Tax Court Ruling Benefits Small Business Owners
Owners of closely held businesses, including family owned and other small businesses, can now pass assets to heirs with minimal taxation thanks to a recent tax court ruling (Wandry v. Commissioner, U.S. Tax Court, March 26, 2012). Under current regulations, ownership of the business can be transferred to heirs using yearly and lifetime exemptions ($5,120,000
Product Spotlight: Tire Dealer Software
Essential for daily business operations, software is used for everything from searching for parts and matching tires and wheels to invoicing customers and balancing the books, Good software can integrate a dealer’s operation from the sales counter to the back office – and every place in between. In a few short years, businesses have become
June 2012 Sales Intelligence
Covering Atlanta, Ga.; Buffalo, N.Y.; Chicago, Ill.; Las Vegas, Nev.; Lincoln, Neb.; and Washington, D.C., retail tire markets during the period of May 1-11. Tire Review and InteliChek present up-to-date tire and service price information from U.S. metropolitan areas.For this monthly feature, InteliChek directly contacts a selection of independent tire dealers, mass merchants and car
Fifth-Generation Tripp’s Tire Pros has Deep Community Roots
The legacy of Tripp’s Tire Pros began in 1911, before tire shops really even existed. More than 100 years ago, the local blacksmith shop in Ayden, N.C., was asked to repair the first automobile tire, which informally established the Tripp family as one of the very first in the tire and automotive service business. “One
Latest ACCC Incentives Benefit All Involved Parties
Tire dealer marketing groups and tiremakers are extremely dependent on each other. Marketing groups could not – would not – exist without good, saleable and profit-building products.
Take a Deeper Look at Competition With Market Data
Staying a step ahead of the competition is just one of the many challenges that business owners face. But trying to figure out how the competition is attracting customers and setting their prices can be an overwhelming task to manage on your own. In 1997, David Swan created InteliChek, a data collection agency specializing in
The Truth & Lies Behind Fill Rates
Why are fill rates so low, what is being done about it and what can tire dealers do to help themselves through the challenges posed by low fill rates?
Shining Social Media Example
Spencer Carruthers of Kenwood Tire is one of our heroes in the tire industry – a tire dealer who truly gets social media and is using it to his advantage. Spencer doesn’t use print, TV or radio media, which would have been unheard of just a few years ago. He relies on social media and
Where Consumers Go for Auto Service
In 2011, 22% of consumers polled took their auto repair/service dollars to tire retailers. Twenty percent went to a car dealer, 24% visited an independent garage, and 13% used a quick lube facility. The remainder went to a mass merchandiser, muffler shop or other facility. Data from Tire Review 2011 Consumer Profile.
Employee or Independent Contractor: Which Is It?
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. The IRS and state regulators scrutinize the distinction between employees and independent contractors because many business owners try to
Product Spotlight: TPMS Tools
Tire pressure monitoring systems play a vital role in maintaining proper vehicle tire pressure. Drivers of an estimated 50 million vehicles in the U.S. and Canada rely on these devices to track inflation pressure, ultimately leading to less flats, better gas mileage and longer tire life. Because the mandatory systems are so prevalent, it’s important
Tenn. Dealer Finds Success Through Planned Growth, Acquisitions
Developing new ways to get customers through the door is always a challenge for tire dealers, but at Triple T Tire Pros in Dyersburg, Tenn., keeping customers is something that was perfected long ago.