Buddy Dearman, managing partner of accounting firm Dixon Hughes Goodman’s dealership practise, stated that one client with six locations faces a $23 million LIFO recapture. This would cost around $11 million in federal and state taxes, he added. While it is a substantial change for the majority of dealerships on LIFO, “it has a far greater impact for dealers that have been in business for a long period of time,” according to Cheyney of Moss Adams. Additionally, the LIFO recapture could decrease cash flow required to invest in new vehicle inventories once auto production returns to normal. “We’re all having…
Author: hendfares88
DeLorean Motor Co. Inc. announced plans to showcase its new all-electric DeLorean on Aug. 18 at the Pebble Beach Concours d’Elegance’s Awards Ramp. The business shared a teaser shot of the concept car this week, displaying the vehicle’s rear taillight and left shoulder. The business stated the prototype will be unveiled three days before relocating to the Concept Lawn on Aug. 21. August will also see the unveiling of the new generation of DeLoreans. While the vehicle will be entirely new, it will incorporate elements from classic DeLoreans, such as gull-wing doors, DeLorean Motor CEO Joost de Vries told Automotive…
Tesla Inc. will begin production of the long-awaited Cybertruck pickup truck next year from its new Austin, Texas, factory, and is also developing a dedicated “robotaxi” model using the company’s autonomous vehicle software, CEO Elon Musk said during the plant’s opening day ceremony. Musk, dressed in a cowboy hat and sunglasses, delivered the first batch of Model Y crossovers from the enormous Austin facility late Thursday, announcing that the factory would expand up to 500,000 Model Ys per year before adding Cybertruck production. Musk stated that the plant might eventually produce 1 million devices per year. Musk hedged on a…
Nissan is now taking merely the first steps toward that aim, with a feasibility study laboratory in which it is experimenting with handmade, limited-run batteries. However, if everything goes according to plan, the small-scale, covert workshop would result in the opening of a pilot plant in 2024 and mass-scale manufacturing in 2028. Nissan is wrestling with this critical new technology while a slew of startups and practically every traditional competitor, from Toyota and Volkswagen to General Motors, scramble to find the best path to success. A look inside Nissan’s laboratory demonstrates just how difficult and time-consuming the path to solid…
TreVeyon Henderson of Ohio State University is one of the best football players in the country, yet he is simply one of the “interns” at Ricart Automotive Group. Henderson, some of his teammates, and other Ohio State athletes appear in a series of adverts with group President Rick Ricart fetching coffee, pushing automobiles, and being silly. The “Rick’s Interns” videos are a result of the NCAA’s decision in June 2021 to enable student athletes to earn money from the use of their name and picture. Since then, Ricart Automotive and a number of other dealerships have been using the star…
CDK Global Inc. announced that it has agreed to be bought by Brookfield Business Partners in a $8.3 billion deal that will take the publicly traded dealership software company private. The Hoffman Estates, Illinois-based developer of dealership management systems announced Thursday that Brookfield will acquire all of CDK’s outstanding shares for $54.87 per share in cash when the transaction closes in the third quarter. The offer would represent a 30% premium to CDK’s closing share price on Feb. 18, the company’s last full trading day before market chatter about a potential sale began. CDK shares increased 0.7 percent to $48.99…
DETROIT, MI — Chevrolet plans to introduce two advertisements on Thursday to promote the return of the Bolt EV and EUV in 2022, following a recall related to battery fires that halted manufacture of the electric vehicles for around seven months. To overcome the recall, which put a damper on General Motors’ EV ramp-up, the brand stated that it expected Bolt media spending to outpace all other nameplates except the Silverado truck. The advertisements are intended to “promote the broader Chevrolet EV message,” according to Steve Majoros, director of Chevrolet marketing. They will make their Major League Baseball debut on…
Renault’s prospective structural revamp would add another wrinkle to the alliance, which has been on the verge of disintegration since its former boss, Carlos Ghosn, was arrested in Japan in 2018. The three-member association is attempting to improve collaboration as manufacturers worldwide cope with the costly transition to electric, driverless vehicles. Manufacturers are attempting to reduce costs by utilising common batteries and other critical components. The cooperation has “significant synergy potential,” Moody’s Corp. noted in an April 6 report reiterating Renault’s negative outlook. It cited the automaker’s low profits, delayed turnaround progress, and cessation of operations in Russia. De Meo…
Toyota Motor Corp. cut its industry’s annual sales projection by approximately 6%, citing concerns that supply restrictions could hamper the industry’s ability to satisfy rising customer demand. Toyota Motor North America’s president of sales, Bob Carter, said the carmaker forecasts 15.5 million light-vehicle sales in the United States this year, down from 16.5 million in October. “That is an adjustment that is not based on consumer desire,” Carter told journalists during a media roundtable on Wednesday. “It is entirely based on our forecasts of the supply environment in 2022.” The negative revision reflects persistent supply chain restrictions caused by the…
Porsche has joined a group of investors in a $260 million equity investment in a firm that is developing a gasoline alternative powered by wind energy. Porsche will pay $75 million for a 12.5% interest in electric-fuel producer HIF Global, the firm announced Wednesday. Beginning in mid-year, HIF will construct a plant in Chile to create electricity-based synthetic fuels from hydrogen and carbon dioxide using wind energy. HIF Global aims to invest $50 billion in 12 commercial sites in Texas, Chile, and Australia to create 150,000 barrels of gasoline per day using 25 gigawatts of renewable energy and approximately 25…