Dealership Team

Somerset is a firm of business advisors who take a direct, hands-on interest in our clients' well-being. Because of our comprehensive mix of both traditional and non-traditional services, we serve the unique needs of dealers and their dealerships.

For internal dealership management or for the outside CPA, our staff of automotive specialists in every area of the dealership serves as an extension of your own resources. We have spent the time training our staff, so that your staff does not waste their valuable time "training the auditors."

We know you are passionate about your business. Likewise, Somerset professionals are passionate about helping drive your business to success.

The following list, while not all inclusive, is an indication of some of the special projects our professionals have regularly performed for dealers to help them succeed in today's business environment.

Dealership Consulting Services

• Valuations of dealerships
• Acquisitions and sales of dealerships (including the actual negotiations)
• Cost segregation studies for recently acquired or constructed facilities
• Expense reduction reviews and cost control solutions
• Fraud auditing, control and litigation support
• Negotiating insurance premiums and coverages
• Operational reviews for lost profit opportunities
• Safeguards reviews (including assessment and staff training)
• Government regulation compliance reviews (including Privacy Act, OSHA, EPA, etc.)
• BHPH (and LHPH) profit opportunity and tax consulting
• Banking matters
• Benchmarking
• Warranty reviews
• Negotiating computer system purchases
• Parts physical inventories (counts and controls)
• Best practice consulting
• Fixed operations consulting
• Franchise applications
• Producer owned reinsurance company and retro program issues
• LIFO calculations and issues
• Sales tax audit and recovery services
• Service department traffic and profit improvement
• Cash flow analyses and improvement consulting
• Litigation support (including manufacturer disputes)
• SBA financing consulting
Assurance Services
• Financial statements: audits, reviews and compilations
• Employee benefit plan audits
• Bookkeeping services

Tax Services

• Corporate and partnership tax returns
• Individual income tax returns
• Individual and corporate tax planning
• Creative tax strategies
• Multi-state tax planning and strategy development
• Sales, use, property and excise tax analysis
• Gift and estate tax planning and returns

Dealership Team Video

For a video message about the Somerset Dealership Team, please view the video below. (You may need to upgrade or install Adobe Flash Player--it is a free software.)

Publications and Resources

• Theft Schemes in Dealerships–Is It Happening to You? Part II (Printable Version--This article was written by Rex Collins of Somerset CPAs and featured in the September 2008 issue of Construction Equipment Distribution magazine (CED). It is posted here with permission from CED, published by Associated Equipment Distributors (AED).
• Theft Schemes in Dealerships–Is It Happening to You? Part I (Printable Version--This article was written by Rex Collins of Somerset CPAs and featured in the August 2008 issue of Construction Equipment Distribution magazine (CED). It is posted here with permission from CED, published by Associated Equipment Distributors (AED).
• Dealership DOL Compliance by Position (Printable Version)
• What's It Worth? A Few Thoughts on Valuing a Dealership. (Printable Version)
• IRS Dealership Audit Techniques Guide (Printable Version)
• IRS Retail Industry Audit Techniques Guide - Chapter 3: Examination Techniques for Specific Industries (Independent Used Automobile Dealerships) (Link to IRS Site)

Presentations

Somerset professionals are available to speak to dealer associations, 20 groups, etc. Below is a list of some of the dealership-focused topics we have presented in the past.

• Difficult Times: How the Controller Can Improve Dealership Profitability - This topic was presented by our Dealership Team to an association of dealers in Tampa, Florida in November, 2007. If you would like to receive a copy of the presentation, please contact us.
• Dealership Theft Schemes
• Insurance: How to Get Both the Proper Coverage and the Best Premium
• Buying, Selling and Valuing Automobile Dealerships
• Warranty Audit Problems
• Use of Discounts and Premiums in Determining the Value of a Business
• Estate Planning and Business Valuation Update
• Preventing Theft
• Current Dealership Issues
• The Art of Buying and Selling Dealerships
• Computer Solutions to Dealership Theft Opportunities
• Automotive Dealership Level 1 Office Manager Training
• Corporate Structure
• Cost Segregation Studies
• Asset Protection Strategies
• Captive Insurance Companies
• Tax Reduction Strategies
• Negotiating Strategies
• Employee Theft Issues

Printable Brochure