Automotive

PRIMARY CONTACTS: Steven A. Barber CPA, MST, Carl D. Scharf CPA 

Schneider Downs has a long history of advising automobile dealers across the country on accounting, tax and other business advisory matters.

Over the course of our 65+ year history, we have had the opportunity to consult in nearly every segment of the dealership business – maximizing cash flows, cost containment, inventory control, reinsurance, financing, or capitalization and more. We understand the critical relationship between the front-end and back-end of your business, and we have earned the trust of our clients through responsive and proactive service. 

Schneider Downs serves dealers of all sizes from single-point locations to mega-dealerships. Our personalized business approach emphasizes active listening, proactive insights, exceptional guidance and practical solutions to drive results. 

Our Automotive Services industry group is composed of audit, tax and management consulting professionals who are specifically trained and experienced in matters such as those facing your company. Our Automotive Industry Group members cross departments and meet regularly to ensure efficiencies in the services provided to our clients and discuss issues, regulations and trends affecting the automotive industry. 

Specialized Automotive Industry Solutions

At Schneider Downs, we provide extensive and comprehensive solutions to both individual dealers and dealer advertising associations. 

Individual Dealer Services

Our Automotive industry group offers a wide range of specialized services geared to the individual dealer, including:

 
 
 
Dealer Advertising Association Services

Our Automotive Services industry group also provides accounting, tax and business advisory services to Dealer Advertising Associations, which manage funds used by regional dealership groups to advertise vehicles within their designated marketing areas. Schneider Downs’ services to our Dealer Advertising Association clients include the following: 

  • Assistance with annual financial and/or compliance audits, as performed by independent certified public accountants in accordance with the requirements of the manufacturer (if applicable)
  • Assistance with incorporation issues, drafting of by-laws and other organizational matters
  • Attendance and presentation of financial information at periodic Board of Directors’ meetings
  • Daily Bookkeeping 
  • Distribution of financial statements to authorized recipients
  • Financial Statements and Schedules
  • Income Tax Returns 
  • Monthly Bank Statement Reconciliation
  • Preparation and independent tabulation of ballots with respect to elections and other important voting matters of the association
  • Preparation of federal Forms 1099 
  • Tax advisory matters and assistance with the resolution of Internal Revenue Service inquiries 

Automotive Associations and Affiliations

To stay abreast of current trends and challenges facing dealers, our automotive specialists continuously participate in industry-specific conferences and seminars such as the National Auto Dealer Association (NADA) Convention and the American Institute of Certified Public Accountants (AICPA) National Auto Dealership Conference.

Automotive Industry Resources

About Schneider Downs Industry Groups

Schneider Downs recognizes that every industry is different, often presenting unique challenges that require individualized insight, innovation and experience. Our experience in these industries is enhanced through participation in focus groups, which address the characteristics that make these industries unique. 

For more information on additional industries we serve please visit www.schneiderdowns.com/industries or contact us at [email protected].  

our thoughts on

Some Things You Probably Aren’t Thinking About as a Dealer When It Comes to the Rise in Interest Rates

Learn more about things you probably aren't thinking about as a dealer when it comes to the rise in interest rates.

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Can Solar Power Assist with the Infrastructure Needed to Charge EVs?

Learn more about if solar power can assist with the infrastructure needed to charge EVs.

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LIFO Relief Update

Read more about how auto dealers can avoid tax liabilities from lack of inventory without waiting for LIFO relief from the Treasury.

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IRS Announces 2022 Automobile Depreciation Limitations

Read the details of the IRS' newly released Rev. Proc. 2022-17 which outlines inflation-adjusted limitations on depreciations and inclusion amounts for 2022 passenger automobiles.

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EV’s are Changing the World, but Who will be Left Behind?

Learn more about auto manufacturers' efforts to transition production from internal combustion engines to electric vehicles and what that means for those markets outside of the highly developed nations.

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Semiconductor Chip Shortage’s Continual Impact

Learn more about the lingering effects of semiconductor chip shortages on the retail and automotive industries.

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Is LIFO Relief for Automobile Dealers on the Horizon?

Read about Congress' proposed LIFO tax relief legislation and what auto dealers should do while they wait for it to be passed.

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Hey Washington, We Don’t Need No Stinking LIFO Relief!

Auto dealers can read more about our solution to managing LIFO recapture without the United States Treasury's still pending LIFO relief.

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EVs on the Rise

Learn more about the projected impact on market shares, electric vehicles (EVs) are expected to have on the automotive industry.

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Experiencing Excess Liquidity in the Dealership… Unfamiliar Territory!

Learn about some of the options auto dealers have for utilizing excess cash.

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As an Auto Dealer, Are You Paying Enough Rent?

Learn more about key factors for auto dealers to keep in mind when evaluating rent payments in 2022.

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Will Bonus Depreciation End Earlier than Expected for Auto Dealers?

Learn more about how 2022 interest expense limitations will affect bonus depreciation for auto dealers.

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Wait… What? There Are Other Methods to Calculate LIFO for Dealers?

Learn more about the additional methods auto dealers use to calculate Last-In-First-Out (LIFO).

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There Is Still Time for Auto Dealers to Claim the Employee Retention Credit

Learn more about the Employee Retention Credit for auto dealers including timeline and eligibility requirements.

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Disappointing News for Employers: Employee Retention Credit Ends Before Fourth Quarter of 2021

Learn more about how the Infrastructure Bill signed on November 15 contains a provision that ends the employee retention credit retroactively to September 30, 2021.

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IRS Announces 2021 Automobile Depreciation Limitations

Learn more about the 2021 Automobile Depreciation Limitations and lease inclusion amounts for passenger automobiles placed in service in 2021.

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LIFO Liquidation Relief for Automotive Dealers

Learn more about the LIFO liquidation relief for automotive dealers due to supply chain issues brought on by the COVID-19 pandemic.

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Tax Credits for Electric Vehicle Charging Stations

Learn more about the Electric Vehicle Charging Stations tax credit for the costs of any qualified alternative fuel vehicle refueling property.

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What is lost revenue according to the Department of Education?

Learn more about what defines lost revenue according to the Department of Education.

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Lost Revenues under HEERF Defined

Learn more about how lost revenues are defined under HEERF. - Business Advisory Services

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case studies
 
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