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Author: Summer
Gov. Announces Future $2,000 Rebate for EVs
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Due Jan. 31: Form 8300 Cash Reporting Customer Notification
Legal reminder from Colombo & Colombo, P.C.
As part of the IRS cash reporting rule, on or before the January 31st following the calendar year for which the Form 8300 was filed, dealerships must provide a written statement to each individual who has been identified on a Form 8300.
Therefore, for transactions that were reported to the IRS for 2021, it is necessary to inform any customer of the Form 8300 filing on or before January 31, 2022. This notification must include the name, telephone number and address of the dealership, the amount of cash that was received by the dealership and that the information has been reported to the IRS. Please note: The law requires written notification. Merely informing the customer at the time of the sale that you will be filing the Form 8300 is not sufficient. If you sent the customer the notice letter at the time of the transaction, you do not need to send a notice at this time.
Click Here for a sample letter that the dealership can use to notify the customer of the Form 8300 reporting. Failure to send written notice to customers as specified above can result in civil penalties ranging from $250 to $500 per customer. The IRS recommends that businesses keep a copy of every Form 8300 it files and the required statement sent to each customer for at least five years from the date filed.
Guidance When Renewing Your Dealer License
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Register for the NADA Show by Nov. 12!
Registration for the Auto Industry Event of the Year is officially open! NADA Show 2022 returns to Las Vegas March 10-13, 2022 and will deliver a program full of education, innovative products, emerging trends and networking opportunities to help you drive success for all areas of your dealership. Register before Nov. 12, 2021 and save $100 with early bird pricing! The best hotel selections fill up quickly, so don’t delay.
Michigan Vehicle Sales Trends
The first half of 2021 shows a strong comeback from the previous pandemic year. According to Cross-Sell vehicle sales data, new vehicle sales in our state are up 26.41% YOY. With the chip shortage and COVID possibly coming back around, it’s tough to project the remaining months; however, Cross-Sell trends from 2019 and 2020 show steady sales for July-December with average monthly sales around 45,000 new units.
The infographic below details some of the top new vehicle trends from Michigan registration sales data from January 2021 through June 2021.
Tickets Now On Sale for Motor Bella – Sept. 21-26
New All-Outdoor Motor Bella at M1 Creates Bridge to the Future While North American International Auto Show Pauses for 2021
The North American International Auto Show (NAIAS) announced it will not hold its 2021 auto show as planned. Instead, show officials revealed a “bridge to the future” with an auto-centric event called Motor Bella.
The new event will bring next-generation mobility and exciting vehicle debuts to media, show-goers and the automotive enthusiasts’ world in a never before experienced way while also addressing continued COVID-19 concerns about indoor events.
Motor Bella will be held from Sept. 21-26, 2021, at the M1 Concourse in Pontiac, Mich. Centrally located in the metro Detroit area, M1 Concourse, often referred to as an “87- acre playground for auto enthusiasts,” enables exhibitors to showcase key vehicles and technologies in an outdoor setting.
Plans call for 1.6 million square feet of dynamic vehicle and technology display space including terrain ideal for showcasing off-roading capabilities. M1 Concourse also offers a 1.5-mile hot track on the grounds for technology and vehicle demonstrations.
“The pandemic has caused changes in our society and world in ways not previously imagined, and we all should be looking for new and highly creative ways of doing business,” said Executive Director Rod Alberts. “This new event captures that creative spirit. It will provide new mobility experiences and increasingly innovative approaches to tapping into the industry and its products.”
Alberts said attendees can expect a multi-sensory experience at the new event. “This all-outdoor venue, with adrenaline-pumping track activities and a full complement of OEM and technology exhibits, is going to offer the sights, sounds and even the smell of all that the new world of mobility has to offer.”
As auto shows around the world are being reimagined and will continue to do so in the wake of the pandemic, NAIAS had been reimagining its position for some time.
“While auto shows remain an important platform to promote new mobility innovations and to help people make major vehicle purchase decisions, the traditional auto show model is changing,” Alberts said. “We cannot ignore the major disruptions caused by the pandemic and the impact it has had on budgets. As such, we will be providing an amazing experience to the media, the auto industry and the public in a cost-effective way.”
Event Chairman Doug North noted that the M1 Concourse was envisioned as part of the 2021 Motor Bella activities, so it was “a natural progression” to build upon it in light of the growing demand for experiential mobility shows and an increased appetite for outdoor events as a result of the pandemic. Motor Bella was originally conceived as a celebration of Italian and British supercars and classic vehicles and was to have debuted at the June 2020 NAIAS.
“With our new program for 2021, we will take the Motor Bella concept to the next level with multiple brands and mobilities represented, from hometown to international nameplates, autonomous vehicles to high-performance supercars and everything in between,” North said. “It will be a mobility-filled event. One that will provide our show partners with a cost-efficient backdrop to share all of their brands, products and technologies in a fun and festival-like atmosphere that’s completely outdoors.”
Jordan Zlotoff, CEO of M1 Concourse, said, “We are proud and honored to be hosting this world-class automotive event. Motor Bella will allow journalists, industry executives and the public to interact with vehicles in a fully dynamic and experiential format, well beyond the limitations of static displays. As the largest Private Garage community in the world, we at M1 Concourse share the enthusiasm for creating a unique automotive environment built specifically for car enthusiasts.”
North added, “We see this outdoor experience at M1 as a bridge to the future. One that will continue to evolve as we explore new ways of presenting mobility and as we navigate through these unprecedented times. We are very cognizant of the importance and impact our show and our events have on the state and the entire metro Detroit area. This will always be part of our considerations for the future.”
Dates for the 2021 Motor Bella are:
• Press Preview, Tuesday, Sept. 21 through Wednesday, Sept. 22
• AutoMobili-D, Tuesday, Sept. 21 through Wednesday, Sept. 22
• Industry Preview, Tuesday, Sept. 21 through Wednesday, Sept. 22
• Public Show, Thursday, Sept. 23 through Sunday, Sept. 26
A charity initiative, which will continue the NAIAS’ and Detroit Auto Dealers Association’s longstanding commitment to children and families in need, will also be part of the six-day Motor Bella.
Cross-Sell Offers Data for Your Unique Market
The industry’s most respected resource for automotive market data and reporting is offering MADA members a complimentary look at your rank.
Cross-Sell tracks new and used vehicle title/registration data in 25 states, providing comprehensive monthly reports that are custom-made for each dealership’s unique market. Their powerful auto industry reports detail sales by VIN, Make, Model, Owner City, Owner ZIP, Dealer Seller Name, Dealer Seller ZIP and Lienholder (where allowed by state). Call us at 866-369-5870 to get a detailed look at your local market, or click here for a Free Rank!
Motor City Car Crawl – Aug. 5-8
Motor City Car Crawl
Motor City Car Crawl, an all-new event in downtown Detroit produced by the Detroit Auto Dealers Association (DADA) and the Downtown Detroit Partnership (DDP), will showcase new vehicles from metro Detroit area dealers throughout six downtown parks, including Beacon Park, Cadillac Square, Campus Martius, Capitol Park, Grand Circus Park and Spirit Plaza. In addition to seeing a wide assortment of vehicles, attendees can enjoy numerous downtown establishments, all within walking distance, as well as local food trucks, beverage stations and family entertainment in various locations throughout the city during the weekend.
Dates & Hours:
Thursday, August 5, noon-9:00 p.m.
Friday, August 6, noon-10:00 p.m.
Saturday, August 7, noon-10:00 p.m.
Sunday, August 8, noon-5:00 p.m.
Motor City Car Crawl Charity Gala
On Saturday, Aug. 7, a ticketed charity event will take place featuring singer-songwriter and nine-time Grammy Award winner Sheryl Crow and an array of food and beverage offerings. The event will raise money for nine Detroit children’s charities including, Boys & Girls Clubs of Southeastern Michigan, Boys Hope Girls Hope Detroit, Children’s Center, The Children’s Foundation, Detroit PAL, Judson Center, March of Dimes Metro Detroit, University of Michigan C.S. Mott Children’s Hospital and Detroit Auto Dealers Association Charitable Foundation Fund, a fund of the Community Foundation for Southeast Michigan.
Time
6:00 p.m. – 10:00 p.m.
Tickets
Tickets to the private fundraising event are $250 each. Click here for more information and to purchase tickets.
Dress Code
Summer Chic Dress Code: Summer clothes with a touch of glamour. Replace that little black dress with a soft and airy chiffon frock. Swap the dark suit for seersucker in a light hue.
Food & Beverage
Parc in Campus Martius will be catering strolling appetizers & cocktails.
Location
Reception area located at Campus Martius (Fountain Beach). Woodward/Woodward Esplanade will have a concert stage as well as private viewing areas in front of the stage for Gala guests.
