Automobile & Truck Dealerships

Our dedicated team serves the unique needs of small- to medium-sized, privately-held automobile and truck dealerships.

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Auto Dealership

Professional Services

We have the experience and expertise needed to help address many of the operational and financial challenges faced by professional service firms. We also partner with attorneys to provide a range of value added services designed to help them serve their clients.

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Professional Services

Manufacturing & Distribution

We assist a broad range of manufacturing and distribution entities with their unique financial requirements. We maintain the highest quality standards in our compliance work and focus on bottom line results, strategic planning, and asset protection.

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Manufacturing & Distribution

International Services

Our team of international consultants, tax professionals, and accountants have helped clients from over 30 countries expand into the US. We have also helped numerous US businesses expand outside our borders.

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International Services
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Tax Planning & Consulting, State & Local Tax, Estates, Gifts, and Trusts, and more...

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Audits, Reviews, Compilations, Bookkeeping & Payroll, and more...

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Business Advisory Services, Mergers & Acquistions, Commercial Lease Negotiation, and more...

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Learn More about Michael Silver & Company CPA's business valuation services.

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Automobile & Truck Dealerships

Dedication and Commitment to Dealerships

Michael Silver & Company CPAs has served the unique needs of privately-held automobile and truck dealerships since our firm’s founding in 1944. We have a team dedicated to serving a broad variety of small to medium-sized dealerships, which has been one of our firm’s most important areas of industry specialization. Our full range of services includes:

Operational Consulting Services

Our years of hands-on industry experience enables us to truly counsel and advise our clients to better understand their financial reports, and take appropriate real-time actions designed to maximize profits. Our unique consultation approach gets right to the heart of the issues, which are presented and explained in a clear and personal way.

You’ll have our personal attention 365 days a year. To help optimize and improve your operations’ performance, it is our practice to review and analyze monthly factory financial statements prepared by our dealership clients, in an effort to compare and contrast your statistics and provide value-added advice.

Tax Consulting and Compliance Services

We have a team of 20+ tax professionals that can offer advice about how to minimize your dealership’s tax burden. We can also capably complete all of the necessary tax returns and address many other compliance requirements that dealerships face – daily, monthly and annually.

In addition, we are also capable of providing so much more:

  • Annual and long-term tax planning, for both the business entities and the stockholders and their families
  • Tax compliance and assistance with tax issues, such as LIFO calculations and tax-favored calculations regarding a variety of manufacturer incentive programs
  • Representation at federal and state income and sales tax audits
  • Consultations regarding the complex sales tax issues faced by dealerships
  • Providing proactive rather than reactive advice and guidance. We have our fingers on the pulse of upcoming tax law changes, allowing us to help dealerships plan for the effects of those changes
  • The ability to provide highly-effective cost segregation studies on major capital improvements, such as site improvements, and other depreciation strategies
  • Estates, gifts and trusts planning for individual owners and/or family businesses

Accounting and Audit Services

We have the expertise to provide the year-end compliance services and financial statement services specific to dealers. We also work closely with your in-house accounting department, in order to keep costs under control. And, we have experience meeting the expectations of dealer industry lenders, in order to provide the high quality deliverables they expect associated with:

  • Audits
  • Reviews
  • Compilations
  • Non-financial statement engagements

Other Value-Added Services, Tailored for Dealerships

In addition to the services you would expect from your accountant, we can deliver other value-added services specifically tailored to dealerships, including:

  • Advice on captive insurance companies
  • Internal controls evaluation and analysis
  • Interim check of balance sheet accounts
  • Business valuation services
  • Planning and execution of dealership purchase and sale transactions
  • Succession planning
  • Real estate analysis and consultation
  • Payroll & benefit and retirement plans
  • Sales tax compliance audits

Our Dealership Industry Team Leaders

Many of our Partners have over twenty years of experience consulting and collaborating with dealerships. Those years of expertise are spread across the accounting & audit, tax, consulting and other specialized services areas. When you work with Michael Silver & Company, you will profit from the benefits of a true industry relationship with a team of industry experts, including your engagement partner, who will be in constant touch with you to help you achieve success.

Neil Friedman

Neil Friedman, CPA — Senior Partner

Neil leads Michael Silver & Company’s automobile and truck dealership industry practice. With over 40 years of industry experience, Neil consults with his dealership clients on a broad range of accounting and financial matters. He has specific expertise in dealership valuations, appraisals, estate planning, and income tax matters. He also analyzes financial statements to assist dealerships in improving profits and operations. Additionally, Neil has represented numerous buyers and sellers of dealerships in everything from negotiating a transaction through closing and post-closing transactions. Neil co-authors the monthly publication Power Steering, a newsletter focused on financial issues and challenges facing automobile dealerships. He has also presented at dealership association events and contributed articles to the Chicago Automobile Trade Association’s member newsletter.

Phil Kent

Phil Kent, CPA — Partner

Phil has dedicated over 25 years of his accounting and consulting career to the automobile dealership industry, providing valuable advice related to internal controls evaluation and analysis, LIFO inventory management, and other dealership management consulting projects. Phil’s service approach is focused on addressing and satisfying the critical and unique compliance issues facing his clients through one-on-one consultation, as well as helping ensure that the dealership’s profits are retained and maximized.

Larry Isaacson

Larry Isaacson, CPA — Managing Partner

Larry leads Michael Silver & Company’s tax consulting and compliance practice, and has over 25 years of experience serving dealership clients. Specifically, his industry expertise has been in the areas of tax planning for automobile dealerships, including optimizing tax strategies, corporate structuring, LIFO planning for new and used cars, and manufacturer’s incentives and rebates. Larry works closely with his dealership clients on estate and succession tax planning, cost segregation analyses for dealership properties, captive insurance issues, and general tax compliance matters. He has also written articles on year-end tax planning issues and strategies, published by the Chicago Automobile Trade Association.