Pub. 12 2022 Issue 4

While there are many considerations in running a thriving dealership, one of the most important – and often overlooked – is developing and maintaining a succession plan. A strategy that allows for the transfer of ownership to the next round of leaders – whether family members, a trusted partner or an outside buyer – will position you and your business for future success.

Cybercrime poses a constant threat to businesses and their customers, with criminals committing fraud by stealing identities or using phishing to illegally gain access to a company’s computer network.

NADA is known for offering premier educational and professional development opportunities for dealership employees at every level of their career.

Since the mid-1930s, the Gerald Auto Group, with locations in North Aurora, Naperville, Countryside, and Matteson, has always been committed to its customers from both a business and a philanthropic perspective. The Gerald family, now with its third generation at the helm, has expanded its service to the community in ways it never expected.

It is not uncommon for a dealership to receive a subpoena commanding production of customer records or information. With the present-day labyrinth of federal, state and local laws governing the privacy of customer information, how does the dealership respond? Working with legal counsel, dealerships should understand how to respond when they receive a subpoena for customer records and information. They should know what the governing privacy laws are, what privacy rights those laws seek to protect and how those laws may apply when a subpoena is received.

Every dealership sells four different types of inventories: Parts, New Vehicles, Used Vehicles, and Labor Hours. That’s right – Labor Hours are one of your inventories, and a manager’s ability to understand them as a diminishing value resource will drive their effectiveness as a manager. Once it is understood that Labor Hours are a perishable inventory, they are better equipped to manage a Service Department for maximum profitability. Without a grasp on Labor Hours, it is almost impossible to be strategic, negatively affecting a manager’s ability to make great decisions.

On behalf of your IADA Board of Directors and staff, I want to take this opportunity to thank you for your ongoing support and trust in your state association, IADA. We work on your behalf in Springfield, and it has been a busy and productive year. It will continue to be challenging as we prepare to deal with a new group of legislators and elected officials in the coming year.

For those who think that Veteran’s Day is another bank holiday, or just a day to celebrate the service of a bygone generation, haven’t met our IADA members and employee veterans who are working on the front lines of the auto industry today. To hear their stories is to appreciate what they (and other veterans) have done for our safety and our country