Category: Auto Dealerships

Councilor, Buchanan & Mitchell (CBM) will serve as a hole sponsor at the 2025 WANADA Open. An automotive industry event, the open brings together dealerships, industry partners and friends for golfing and networking. This yearly day of fun is hosted by the Washington Area New Automobile Dealers Association, a regional association that represents and promotes the retail automobile industry in the Washington metropolitan area. The 2025 WANADA Open will be held on Monday, May 19, 2025 in Sterling, VA. CBM’s automotive dealerships team is a… Read more ›

Buyers of electric vehicles who were unable to claim federal EV tax credits for 2024 now have a remedy, according to an alert from the National Automobile Dealers Association (NADA). The NADA, which “advocated aggressively” for an IRS fix, says the agency has reopened the IRS Energy Credits online portal for dealers to submit time-of-sale reports for EVs sold last year. Only a dealer can sign up for the system, which is available now. The problem came to light earlier… Read more ›

In the world of automotive dealerships, understanding the valuation of your franchise is critical. The franchise often represents the most significant portion of a dealership’s value, driven by several factors influencing its overall market worth. This article explores how dealership owners can accurately assess the value of their franchises and the key elements that impact this valuation.  Dealership Franchise Value as a Core Asset The value of an auto dealership franchise is primarily determined by applying a multiple to the… Read more ›

Councilor, Buchanan & Mitchell (CBM) will serve as a hole sponsor at the 2024 Maryland Automobile Dealers Association annual golf outing and crab feast on Saturday, September 17, 2024. The outing, hosted annually by MADA, will be held at the Queenstown Harbor golf course at 301 Links Lane in Queenstown, MD. Members of CBM’s automotive dealerships team will also participate in the outing. We look forward to speaking and networking with clients and other representatives of the automotive dealerships industry…. Read more ›

Councilor, Buchanan & Mitchell (CBM) will serve as a 19th hole dinner sponsor at the 7th annual Bob Bell Automotive charity golf tournament on Monday, September 9 at the Chartwell Golf and Country Club in Severna Park, MD. The tournament, held in partnership with There Goes My Hero, a not-for-profit organization, raises money for blood cancer patients and their families. CBM is an annual sponsor of this golf tournament. Visit the event webpage for more information and to register. Members… Read more ›

In the fast-paced world of auto sales, cash flow strategies for dealerships remain a central piece of the financial puzzle for leaders. While profitability can often steal the spotlight in business performance metrics, understanding and optimizing cash flow is critical to the long-term vitality of dealerships. With that in mind, let’s focus on practical measures auto dealerships can implement to maintain a healthy cash flow. Accelerating Cash Inflows For auto dealerships, the primary stream of revenue is from vehicle sales…. Read more ›

Navigating an asset purchase agreement in the automotive dealership sector is a crucial step that could significantly impact your business’s future trajectory. This guide focuses on the essential aspects of managing and strategizing such transactions, with a detailed look at both tangible and intangible assets—ranging from new and used vehicle inventory to Goodwill/”Blue Sky”. Understanding these elements is vital for ensuring that your asset acquisitions are both strategic and beneficial. The Importance of Comprehensive Asset Evaluation in Dealership Transactions Asset… Read more ›

Councilor, Buchanan & Mitchell (CBM) will be a hole sponsor at the 2024 WANADA Open, an annual 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 event is scheduled for Monday, June 3, 2024 at the Trump National Golf Club in Sterling, VA. CBM’s automotive dealerships team has supported the annual WANADA Open for many years and expects to participate. Councilor,… Read more ›

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 ›

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 ›