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This includes sessions from the conference: AICPA Dealership Conference 2020
Sessions Included:
Welcome Remarks and Fireside Chat with Don Flow and Jason Stein (Oct 22, 2020 10:00 AM)
Post-Pandemic Economic Prospects (Oct 22, 2020 11:05 AM)
Assessing Fraud and Key Controls at Your Dealership in a Pandemic (Oct 22, 2020 01:30 PM)
DMS / IT Networks – Key Aspects of this Fast-changing World that You Need to Know (Oct 22, 2020 02:50 PM)
CFO Panel - Ask the Experts! (Oct 22, 2020 02:50 PM)
New Realities of Today's Used Car Business and Methods to Maximize Net Profits (Oct 22, 2020 12:25 PM)
Legal Issues for Dealers Emerging from the Pandemic (Oct 23, 2020 11:20 AM)
Insurance, Workers Comp and Cost Savings (Oct 23, 2020 01:40 PM)
Tax Update: What we have learned from COVID-19 Inspired Legislation (Oct 22, 2020 02:50 PM)
The Annual Physical Inventory - Not Just Because (Oct 23, 2020 12:25 PM)
A&A Update (Oct 23, 2020 12:25 PM)
Presidential Election Outcomes: Effects on Taxes (Oct 22, 2020 09:00 AM)
Estate and Succession Planning for Dealers (Oct 22, 2020 01:30 PM)
State of the Industry (Oct 23, 2020 10:05 AM)
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:
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:
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:
Speakers Sally Lopez and Tom Olney, Partners of OWL Automotive Consulting, LLC, will discuss:
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.
Dealers have shown their resiliency as they developed strategies to survive, and even thrive during, the pandemic. Dealer operations during these difficult times have highlighted critical legal issues as the pandemic (hopefully) winds down, and dealers return to "normal" times with operations informed by the lessons learned from the pandemic. The session will cover:
The Accounting and Assurance (A&A) Update will cover recently issued accounting, reporting and auditing standards and other guidance that may affect your business. We will provide general information on happenings from FASB and AICPA. This session will touch on COVID-19 accounting considerations as well.
The annual physical parts inventory is typically viewed as an accounting exercise – an opportunity to “true up the books to the physical.” The count is performed and adjusted and then the physical value is reconciled to the GL. The conversation around a “good” or “bad” entry is had, some wringing of hands if it was a “bad” entry is done and then life goes one. However, the physical inventory and the following reconciliation is an excellent opportunity to identify profit and cash drains on the business.
Every owner wants more parts gross profit. This occurs by selling more pieces or selling pieces for more dollars (or both.) Selling more is not just a marketing function – in fact, having the right part in the right quantity in the right place at the right price at the right time (also call first-time fill-rate from inventory) is the biggest reason that sales increase. Having more of what is needed when it is needed at the right price will increase sales. People are willing to pay a reasonable amount more if you “always have what they need.” Gross profit is driven by first-time fill-rate from inventory.
In addition, reducing the write off at the time of inventory (a reserve for obsolescence, throwing old parts away, shortages, etc.) will drive gross profit up. If you do not have to write it off, gross profit does not go down. Also, if you manage the excess and obsolescence well, cash is not tied up in inventory.
The annual parts physical inventory is the perfect opportunity to stop, investigate, ask questions and identify reasons that the physical parts inventory, as well as the general ledger parts inventory, does not work as well as it should. This workshop will investigate causes of inventory quality, depth, breadth, and accounting accuracy. The participant will learn the questions to ask and where to investigate to turn the annual inventory from “the CPA says I have to do it” to an event that is high value and impact.
Speaker, Anthony Sardis will discuss the insurance market post-COVID and cost-savings opportunities.
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