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May 2009

With Hurricane Season on the Horizon, Now Is the Time for Dealerships to Prepare

The 2009 hurricane season will officially begin on June 1, but auto dealerships and other businesses along the Eastern seaboard and across the Gulf Coast region should make sure their disaster preparedness and recovery plans are in place now. The fact is, if a powerful storm heads our way, only careful planning can help dealers avoid the financial devasta-tion that could otherwise accompany the surging tides and whipping winds.

Given the current economic climate, some dealerships may very well be inclined to cut back on the resources they in-vest in preparing and protecting their businesses, but they should resist the temptation. Other dealers may be entering the 2009 season with a sense of complacency. While 2008 was a difficult year for Texas and Galveston in particular, Florida has not been hit by a hurricane since Wilma in October of 2005. Dealers as far north as New England, however, should remember that a hurricane can strike at any time in the months of June through November, regardless of past history.

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The purpose of this newsletter is to provide general information on tax, audit and other issues related to the automobile dealership industry.  The information contained herein may not apply to all businesses or organizations and their specific circumstances.  Dealerships are encouraged to consult directly with an accounting expert before making tax and accounting decisions.