November 22, 2022

For the first time in history, we have five generations in the workplace, which also means associations are juggling the interests, needs and communication styles of members whose ages span over a half-century. Each of these groups has been influenced by the socio-cultural events that took place during the formative years of their lifetimes, including how each generation views its financial needs, goals and communication preferences. A generation is defined as “a group of people born around the same time and raised around the same place. People in this birth cohort exhibit similar characteristics, preferences, and values over their lifetimes.”

One of the significant challenges of running any automotive dealership is moderating expenses. General managers and dealer principals are responsible for controlling many costs, including payroll, vehicle inventory, floorplan, and parts inventory. Monthly bills add up, and there is less revenue to put toward necessary resources. A major opportunity for expense control may be the dealership’s software stack.

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.

As we get closer to wrapping up 2022, it should come as no surprise by now that the Federal Trade Commission (FTC) remains active in directing its attention toward dealerships across the country. Aside from the Motor Vehicles Trade Regulation Rule that is taking up most dealer attorneys’ attention as of late (as well as the National Automobile Dealers Association), another looming, and arguably just as important, regulation will come knocking at your showroom door come December 9th called the Gramm-Leach-Bliley Act’s revised Safeguards Rule. They won’t be looking for candy.

It is with deep sadness and heavy hearts that we inform you of the death of Harold Mildenberger.
He will truly be missed by all.

The Federal Trade Commission (FTC) is the primary federal regulatory agency that oversees automotive retail – from the sale of new and used cars and trucks, to financing of vehicles, voluntary protection products (VPPs) like service contracts and GAP Waiver that protect their purchases, automotive service and repairs, as well as advertising and other aspects of the retail automotive business.

Think back to 2021 at the 107th MTADA Family Conference when we were all in Helena. During that event – and it was a blast – John Brueggeman from Vitu talked about a completely digital process for Dealer Title Only (DTO) transactions. That was a year and a half ago. But even back then, we all looked forward
to a new, faster and better way for DTO and other things. Vitu understood it. MTADA wanted it. As Montana Dealers,
I think the collective response was, “Give it to me now!”

The MTADA 108th Annual Family Convention was held June 9-11 in Billings, Montana. Attendees enjoyed networking, entertainment and a fun day of golf. A big thanks to our sponsors and presenters who made this convention one to remember. We hope to see you at our next event. To learn more, please visit www.mtada.com.