Florida's Legislative Session Around the Corner

Most of you are not political enthusiasts and who would blame you with all that is going on in Washington, DC these days. But in this industry our focus and yours should be on what Florida's 160 citizen Legislators are up to when they meet in Tallahassee in January.  Read more here and then click on the video icon to hear a message from President Ted Smith.
FADA and Dealer Groups Unite

It has been exciting to watch over time as the Florida auto industry and dealership network has grown and evolved. Historically, we have been a melting pot of dealers with single point stores, medium-sized family owned stores with multiple locations, public groups like AutoNation, and dealers from all over the country who find out quickly that Florida is truly the best place in America to own a franchised auto dealership. Read more

Florida's Special Session

What the President gives, the Governor and Florida Legislature seeks to take away! During Florida's recent Special Session, the only topic was the Biden administration’s vaccination mandate for employees of large companies. The Governor, with the aid of a Republican majority in the House and Senate, passed four measures designed to protect employees from the mandate and employers from the fines if the mandates are not enforced. The Federal Courts will now take over and render the final decision of whether any of the Special Session laws were necessary.
LIFO Recapture Guidance for Dealers

An article from the accounting firm Crowe, Considerations for Dealers Facing Significant LIFO Recapture, provides a summary of considerations for dealers who use the Last-In, First-Out (LIFO) accounting method for their new vehicle inventories and may be facing the possibility of significant LIFO Recapture due to reduced inventory levels, which can result in significant income tax liability. Crowe will also address this topic in an NADA webinar that is scheduled for Thursday, December 9 at 1pm EST. Click here to register.
FTC Expands Data Security Requirements, Impacting Dealers

At the end of October, the Federal Trade Commission (FTC) announced its expansion of the Safeguards Rule to better protect consumer financial information from cyberattacks and security breaches. The amended Rule’s most significant requirements will take effect one year from the date it’s published in the Federal Register, which means dealers will need to comply likely by the fourth quarter of 2022. Click here for the five things you need to know.
Tom Bush Dealerships Sponsoring Sweater Drive

Thank you to Dealer Member Tom Bush Family of Dealerships for sponsoring the Mister Rogers Sweater Drive this holiday season. We just love seeing how committed our Members are to their communities. Keep up the great work, you are each making a difference!
Stay on Top of Risks at your Dealership

Running a dealership means you're busy! Selling and servicing vehicles is more than enough to fill your daily schedule to the brim. But that doesn't slow down the regulators. New laws seem to pop up every day and keeping up can feel like another full-time job. Stay on top of risks with this comprehensive Dealership Compliance Checklist, that covers areas like EHS, HR, Sales and F&I. Read More
VF Licenses Expiring Soon

To ensure that your VF license stays active, please submit your renewal application along with all required documents and fees to the Department of Highway Safety and Motor Vehicles by December 31, 2021.
Changes to GA TAVT Calculation of Leases

Effective January 1, 2022, the method of calculating GA TAVT for the lease tax base will change for most consumers to “depreciation plus amortized amounts pursuant to the lease agreement plus any down payments.” No change was made to the definition of the term “any down payments.” The intent of this change was to remove tax on interest and finance charge while simplifying the calculation by basing it on an amount found directly on the lease contract. Additional information and guidance will be provided by GADA as the effective date draws near.
Distributed Nov 29, 2021