Here is a picture of my dizzy. you do need to squeeze that gap closed with some leverage. First pinch with pliers before putting the ring on the Dizzy.
Then install as you normally do. Remove the cap and rotor (if not already done) and place a small Block of wood on top for leverage (get a helper) and then tighten. That gap is too big. Hope that helps.
Note that there are 2 different collars, I believe you have the thicker one but should look like the picture I have above, you can see th taper on the top of the upper collar. I went through the same process. Call CruiserParts.net, they can help. https://shop.cruiserparts.net/index.php?main_page=index&zenid=bfb284df10fc08f9f54459c394cfaffc
Then install as you normally do. Remove the cap and rotor (if not already done) and place a small Block of wood on top for leverage (get a helper) and then tighten. That gap is too big. Hope that helps.
Note that there are 2 different collars, I believe you have the thicker one but should look like the picture I have above, you can see th taper on the top of the upper collar. I went through the same process. Call CruiserParts.net, they can help. https://shop.cruiserparts.net/index.php?main_page=index&zenid=bfb284df10fc08f9f54459c394cfaffc
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