Keith A. Laudenberger, CPA klaudenberger@cbmcpa.com Councilor, Buchanan & Mitchell’s automotive dealership accounting team is your trusted partner in achieving your financial goals. Our professionals are experienced leaders with a deep comprehension of the challenges and opportunities faced by the automotive industry. Contact us today if you are ready to experience personalized service. cbmcpa.com 301.986.0600 7910 Woodmont Ave, Suite 500 Bethesda, MD 20814 John R. Comunale, CPA jcomunale@cbmcpa.com STEERING YOUR FINANCIAL SUCCESS IS OUR BUSINESS Tax Planning & Preparation Cost Segregation Analysis Mergers & Acquisitions Audits, Reviews & Compilations Business Process Review Succession Planning LIFO Inventory Fraud Prevention Buy/Sell Agreements Business Valuations Financial Planning Wealth Management Our Services: dotted line. That may mean a change in your F&I commission structure and the way they are sold. Ask yourself how you met your revenue projections for the month. The devil’s in the details. CARS goes too far, for sure. But, collectively, Virginia dealers must also choose to operate with utmost transparency. And as the story we related to start this column shows, you have to ensure that your dealership culture embraces that transparency. If you do that, like the honest real estate agents out there, there’s nothing to fear when it comes to the implementation of federal and state rules and regulations. The best dealers always find a way. Get Back to the Basics I understand there is pressure from all sides to generate a profit, especially in an ever-inflationary environment where margins are tight. The cost of doing business, not the least of which is labor, has gone up. But if you choose to hold onto the ways of yesteryear and are not willing to change with the times, you will be left in the cold. Let’s ensure our industry thrives and shapes the future of automotive retail in Virginia and beyond for the better. vada.com 5
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