Manage Risk in Your Auto Industry

Most visitors see a fleet of vehicles and a showroom, but we see inventory, payroll and property. LSL CPAs communicates with auto dealership owners and general managers on the bottom line tax and assurance issues that help mitigate risk and add efficiency by department.

Everyone I've met from LSL is a top-notch individual. They know our business, our people, our accounting issues, our taxes and the needs of my partners. We have leveraged one dealership into 17 companies, so LSL has handled some complex transactions for us over the years. They have done their due diligence and it has all turned out well, on time and very seamless."
- Craig Whetter, President, Wilson Automotive

How We Help
As your CPA, we consult on special projects that require particular industry knowledge applied to state taxation and IRS case law. For example, our tax team is experienced in reviewing commission and demo reporting as part of payroll as well as issues unique to dealerships such as LIFO accounting and SWIM elections, Escheat reporting and the tax treatment of extended service contracts. In addition, we understand the management of dealerships and how it applies to succession and estate planning down the road.

Automotive dealerships are one of our firm's longest industry relationships. As such, we have developed particular experience in operational performance reviews that provide oversight of each department for improving internal controls and best practices. Efficient and secure business processes, accounting and KPI reporting translate to more profits and better banking and investor relationships. They help you build a profitable future. At LSL, our automotive group advises on every aspect of a successful auto dealership with our expertise in assurance, tax and business operations.

  • Audits, Reviews & Compilations of financial statements
  • 401(k) audits for auto dealerships
  • Tax Planning & Tax Preparation for Auto Dealerships
  • 1099 reporting
  • LIFO computations and compliance
  • Comprehensive income & estate tax planning & projections
  • Unclaimed property laws (Escheatment)
  • Demo allowance calculations
  • 8300 compliance
  • Commission/payroll calculations
  • SWIM and VSC elections
  • Used car write-downs
  • Tax planning & structuring for complex business transactions
  • Uniform capitalization
  • Tax consulting on mergers & acquisitions
  • Analytical & management/CFO advisory services
  • Budgeting & forecasting
  • Operational reviews
  • Financial planning
  • Outsourced CFO/Controller services
  • Capital expenditure & finance planning
  • Gross profit margins & pricing support
  • Specialized services referrals (cost segregation, business valuation)
  • Production policies & procedures
  • Merger & Acquisition strategies
  • Succession planning
  • Strategic planning
  • IT strategic planning
  • New location or expansion planning
  • Real estate strategies for tax purposes
  • KPI reporting development and interpretation – tax impacts
  • Ongoing owner/board advisory

CDK software & accounting issues? We have solutions.
Our automotive consultants, Dave Summers and Dixie Stanton, have over five decades of combined experience working in dealerships and are qualified to help you with your CDK software, including:

  • Reporting functions: trend analysis and type of report to use depending on what needs to be researched.
  • Setting up accounts, schedules and journals.
  • Set up and training on CDK’s bank reconciliation program.
  • Power Posting.
  • Creating custom reports using the Report Generator function.

Talk to us about it

Meet the LSL Auto Team

Our team of consultants comes to us from the biggest names in the automotive industry. They have the accounting, legal and industry-specific experience to meet you where you live in the complex financial, legal and regulatory environment of auto dealerships.

Don Slater, CPA, Automotive Accounting Team Leader - 30+ years

Mark Zimmerman, JD, MRED, CPA, Automotive Director, Tax and Special Projects

Adam Odom, CPA, Automotive Partner - 11+ years

Erika Aron, CPA, Automotive Manager - 15+ years

Mike Mangold, CPA, Automotive Partner - 30+ years

Gabe Hurtado, Automotive Supervisor

Dave Myers, CPA, Automotive Tax Partner - 30+ years

Outsourced Professionals

We occasionally rely on outsourced professionals/business service providers to assist with your issues.

Dave Summers - Auto Dealership Consultant - 30+ years

Dixie Stanton - Auto Dealership Consultant - 40+ years

Related reading about Automotive Accounting…

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