Pub. 2 Issue 1

1 CONTENTS THIRD QUARTER 2020 @ 2020 Virginia Automobile Dealers Association (VADA) |The newsLINK Group, LLC. All rights reserved. Virginia Auto Dealer is published four times each year by The newsLINK Group, LLC for VADA and is the official publication for the association. The information contained in this publication is intended to provide general information for review and consideration. The contents do not constitute legal advice and should notbe reliedonassuch. Ifyouneed legaladviceorassistance, it isstrongly recommended thatyoucontact an attorney as to your specific circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the association, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. Virginia Auto Dealer is a collective work, and as such, some articles are submitted by authors who are independent of VADA. While VADA and the newsLINK Group encourages a first-print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact The newsLINK Group at 855-747-4003. If you are interested in advertising, contact: Sophie Hanson Ide The newsLINK Group, LLC 801.676.9722 (v) 855.747.4003 (tf) 801.742.5803 (f) Media Kit MagazineWebsite 18 www.vada.com 8 2 Message from President and CEO, Don Hall 4 Agility and Anticipation — A Vital Partnership While agility remains vital in some ways, it needs to be balanced with a new key strategy—anticipation. 8 Hard Trends — Easier to Identify Than You Think As previously stated, a Hard Trend is a future certainty, in that it is something we know is going to occur whether we want it to or not. 10 Smart Used Car Management Can Help Boost Profits During Pandemic Opportunity is knocking on the used car side of the business, but it will only pay off if managed correctly. 12 Q&A With Ian Grace of automotiveMastermind Those who are familiar with automotiveMastermind know that it has been at the forefront of helping dealers with the coronavirus pandemic. 14 4 Things Your Customers Need to Shop and Buy From Your Dealership Remotely While retail looks different than it did just a few months ago, people are still shopping. 16 Recapture LIFO at a Lower Tax Rate While You Can 18 E-Commerce For Dealerships: Online Vehicle Sales And Digital Retail Compliance Considerations 20 Thank You to Our Endorsed Partners 10