You would not post customers’ Social Security numbers on your website or stand on the street distributing handbills with hospital patients’ medical information. But if there is improperly configured peer-to-peer (P2P) file-sharing software on a company computer, the result could … Continued
When it comes to managing cash flow the key word is “enough.” Not having enough cash to handle obligations can create major difficulties and may even lead to a dealership’s demise. Being saturated in cash, however, may suggest poor management … Continued
Have you ever met a dealer who tells you that his workforce is highly productive, consistent, efficient and highly professional? And that his employees are sustaining these attributes over time, and through them the dealership is experiencing a dramatic increase … Continued
IRS Form 8300 and the rules surrounding it were created in an effort to curb activities in which money launderers engaged. In its wake, however, the requirements have left a number of our auto dealer clients asking questions about how … Continued
The Internal Revenue Service launched a new program recently that will enable many employers to resolve past worker classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers. This new program will … Continued
Fraud continues to be a real threat for automobile dealerships, with the most likely target being a dealer’s inventory. That is because a typical parts inventory contains products that can be easily converted into cash. Even though what appeared to … Continued
For many businesses, employer-provided cell phones were one of the more onerous tax-related expenses to track. However, much of that will change for businesses thanks to the new treatment of cell phones recently announced by the IRS. Previously, because cell … Continued
The global economy continued to struggle in 2011. In spite of the sluggish economy, dealers’ profitability continued to surge and many of our clients posted record profits in 2011. For most dealers, new car sales grew and they generated more … Continued
Much like the overall car market, the dealership M&A market is once again heating up. In 2010, the public dealership groups spent an estimated $208 million on acquisitions, 7.5 times more than all of 2009, according to their public filings. … Continued
Cash. It is required to pay employees and suppliers and can affect a dealer’s need for financing. Cash flow can be as important to an auto dealer’s survival as its profitability. Many dealers can improve their cash flow by properly … Continued