The Employee Retention Credit (ERC) is one of the most powerful tax incentive programs available to businesses that we have ever seen (or will likely ever see again). The ERC has provided billions of dollars of much needed relief to thousands of businesses across the country that were impacted by the pandemic. While auto dealerships… [keep reading…]
Category: Auto
Inflation Reduction Act of 2022: Impact on Electric Vehicles and Related Equipment
If you have considered installing electric vehicle charging stations at your home or business or have thought of purchasing an electric vehicle, you may be able to take advantage of tax credits that were recently updated in the Inflation Reduction Act of 2022. The Inflation Reduction Act (IRA) of 2022 included several provisions related to… [keep reading…]
LIFO Impacts on Auto Dealers
These last 2 years have certainly been a rollercoaster ride for most automobile dealers. From the fear and uncertainties caused by shutdowns at the start of the pandemic, to labor shortages, to parts inventory delays and shortages, to government assistance programs, to record high used vehicle prices, to new vehicle inventory supply issues caused by… [keep reading…]
Succession Planning
Operating a business is a tremendous investment of time and effort. Years of hard work have been put into building your company into what it is today. This, coupled with the fact that many companies have seen record profits recently, the importance of having a business plan that extends into the future cannot be overstated. … [keep reading…]
What auto dealers need to know about the new tax reform
As the new tax reform took shape in late 2017 and then was approved just a few days before Christmas, our auto dealership services team were examining what elements could have the most impact on contractors and small business owners. Now, what is commonly being called the Tax Cut and Jobs Act (TCJA) of 2017… [keep reading…]
Diesel issue challenges VW dealers to retain key salespeople
With the news of failed emissions tests and alleged knowledge of the shortcomings by the manufacturer, Volkswagen dealers have faced many challenges in the past year. For instance, an article in Automotive News discussed that through July 2016, VWs U.S. light-vehicle sales were down 14 percent compared to the first 7 months of 2015, while the industry… [keep reading…]
Are new dealer incentive programs trying to squeeze out the smaller Dealer?
Cadillac has created a new dealer incentive program entitled “Project Pinnacle” expected to roll out early 2017. The objective of Project Pinnacle is to create tiers of “effective pricing.” The initiative aims to assign dealers to one of five tiers based on volume and high adherence to brand standards. Critics of the project note that… [keep reading…]
Is this the end of small diesels in the US?
Auto manufacturers are regularly shifting focus and trying to stay on the cutting edge in an effort to maximize revenues in the multi-billion dollar auto industry. As consumer demands change, auto manufacturers must adapt. Recently, Volkswagen experienced turmoil as a result of failed emissions tests and alleged knowledge of the shortcomings by the manufacturer. The… [keep reading…]