In this issue ...
The U.S. Congress has passed a five-year highway reauthorization bill, called the Fixing America's Surface Transportation (FAST) Act, which includes a provision that requires automotive manufacturers to provide original equipment (OE) parts data for recalled components, ARA announced. ARA staff and leadership diligently worked over the last few months to secure the critical parts language in this bill which President Obama signed into law on December 4, 2015.
According to ARA, when enacted, this new law will now require automakers to make OE part names, part descriptions and part numbers of a vehicle's defective components that are subject to a recall publicly available. This is a significant step forward in ARA's quest for motor vehicle parts data, the organization stated. For the first time, there will be federal statutory language mandating manufacturers to make OE part numbers available to the public. This language is a critical step as it provides a basis for ARA action in the coming months to work with regulators to secure electronic access to part numbers of recalled components tied to Vehicle Identification Numbers (VINs).
ARA will continue to educate policymakers that it is only with electronic access to part numbers associated with specific VINs that professional automotive recyclers can comply with the TREAD Act of 15 years ago, in which Congress prohibited the sale of non-remedied recalled automotive parts.
ARA thanked its supporters in Congress - most notably Congressman Adam Kinzinger of Illinois and Senator John Thune of South Dakota who helped champion our quest for this critical OE parts language.
“We also appreciate the efforts of ARA leadership, associate members and other stakeholders who contributed on our behalf.”
The bill includes other recall-related provisions that: calls for a pilot grant program for states to notify consumers of vehicle recalls, establishes incentives for dealers to check for open recalls at the time of service for all patrons and requires rental car companies to ground vehicles that are subject to an open safety recall until they are fixed. ARA will now work with the National Highway Traffic and Safety Administration (NHTSA) to assist in the legislation's implementation.
Solera Holdings, Inc. (Solera) has announced that its shareholders have voted to adopt the previously announced merger agreement pursuant to which an affiliate of Vista Equity Partners has agreed to acquire Solera for $55.85 per share in cash.
The closing of the merger remains subject to certain other closing conditions, including clearance by the Russian Federation antitrust authorities. On November 4, 2015, the United Kingdom Financial Conduct Authority (FCA) approved a cancellation of the Consumer Credit Interim Permission of Solera's FCA-regulated subsidiary HPI Limited. As a result, approval of the Merger by the FCA is no longer required and the closing condition relating to the approval of the FCA has been satisfied. On December 3, 2015, the European Commission approved the Merger under the EU Merger Regulation. The completion of the Merger is currently expected to occur in the early part of the first quarter of 2016.
Solera is a leading provider of risk and asset management software and services to the automotive and property marketplace, including the global P&C insurance industry. Solera is active in over 75 countries across six continents. Solera has 14 companies spread across the globe, including Audatex, Hollander and Identifix.
Vista Equity Partners is a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco. It invests in software, data and technology-based organizations.
Since becoming the first authorized provider of National Motor Vehicle Title System (NMVTIS) vehicle reports in 2009, Auto Data Direct (ADD) has sold more than 2 million records to business customers and consumers.
"The significance of the number of records sold relates directly to the importance of the NMVTIS database in preventing automobile fraud and protecting consumers," said Jim Taylor, ADD President. "With the database now containing nearly 96 percent of all titled vehicles in the nation, it is a simple, affordable way to help ensure that a vehicle purchase is a smart decision. Consumers and businesses are seeing the value of this national resource."
ADD has offered NMVTIS reports to industry members through its business services website since 2009. In 2015 ADD launched the consumer-focused Titlecheck.us as part of an effort to educate the car-buying public about the availability and importance of the information. "We've seen a 20 percent increase in consumers accessing these reports since making them available through Titlecheck.us," said Taylor.
NMVTIS is a U.S. Department of Justice program that came about as a result of government efforts to protect states and consumers from vehicle-related fraud. The federal database contains state title data and records from businesses who handle salvage and total loss vehicles. Prior to purchasing a vehicle, NMVTIS allows consumers to search for information on key indicators of a vehicle's value and safety. NMVTIS title data includes current state of title and date of issue, previous titles reported by jurisdictions, and odometer readings recorded when the titles were issued. Consumers can find information on brands applied to the vehicle such as 'flood' that affect its value. And, if the vehicle has been reported as a total loss, NMVTIS gives the savvy buyer a heads up before they waste their money on a potentially unsafe vehicle.
Titlecheck.us allows consumers to run a single vehicle inquiry using the vehicle identification number (VIN) without a subscription. Reports are $4.95 and include all of the information available to the public in the NMVTIS database.
For more information on Titlecheck.us or ADD's web-based business services email firstname.lastname@example.org.
The Colorado Auto Recyclers association (CAR) will hold its Annual Meeting and Safety Training in January. The meeting will be held on January 23, 2016 at the PPA Event Center, 2105 Decatur Street, Denver, Colo. from 8:00 a.m. to 4:00 p.m.
This annual event will feature information about the new workers compensation plan as well as an introduction to a new web-based communications tool that will allow CAR members to find parts and share information more efficiently statewide.
The association is planning on having national speakers on hand to provide insight into the current state of the industry and inform recyclers on ways to increase and improve business operations.
There are numerous Sponsorship and Exhibitor opportunities available. Visit www.coloradoautorecyclers.com for more information.
The Locator wants to wish all of our customers and readers a very happy holiday season. Our offices will be closed December 24 and 25 and January 1, 2016. Have a safe and wonderful holiday.
January / February 2016 Deadlines
December 30, 2015: Listings for The Locator Magazine.
January 4, 2016: Display ads for The Locator Magazine.
January 7, 2016: The Locator Magazine goes to press.