What you need to know about compliance that will help you to grow your profits.

Learning Objectives:

• Recognize the essence of compliance
• Identify how compliance can become an extremely important cornerstone to profits

This pre-conference workshop will include insights on the following topics from various speakers: 

"Compliance Concerns While Maximizing Profitability" (1:00-1:50PM CT), presented by Steve Lloyd [https://agenda.aicpastore.com/sessions/aut22101] 

"Property & Casualty Insurance Marketing" (2:00-2:50PM CT), presented by Shawn Dye and Robert Messer [https://agenda.aicpastore.com/sessions/aut22102] 

"HR After COVID" (3:00-3:50PM CT), presented by Timothy Scott  [https://agenda.aicpastore.com/sessions/aut22103] 

*NOTE: THE SESSIONS WITHIN THE PRE-CONFERENCE WORKSHOP ARE A BUNDLE. THEREFORE THESE SESSIONS CANNOT BE PURCHASED INDIVIDUALLY.

When was last time you shopped the dealership's Property/Casualty Insurance? This session will focus on proactively managing the property/casualty insurance renewal process.

Learning Objectives:

• Apply Vendor Management
• Compare RFP Market Selection
• Calculate Loss Experience Evaluation
• Analyze Bid Results
• Identify Policy Verification
• Distinguish F&I Vendor/Reinsurance Marketing Needs

Key items we learned from COVID and how to manage them in the post-COVID world.

Learning Objectives:

• Identify important and sometimes discrete changes to the dealer workplace during and following the COVID shutdown
• Recognize which changes are likely to remain in place for the foreseeable future
• Assess and evaluate legal questions presented by these developments

The pace of mergers and acquisitions in the auto retail space continues to accelerate with no signs of slowing. CPAs whose clients buy and sell dealerships know reinsurance and profit participation are critical components of accurate valuation and post-transaction planning. Join experts Alan Pouyat and Rob Walker for a comprehensive checklist of considerations and a detailed sample GAAP valuation.

Learning Objectives:

• Recall how to properly valuate and project earnings for dealership enterprises with reinsurance/profit participation programs.
• Identify a comprehensive checklist relating to structure, termination and runoff fees, products, claims and risk mitigation.

The FTC has updated the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA). This update requires dealerships to strengthen their cyber defenses to better protect

Learning Objectives:

• Identify the most important elements of the new Safeguards Rule.
• Recognize which elements of the Safeguards Rule are option.

Will review how digital payments is evolving into today's FINTECH space and how this will impact the franchise automotive dealer.  Case study on title/tag/deal digital reimbursement automation -- dealer group eliminating 100,000+ annual checks saving over $500K in annual expenses -- escheatment compliant!  AP Automation -- learn how to earn to streamline processes and earn rebates.  Fully automated Treasury management and enterprise cash reconciliation.  

Learning Objectives:

• Identify how to build a dealer collective to drive down merchant rates -- new POS tools and how to deploy remote payments and Customer Present compliant credit card, eCheck and ACH transactions.
• Use Accounts Payable automation -- migrating from traditional check to digital payment solutions -- ACH, pay forward and VCard.
• Analyze fleet management for dealer/loaner optimization.
• Determine how to drive down costs by better fleet utilization and collection of customer fees (e.g., daily rental, mileage overage, fuel, tolls and other misc. expenses). Auto posting and batch reconciliaiton
• Analyze how to automate payment processes, fully paperless, use of auth to eliminate Card-Not-Present downgrades, full DMS integration to eliminate data entry and streamline batch posting

The pandemic served as a catalyst for a permanent redefinition of work as we know it. Given the changes made in March of 2020 across the auto industry, many workers realized that work doesn’t have to interfere with their personal lives. And on top of that, the steady rise in gig economy work has made it so workers truly can choose their own schedules and define what flexibility means for them. So as an employer looking to hire, this means that on top of competing with other dealerships or other businesses in the area, you’re competing with people’s ability to work for themselves. In this session, Adam Robinson, CEO of Hireology will dig into exactly what people expect from work and how you can redesign your jobs and adjust your hiring processes accordingly.

Learning Objectives:

• Evaluate key priorities among today’s job seekers
• Formulate fresh and effective hiring techniques to your current strategy
• Reconstruct your jobs and corresponding offerings
• Assess today’s pandemic-induced recruiting and hiring challenges

Join us as Matt Bowers, President & Chairman of Matt Bowers Automotive Group, discusses success stories, best practices, and the operational challenges during the recent pandemic.

Learning Objectives:

• Identify how industry, economic and global pandemics bring challenges and opportunities
• Recall insights on how a dealer-operator is continually adapting

No more spot checking invoices at random, manually comparing invoices to packing slips, or a hectic month end or annual physical trying to figure out issues. PartsRec makes your life easier by giving you the tools to automate this process, saving you time, ensuring the accuracy of your inventory, and reducing your risk, because with PartsRec you can track your variance down to the part down to the penny.

Learning Objectives:

• Learn how our software catches daily errors in both parts and accounting
• Learn how to improve parts accuracy and increase sales
• Learn how PartsRec can stream line the parts and core returns process ensuring you never miss a credit owed to you and give efficiency back to the Parts Manager

In this session we will explore developments in state and local tax including state tax nexus and apportionment. We will also review the new state pass-through entity tax elections, as well as discuss sales tax and residency considerations.

Learning Objectives:

• Analyze state tax nexus including economic nexus considerations.
• Apply knowledge of state apportionment and unitary and combined filing requirements.
• Assess the potential benefit of state pass-through entity tax elections.
• Identify developments in state and use tax.

As dealerships continue to expand, the complexities of handling processes such as accounts payable, accounts receivable, cash flow, billing and payroll can become challenging and costly. More multi-store dealers are transitioning away from location-specific accounting functions in favor of a centralized service model.

Learning Objectives:

• Identify the benefits that a centralized accounting model can offer, including: improved efficiency and accuracy in reporting, strengthened internal controls, appeal to potential buyers in a dealership sale and more. We will also address challenges that groups face during the consolidation process.
• Recognize best practices and questions to consider before moving towards a centralized model.

In this session, we'll overview several key tax issues impacting the dealer industry for upcoming tax filings, changes to Sec. 163(j) interest limitation calculations, business meals, and bonus depreciation. The session will also share updates on current legislation impacting potential LIFO recapture relief for dealers.

Learning Objectives:

• Recognize key tax issues affecting the dealer industry
• Identify current legislation impacting dealer tax positions

NCM Associates originated the automotive 20 Group peer collaboration model in 1947 and its effectiveness has been proven time and again over the years. The concept is smart and simple: using Benchmark data [https://www.ncmassociates.com/...] as the foundation, we bring together similar, non-competing business owners from a broad cross-section of the country to exchange best practices, experiences, ideas, and strategies. This session will discuss both benchmarking and the importance of accurate departmental reporting within the automotive industry.

Learning Objectives:

• Identify measurable key performance indicators impacting your dealership.
• Analyze reports from each department to assess overall dealership health.

Unify payments across all channels, on one platform. Learn how to eliminate manual payment entry to reduce errors and enable seamless reporting automation.

Learning Objectives:

• Manage all sales and service invoices with an integrated terminal solution
• Simplify reporting and reconciliation with one platform, making processes more efficient and streamlined.
• Eliminate the need for a third-party processor to improve accuracy while reducing unneeded work.

Explanation and discussion of newly issued accounting pronouncements, with particular focus on those of greater impact to dealerships. Focus on auditing standards that are relevant to those working with retail dealerships, including consideration of matters critical to both audit and review engagements. These matters will also be discussed from the viewpoint of the dealership, ensuring those not in public practice can utilize the sessions materials to enhance their internal financial reporting and better interact with the public accountants they work with.

Learning Objectives:

• Identify relevant accounting and auditing standards impacting dealership financial reporting
• Assess key matters and industry nuances the practitioner encounters in the Dealership accounting environment
• Distinguish the impact and time requirement of implementing recently released accounting and auditing standards

This Q&A panel format will cover issues that CFO's in automotive are focused on today. What keeps them up at night, where do they see profit potential in the challenges, and how are they planning for the numerous disruptions in the industry.

Learning Objectives:

• Identify profit potential in industry changes
• Recognize opportunities for cost savings

For more than 100 years, there has been speculation that the auto retail industry would change, and dealers would suffer from the myriad of threats. Dealers have always shown they are highly resilient and the change to the auto retail industry happening today is testing that resiliency once again. They have experienced record profits yet there are growing threats on the horizon. Consolidators have built massive market share, new entrants continue to emerge, OEMs forcing “The Agency Model” and EVs. These threats combined with high valuations have dealers exiting the business completely. The future of automotive retail is reliant on dealers who want to grow and compete over the long term. This requires building a world-class organization and incorporating operational and organizational best practices. Session attendees will gain insights into where dealers can invest the right capital and time to maximize the value of their business to compete long-term.

Learning Objectives:

• Formulate an acquisition strategy to grow and offer all the products for customers in their areas
• Evaluate techniques to attract and retain the best talent in the business at the junior level, as well as providing equity ownership for General Managers
• Reconstruct traditional retail practices toward being more consumer-friendly and more cost-effective for dealers

Modernize your operations with true cloud technology. In this session, we will explore the complexities of doing business in today’s environment and how increasing accessibility and visibility to the entire organization will help you improve efficiencies and performance.

Learning Objectives:

• Analyze the difference between cloud-hosted vs. cloud-built technology
• Identify how to grow at scale through accessibility - do more with less resources
• Apply improved visibility - bridge the gap between CPA spreadsheets and owner interpretation of data

The aftereffects of the Covid pandemic are still being felt by auto dealerships, and everyone is looking to improve cash flow. Many dealers are propping up the bottom line by decreasing their real estate tax burden. This session will explore a variety of tax savings strategies that fully leverage current legislation, and the significance of strategic timing will be discussed. Cost segregation, bonus depreciation, Section 179 expensing, and several other strategies will be reviewed, with a focus on the interplay between strategies. Several real-life examples will be presented to indicate the scope of potential savings.

Learning Objectives:

• Identify how strategies like Section 179 Expensing, Bonus Depreciation, the Tangible Property Regulations (TPRs) and Energy Incentives all contribute to a comprehensive dealership real estate tax strategy.
• Recognize that project timing is crucial to maximize savings as bonus rates begin to decline, and understand how to avoid crossing into the next calendar year whenever possible.

Diversity, Equity and Inclusion is not a new concept. As a matter of fact, we have been talking about it for years yet. Progress is being made but there is more we can do to promote long term, meaningful, progress. Inclusive leadership must be an organizational design principle that is deeply woven across the various business units. As a result, leaders must reinforce their team building skills to maximize diversity of thought and innovation. The benefits of business growth, revenue, and team/customer retention can’t be overstated. Join this session with Kimberly Ellison-Taylor, CEO of KET Solutions, LLC and Chair of the AICPA’s National Commission on Diversity and Inclusion to

• Identify the business imperative of inclusion

• Learn change management techniques to enable intentional progress

• Learn ways to empower team members to be the best version of themselves

• Grow and expand business opportunities

Learning Objectives:

• Identify the business imperative of inclusion
• Recall change management techniques to enable intentional progress
• Recognize ways to empower team members to be the best version of themselves
• Indicate ways to grow and expand business opportunities

Steve Greenfield will discuss The Future of Automotive Retail, provide a framework for the various industry trends, and look out 5 to 10 years to forecast which of these trends the industry should particularly be paying attention to. 

Learning Objectives:

• Identify the large macro themes that will impact automotive retailing into the future
• Recognize how best to prepare for the ambiguity and change coming to the industry

Take the learnings and insights from the NY to LA 3300 mile rally across country with 6 EVs, as we navigate the challenges of the consumer transition to EV and explore how that transition translates for companies to adjust for the advent of electric vehicles. EVs are gaining momentum in sales. There are similarities to gasoline vehicles, but many differences as well. Understanding and navigating these differences will be critical to effectively managing your business.

Learning Objectives:

• Analyze EVs and how they differ from gasoline vehicles
• Recognize actions we need to get to mass adoption

In this session, Suzanne will give an overview of the tax opportunities and challenges of using an aircraft within a dealership or as an outside business to help manage travel and business needs. She will discuss depreciation opportunities under theTCJA and relevant regulations, explain the tax implications of personal use by owners or employees under Section 274, and detail common misunderstandings that may lead to significant errors in tax planning or management. Finally, Suzanne will review the recordkeeping requirements in order to justify aircraft deductions.

Learning Objectives:

• Identify the Opportunities and Challenges Presented by Private Air Travel Deductions
• Analyse the Planning Strategies that Maximize Avialable Deductions

This session will identify and give examples of legal issues that are rising in importance or frequency in current dealership operations. The speaker will illustrate legal issues that impact financial efficiency, employee matters and overall dealership operations. As part of the presentation, the impact on operations, value and third party (e.g. OEM and lenders) impacts from legal issues will be addressed.

Learning Objectives:

• Analyze current legal issues impacting dealership operations
• Identify risk areas related to legal matters and the impact they have on dealership operations and success

Discovering how Logitrac can help dealers take control of their loaner fleets with automated expense recovery in every area, fleet management automation, in depth automated reporting, expense/payment posting and reconcilation, and much more.

Logitrac has created an intutive "all-digital" fully automated agreement process to relieve stress from the employees, and through our advanced settings builds the account around the dealers workflow, you as a dealer can stay completely in control of your fleet.

Live GPS Tracking 24/7, 5-year history trails, 30 second agreement process, instant customer-pay recovery on fuel, tolls, mileage, daily rental or late fees, and more. 98+ percent collection success, Zero impact to CSI! Plus over 30 different automated alerts, 30 different reports, and much more.

This session will provide an economic update with a focus on inflation. The combination of supply chain disruptions and sturdy demand has pushed inflation up to four decade highs. In response, the Fed is "expeditiously" pushing policy rates up to at least neutral levels. Can inflation be tamed without precipitating a recession? This session will also provide insights to the answer.

Learning Objectives:

• Identify the factors currently driving inflation and interest rates.
• Recognize the mounting risks of recession.
• Apply an enhanced insight into economic trends to make better business decisions.

As advisors to our clients, we can often see the potential for family business issues. Fear, loss of control, and anxiety over conflict generally act as roadblocks to change. Transitioning leadership from one generation to another is ripe with potential conflict. Generational and leadership differences; unexpressed or misaligned expectations can paralyze Dealers to make the smallest of tweaks towards a better outcome. However, creative problem solving can happen once a Dealer, their leaders, and family can safely share their visions, concerns, and opportunities. Safe is key here, as personal feelings are often met with conflict, which creates the fight, flight, or fawn in addressing key issues impacting long-term family and business success. In this session, we will discuss strategies advisors can leverage to motivate Dealers to address issues impacting their vision: * Strategies to minimize fear and anxiety and encourage clients to address issues affecting their vision * Governance strategies to empower Dealers to transition operational responsibilities to develop next-generation leaders     * Organizational structures to professionalize the family business and compete amongst consolidation     * Who should be a part of your succession planning team & when to put them into the game You will walk away from this session with creative strategies to facilitate your client’s vision.

Learning Objectives:

• Identify strategies to minimize fear and anxiety and encourage clients to address issues affecting their vision
• Recognize governance strategies to empower Dealers to transition operational responsibilities to develop next-generation leaders
• Analyze organizational structures to professionalize the family business and compete amongst consolidation
• Determine who should be a part of your succession planning team & when to put them into the game

Every year dealerships perform parts physical inventories and attempt to reconcile the parts pad to accounting. While the physical is pretty straight forward, most dealerships run into difficulties when trying to reconcile the parts pad to the general ledger. If everything throughout the year flows properly between parts and accounting, the variance to accounting should be zero but that never happens. In many cases dealerships can be off by $20,000 or more in either direction with no explanation.

Learning Objectives:

• Analyze how to spot variances throughout the year rather than waiting until the next annual physical.
• Identify what is causing overages and shortages.
• Determine policies and procedures to implement that helps avoid vulnerability to shrinkage.