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McLEAN, Va. — The National Automobile Dealers Association
reminded members about a particular tax form that must be filed before the end
of the month.

NADA explained that dealers who receive more than $10,000 in
cash in a single transaction or related transactions must complete Form 8300
titled, "Report of Cash Payments Over $10,000 Received in a Trade or Business,"
and file it with the IRS.

The association said dealers are also required to notify
those customers in writing that the dealership has filed Form 8300 regarding an
applicable cash transaction in 2012 by Jan. 31.

For more details, dealers can visit www.nada.org/regulations
about the cash reporting requirements as well as a sample customer notification
letter.

NADA Launches Mobile App for Upcoming Convention

NADA announced the new mobile app for the 2013 NADA
Convention and Expo is now available for download.

Officials said the app can help attendees maximize their
convention experience with features that include:

—Up-to-the-minute updates on workshop sessions and events

—Creating a personalized schedule

—Company descriptions and booth locations on the expo floor

—Navigating the convention easily using maps

—Scheduling meetings with exhibitors

—Staying organized by creating custom notes

—Reviewing workshop sessions.

For iPhone, iPod Touch, iPad and Android phones, dealers can
visit the App Store or Google Play Store with their devices and search for
"NADA 2013" to find the app.

For all other phone types, including BlackBerry and all
other Web browser-enabled phones, dealers can visit www.chirpE.com/NADA2013.

NADA also mentioned that convention hotels are filling up
fast, so dealers should register soon. Advance registration for dealers and
managers ends Jan. 31, a $75 savings from the onsite registration rate. Hotel
prices increase Jan. 30.

To register, visit www.nadaconventionandexpo.org.

Dealership Insurance Booklet Mandate Eliminated

In other news from the association, NADA said franchised
dealerships are no longer required to provide printed copies of the Relative
Collision Insurance Cost Information brochure to car and truck buyers upon
request.

President Obama signed legislation last week that repeals
the outdated mandate and eliminates the $1,000 fine that dealerships face for
failing to comply with the 1970s-era law.

"This bill removes a regulatory burden from dealerships that
helps reduce our cost of doing business," said Bill Underriner, NADA chairman
and a multi-franchise dealer from Billings, Mont.

The booklet was originally designed to provide car buyers
with information on the different insurance costs to repair vehicles, but
apparently was not helpful to consumers in the showroom.

The Obama administration, in a 2011 submission to Congress,
said that "a prospective buyer does not need a brochure from the federal
government to obtain this information, since insurance agents are trained to
provide advice on how model selection affects insurance premiums."

Underriner added, "For all of the years I've been in
business, I cannot recall that a customer has ever asked to see the booklet.
Printing and mailing this booklet has simply been made obsolete by technology."

In an NADA survey of its members, 96 percent of franchised
dealers reported that none of their customers had ever asked to see the
brochure in the 21 years dealers were required to stock it.

The federal government and the Insurance Institute for
Highway Safety, which compiles the data, can still make the information
available to the public online or by other means.

Underriner commended the leadership of House sponsors Reps.
Gregg Harper, R-Miss., and Bill Owens, D-N.Y., as well as Sens. Amy Klobuchar,
D-Minn., and Roger Wicker, R-Miss., who directed the bill through the Senate.


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