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Should you start a new shop or buy an existing one?

Auto Service World

A lot of banks aren’t going to give [that loan], Demarest said. The only shop that may be on the market may be one thats too successful. For example, say the shop is netting $1 million a year. With a top-end multiplier, that shop would be valued at $3 million. Do you have that cash?

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Canada takes big step forward on right to repair

Auto Service World

In mid-October, members of Canada’s auto care industry urged for the passage of both bills during testimony to the Standing Senate Committee on Banking, Commerce and the Economy, citing the importance for Canada’s automotive aftermarket.

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How to Simplify Tax Season for Your Auto Repair Shop This Year

AutoShopOwner

Keep your business bank accounts and credit cards strictly for business transactions. Track your invoices, parts receipts, bank statements, credit card statements, and payroll records no matter how small the cost! Implement a consistent system for tracking all your income and expenses throughout the year. Every bit matters.

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Sun Auto Tire & Service Raises Over $17,000 for Feeding America Food Banks

Tire Review Magazine

Sun Auto Tire & Service announced that its network raised over $17,000 for 35 Feeding America food banks. The network will distribute the funds to food banks in communities served by Sun Auto nationwide. By raising funds for local food banks, were helping to ensure families have access to the meals and resources they need.”

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Organizing The Financial Records for a Smooth Tax Filing

AutoShopOwner

Bank Statements Bank statements provide a record of all transactions that pass through your business bank accounts, including deposits, withdrawals, and electronic transfers. Remember to reconcile your bank statements regularly to ensure accuracy. sales invoices, purchase invoices, bank statements).

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Bookkeeping Steps to Ensure a Smooth Financial Year-End

AutoShopOwner

Reconcile bank and credit card statements. Reconciling your automotive business’s credit card and bank statements at year-end is crucial for accurate financial reporting and tax preparation. It’s time to ensure that your books and reports are squared away as this year comes to an end.

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How to Promote Your Auto Repair Shop’s Community Involvement Without Bragging

Shop Marketing Pros

Whether its sponsoring a local sports team, supporting a food bank, or funding a scholarship, community involvement for auto repair shops is a powerful way to make an impact and build relationships. Instead of saying: “We donated $1,000 to the local food bank today. Lets be real. Giving back to your community feels good.