Dealerships

Professional Services for the Dealership Industry

To keep your dealership operating smoothly, you have to manage many working parts, including car dealership accounting and car dealership tax preparation. From manufacturer relations, to inventory allocations to cash flow needs and appropriate internal controls, you need the right advisor to help you navigate business concerns and industry issues. Our knowledgeable and experienced dealership advisors can optimize your operations with a range of professional services tailored specifically to your dealership.

Operational Analysis & Assessment

Performance solutions can help you optimize your dealership business. Often times dealerships want a deep analysis of their business strategies, but aren't sure where to start. That’s where an operational solutions or synergistic operations assessment comes in. Identifying actions that truly drive improvement of dealership performance, high sales and high profitability will help you create a win-win scenario now and for the future.

There is no one-size-fits-all solution, so it's important you find a professional advisor who will work with you to create action plans that drive change. A careful assessment can provide accountability and a holistic view of your dealership operations—including identifying key performance indicators and assigning responsibilities.

Our clients benefit from our team approach. We work with staff members across your dealership to analyze, measure and improve core business processes. We then help you design and evaluate organization structures and staffing models to support both improved processes and effective decision making in the future.

Cash Management

Bank reconciliations are a critical process to any dealership, and we can help ensure that yours are done accurately and timely. At Eide Bailly, we have the resources to reconcile your accounts if they are not up to date or review your reconciliations periodically to ensure they are complete and accurate.

Experience shows that sound and consistent internal controls can quickly identify errors and fraud—and prevent misinformed management decisions that can cost the dealership money today and down the road. Our team can also help identify unusual transactions and give you peace of mind that your cash balances are accurate.

We can make this critical car dealer accounting practice easy while helping you avoid the many problems that can be hidden by inaccurate or untimely reconciliations.

Dealership Diagnostic Check

AAs a dealer you recognize the importance of providing care after the sale to your customer. Often, you’ll offer a free diagnostic check that inspects multiple points of the customer’s vehicle. Eide Bailly can do the same for your dealership operations, whether through your day-to-day performance, reporting, or accounting for car dealerships!

Understanding your dealership as a whole is critical for success. When all parts are operating at peak performance, you can feel confident that your dealership will have a competitive edge. Eide Bailly’s dealership diagnostic test can help detect problems, points of consideration, or areas in which you’re excelling. And while some dealerships think this type of review is already being done, there may be benefits to having a fresh pair of eyes take a proactive approach.

For example, discovering flaws in accounting for auto dealerships can free up capital. Accounting for automobile dealerships you could even improve your free cash flow, or identify tax-saving opportunities.

A dealership diagnostic check will provide you with knowledge and insight on:

• Possible improvement opportunities
• Areas where the dealership appears to be implementing best practices
• An understanding on how you compare to others in the industry
• Benchmarking suggestions on key metrics of profitability

The dealership diagnostic testing is a useful tool when you’re looking to maximize your profitably and operational efficiency. Explore additional avenues, including thorough intelligent tax planning and accounting for car dealerships. Dealers can feel confident that a confidential, personalized review will help to uncover minor issues that can lead to big dollar savings, areas of abnormality that may be positive or negative and guidance on how best to prioritize KPIs that will lead to top performance.

Fixed Asset Services

Save money by taking advantage of tax credits and deductions for your dealership. The government creates tax credits and deductions to help dealerships just like yours operate better and more efficiently. The problem is often knowing if you qualify and how to apply for those credits and deductions—or even knowing that they exist at all. An experienced tax advisor can help sift through the red tape and help you take advantage of these tax-saving opportunities.

Maximizing these opportunities requires comprehensive automobile dealership accounting. Without specialist CPAs supporting you with auto dealership accounting, you will likely miss out on vital opportunities to save. The support of an auto dealer accounting expert provides you with the expertise needed to take advantage of the opportunities available to you in fixed asset planning.

Our specialists have helped many dealerships just like yours leverage savings with:

• Cost segregation studies
• Construction tax planning
• Fixed asset planning
• Energy efficiency incentives like 179D

Eide Bailly will help you file for and receive tax credits and deductions, saving you money on taxes and helping you increase cash flow. We take a personal approach to service and work side by side with you throughout the entire filing process to ensure you receive the maximum benefit you deserve.

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Business Management Consulting & Business Plans

Running a dealership requires that you manage a lot of responsibilities and serve many roles. This can sometimes result in a reactionary response instead of one that is strategic. This can lead to missed opportunities, inefficient results and ultimately, reduced profitability. When you are equipped with a roadmap that provides knowledge and solutions, you can take your dealership a lot further.

Your dealership will perform much better with a professionally-developed business plan tailored to your unique situation.  Working with a team of experienced dealership advisors will help you define how to allocate your time and resources, as well as empower you to take advantage of opportunities, improving overall efficiency and profitability.

Eide Bailly's professionals are dedicated to understanding the complex business needs of dealerships. In serving more than 800 automotive, along with implement, RV, powersports, heavy-duty truck and heavy-duty equipment dealers, we know how to listen and respond to our clients’ needs. Our team takes an active role in their commitment to dealership and key practice associations.

Wealth Planning

You dream of what life will be like when it becomes about more than just operating your dealership. Having a financial plan can mean the difference between imagining your dream and actually living it. Comprehensive financial planning consists of:

• Building wealth through a process, not a product
• Holistic in considering how your planning relates to your core values
• Focused on your entire financial life
• Long-range and flexible

If you aim to build and preserve wealth, it is more than just choosing investments. You need to carefully strategize to minimize taxes, while adjusting tactics to align with your personal risk tolerance and changing market climates.

Comprehensive financial planning is at the core of Eide Bailly Financial Services. Our team approach includes professionals with expertise in tax, estate and valuation. We'll work closely with you to define and prioritize your goals, then explore strategies and solutions designed to achieve each goal. This ongoing and flexible process will allow you to move through the seasons of life with peace of mind and confidence you'll achieve your dreams.

Mergers & Acquisitions

Transitions can be easy with the right guidance. The process of securing capital, making an acquisition or transferring ownership isn’t easy. But with a road map, you'll have a better chance of a successful outcome. Our dealership professionals can help you create that customized road map so you understand your objectives before you pursue a transaction.

Our advisors can help you with:

• Valuation of your dealership
• Acquisition strategy development
• Transaction structure
• Tax planning
• Franchise application form development

Eide Bailly has served the dealership industry for more than 50 years. We know what to expect and how to navigate through the winding roads of transactions. Our clients benefit from our extensive experience with mergers and acquisitions, as well as our personal, attentive service. We'll take the time to listen and understand your needs and, ultimately, help you reach your destination.

Tax Consulting & Planning

Strategic tax planning can create less headaches and more savings in your dealership. Your individual and business net incomes are directly impacted by how you properly manage and plan for tax savings. As your business grows across state or international borders, reporting issues demand more of your attention. You may be questioning:

• How can I best manage the complexity of my individual and/or business tax situation?
• What is the appropriate entity type for my business?
• How can I pay less in taxes?
• Am I in tax compliance?
• Am I taking advantage of available credits and deductions?

Understanding the tax implications of entity selection and organization structure, strategies for deferring income or accelerating deductions for tax reporting purposes, and the management of nexus and state reporting requirements can help save you time and money. 

We provide you with timely and accurate planning and return preparation of federal and state tax returns. More importantly, we provide strategies and opportunities to minimize your federal and state tax burdens. Our goal is to help you minimize your tax liability. Our tax advisors are active in the development and review of tax legislation and work with you through industry groups to advocate for your needs.