Individuals and businesses have been negatively impacted by the health and economic effects of the COVID-19 pandemic. The outcome of this November’s election will determine how we move forward. The Presidential candidates have each put forward a variety of tax proposals. The panel will discuss these proposals and how the outcome of the congressional and Presidential elections affects the likelihood of these proposals becoming law.

Learning objectives:

• Evaluate each candidate’s tax proposals

• Analyze whether action is needed to prepare for the outcome of the election

Join us as Jason Stein, Publisher of Automotive News, conducts a “fireside chat” with Don Flow, Chairman and CEO of Flow Automotive Companies where the two will discuss success stories, best practices, and the obvious operational challenges during the recent pandemic. The session will cover:

• Best practices and lessons learned from the leader of a large automotive group
• Managing through a pandemic, including digital retailing, HR, operational challenges
• How to emerge strong following the pandemic

The economy continues to recover from the deepest recession in the post-war period. The reopening phase generated stellar growth rates from locked-down levels, fueled by massive amounts of fiscal and monetary policy stimulus. However, although still strong, growth rates are starting to ebb in a swoosh-like fashion, as business and consumer confidence remain vulnerable to virus’ vagaries. Meanwhile, additional fiscal policy support is proving harder to come by as the election approaches. The economy’s complete recuperation from the pandemic could take a long time. This session will address these issues. 

Used vehicle net profits have diminished in recent years, even as sales volumes have increased for dealers. This trend finds many dealers achieving record-setting sales volumes while losing money in their used vehicle departments. This session offers a data-rich dive into the factors that have caused net profits to decline and reveals new metrics dealers can use to right-size their inventory investment to retail demand, identify each vehicle’s unique investment value and align their used vehicle acquisition, pricing and reconditioning decisions to maximize each vehicle’s optimal return on investment. The session will deliver take-home strategies that help dealers increase sales volumes without sacrificing net profit.

In this session the speaker, Torre Hammer, will: 

1. Look at the increased risk of fraud due to the pandemic, employees working remotely and the changing business environment. 

2. Discuss key controls and exception reporting CFOs can implement to address fraud risk and improve operations.

This session will discuss current planning strategies with respect to family succession, outside sales, estate and income taxes, as well as a discussion of some of the pitfalls of traditional succession structures.

CFOs from Mega Dealer Groups will be ready to answer your questions. Topics to be discussed include:

1. COVID-19 operational changes, 

2. PPP loans planned approach, 

3. Pay plan ideas in changing world, people and development, 

4. Building dealers trust, 

5. 2020 expense savings ideas implemented, 

6. CFO role and 2021 and beyond key initiatives.

Tax Update: What we have learned from COVID-19 Inspired Legislation

(CARES Act, FFCRA, Payroll Tax Deferral, PPP, and more)

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the Families First Corona Virus Response Act included a number of provisions that impact dealerships and their owners. Some of these impacts were felt immediately and others will have a delayed effect to be considered during planning for 2020 tax compliance. We will cover the following topics:

• Paycheck Protection Program
• FFCRA Employer Tax Credits
• Employee Retention Credit
• Employer Payroll Tax Deferral
• Technical Correction to QIP
• NOL Carryback Period Expansion
• Increase in 163(j) limitation
• Changes to Business Loss Limitation
• Charitable Contribution Deduction Changes for 2020

Speakers Sally Lopez and Tom Olney, Partners of OWL Automotive Consulting, LLC, will discuss:

• DMS – Are you getting full utilization and efficiencies out of your existing system?
  1. How do you know if you are?
  2. Training on your DMS – new employees and existing employees
  3. How to get more training out of your DMS provider
• DMS – What every dealership should do before the end of their contract?
  1. System utilization review
  2. Timing of review
  3. Proper shopping / comparison to other systems
  4. Phantom barriers to changing DMS providers
• Data / Network Security – You THINK you are safe and secure? Do you KNOW that you are?
  1. You are financial professionals, not IT Engineers who have firsthand knowledge
     1. Are you safe, just because your IT Director says you are safe?
  2. Steps to positively verify the condition of your IT Network

My very first speech as the 2020 NADA Chairman dealt with the corruption, obstruction and disruption to the auto retail industry.  The COVID-19 pandemic might be described as destruction but we are facing the challenges together as we learn to operate in a new business environment.