AFC
Auto Focus
Showing 1–16 of 231 results
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ASC 842 may affect your dealership’s ability to obtain financing
Winter 2022
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 411
Abstract: After several delays, including a postponement in 2020 due to the COVID-19 pandemic, the deadline for applying a new lease accounting standard adopted by the Financial Accounting Standards Board (FASB) nearly six years ago is finally here. This article explains how the new standard may affect dealerships.
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Flipping the script – Meet inventory challenges by buying cars from consumers
Winter 2022
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 524
Abstract: One effect of the COVID-19 pandemic on the automobile industry has been a severe shortage of used car inventory on dealers’ lots. This, in turn, has impacted the used vehicle market, resulting in soaring used car prices. This article discusses a new digital platform that enables consumers to sell vehicles to participating dealerships looking to replenish their inventories and mentions the possibility that other players could launch similar platforms to help meet used-car inventory challenges.
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How can you protect dealership assets with a trust?
Winter 2022
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 666
Abstract: Dealerships that have managed to survive, and even thrive, through these volatile economic times certainly will want to take advantage of any strategies that can help them protect the assets they’ve managed to acquire. This article offers some potential financial strategies to ensure assets can withstand challenges.
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5 ways to boost employee retention and improve financial performance
Winter 2022
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 822
Abstract: Automobile dealerships have historically experienced high levels of employee turnover. But the employee turnover problem for dealerships is being exacerbated in the current economic environment, with many businesses having a hard time staying fully staffed. This article suggests some ways dealerships can hire and retain good employees, including re-examining the compensation structure and offering training and advancement opportunities. A sidebar breaks down the cost of turnover.
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Using VINs and AI to improve online marketing
Fall 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 439
Abstract: A vehicle identification number (VIN) provides access to almost everything anyone might want to know about a vehicle. This article discusses some dealerships’ use of VINs to more precisely target online marketing of their vehicles and better allocate their marketing dollars.
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Why LIFO accounting might be attractive right now
Fall 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 510
Abstract: Both new and used car prices have risen sharply this year, due mainly to a combination of high demand and tight inventories. This article notes that this rising-price environment might make now a good time for dealerships to consider the benefits of switching to last-in, first-out (LIFO) inventory accounting, which has the potential to lower income taxes and create other financial benefits for dealerships.
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Buying or selling a dealership? An earnout provision may help close the deal
Fall 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 671
Abstract: In a volatile economy, dealership mergers, acquisitions or sales can be difficult to close. This article suggests that when a purchase, or sale, of a dealership is held up because the parties can’t agree on the financial terms, an earnout provision can bridge the gap.
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How to position your dealership for the future
Fall 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 787
Abstract: With the rapid shift to online car buying caused by the COVID-19 pandemic, as well as the rise of online retailers like Carvana and TrueCar, the automobile industry may be on the cusp of a major change in how people buy their cars. This article explains that positioning a dealership for the future starts with understanding customer expectations when it comes to car buying. A sidebar points out the importance of strategizing how to sell vehicles to Millennials to improve future sales.
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Why you should encourage online prequalification
Summer 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 439
Abstract: Many car buyers today want to start the financing process online before they visit a dealership, according to a recent survey by CarGurus. This article discusses more-detailed findings from this consumer sentiment survey.
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An advisory board can boost your business
Summer 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 514
Abstract: A growing number of businesses today are creating advisory boards to provide owners with assistance to help them meet specific challenges. This includes automobile dealerships, which have certainly faced their share of challenges over the past year. This article covers defining a board’s purpose, selecting members and maximizing a board’s benefits.
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Buying another dealership? Preliminary due diligence can improve your odds of success
Summer 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 716
Abstract: Many dealerships have fared well during the pandemic as many commuters have turned to buying private vehicles over using public transportation and for other reasons. As a result of their success, some owners are eyeing the purchase of another dealership. But before taking that plunge, dealers need to examine their financial health and franchise requirements, identify risks, size up employees and choose the right structure for the deal.
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5 financial and accounting processes that might be due for a revamp
Summer 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 831
Abstract: Now might be a good time for a dealership to rethink and revamp its financial and accounting processes, if it hasn’t done so already. Some of them may have been in place for a long time and outlived their usefulness. This article offers five ideas to consider, including using an automated payable system, accelerating bank reconciliations and streamlining monthly closings.
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ERC: Does your dealership qualify for this valuable tax credit?
Spring 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 496
Abstract: Two laws passed in the last six months have included a number of COVID-19-related provisions that could benefit dealerships. Among these are extensions and modifications of several CARES Act provisions, including the Employee Retention Credit (ERC). This article highlights the tax credit’s extended qualification period and other significant changes.
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A key lesson learned from the pandemic – Ways to lower your dealership’s cost structure
Spring 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 506
Abstract: The COVID-19 pandemic turned the dealership world upside down last spring, and the ramifications are still being felt. With over a year’s experience in the rearview mirror, it’s a good time to discuss a pivotal lesson learned during this precarious time: the importance of lowering the business’s cost structure. This article takes a look at three areas to examine: staff compensation, advertising and inventory.
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Thinking through the financial exec hiring decision
Spring 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 689
Abstract: Despite the pandemic, many dealerships have seen strong financial results amid bumped-up consumer demand and restored supply chain efficiency. Some have grown to the size where they’re considering stepping up the financial management of their operation by hiring a controller or a CFO. This article describes what a dealer-owner needs to evaluate when making this decision, including revenue thresholds, responsibilities of the positions, compensation and outsourcing options.
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Crime fighting – How new technology can help detect occupational fraud
Spring 2021
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 865
Abstract: New technologies can more efficiently analyze a dealership’s unstructured data (emails, instant messages and social media posts) as it seeks to uncover occupational fraud. This article explains how natural language processing works and its potential in identifying weaknesses in internal controls and unearthing fraudulent behavior before it’s too late. A short sidebar highlights some eye-popping fraud numbers from the Association of Certified Fraud Examiners’ 2020 Report to the Nations.