There are several new laws and regulations in California that may impact dealer operations in 2023.

The Federal Trade Commission announced it is extending the deadline to comply with the Safeguards Rule requirements from December 9, 2022 to June 9, 2023. Here is what you need to know.

We're shifting gears from the proposed FTC Motor Vehicle Dealers Trade Regulation Rule to a couple of new bills that were recently signed into law in California. Assembly Bill 2311 and Senate Bill 1311 will take effect January 1, 2023 and will impact the way dealers sell GAP in California going forward. 

On September 12, the comment period ended for the Proposed Motor Vehicle Dealers Trade Regulation Rule. More than 26,000 comments were submitted and we're summarizing a handful of significant comments here.

The new law creates a tax credit for electric vehicles (EVs) but creates a problem for dealers as the changeover occurs from current tax credit policies to the new IRA EV provisions.

Some changes have been made to the LAW 553 Retail Installment Sale Contract that are already impacting your captive lenders. Although the updates are minor, they will require some reprogramming and I advise you to start looking into the changes you'll need to make now.

The FTC has proposed a new rule, the “Motor Vehicle Dealers Trade Regulation Rule,” which will affect dealers nationwide. It seeks to create a set of guidelines to “protect consumers and honest dealers by making the car-buying process more clear and competitive.”

Let's set the record straight about this “three-day cancellation right,” and there is probably no need to panic so long as you follow the recommended steps.

In an attempt to cope with dwindling inventory, dealers have needed to come up with new ways to stay afloat. Consequently, we have heard of some finance personnel soliciting car purchasers with offers to “lower your current interest rate and monthly payment” by refinancing. Let's set the record straight on this idea.