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Auto dealerships can boost service department efficiency and profits with these seven steps. Benchmarking against other dealership service departments will help you see how you stack up. Accounting firms that specialize in dealership operations may be able to provide guidance.

The challenge of internet savvy car buyers. Most buyers do their auto research online and visit less dealerships before making a purchase. Buyers will know the dealer’s cost on a vehicle and what other nearby dealers are charging. Strategies for maintaining dealership profit levels.

GAAP alternative now available for auto dealerships. The FASB issued new guidance that allows private dealerships following GAAP to elect not to consolidate the financial reporting from variable interest entities that lease property to them.

Deter fraud with strong internal controls. Learn the elements of a strong internal control system and get real- world examples with ways that operational controls might have reduced losses or prevented them from spiraling. External audits can also help.

Business development centers are responsible for handling the leads before they’re given to salespeople and a well-run business development center can help optimize the benefits from advertising and marketing efforts. Cost vs. benefit analysis of business development centers.

Hot topics for auto dealerships. The TrueCar model could be the wave of the auto-selling future. The definition of a “spouse” has changed as it applies to the federal Family and Medical Leave Act. Automakers are forecasting sales of 16.9 million new vehicles in 2015.

As a dealership owner or manager, you can benefit from a regularly distributed record of your business’s performance in key areas. The following suggested metrics can help you assess your dealership’s health. Well-constructed measurements can reveal the realities of your business.

Tips for implementing an employee evaluation and review process. To help boost employee morale and job performance, conduct formal employee evaluations and reviews on a consistent basis. Employee reviews also serve as a formal record of employee performance.

Auto Dealerships 401(k) plans - auto dealerships will have the option to match the employees’ contributions which can strengthen the 401(k) plan as a recruiting and retention tool. A 401(k) plan gives the employee a variety of investment options such as mutual funds, bond funds and money market funds. Contact EisnerAmper's Auto Dealerships team for more information on 401(k) plans.

Dealer Insights tax, accounting and financial planning issues affecting the automotive industry. IRS will make auditing more pass- through entities a priority. Affordable Care Act tax credits and your auto dealership. US auto sales might hit 17 million again.

E-contract benefits to auto dealers. Factors hampering widespread adoption of e-contracts such as the cost of developing new processes for e-contracts and integrating them with computer systems. Auto dealerships adopting e-contracts will need additional security in place.

Selling vehicles to the Millennial Generation. Connecting with members of the Millennial generation to draw them into your auto dealership. Statistics on what the Millennial Generation is looking for when buying a car. Strategies for creating loyal, lifetime car buying customers.

What to consider when structuring a compensation plan. Effective pay plans are detailed in formal contracts. Compensation plan options for sales staff. Structuring your pay plan to be similar or exceed your competition's pay plan. Creating a compensation plan.

Six steps for choosing the right dealer management system. There isn't a one-size-fits-all approach to choosing a dealer management software system. By following these steps, you’ll boost your chances of selecting the right dealer management system for your auto dealership.

Goodwill is an intangible asset that typically appears on a balance sheet following a merger or acquisition when one company acquires another for a price higher than the fair value of its assets. A dealer consolidating their business should revisit accounting treatment of goodwill.

This Dealer Insights newsletter contains four tips for optimizing your dealership’s website using search engine optimization (SEO). Also discussed is the strong 2014 dealership M&A activity trend and possible flaws in the Consumer Financial Protection Bureau methodology.

There has been a sharp rise in the number of subprime auto loans. some economists believe that fears of a bursting subprime auto loan bubble are greatly overblown. This article contains a list of considerations for avoiding problems with subprime auto loans at your dealership.

Avoid Unwanted Stock in your Auto Dealership. Get the vehicles you want from your manufacturer instead of units that tie up your working capital. More-desirable inventory goes to dealerships with high customer satisfaction index (CSI) score. Maintaining high CSI scores can help avoid the problem of unwanted stock. Solutions to enhance an automotive dealership's profitability.

Estate planning and who should inherit your assets. For most auto dealerships, changes in family structure will impact estate planning. Careful planning with your tax advisor may help in structuring an estate plan. Tax law changes to keep an eye on are gift tax, and estate and generation-skipping transfer GST tax exemption reductions. Solutions to enhance an automotive dealerships profitability.

Most auto dealerships gauge financial success by their profitability. But there's another component of your dealership's finances that's at least as important - cash flow. Auto dealerships without adequate cash to cover operations and overhead can run into financial trouble.