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Written by Justin Prusiensky

Aug 20, 2018

August 20, 2018

Estimated Reading Time: 3 minutes 30 seconds

At GP CPA, we work with several clients in the automotive field, from classic car restorations to rebuilding transmissions, this part of the economy has been stable for a while.


One trend that we have seen while these automotive clients have grown over the past 10 years is the gradual move toward specialization, whether the focus is on one brand or a particular type of service (alignments); most of our automotive clients have moved beyond general repairs and oil changes.

The last few years have produced some sophisticated technology that often comes standard in many new vehicles and the American consumer (you and me) have been acquiring these new vehicles at a relatively high turnover rate.

However, the latest vehicle sales reports have been showing a sharp decline in popular models and the demand for consumer auto financing has slowed as well. To the general observer, this appears that some of us are waiting for the self-driving car revolution or keeping our older vehicles longer.

In anticipation of this revolution, Ford announced that it will effectively stop selling cars and will be focusing on its SUV and truck lines and Volvo announced that its entire line of vehicles will be electric in the near future. A survey released in May by the American Automobile Association found that 20 percent of Americans said an EV would be the next car they buy. That’s up 5 percent from 2017.

With all of the signs pointing to these changes on the horizon, the timing of when we can expect this new technology to be widely available is still unknown. Generic polls appear to show that the American public anticipates self-driving cars and fully autonomous during the next five years and we have the news reports of Google and other companys’ progress on making a self-driving car ready for the public. As with many changes, there is an opportunity to develop new lines of business or the early adoption of new technologies to stay relevant in our ever-changing economy.

At GP CPA we have few ideas as to how to get ahead of the curve and specialize your auto-related business for the next wave of automotive technology changes. In the meantime, we encourage you to check out The Rise of the Robots: Technology and the Threat of a Jobless Future by Martin Ford, for some insights as to the direction and potential of auto technology. Keep in mind that this book was published in 2015! Contact us for a discussion on the future of cars and how your business can play a part in that future.

Tax Planning with GP CPA

Tax Planning with GP CPA

GP CPA offers a wide range of business advisory services that are tailored to the needs of business owners. For those small businesses who need someone to keep the books, we can do that.

Your Business Payroll in 2020

Your Business Payroll in 2020

Take control back from the big box payroll companies and work with someone who can guide you to a better payroll process. GP CPA + GUSTO is the modern way payroll runs and the partnership that moves your business forward.

Moving at the speed of business

Moving at the speed of business

GP CPA has relied on cloud-based accounting technology for many years now and devotes a significant amount of time toward testing and learning the latest and greatest systems out there.

Dear Client, I have good news!

Dear Client, I have good news!

Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.

GP CPA Charlotte Sales Tax News Update

GP CPA Charlotte Sales Tax News Update

As many area businesses know Charlotte Sales Tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling.

Hi GP CPA Client!

Hi GP CPA Client!

At the rate the company is going, you will end up with an $18,000 tax bill at the end of year. 

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