Auto Dealers | Albin, Randall and Bennett

Balanced Scorecards: How Important Are They?

Information is a powerful tool on its own, and it becomes exponentially more powerful in the hands of those who can wield it properly. A balanced scorecard can be one of the most crucial weapons in an auto dealership manager’s arsenal.   What is a balanced scorecard? First, I’d like to make sure we are all

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PPP Loans and Buying or Selling a Dealership

We are seeing more buy/sell activity in the auto industry. During the documentation phase of these transactions we’ve been advising sellers, and buyers, what should be done about outstanding PPP loans when an application for forgiveness hasn’t been submitted or approved. Our advice has been to deposit the PPP funds in escrow until the borrowing

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Accounting for Automotive Inventory: LIFO, Specific Identification, & Valuation Method Considerations

As an automotive dealership, your inventory is your largest current asset, so properly measuring inventories against expenses and revenue is imperative. Key financial and operational decisions are made based on the information in your financial statements, forecasts, and projections, including decisions that help you manage shortfalls and overcome industry-wide obstacles. And properly accounting for automotive

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USMCA Replaces NAFTA: Provisions Benefit Small Businesses, the Automotive Sector & Manufacturing Companies

For merchandise entered into commerce after July 1st, the North American Free Trade Agreement (NAFTA) rules no longer apply. After almost 27 years of trading under NAFTA, the U.S. Customs and Border Protection (CBP) has implemented the United States-Mexico-Canada Agreement (USMCA). The new trade legislation has largely had bipartisan support, with all in favor of

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