The BSM Report
Quarter 3 - 2020 | Newsletter Vol. 49
BSM NEWS BRIEFS
BSM Retained to Challenge the Lincoln Commitment Program on behalf of the New Jersey Coalition of Automobile Retailers
NJCAR has retained BSM to file a complaint in New Jersey federal court challenging the Lincoln Commitment Program as a violation of the New Jersey franchise protections.
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BSM Assists Dealers Compile Their PPP Loan Forgiveness Applications
BSM Shareholder, Richard Sox, and his team are actively assisting dealers ready their PPP Loan Forgiveness applications for submission to their lender.
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Several Dealer Associations Focused on OEM Distribution of Electric Vehicles
BSM has been asked by several Dealer Associations to examine whether the OEM plans for distribution of Electric Vehicles runs afoul of existing franchise protections.
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COMPLIANCE NEWS
Waivers of Liability from COVID-19, Not All They are Cracked Up to Be
A waiver seems like a good idea to address potential liability for your dealership from COVID-19 related exposure, but it may create more problems than its ultimate value.
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FRANCHISE NEWS
Changing Part Numbers or Price Due to the Volume of Repairs or an Anticipated Recall
We have heard from numerous dealers that manufacturers have been reducing part prices related to specific repairs, or changing parts numbers.
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Hyundai Motor America’s New ROFR Addendum
HMA has recently started sending a Right of First Refusal Addendum (the “Addendum”) to Hyundai dealers for signature. Many dealers have been questioning whether the language included in the Addendum is standard for rights of first refusal (“ROFR”) in a Dealer Sales and Service Agreement (“DSSA”).
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Dealer Agreement Renewals and Modifications: Dot Your “I’s” and Cross Your “T’s”
When changes are made to your Dealer Agreement, which many times occurs upon renewal, they should be carefully scrutinized to ensure that they are not harmful to your dealership.
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TRANSACTION NEWS
Due Diligence Standard in Today’s Automotive Buy-Sell Market
Back in April and May of this year, the economy came to a grinding halt as many cities ordered businesses to close. Things looked pretty dismal, both for our dealer clients and Bass Sox Mercer. The phone stopped ringing and several buy-sells in our pipeline were terminated by buyers.
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