Like all businesses, improving financial performance is a top priority for dealerships. One way to maximize dealership performance is for owners to obtain CPA-prepared financial statements. These financial statements can help identify financial and operational deficiencies and discover areas to cut costs and generate sales. To reap these benefits, dealers must learn how to identify the information that will be most valuable to their business.
Obtaining appropriate insurance coverage may be the first and only step dealerships take when it comes to their company's insurance policy. As policies expire, deleting or shredding the old policy may be practice out of habit, and the dealership may never think of that policy timeframe or documentation again until it may be too late. This article addresses the importance of retaining expired policies and the types of situations that dealerships would need to produce the expired policy if an unfortunate circumstance was ever to arise.