Pub. 2 2021 Issue 3

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Semiconductors are essential when building next-generation vehicles because they are used in sensors and controllers. The cars cannot be built without them.

Unemployment in August 2020 was high: according to Statistica, 13.54 million people were looking for jobs. August 2021 was better because by then, Statistica only listed 8.38 million unemployed people.

The global move toward vehicle electrification has been going on for a long time now, but it is understandable if you feel like it will never arrive since few manufacturers have sent many EVs to dealer showrooms. Two of the controlling factors are regulations and the cost of building the necessary infrastructure.

Congratulations to Joe and Charlotte Pyle with Capital City Auto Auction (CCAA) for celebrating 25 years in business! A special thank you to Senate President Craig Blair, Speaker of the House Roger Hanshaw, Chief of Staff Brian Abraham, Commissioner of Agriculture Kent Leonhardt, and Brian Aluise with Joe Manchin’s staff for taking time out of their busy schedule to come down and speak today as well. We appreciate everything Joe and Charlotte do for the association and our community. Congratulations to you all again! t

WVADA would like to thank, Wally Thornhill, Thornhill GM Superstore; John Jenkins, Jenkins Ford; Richard Stephens, Stephens Auto Center; Roberta Olejasz, Bob Robinson Chevrolet Buick GMC Cadillac; Tim Matheny, Matheny Truck Group; and Bill Cole, Bill Cole Automall for taking time out of their busy schedules to meet with Senator Joe Manchin in Washington DC.

The Food and Drug Administration recently approved the first COVID-19 vaccine. Immediately following that development, many employers, including several large health care employers in West Virginia, announced their intention to require employees to be vaccinated against the virus.

A significant number of dealerships has utilized the last in, first out inventory (LIFO) method for many years. This article deals primarily with the use of the LIFO method for valuing new vehicle inventories. Approximately 30% of the dealerships we represent use this method of inventory valuation.

How quickly can things change? Just as remote work has presented new challenges and opportunities for employers and employees, remote sales for motor vehicle dealers has certainly presented challenges for dealers and opportunities for criminals. Since the beginning of COVID-19 in early 2020, remote sales have become more frequent as customers are hesitant to come to the dealership, and the retail motor vehicle transaction is becoming more electronic and online. In turn, this has significantly increased the theft of motor vehicles by individuals who have manipulated motor vehicle purchases and financing through false pretenses.

Shawn and David Ball are two dealers who are always willing to give back to their communities! Shawn and David donated $300,000 this month for two great causes. WV Court Appointed Special Advocates (CASA) were the recipients of $250,000; and the WVU foundation received $50,000. Thank you, Shawn and David, for your dedication to West Virginia.