Pub. 2 2021 Issue 4

Warm a Heart, Give a Bed On November 8, Cole Subaru prepared, bagged, and served over 240 meals to our community with help from the Key Club at Princeton High School. It’s always great to see our members and their team giving back to the community! McClinton Chevrolet On November 7, McClinton Chevrolet delivered Thanksgiving […]

2021 was a record year of profitability for automobile dealers. Hand in hand with this profitability is the income tax liability due on those profits. To ensure that you pay only on the amounts you have made, now is the time to clean up any questionable items that may have accumulated on your dealership’s books over the last year. The following items are suggestions for reviewing your accounting records and identifying amounts that may need to be written off or accrued as expenses.

Happy New Year, everyone. I don’t think it is too late to wish this to you. As we start this new 2022 year, I know we all hope and wish that COVID-19 will greatly diminish this year and inventory will improve. Unfortunately, in the midst of this uncertainty, the Federal Trade Commission is implementing new Safeguard Rules to protect the privacy rights of consumers for their non-public personal information (NPI). Importantly, please understand that this new rule will become effective on Dec. 9, 2022, but now is the time to start preparing. The National Automobile Dealer Association (NADA) has estimated that compliance will average $293,000 for startup costs and approximately another $275,000 to annually maintain. Further compounding this financial burden is that non-compliance can result in fines of $46,517 per violation. Now that I have your attention, allow me to provide an overview of the new rule.

For two weeks this past November, WVADA hosted 11 e-titling seminars in six different locations throughout the state to prepare key dealership personnel on the new digital title process that the DMV implemented statewide. Approximately 500 title clerks, managers, and F&I personnel attended the seminars.

Virginia “Ginny” Bowden is a fourth-generation dealer. Her dealership, McClinton Auto Group, is in Parkersburg, West Virginia. It has been in business since 1915 under the direction of her father, J.S. McClinton III; grandfather, J.S. McClinton Jr.; and great-grandfather, J.S. McClinton Sr.

Thank you to everyone who contributed to our WVCar PAC. With our members supports, we have made a record contribution this year! When we combined our contributions with what we had in the reserves from last year, we have raised $457,000. We have finished our year off strong in 2021 and we will continue building our relationships through 2022.

VIP Charity Gala Feb 10th

Sometimes it feels like time is standing still. Twelve months ago, it seemed like there was an ongoing national conversation about saying goodbye to 2020 and hello to 2021. This year, it’s the same conversation, except that everybody was as eager to say goodbye to 2021 as they were to say hello.