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Category: Auto Dealerships

March 6, 2024

Corporate Transparency Act Ruled Unconstitutional by Federal District Court

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only applies to the plaintiffs in the case.  Since this ruling is limited to the plaintiffs in the case, other reporting companies should continue to comply… Read more ›

February 28, 2024

Independent Contractor vs. Employee Status: The DOL Issues New Final Rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024. Role of the New Final Rule Even though the DOL’s final… Read more ›

January 16, 2024

CBM to Sponsor WANADA-MADA-VADA Reception at 2024 NADA Show

Councilor, Buchanan & Mitchell (CBM) will sponsor an evening reception hosted by the Washington Area New Automobile Dealers Association, the Maryland Automobile Dealers Association and the Virginia Automobile Dealers Association at the 2024 NADA Show in Las Vegas, NV. The reception is scheduled on Friday, February 2 from 6 to 9 pm PST in Monet Ballroom 1 & 2 at the Bellagio Hotel & Casino. This is the second consecutive year CBM has sponsored the reception. Members of CBM’s automotive… Read more ›

October 18, 2023

CBM to Sponsor 2023 Washington Area New Automobile Dealers Association Annual Meeting and Dinner

Councilor, Buchanan & Mitchell (CBM) will serve as a dinner sponsor of the 2023 Washington Area New Automobile Dealers Association (WANADA) annual meeting and dinner on Tuesday, November 7 from 5:30 pm to 8:30 pm. The event will be held at the Columbia Country Club in Chevy Chase, MD where NADA President Mike Stanton and NADA Chairman Geoff Pohanka will deliver remarks on the state of the automotive industry. Members of CBM’s automotive dealership services team will participate in the… Read more ›

August 11, 2023

Driving Profits: A Guide for Auto Dealers on Mastering EV Credits

Are you fully leveraging the opportunities that the rise of electric vehicles (EVs) offers? As an auto dealer, understanding this industry shift, particularly the role of federal tax incentives like EV tax credits, can be a game-changer for your dealership. Let’s dive into how mastering the nuances of EV credits can maximize your profitability. Seize the Opportunity: EV Tax Credits and Your Dealership In a bid to promote sustainable transportation, the U.S. government offers federal EV tax credits ranging from… Read more ›

August 7, 2023

Evolve Your Finance and Insurance Department for Better Dealership Performance

The automotive industry has shifted tremendously over the past few years. Between COVID shutdowns driving less foot traffic into dealerships and impacting the supply chain, and new car manufacturers entering the market with a direct-to-consumer approach, auto dealers have had a lot to contend with. Considering all these changes, how can dealerships maintain the profits driven by their Finance and Insurance (F&I) divisions? Finance and Insurance (F&I) has historically been a significant profit center for car dealerships. They can continue… Read more ›

June 28, 2023

How to Detect and Prevent Fraud in Your Auto Dealership

The digital age has revolutionized the car-buying experience but has also opened the door to a new wave of scams. Identity theft and loan application fraud have become significant risks for online auto buyers and dealerships. In this article, we’ll delve into how this technology can be your secret weapon in the fight against digital fraud in the auto retail industry. Why All Dealerships Should Be Concerned With Internal and External Fraud Risks Picture this: it’s March 2023, and two… Read more ›

June 21, 2023

CBM to Sponsor 6th Annual Bob Bell Automotive Charity Golf Tournament

Councilor, Buchanan & Mitchell’s (CBM) automotive dealerships team has sponsored the 6th annual Bob Bell Automotive charity golf tournament in partnership with There Goes My Hero, a not-for-profit organization, to raise money for blood cancer patients and their families. The golf tournament will be hosted on Monday, September 11 at the Chartwell Golf & Country Club in Severna Park, Maryland. CBM’s dealership team has hosted the Bob Bell Automotive charitable golf event in past years. Visit the event webpage for… Read more ›

May 24, 2023

CBM to Sponsor 2023 WANADA Open

Councilor, Buchanan & Mitchell (CBM) will serve as a hole sponsor at the 2023 WANADA Open, a golf and networking event hosted by the Washington Area New Automobile Dealers Association, a regional association that promotes the retail automobile business in the Washington metropolitan area. The 2023 WANADA Open will now be held on Monday, September 25, 2023 (rescheduled from June 12 due to poor weather conditions) at the Trump National Golf Club in Sterling, VA. CBM’s automotive dealerships team is… Read more ›

April 3, 2023

CBM to Serve as MADA Sponsor at the 2023 Summer Convention with Virginia, West Virginia and Kentucky Automobile Associations

Councilor, Buchanan & Mitchell (CBM) will serve as a Maryland Automobile Dealers Association (MADA) sponsor at the 2023 Summer Convention held in collaboration with the Kentucky Automobile Dealers Association, the Virginia Automobile Dealers Association (VADA) and the West Virginia Automobile Dealers Association. The summer convention will be held at The Greenbrier Hotel in Sulphur Springs, West Virginia from June 19 to 22, 2023. The theme of the convention will be “Change: Our Opportunity, Not Our Enemy”. CBM is a regular… Read more ›