Rick Maroney
From the President
Greetings Dealers!
The IRS has been scrutinizing income tax returns for 2016 as a result of massive fraud. Consequently, instead of our usual rush of frantic sales in a very short period of time Houston area Dealers will see sales spread out over several months as the refunds trickle in. This is good news. We will have the opportunity to purchase, recondition and market quality vehicles.
At the March 14th meeting, Kenneth Shilson, President of Sub-Prime Analytics, discussed the changing world of the buy-here-pay-here business and the slowdown of the point of sale market. Kenneth talked about static pools and the fact that the notes that Dealers produce during tax season are usually not the best performers of the year. Discussion ensued about the new credit loss rules. Kenneth suggested that Dealers be meticulous with their portfolios in 2017.
HIADA joined forces with TIADA on March 27th at the Sheraton Houston Brookhollow Hotel for a program featuring Michael Dunagan, TIADA General Counsel. The program included many subjects critical to our industry such as avoiding bankruptcy traps, steps to take when the bankruptcy notices arrive and Michael provided attendees with an OCCC audit checklist to assist the Dealer in an upcoming audit.
HIADA’s Auction Lane has been a great success. A big Thank You goes out to our volunteer Dealers, Tiffany Odefey of Adesa Auto Auction and David Williams and Sophia Brewer of Manheim Houston Auto Auction. The monetary savings for our Dealers is significant and the proceeds from the Lane help fund educational programs for HIADA members. Your participation is greatly appreciated.
Our April 11th meeting will be held at Harold’s in the Heights. Ann Harris Bennett, Harris County’s newly appointed Tax Assessor-Collector & Voter Register, will be joined by Debbie Pack and Peggy Martinez of the Auto Services Division as our guest speakers. Please join us for an evening of good food, great company and information relevant to your business.
Sincerely,
Rick Maroney