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Helion Update January 7th

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NEWS

GLBA Now Requires A “Qualified Individual” To Oversee Dealership Cybersecurity
There is much interest in the new Gramm-Leach-Bliley Act’s revised Safeguards Rule. The new rule gets more specific about what dealers must have in place to comply. The rule states that “a qualified individual be responsible for overseeing and implementing your information security program.” But what does it mean to be qualified?
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BLOGS

Signs Of An Impending Ransomware Attack
The point at which a cybercriminal emerges and demands ransom is the endgame of a cyberattack – not the beginning. The key to minimizing the impact of an attack is to detect and stop the attack early in its lifecycle.
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Cybersecurity: What To Watch In 2022
Article Published On Forbes.com
The proliferation of ransomware and other cyberthreats will continue into 2022. Hackers will continue to follow the money and ransom demands will continue to soar. Recent attacks show that any organization, no matter its size or revenues, can be a target.
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PODCASTS

What Is A Security Operations Center (SOC) And Why Is It Important For Dealers
ln this podcast, Erik Nachbahr, Founder & President of Helion Technologies explains what a Security Operations Center (SOC) is and why it’s essential to protecting your dealership from a cybersecurity catastrophe.
Listen To Podcast

Helion Update December 2nd

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NEWS

Important Webinar: New FTC Safeguards Rule Becomes Mandatory In 2022
The FTC just announced an updated Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) which requires dealerships to implement specific cybersecurity best practices before the end of 2022. DealersEdge will hold an important webinar on Thursday, January 6, 2022 at 1pm (ET) to explain what dealers need to know about this new regulation.
Register for Webinar

BLOGS

FTC Updated Rule Under Gramm-Leach-Bliley & What It Means For Dealerships
On October 27, 2021 the FTC announced and updated Safeguards Rule under GLBA that requires dealers to strengthen their cybersecurity measures before the end of 2022. The new Safeguards Rule includes specifics measures that dealers must implement to comply.
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Vulnerability Assessments & Penetration Testing – What’s The Difference?
The newly updated FTC Safeguards Rule under the Gramm-Leach-Bliley Act requires dealers to perform periodic vulnerability assessments and penetration testing. But what is a vulnerability assessment and how is it different than a penetration test?
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PODCASTS

What Is A Security Operations Center (SOC) And Why Is It Important For Dealers
ln this podcast, Erik Nachbahr, Founder & President of Helion Technologies explains what a Security Operations Center (SOC) is and why it’s essential to protecting your dealership from a cybersecurity catastrophe.
Listen To Podcast

Helion Update November 2nd

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NEWS

Webinar: Taking Advantage of Office 365 Data Encryption
If you share or receive confidential data via email and this information sometimes sits in your email box – or may be stored in an email folder – then this data is at risk. But there’s a great and easy to implement solution – Office 365 data encryption!

In this short webinar, Erik Nachbahr, Founder & President of Helion Technologies, will discuss the cybersecurity danger associated with sending and receiving confidential information via email and how you can do this safely and securely.
Register for Webinar

BLOGS

The Value Of An Incident Response Plan & What It Can Do For A Dealership
An incident response plan lays out the roles and responsibilities of your cybersecurity/IT team when an attack is detected. It also defines the tools for monitoring and managing an attack and the specific steps taken to address a cybersecurity incident. An incident response plan is critical to a dealership’s ability to swiftly detect and stop an attack. There are 6 phases of a cyberattack that must be addressed in an effective incident response plan.
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Don’t Be A Victim Of Credential Stuffing
Credential stuffing is a cyberattack approach that uses stolen account credentials – typically usernames and passwords – to hack into online accounts by “stuffing” the stolen credentials into the login pages of other online services. Credential stuffing is performed in a large-scale automated fashion, and it has become one of the most common causes of data breaches.
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PODCASTS

Common Dealership Cybersecurity Vulnerabilities
A look at the most common cybersecurity vulnerabilities that cybercriminals exploit when attacking an automobile or heavy truck dealership.
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Helion Update October 8th

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NEWS

What Is Fileless Malware & Why Should Dealers Care About It?
Fileless malware uses a tactic called Living off the Land (LotL) to slip past the traditional antivirus software that most dealers have in place. It’s important to remember that the cybercriminal is a professional. They take their trade seriously and they are big fans of continuous improvement. When businesses put up an effective cyber defense – the cybercriminal figures out how to get around it. Fileless malware is the cybercriminal’s response to antivirus software. Cybersecurity is a never ending battle.
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ARTICLES & BLOGS

48% Of Survey Respondents Say They Never Heard Of MFA
Article published on Help Net Security
You’ve got to be kidding me!  If you don’t know what Multi-Factor Authentication (MFA) is then you need to call us.  A recent survey conducted by the National Cybersecurity Alliance and CybSafe found that cybersecurity best practices are lagging despite widespread awareness of the growing cybersecurity risks businesses face.  Perhaps businesses just don’t know how to tackle this beast or maybe they simply don’t have the resources.  It makes a good argument for outsourcing your cybersecurity.
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If You Want Cyber Insurance – You’ll Need MFA
MFA is a well-known and effective security control that can mitigate the risk of a cyber-attack. But most businesses don’t have MFA deployed. Well, if you want cyber insurance then you better get moving with MFA. Cyber insurance underwriters are now requiring MFA to get coverage.
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PODCASTS

What Is A Security Operations Center (SOC)
A Security Operations Center (SOC) is essential to mitigating the impact of a cyberattack.  What is a SOC?  What can it do to protect an auto or heavy truck dealership?  These questions and more are discussed in this episode.
Listen To Podcast

Bass Sox Mercer Q2 2021

BSM Q2 2021

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The BSM Report

Quarter 2 - 2021| Newsletter Vol. 52

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BSM NEWS BRIEFS

Hyundai Dealers Push-Back on IONIQ Participation Agreement
BSM has been contacted by a number of Hyundai dealers across the country who are questioning the appropriateness of the IONIQ EV Participation Agreement.
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Vehicle Allocation Continues to Rile Dealers
The lack of sufficient production of new vehicles has continued to plague dealers across the country.
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COMPLIANCE NEWS

Know your FLSA Overtime Exemptions
As you are undoubtedly aware, automotive dealers have many employees that qualify for exemptions from overtime compensation otherwise required by federal law, specifically the Fair Labor Standards Act or FLSA.
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Remember to Regularly Review Dealer Jacket Materials
Dealers across the country are familiar with the many State and Federal laws regulating the documents and forms used in a dealer’s standard “deal jacket.”
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OPERATIONS NEWS

Dealers Should Be Wary of Aggressive Claims Relating to Employee Retention Tax Credits
Every prudent business entity has been meticulously following and researching the various government programs providing benefits as a result of this pandemic.
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Q1 2021

BSM Q1 2021

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The BSM Report

Quarter 1 - 2021| Newsletter Vol. 51

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BSM NEWS BRIEFS

Active Legislative Year for Dealer Associations
BSM is assisting dealer associations representing nine (9) states with franchise law issues during their 2021 Legislative sessions.
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Volvo Announces Intent to Sell Direct to Customers
Under the guise of providing convenience to customers, Volvo has recently announced that it intends to offer retail customers the option of purchasing vehicles directly from Volvo at a non-negotiable, fixed price.
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FRANCHISE NEWS

Buyers Unaware – Pitfalls of Sales to Elderly Customers
As the US population ages and modern medicine continues to increase life expectancies (save for a slight downturn this year due to a once in a millennia pandemic), dealers can expect to encounter older car-buyers more frequently.
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Allocation – Good Habits for Voicing Your Allocation Concerns to the OEM
Nearly all dealers can relate to the frustration of going through extended periods receiving an insufficient allocation of new motor vehicles by their OEM.
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OPERATIONS NEWS

Advertising Can Skew Expectations
Telling you that advertising drives sales is stating the obvious. But, why then is the comparative advertising of the various line-makes not taken into consideration as the factories evaluate the expected sales of car dealers?
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COMPLIANCE NEWS

Final Rule: Independent Contract Status under the Fair labor Standards Act
On January 6, 2021, the Department of Labor (“Department”) announced a final rule revising and clarifying the standard for employee versus independent contractor under the Fair Labor Standards Act (“FLSA”). The effective date of the final rule is March 8, 2021.
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RMG - U.S. Treasury Update

U.S Treasury Revenue Procedure 2020-45

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U.S Treasury Revenue Procedure 2020-45

The IRS released Rev. Proc. 2020-45 providing the annual inflation for 2021.

The adjusted annual premium limit for small insurance companies making an 831(b) election for 2021 is $2.4M. This is an increase of $100k and is applicable to returns filed in 2022. the language included in the revised Revenue Procedure:

Tax on Insurance Companies Other than Life Insurance Companies. For taxable years beginning in 2021, under § 831(b)(2)(A)(i) the amount of the limit on net written premiums or direct written premiums (whichever is greater) is $2,400,000 to elect the alternative tax for certain small companies under § 831(b)(1) to be taxed only on taxable investment income.

Greg Hoffman
Managing Partner | Portfolio Reinsurance
CEO | RMG & Global Administrators
ghoffman@corprmg.com
508.944.6800

Global Administrators
RMG Driving Dealer Profitability
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BSM Q4 2020

BSM Q4 2020

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The BSM Report

Quarter 4 - 2020 | Newsletter Vol. 50

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BSM NEWS BRIEFS

Looking Back at 2020 and Expectations for 2021
As we begin the New Year, the team at BSM looks back at 2020 and forward to 2021 for what we might expect as dealer advocates this year.
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Transaction Activity Rebounded
2019 was an impressive year for the buy-sell market, and the start of 2020 appeared to continue the trend. January and February, which are normally slow months, saw unusually high buy-sell activity.
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COMPLIANCE NEWS

Employee Handbook… Not Just an After Thought
When was the last time your dealership looked at its employee handbook? And, no, we are not talking about when your sales manager last printed it to provide to a new salesperson.
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Avoid DHSMV Administrative Complaints for Dealer Titling Violations
In early 2020, the Florida Department of Highway Safety and Motor Vehicles (“DHSMV”) served Administrative Complaints against multiple motor vehicle dealerships related to alleged untimely submission of titling paperwork resulting from a motor vehicle transaction.
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FRANCHISE NEWS

Incentive and Warranty Audits – Know Your Rights
Manufacturer letters providing notice that a dealership has been selected as an eligible candidate for an incentive or warranty audit are critically important and should never be taken for granted.
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BSM Q3 2020

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The BSM Report

Quarter 3 - 2020 | Newsletter Vol. 49

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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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NADA 7-2

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