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Compliance

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Articlesby David Keller, CPA, CFEOctober 22, 2007

Related Finance Company Considerations: A Difficult Decision That Requires Extensive Review

David Keller - Projections should be completed as if you have sold the notes to an RFC so you can review the effect on net income, cash flow, net worth, working capita, and other factors that are important to the operations and health of your dealership...

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Articlesby Lisa AsbellSeptember 26, 2007

Your Identity Theft Program: Comply Or Risk Fines

Lisa Asbell - If you have a data breach and a customer suffers losses (or even worse, if multiple customers suffer losses), you can be held responsible for those damages along with federal and state fines...

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Articlesby Tom HudsonSeptember 21, 2007

Pick Your Legal Battles Wisely: Sometimes It Doesn't Pay to Fight

Thomas B. Husdon, Esq. - The estimated cost to disassemble the engine was $1,500. Van Eman believed that C.A.R.S. had no intention of honoring the limited warranty and would continue to demand additional tear down and diagnosis until...

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Articlesby David Keller, CPA, CFESeptember 18, 2007

Car Sales Accounting

David Keller - Accounting for the different types of car deals generated from your F&I programs is important if you want to completely understand your business operations and the resulting effective gross profits...

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Articlesby Tom HudsonAugust 19, 2007

Don't Sell It If You Haven't Read It

Thomas B. Hudson, Esq. - Just as any good car salesperson will know the mechanical and performance specifications of the vehicles, the salesperson should know the characteristics, terms and conditions of the financing, leasing and related services.

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Articlesby David Keller, CPA, CFEAugust 17, 2007

Structuring A Service And Parts Department

Dave Keller - Gross-profit percentages are very important if you want to show a profit in the service and parts departments. You should set your goals to achieve 70 percent for labor and 40 percent for parts...

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Articlesby David Keller, CPA, CFEAugust 4, 2007

Event Sale Contracts: What You Need To Know

David Keller - Most agreements promise to bring individuals to your dealership for a desk person, F&I manager and a closer during the sale. Usually, the length of the contract is for the sale period...

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Articlesby Tom HudsonJuly 27, 2007

"Yo-Yo" Deals In Finance: I Don't Think So

Thomas B. Hudson, Esq. - The relative rarity of these transactions doesn’t faze the NCLC, or, for that matter, the press. They know a good, catchy (and loaded) headline phrase when they hear one. So, they call every conditional delivery transaction...

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Articlesby Tom HudsonJuly 11, 2007

Court Muffs Ohio Spot Delivery Case

Thomas B. Hudson, Esq. - In addition to the installment contract, the Pattons signed a “Purchase Spot Delivery Agreement” stating that the Pattons were taking possession of the minivan before approval of financing and that Wyler Eastgate could...

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Articlesby David Keller, CPA, CFEJuly 10, 2007

The Real Risk Of Being Audited: IRS Audit Statistics

David Keller - The IRS has stated that it believes tax return accuracy is at one of the lowest points in history. This indicates that they will be trying any and all means available to tighten compliance with the law in whatever manner they can...

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