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.
 

• 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

• Audit, review and compiled financial statements
• Employee benefit plan audits
• Bookkeeping 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

• Wednesday September 24, 2008
• Wednesday, November 19, 2008

Each of these roundtable professional meetings will be held in the Somerset Conference Center (3925 River Crossing Parkway, First Floor; Indianapolis; 46240) from noon to 4:00 p.m. and include a catered lunch. Visit the Seminars page to sign up or contact us with questions.
 

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

• Theft Schemes in Dealerships–Is It Happening to You? (Printable Version--This article was written by Rex Collins of Somerset CPAs and featured in the August 2008 issue of CED. It is posted here with permission from Construction Equipment Distribution magazine, published by Associated Equipment Distributors (AED).
• Heavy Duty Truck Dealers Can Get HUGE Tax Credits for Vehicles Sold (March 10, 2008) (Printable Version)
• Dealers Can Get Tax Credits for Hybrid Vehicles Sold (February 15, 2008) (Printable Version)
• Breaking News Affecting Dealerships:  Indiana Sales Tax and Doc Fees (January 23, 2008) (Printable Version)
• Overdrive: Newsletter for Dealers and Their Dealerships - Winter 2007/08 Issue (Printable Version)
• Overdrive: Newsletter for Dealers and Their Dealerships - Fall 2007 Issue (Printable Version)
• Related Finance Companies: A Good Business Decision and a Great Tax Move (Printable Version)
• Many Dealers Remain Confused About Taxability of Demonstrators (Printable Version)
• 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)

• 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