Buy-Sell Agreement Structure: Smart Decisions for Tax Purposes
David Keller - The buyer should always review any and all existing leases of the dealer to verify which leases must be assumed through purchase...
David Keller - The buyer should always review any and all existing leases of the dealer to verify which leases must be assumed through purchase...
David Keller - Walk into your dealership tomorrow and begin to look at it differently. Or better yet, why wait until tomorrow? Walk out the front door right now, get into your vehicle and drive around the block...
Thomas B. Hudson, Esq. - When the dealer and the buyer are in different states, a lot of different things are happening. The business models we have seen range from the safest to the more dangerous, from a legal standpoint...
David Keller - Can you believe its almost the end of the year? Start your end-of-the-year tax planning now. Don’t wait until it is too late to make changes to your operations, setup up a new company or hire the extra person you have been talking about...
Ron Smith - Firms that specialize in the auto industry often have extensive access to networks of dealer attorneys throughout the United States, who regularly exchange information about issues and cases facing their clients...
Thomas B. Hudson, Esq. - The Texas Supreme Court found that Gullo Motors’ fraudulent actions merited exemplary (punitive) damages, but that the $125,000 remittitur exceeded the constitutional limits on exemplary damages...
Thomas B. Hudson, Esq. - You will recall that the most potent weapon that plaintiffs’ lawyers can bring to bear is a state “unfair and deceptive acts or practices,” or “UDAP”, law. Nearly every state has such a law, and Maryland, my home state, is...
David Keller - Projections should be completed as if you have sold the notes to an RFC so you can review the effect on net income, cash flow, net worth, working capita, and other factors that are important to the operations and health of your dealership...
Lisa Asbell - If you have a data breach and a customer suffers losses (or even worse, if multiple customers suffer losses), you can be held responsible for those damages along with federal and state fines...
Thomas B. Husdon, Esq. - The estimated cost to disassemble the engine was $1,500. Van Eman believed that C.A.R.S. had no intention of honoring the limited warranty and would continue to demand additional tear down and diagnosis until...
David Keller - Accounting for the different types of car deals generated from your F&I programs is important if you want to completely understand your business operations and the resulting effective gross profits...
Thomas B. Hudson, Esq. - Just as any good car salesperson will know the mechanical and performance specifications of the vehicles, the salesperson should know the characteristics, terms and conditions of the financing, leasing and related services.
Dave Keller - Gross-profit percentages are very important if you want to show a profit in the service and parts departments. You should set your goals to achieve 70 percent for labor and 40 percent for parts...
David Keller - Most agreements promise to bring individuals to your dealership for a desk person, F&I manager and a closer during the sale. Usually, the length of the contract is for the sale period...
Thomas B. Hudson, Esq. - The relative rarity of these transactions doesn’t faze the NCLC, or, for that matter, the press. They know a good, catchy (and loaded) headline phrase when they hear one. So, they call every conditional delivery transaction...
Dealers and F&I professionals from across the nation gathered at the Caribe Royale Orlando on Monday, Oct. 8, for Compliance Summit 2018. Attendees enjoyed a full day of advanced training, keynotes, and networking sessions, followed by Automotive Compliance Education (ACE) certification on Tuesday.
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