Welcome to your daily briefing on automotive developments in New Jersey. Today we're covering 5 key stories including updates on new jersey automotive headlines, background & context. Let's dive in.
3 stories
The New Jersey Senate and Assembly have approved Senate Bill 3309, which amends the Franchise Practices Act related to motor vehicle open recalls and fair compensation.
This legislation will directly impact automotive dealers in New Jersey by establishing new standards for handling open recalls and ensuring fair compensation practices.
Stay updated with the latest New Jersey DMV changes for 2024, including new fees, services, and regulations.
Requires dealership to notify buyers of recalls on used motor vehicles for sale.
Reach professionals in this market
2 stories
Floor-plan lenders perform unannounced inventory audits to verify that every financed vehicle is on the lot, in the condition reported, and not sold-out-of-trust. The audit cycle is typically monthly. Discrepancies — a vehicle not present without proof of sale and payoff — trigger acceleration of the entire credit line in many agreements.
Sold-out-of-trust findings can convert a manageable cash-flow gap into immediate demand for the entire floor-plan balance. Recovery from a single bad audit can take years.
Most states distinguish between retail, wholesale, and broker dealer licenses, with different bonding, facility, and inventory requirements. A wholesale license does not authorize retail sale to consumers; selling cross-category is a license violation that can trigger immediate suspension regardless of intent.
Cross-category sales are also typically uninsurable under the dealer's bond, leaving the dealer personally exposed on consumer claims that arose from the unauthorized sale.
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