Pub. 17 2018-2019 Issue 2

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S 9 new jersey auto retailer W W W . N J C A R . O R G V O Y N OW B A Y A R D W H Y T E A N D C OM PA N Y , L L P C E R T I F I E D P U B L I C A C C O U N T A N T S V O Y N OW B A Y A R D W H Y T E A N D C OM PA N Y , L L P C E R T I F I E D P U B L I C A C C O U N T A N T S The Northbrook Corporate Center • 1210 Northbrook Dr., Suite 140, Trevose PA 19053 Contact Hugh Whyte, Randall E. Franzen or Kenneth Mann: Financial Reporting & Projections/Forecasts Lifo Inventory Applications n Tax & Estate Planning Cash Management & Budgeting n Performance Evaluation Cost Analysis n Buy/Sell Agreements & Succession Planning Mergers & Acquisition s n Internal Control Design 215-355-8000 n voynowbayard.com Accountants & Management Advisors to the Auto Industry since 1954 O N B A R D E L I I E T A , o e n . r z o M n: j ti / t t t l i l ti i l i t l i 0 n co ntants & agement isors e to Industry ce 1954 will send products to other markets, which will reduce competition and customer choice. • Higher prices for used vehicles. Used vehicles are substitutes for new vehicles and used car prices rise when new car prices rise. • A loss of state and local taxes. Vehicle sales are major revenue generators for all levels of govern- ment. Car sales are re- sponsible for 18% of total retail sales in the U.S. • A decline in fleet turn- over. Decreased new vehicle sales inhibits fleet turnover. This means it will be harder to get safer, cleaner, and more efficient vehicles onto the road. • Deferred maintenance and repair. Higher parts prices will lead to a deferred demand for auto- mobile service and repair. • Sweeping macroeconom- ic ramifications. A loss of as many as 750,000 U.S. jobs, and a $62.2 billion hit to GDP. In Peter Welch’s January 2017 World Congress speech, he described the next four years as a unique opportunity to ensure that personal transpor- tation remains affordable for millions of Americans. We must remain true to that mis- sion. The tax and regulatory policies of this Administration have renewed business and consumer confidence, and a healthier auto industry pays countless economic dividends at the local, state and nation- al levels. We see that every day in our communities. As dealers, we are optimistic that the Trump Administration can achieve similarly beneficial trade policies without impos- ing the serious risks that come with auto tariffs.