Pub. 1 2011 Issue 4

13 Successful automobile dealers learn from the business scars that they have earned over the years and adapt themselves to what they have learned, perhaps the hard way. Successful au- tomobile dealers maintain a healthy distrust of what they see, hear and feel going on in their dealerships. A very successful, now deceased automobile dealership client of mine once told me “He who doesn’t worry will soon have nothing to worry about.” No truer words could be spoken with respect to any automobile dealer who does not worry about the possibility of fraud in his or her business or take personal steps to deal with this worry. Successful automobile dealers, as part of their business fabric, constantly seek corroboration frommultiple sources, including the results of internal control procedures, of what they see, hear and feel, in order for them to be comfortable with the subject of honesty. This is the most commonly used approach I have seen of how successful automobile dealers cope with the worries of fraud in their dealerships. Q This time of a year is a great time to conduct a thorough “internal control” physical on your dealership. For more information please contact the author of this article, James Eagan CPA, Partner and Automotive Consultant, Plante & Moran PLLC, at 847.628.8865, or you can e-mail jim. eagan@plantemoran.com . Insurance coverages and non-insurance products and services are underwritten and provided by individual member companies of Zurich in North America, including Universal Underwriters Insurance Company and Universal Underwriters Service Corporation. Certain coverages, products and services are not available in all states. ©2011 Zurich American Insurance Company “My focus is running my dealership—not worrying if my business is protected or how to generate income in my finance department. Zurich lets me do that.” One insurance company for your business insurance and F&I product needs In 2010, more than 1,300 dealerships purchased both business insurance and F&I products from Zurich. Products such as our Unicover ® policy, which packages most of the coverages needed by dealerships into one policy. Or our Streamlined Selling System ® , which can help you drive increased F&I profit. One company for all your needs, backed by more than 85 years insuring dealerships. Call Jeff Dian, Regional Sales Manager, at 800-448-9797 ext. 7746 or visit www.zurichna.com/dealer for more information. Visit FandIResourceCenter.com to register for our complimentary on-demand webinar – “Six Principles of Success in the New Economy” Visit our re-designed www.IllinoisDealers.com For all your online membership needs Log on to the new member only area using your unique “dealer ID” – the IADA Membership ID printed on your annual membership statement. Please call the IADA office if you need assistance. www.IllinoisDealers.com is an informational community site for the automotive industry of Illinois.