Pub. 7 2017 Issue 1

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 itspublisherThenewsLINKGroup,LLC.Any legal adviceshouldberegardedasgeneral information. It isstronglyrecommended that one contact an attorney for counsel regarding specific circumstances. Likewise, theappearanceofadvertisersdoesnotconstituteanendorsement of the products or services featured by The newsLINK Group, LLC. CONTENTS Vol. 25 No. 1 Helping you focus on the road ahead. You put everything you have into your dealership. We get it. SunTrust Commercial Dealer Services understands the unique financial challenges you face, and like you, we’re dedicated to your success. Who is SunTrust? • SunTrust Bank is one of the nation’s top ten banking organizations • For over 50 years, we have partnered with over 600 auto dealer clients and share your commitment to the auto industry • We offer a variety of tailored solutions from floorplan to acquisition financing, real estate programs to cash management, and building personal wealth to retirement, while offering competitive retail programs • Our experienced team has the knowledge, capabilities, and responsiveness to provide what you’re looking for in a financial partner To learn more, contact: Scott Worthing 312.356.3308 phone scott.a.worthing@suntrust.com or visit suntrust.com/corporate and click on Industry Specialty Practices SunTrust Bank, Member FDIC. ©2015 SunTrust Banks, Inc. SunTrust is a federally registered service mark of SunTrust Banks, Inc. 030215 6 IADA President’s Message 8 Counselor’s Corner: Buying Or Selling a Dealership? Don’t Prepare To Fail By Failing To Properly Prepare 10 IADA Convenes Its Fall Board of Directors Meeting In Chicago, Nov 17-18, 2016 14 IADA-CVR Monthly Title & Registration Seminars a Huge Success 16 The New Lease Accounting Standards 20 The Benefits of Membership