Category: Auto Dealerships

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 ›

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 ›

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 ›

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 ›

Making sense of financial statements can be a challenging job that is best left to your accounting firm. But you can achieve efficient oversight and help protect your auto dealership from internal theft by understanding and controlling the smaller numbers that are part of the bottom line. Many businesses inadvertently assign tasks to an employee that crossover in such a way as to allow an unscrupulous staff member to cover his or her own tracks. A classic example is when… Read more ›

The past several years have created a challenging environment for auto dealers. With shortages caused by the pandemic, increased pricing from lack of supply, employee recruiting challenges, and an inflationary market – there has not been a shortage in hurdles. In fact, the Cox Automotive Dealer Sentiment Index (CADSI) survey for the fourth quarter of 2022 showed a 17-point drop from last year, with most surveyed dealers reporting they view the current auto market as weak. Where will the opportunities… Read more ›

Councilor, Buchanan & Mitchell (CBM) will sponsor a reception hosted by the Maryland Automobile Dealers Association, the Virginia Automobile Dealers Association and the Washington Area New Automobile Dealers Association on Friday, January 27 at the 2023 National Automobile Dealers Association (NADA) Annual Show. The reception will be at Marie Gabrielle Restaurant and Gardens, 2728 N. Harwood Street from 6 to 9 pm CST near the NADA auto show in Dallas, Texas. John Comunale, CPA, Keith Laudenberger, CPA and Richard Morris,… Read more ›

Councilor, Buchanan & Mitchell (CBM) will serve as a sponsor of the Maryland Automobile Dealers Association’s 2023 annual meeting and legislative reception. The Wednesday, February 8 event is expected to bring together automobile dealers and state legislators to address issues facing the relationship between dealers and manufacturers. Members of CBM’s automotive dealership team will participate in the evening reception from 5:30 to 8:30 pm EST. For more information and to register, visit MADA’s website. Councilor, Buchanan & Mitchell (CBM) is… Read more ›

  Recordkeeping is often essential to business operations and automobile dealerships are no exception. Many auto dealerships use the Last-In, First-Out (LIFO) method of inventory accounting. Although the LIFO method can provide significant tax benefits, you must be careful to meet certain tax law requirements. One such requirement that is often overlooked is the need to maintain comprehensive records. There are different LIFO methods for new and used vehicle inventories. For new vehicle inventories, dealerships electing to use the alternative… Read more ›

  When President Biden signed the Inflation Reduction Act bill into law in August 2022, the Electrical Vehicle (EV) tax credit underwent immediate and long-term changes. Knowing what is coming and how to work with your clients under contract and future customers will be paramount to providing exemplary service and accurate information. The new clean vehicle credit rules Dealership challenges to be aware of The National Highway Traffic Safety Administration (NHTSA) has a VIN decoder to help dealerships and customers… Read more ›