(301) 986-0600
Submit RFP Bill Pay

Category: Auto Dealerships

December 16, 2021

When Should Car Dealerships Consider Centralizing Accounting Processes?

  Growth often is a good sign to a business owner their company is doing well and can allow the owners to expand their business footprint. For dealership owners, growth often means having more dealerships under their umbrella. With this growth comes complications, especially when it comes to accounting practices. Dealership owners typically have three options when considering how to handle their accounting practices for multiple locations: centralized accounting, noncentralized accounting, or a hybrid of the two. Benefits of centralized… Read more ›

December 16, 2021

How Data Analytics Can Help Improve Used Car Operations

The term “artificial intelligence” or “AI” may conjure up sci-fi images of robots and futuristic machines. But many businesses today are using AI to obtain more accurate data and help owners and managers make better decisions. This includes auto dealerships, where AI and data analytics are driving new types of innovation, especially in used car inventory management. By using data analytics tools, dealerships are better able to manage their used car inventory and maximize selling prices. And this, dealers are… Read more ›

December 11, 2021

CBM Named Accounting Broker for Dealership Buy-Sell Transactions in Virginia, Maryland and Delaware

PDF: CBM Named Accounting Broker for Dealership Buy-Sell Transactions in Virginia, Maryland and Delaware CBM, a full-service tax, accounting and advisory business serving clients up and down the East Coast, has been named by the LabNation brokerage network as the select broker to deliver accounting expertise to Maryland, Virginia and Delaware dealerships entering buy-sell transactions. LabNation, the nation’s only multiple listing service (MLS) serving the automotive industry, provides dealership owners with access to the expertise of accounting and advisory professionals… Read more ›

November 2, 2021

Selling Pandemic Supply Chain Concerns Could Force a LIFO Recapture for Auto Dealers

Many auto dealerships rely on the LIFO (last in, first out) accounting method for inventory valuation to defer taxes. Since this method allows businesses to include inflation in the cost of goods sold, it’s a great way to temporarily lower tax liability and is most effective in times of high economic inflation. However, the COVID-19 pandemic has interrupted supply chains and created myriad challenges in most industries, including car manufacturing. Most notably are the shortage in computer chips required for… Read more ›

November 2, 2021

Financial Tools : Plunge into Your Balance Sheet for Revealing Information

Many dealerships generate detailed financial information and send it to their banks and manufacturers each month. This typically includes an income statement and a balance sheet. The balance sheet can be a useful tool for dealerships that know how to uncover the valuable nuggets of data that lie within these reports. Savvy dealerships use the information to improve their financial performance. Think of it this way: The balance sheet gives you a snapshot of your dealership’s financial position at a… Read more ›

September 30, 2021

3 Ways to Strengthen Your Store’s Overall Performance

Ask any dealership owner whether he or she would like to strengthen the business’s overall performance and you’ll likely get a resounding, “Yes, of course!” But there is a legion of factors that affect performance — and not all of them are under your control. For example, you probably can’t make drastic changes to your brand or your marketplace demographics, at least not in the short term. But you can focus on other goals within your control to bolster your… Read more ›

September 27, 2021

The Employee Retention Tax Credit for Dealerships

The employee retention tax credit (ERTC) provides relief for many businesses to help offset some of the profit loss due to keeping employees during the COVID-19 pandemic and creating cash flow to pay wages to their employees. While many dealerships are experiencing a boom in both used and new car sales, it’s possible to still qualify for the ERTC if your dealership was ordered to shut down in-person retail operations. Dealers who were able to continue to sell cars online… Read more ›

September 15, 2021

Vendor Reviews: A Valuable Fraud Prevention Tool

Your dealership works with a wide range of different vendors, ranging from auctions and ad agencies to parts suppliers and reconditioners. Given the importance of these relationships to your success, it’s a good idea to take a fresh look at the companies you do business with. Performing vendor reviews can help ensure that both your dealership and your vendors are still benefiting from the arrangements. In addition, it can help uncover possible vendor fraud. Fraud Prevention: Fraud Comes in a… Read more ›

May 27, 2021

Solar Panels Offer More than Tax Savings for Auto Dealers

Solar panel technology is nothing new. However, advancing technology and a concern for the environment created a wide push to adapt to more renewable energy sources. Many electric utility companies are developing or relying more heavily on wind farms, water-powered energy, and farms of solar panels. Some of them are offering credits to consumers for installing solar panels on their property and allowing them to buy any excess energy generated. As a car dealership, there are several benefits to converting… Read more ›

January 30, 2021

New Year Economic and Tax Outlook for Auto Dealerships

The new year is starting out with much new activity as President-Elect Joe Biden took office on Jan. 20, and the U.S. Senate run-off elections in Georgia resulted in two democratic wins, thus giving democrats majority control of the U.S. House of Representatives, the Senate, and the Presidency. With this majority, more items are likely to get accomplished in the President-Elect’s tax plan as reconciliation allows tax and spending provisions to move through without a super majority, unlike other non-budgetary… Read more ›