Pub. 5 2015 Issue 2

4 AUTOMOBILE DEALER NEWS ILLINOIS www.illinoisdealers.com Illinois Automobile Dealers Association 300 West Edwards Street Springfield, Illinois 62704 T 217.753.0220 F 217.753.3424 www.IllinoisDealers.com The ILLINOIS AUTOMOBILE DEALER NEWS ispublished by The newsLINK Group, LLC and is the official publication of the Illinois Automobile Dealers Association. The ILLINOIS AUTOMOBILE DEALER NEWS is published 4 times per year. The statements and opinions expressed herein are those of the individual authors and do not necessarily represent the views of ILLINOIS AUTOMOBILE DEALER NEWS , or its publisher The newsLINK Group, LLC. Any legal advice should be regarded as general information. It is strongly recommended that one contact an attorney for counsel regarding specific circumstances. Likewise, the appearance of advertisers does not constitute an endorsement of the products or services featured by The newsLINK Group, LLC. CONTENTS Vol. 23 No. 2 6 IADA Chairman’s Letter 8 IRS Form 8300 – Cash Reporting ($10,000) 10 Counselor’s Corner: Dealership Sellers and Buyers Beware! A Primer About the Manufacturers Right of First Refusal 14 2015 IADA-CATA Dealer Conference & Retreat 18 Why It’s Important to Be a Positive F&I Manager 20 What Makes Good Companies Great? Taking a Long Term View ©2015 Auto/Mate, Inc. All rights reserved. A DMS Large Enough to Serve, Small Enough to Care. Start to see the value in your DMS again. Visit us at www.automate.com . blog.automate.com @AutoMateDMS 877.805.9446 Auto/Mate DMS converts over 82% of its customers from CDK Global ® (formerly ADP ® ) and Reynolds & Reynolds ® , and we retain 99.7% of them without contracts. Still think Auto/Mate DMS isn’t big enough to handle your dealership? 1,100 ROOFTOPS 30,000 USERS 187 DEALER GROUPS