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 patricide.cgicalendars.com/industries or contact us at [email protected].  

our thoughts on

Auto Industry Value and Economic Indicators

Learn more about the two-year-long test to confirm if the auto industry actually performs well when consumer confidence is high and interest rates are low.

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Dealers Get an Extension for Time-of-Sale Reports for EVs

Learn more about the IRS-released Rev. Procedure 2023-38 that extends the three-day time period through January 16.

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Shocking! A Dealer Reporting EV Sales to the IRS is Confusing!

Learn more about the confusing requirements of auto dealers that sell electric vehicles and the highlights of the 2023 process for reporting EVs.

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Explaining the Transfer/Advance Payment of Clean Energy Credits and Energy Credits Online Registration

Learn what is needed to elect to transfer New Clean Vehicle Credits and/or Previously Owned Clean Vehicle Credits to auto dealers at the time of purchase.

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How Did the IPIC Method Fare for Auto Dealerships Inventory in Year 2?

Learn more about the Inventory Price Index method of accounting used for automotive dealerships' inventory for 2023 taxes and what we are seeing as we finalize 2022 returns.

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Dealership Transactions Are Bittersweet

Learn more about dealership transactions and the lasting partnerships with Schneider Downs' as it changes to accommodate other opportunities.

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SD Auto Advisors Continue to Work on Our Own Succession Plan

Learn more about the Schneider Downs automotive industry group and how succession planning is crucial to the business.

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A Perfect Storm for Interest Expense Limitation is Brewing for Auto Dealerships!

Read more on how to start planning to reduce the limitation on interest expense.

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EV Tax Credit Overview and Reference Guide

Learn more about the revamped clean vehicle tax credits, and get a complimentary EV tax credit reference guide to download.

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Convenience Stores Should Start to Adapt to a Less Fuel Dependent Future

Read about the United States' transition from internal combustion engines to vehicles powered by other sources of fuel and how it will affect convenience store operators.

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Hindenburg Research Back in the Spotlight: Accuses Adani Group of Fraud

Learn more about the most recent fraud allegations against Adani Group.

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New Standard Mileage Rates Announced

Learn more about the IRS's recent adjustments to optional standard mileage rates.

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Bring Extra Water to Put Out That EV Fire

Learn more about the fire hazard electric vehicles have and what to think about before going electric.

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EVs Are Zero Emissions? Not!

Learn more about how EVs are not zero emission and what the outstanding questions are around EVs.

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The FTC Safeguards Rules Are Extended to June 9, 2023

Read more about The Federal Trade Commission extending its deadline to implement its safeguards rules for dealerships until June of 2023.

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Electric Vehicle Tax Credit

Learn more about the Inflation Reduction Act of 2022 and what it will mean for electric vehicle tax credit.

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Electric Vehicle Charger Tax Credit Extended and Expanded by the Inflation Reduction Act

Learn about the impact of the Inflation Reduction Act on Electric Vehicle Charger Tax Credits.

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Everything You Need to Know about the New Electric Vehicle Tax Credit

Learn about key details of the Clean Vehicle Credits under the Inflation Reduction Act.

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Automotive Dealerships and the FTC Safeguards Rule Deadline: Is Your Information Security Program Compliant?

Learn about auto dealerships’ new information security program requirements under the updated FTC Safeguards Rule.

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In the 2008, the Housing Market Bubble Went POP! Is the Used Vehicle Market Next?

Learn about how the market has inflated used vehicle prices and how we haven't learned from 2008 house market crash.

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case studies
 
                                    Pandemic-Fueled Tax Liabilities for Dealerships
big problem:
Pandemic-Fueled Tax Liabilities for Dealerships
big thinking:
Change accounting methods to achieve $600,000 in deferred tax savings.
 
                                    Company impacted by ransomware.
big problem:
Company impacted by ransomware.
big thinking:
Restore system on-site and avoid six-figure ransom.
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Pittsburgh

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