Saturday, 27 September 2014

Industry Supports Vehicle Emission Regulation Amendments

by: Auto Remarketing Canada
The Canadian Vehicle Manufacturers' Association (CVMA) as well as the Global Automakers of Canada praised the Canadian government's latest move to reduce vehicle greenhouse gases and smog causing emissions.
The Environment Minister Leona Aglukkaq announced Monday expected amendments to Canada's greenhouse gas (GHG) and "Tier 3" emissions regulations for new light duty vehicles, as well as new regulations to further reduce vehicle related smog causing emissions to improve air quality.
Here's a breakdown of the amendments and expanded regulations:
  • The new greenhouse gas emissions regulations for light duty trucks for the 2017-2025 model-year vehicles will align with those in the United States over the same period. The proposed new regulations mean vehicles in the 2025 model year will use 50 percent less fuel than those of the 2008 model year vehicles.
"The proposed regulations set a very challenging objective for Canada's vehicle manufacturers," said Mark Nantais, president of the CVMA. "By being part of a robust, aligned standard, new more advanced technologies come to market more quickly with greater choice of products that are more affordable for consumers as manufacturers are to able take advantage of the economies of scale derived from the larger integrated market inherent in the North American automobile industry."
  • The new Tier 3 criteria air containment (smog causing) emission standards for new vehicles will work to further reduce those emissions by 80 percent from the existing Tier 2 emissions standards.
"These new regulations will further help reduce the impact of vehicles on regional air quality. In this regard, the on-road light duty vehicle fleet is the only sector to demonstrate continuous year over year reduction in smog-causing emissions since 1985," Naintais said. 
  • The government also announced it will be aligning to the more extreme U.S. greenhouse gas emissions regulations for heavy duty vehicles and engines for the 2018 model year and beyond. This move will work to reduce truck emissions by up to 23 percent.  
"Today's announcement offers much-needed regulatory certainty as automakers develop their medium- and long-term product plans," said David Adams, president of Global Automakers, when the news was announced Monday.
"The forthcoming greenhouse gas emissions regulations for light duty vehicles covering the 2017-2025 period, along with the anticipated introduction of draft "Tier 3" amendments to Canada's vehicle emissions and sulfur in gasoline regulations underscores the reality that vehicles and fuels operate as a tightly integrated system," he continued.
Adams pointed out that for several years, Global Automakers has encouraged the Canadian government to put into place regulations that push toward cleaner fuels, such as ultra-low sulfur gasoline.
Lower sulfur fuels are "critical" to the successful introductions of several advanced engine and emissions technologies required to meet the government's 2017-25 GHG emissions regulations, the organization stated.
"The consistent availability of ultra-low sulfur gasoline across Canada is essential to support our members' introduction of cutting-edge emissions reduction and fuel-saving technologies. Working together, cleaner fuels and more efficient engines will deliver improved fuel efficiency and markedly improved air quality for all Canadians," added Adams.
This news comes on the heels of the announcement of the Joint Forward Plan, released by the Canada-United States Regulatory Cooperation Council (RCC) earlier this month.
The plan, the next step in cooperation between the two countries set in motion by the 2011 Joint Action Plan, continues the implementation of groundwork to collaborate and streamline joint efforts involving departments and agencies with responsibilities for agriculture and food, transportation, health and personal care products, workplace chemicals, and the environment.

Industry Supports Vehicle Emission Regulation Amendments......

Saturday, 20 September 2014

Staying Compliant with Ontario's All-In Pricing Regulation

Ontario dealers should, by now, be quite aware of the all-in pricing regulations enforced by the Ontario Motor Vehicle Industry Council. If not, you'll want to be, because OMVIC is cracking down on violators of its consumer protection regulations.
Just this week, OMVIC announced a fine for Platinum Cars Inc. for not abiding to the all-in pricing legislation. The business was fined $21,500 for over 20 ads that did not include administration fees in the pricing of the vehicle but listed it elsewhere in the ad. The dealership's officer/director was also personally fined $3,000 for not upholding the responsibility of managing the ads' compliance requirements and will also be required to retake the OMVIC certification course.
Fortunately for dealers, the regulation is pretty self-explanatory. All-in pricing means exactly what it sounds like - everything that you intend to charge for should be included in the price for all forms of advertised pricing. OMVIC's director of communications, Terry O'Keefe, took the time to speak with Auto Remarketing Canada to help explain the regulation as clearly as possible.
"I think that it's important that dealers remember that an advertised price has to include all fees and charges that they intend to collect," O'Keefe said. "And that includes things like administration fee, it includes charges for products or services that they may have already preinstalled on the vehicle and then therefor intend to charge for, such as a security product or something like nitrogen in the tires."
The easiest way to think about it, according to O'Keefe, is like a drive-away price. With the exception of the harmonized sales tax (HST) and licensing cost, the price advertised should be the price a customer can expect to pay without any surprises.
"It's also important to note that licensing means the actual cost to license or register that vehicle with the Ministry of Transportation Ontario," O'Keefe said. "There can't be a hidden fee in that licensing cost. If the cost to put plates on the car is $90 then that is the cost that can be charged."
It is important to keep in mind, if not included in the advertised price, that the HST and licensing costs should be clear and prominently visible within the ad, which includes anything posted in print, on the Internet, on social media, radio, television, signs, etc. Anywhere a consumer may be exposed to a vehicle listing in any form or fashion is an advertisement.
The all-in pricing regulation was created to provide transparency and trust for consumers. And this becomes especially important in today's digital age, where consumers have access to virtually endless information and are more likely to recognizing sales ploys.
The support for the regulation is two-sided, however, as it works as a competition leveler for dealers, as well. It prevents dealers from advertising what appears to be a lower price than its competitors when it actually intends to charge additional fees that other dealers are already including in their advertised prices.
"That's one of the reasons why the all-in pricing regulations have received support from all the trade industries, as well from the dealer groups," O'Keefe said. "Because they recognized this isn't just good for consumers. If we get full compliance from dealers, it's good for dealers, too. It creates a level playing field."

Staying Compliant with Ontario's All-In Pricing Regulation........... 


Friday, 12 September 2014

Will Interest Rate Shopping Hurt My Credit Score

If you've ever bought a house or car, your research probably included some interest rate shopping. Even if you have a great credit score, you don't know if the interest rates offered at a dealership or your own bank are really the best you can get until you check out what other lenders are offering. While this is a smart financial move, a lot of people worry about what this will do to their credit score-especially if they are gearing up to make a big purchase. Certain kinds of credit inquiries do impact your score, but there is a built-in allowance for interest rate shopping.
Most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time-usually 30 days. In these cases, multiple inquiries will be treated as a single inquiry, and this will have little or no impact on your credit score.
However, shopping around for interest rates usually means you're preparing for a big purchase. To best protect your credit, there are a few things to keep in mind:
  • Apply for the same type of loan for the same amount. It's fairly evident on a credit report that when five lenders pull your credit for a $300,000 mortgage loan, you're not buying five $300,000 homes.
  • Conduct your business as quickly as possible. While the 30-day grace period is no myth, you might want to treat it as a weeklong grace period. Figure out which lenders you want to check out and do all your applications within a few days.
  • Do not apply for other forms of credit during this time period. Applying for too many loans or lines of credit at once could make you look like a higher risk to creditors.
Different types of inquiries
Remember, not all inquiries are created equal; only a hard inquiry will impact your credit score. A hard inquiry is when a mortgage lender, landlord, bank, or other creditor accesses your credit report because of a transaction you initiated. The key here is that you initiated this inquiry by asking for a line of credit from a lender.
The other two types of inquiries generally do not have any effect on your score. A soft inquiry is initiated by someone other than you, such as a lender or creditor. Think of the promotional offers you get in the mail. You didn't ask for that pre-approved credit offer, but someone at the company pulled your information.
A personal credit inquiry also does not impact your score-you can pull your credit any time you want. And if you are about to apply for a loan or do some interest rate shopping, you should pull your credit report and score so you have a better idea of what kind of interest rates you'll be offered.

article provided by: Equifax Blog

Will Interest Rate Shopping Hurt My Credit Score...... 

Friday, 5 September 2014

Toyota Says Fuel Saved From Hybrids Would Fill 103 Swimming Pools

By Auto Remarketing Staff
Toyota introduced the Prius to Canada 15 years ago - and this week, the automaker reported it has reached the milestone of 100,000 hybrids sold in Canada.
Providing an interesting illustration, Toyota Canada said the fuel saved by Canadian drivers using Toyota and Lexus hybrids over the past 15 years would fill more than 103 Olympic-size swimming pools.
The two brands have seen the largest surge in hybrid interest in Canada since the turn of the millennium.
According to Toyota Canada, Lexus and its mainstream vehicles account for more than three quarters of all hybrids sold in Canada since 2000.
"The fuel needed by Toyota hybrids is over 30 percent less than vehicles with conventional gas engines," said Seiji Ichii, president and chief executive officer of Toyota Canada Inc. "That means since 2000, Toyota and Lexus hybrids have avoided more than 600,000 tons of carbon dioxide emissions while saving over 259 million liters of fuel."
Currently, there are six Toyota and soon-to-be six Lexus hybrid models available in Canada. Coming soon, the Lexus NX 200h will be introduced to Canada.

Toyota: Fuel Saved From Hybrids Would Fill 103 Swimming Pools........