and retention.

Either way, it’s an investment well worth making.

BY CHIP ZYVOLOSKICHIP ZYVOLOSKI IS A SENIOR ATTORNEY FOR INDIRECT LENDING AT WOLTERS KLUWER FINANCIAL SERVICES. FOR MORE INFORMATION, VISIT WWW.WOLTERSKLUWERFS.COM/INDIRECT.

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