Downey & Company, CPAs

Downey & Company, CPAs Downey & Company, LLP is an independent certified public accounting firm located near Boston, Massachusetts. http://www.DowneyCoCPA.com

2024 Tax Facts At-A-Glance
01/19/2024

2024 Tax Facts At-A-Glance

Downey & Company has prepared our annual Tax Facts At-A-Glance as a reference for our clients and friends of the firm. Click here to view a copy of this reference guide to help you through 2024. If you would also like to receive a laminated copy via the mail, please contact Jamie Downey at 800-849...

Clean Vehicle Dealers Register with Energy Credits Online by December 1, 2023
11/28/2023

Clean Vehicle Dealers Register with Energy Credits Online by December 1, 2023

Clean vehicle dealers that want to receive advance payments of clean vehicle credits in January 2024 should register their businesses with the IRS before December 1, 2023. (IR 2023-206) According to the IRS, registering by December 1, 2023, will allow clean vehicle dealers to receive advance payment...

Downey's Final Dealership Article in Annual Series
11/21/2023

Downey's Final Dealership Article in Annual Series

Two of the most relevant measures of a dealership’s operations are net income to gross profit and net income to sales. Pre-COVID goals for these two indicators were 20% and 3%, respectively. The average dealer fell slightly below these figures in years prior to the pandemic. Our client base exceed...

Downey's 4th Dealership Article in Annual Series
11/21/2023

Downey's 4th Dealership Article in Annual Series

Dealers rely heavily on fixed operations (parts, service, and body shop sales) to absorb a sizable portion of a dealership’s overhead. Here are the results of our dealer clients for the nine months ended September 30, 2023. Service Departments Show Continued Growth Sales growth in service continue...

Downey's 3rd Article in Annual Dealership Series
11/17/2023

Downey's 3rd Article in Annual Dealership Series

There has been turbulence and uncertainty in the used vehicle market over the past three years. The following recaps the results of our dealer clients for the nine months ended September 30, 2023. Retail Used Vehicle Profitability per Unit Weakens   2023 2022 2021   Gross Profit/Vehicle   $2,020 ...

Downey's 2nd Article in Annual Dealership Series
11/09/2023

Downey's 2nd Article in Annual Dealership Series

The overriding theme for 2023 with regard to new vehicles has been the recovery in new vehicle inventory for most brands. It is still uncertain how the recently settled strikes at the Big 3 will affect inventory levels. Overview Virtually all manufacturers are reporting gains in the number of units....

Downey's 1st Article in Annual 4 Part Series
11/06/2023

Downey's 1st Article in Annual 4 Part Series

To start, let us recap the state of the auto industry to date in 2023. The following factors and more have affected dealers and their profitability. Vehicle unit sales nationally have improved for virtually all brands compared to the same period in 2022. Vehicle inventory is a mixed bag depending o...

Downey's Latest Auto Article
11/22/2022

Downey's Latest Auto Article

Two of the most relevant measures of a dealership’s operations are net income to gross profit and net income to sales.  Pre-COVID goals for these two indicators were 20% and 3%, respectively.  The average dealer fell slightly below these figures in the years before the pandemic. Our client base ...

Downey's Final Article in Annual Auto Dealer Series
11/14/2022

Downey's Final Article in Annual Auto Dealer Series

Fixed operations (parts, service, and body shop sales) have historically been a strong profit center for dealerships. Their profits absorb a significant portion of a dealership’s overhead.  Fixed absorption ratios have declined in recent years as a result of the high gross profits realized on new...

Downey's 3rd Article in Annual Auto Dealer Series
11/09/2022

Downey's 3rd Article in Annual Auto Dealer Series

Used vehicles remain an attractive alternative to consumers due to the lack of supply of new vehicles.  However, the used vehicle market presents its own set of challenges for dealers. Based on our dealer client financial information, we have compiled the following results for used retail sales. Un...

Downey's 2nd Article in Auto Dealer Annual Series
11/03/2022

Downey's 2nd Article in Auto Dealer Annual Series

Production delays caused by the computer chip shortage have been well documented.  Rows of empty spaces on their lots are a daily reminder to dealers.  Not only have new vehicle sales trailed 2021 (down 13.6%) but have yet to reach the levels of 2020 (down 4%). On a national level, the hardest hit...

Downey's 1st Article in Annual Auto Dealer Series
11/02/2022

Downey's 1st Article in Annual Auto Dealer Series

Many of the same issues that plagued dealers in 2021 still exist.  Vehicles (new and used) are still hard to come by.  Obtaining needed parts is uneven at best.  The pool of qualified employees remains thin. Across the board inflation is eating into profits. While these matters persist, dealers a...

Address

222 Forbes Road
Braintree, MA
02184

Opening Hours

Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

Telephone

(781) 849-3100

Website

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