News from NADA — The National Automobile Dealers Association
to read the latest reprot from VADA's NADA Representative.
FTC Extends Safeguards Rule Compliance Deadline
The Federal Trade Commission today announced it is extending by six months the deadline for companies to comply with some of the amendments to the FTC’s Safeguards Rule. Earlier this year, NADA submitted comments to the FTC seeking an extension of the deadline. The deadline for complying with some of the updated requirements of the Safeguards Rule is now June 9, 2023.
The provisions of the updated rule specifically include requirements that covered financial institutions:
•designate a qualified individual to oversee their information security program,
•develop a written risk assessment,
•limit and monitor who can access sensitive customer information,
•encrypt all sensitive information,
•train security personnel,
•develop an incident response plan,
•periodically assess the security practices of service providers, and
•implement multi-factor authentication or another method with equivalent protection for any individual accessing customer information.
Dealers are encouraged to continue in their efforts to expeditiously comply will all the new requirements of the Rule but should consult with their attorneys, service providers and IT professionals about the potential impact of this deadline extension.
Frank Hanenberger of Brattleboro Subaru, Vermont's NADA Director, recently attended the NADA Board meeting in Dallas. For a full update on the ways NADA is working to protect and enhance the franchised auto retail industry, to read Frank's recap.
The semiconductor shortage continues to be a drag on auto production nearly two years after the global crisis flared up during the pandemic. Nissan recently warned U.S. dealers of production stoppages at its North American vehicle assembly plants through the end of the year. .
Following two fatal crashes involving driver’s side Takata airbag deployments, Fiat Chrysler Automobiles (FCA) has issued a “stop-drive” caution for approximately 276,000 model year 2005-2010 Dodge Magnums, Chargers, and Challengers and Chrysler 300s. FCA has also told its dealers to arrange to have unremedied vehicles subject to the “stop-drive” towed to dealerships for repair (or to arrange for mobile repair) and to offer rental cars or alternate transportation to customers, as needed. The National Highway Traffic Safety Administration (NHTSA) posted a addressing FCA’s “stop-drive.” For further information on managing new and used vehicles subject to open federal safety recalls, .