Dealerships

Lease accounting standards are being revised for the first time in decades. If your organization leases property or equipment, the new rules will affect you — perhaps greatly. Here’s an overview of what is changing and how to prepare. Balance sheet transparency Two big changes are coming...

It's not an area that gets much attention in the automotive retail world, but corporate security is a critical tool for dealership owners wanting to protect their businesses. Corporate security can range from conducting employee background checks to providing executive protection in situations involving blackmail. The threats are numerous and can come from dissatisfied customers, disgruntled employees or criminal organizations – both foreign and domestic – engaging in cyber warfare against your dealership. The problem is more common than what is reported...

Dealerships have always had to worry about crimes such as fraud and embezzlement. But the dangers they face now are much more sophisticated — and can be far costlier. According to the Ponemon Institute's latest U.S...

If you've been paying attention to the news in the past year or so, you've likely heard about the alarming rise in security breaches at large companies such as Target, Neiman Marcus and The Home Depot. If you have worries about your organization becoming another victim, fear not. There are some simple steps that you can take to secure your systems. 1...

The dealership market is extremely competitive, with approximately 17,000 franchised new vehicle dealers in the United States — not including the many used vehicle, boat and recreational vehicle dealers. That competition poses constant challenges to your bottom line. But outside of striving to provide top sales and support service to your customers, there’s not much you can do about it: your competition isn’t likely to shutter just to make things easier for you.  Fortunately, you DO have control over the following four ways to protect your bottom line … and one key way to improve it: Protect Fraudulent banking transactions Your CFO, controller or accounting manager should review your bank account on a daily basis...

Effective Dec. 15, 2013, the State of Michigan will provide consumers with a sales tax credit for the agreed-upon value of a motor vehicle or recreational vehicle used as a trade-in towards the purchase of a new or used motor or recreational vehicle. The trade in value is limited to the lesser of the agreed-upon value of the motor vehicle or recreational vehicle traded or $2,000. The agreed-upon value must be explicitly stated on the invoice, bill of sale, or similar document given to the purchaser...