The automotive industry is one of the most dynamic industries. The industry is changing so rapidly that you need a dedicated automotive advisory team to provide you with sound professional advice. Our team is focused on financial, operational, and supply chain issues facing the industry. Besides our traditional attest and tax service offering, our professionals have significant specialized expertise in business restructuring, financing, costing, transaction services, and operational improvement. Nationally, our firm represents over 250 automotive suppliers.
Some of the industry sub-segments that we serve include:
Challenges facing the industry:
Strategies for success:
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.
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What comes to mind when you think of companies like Apple, Patagonia, and Ferrari? Success. Vision. Passion. Purpose. Most likely, it’s a combination of all these answers. These companies have a reputation for not only being highly successful, they are also known for their strategic forward-looking vision, passion for what they do, and clear purpose. These companies transcend manufacturing; they have nurtured cultures that focus both on business and the additional impact they can have on the world. How do they accomplish this, and what does this have to do with manufacturing?
To enhance transparency and comparability of financial statements and minimize off-balance sheet items, the Financial Accounting Standards Board (FASB) issued its long-awaited new accounting requirements for leases (“ASC 842”) in early 2016. There are elements of the new accounting requirements for leases that could impact almost all entities to some extent, although lessees will likely see the most significant changes.
Trump has not been happy with NAFTA since taking office, at times calling it the "worst trade deal ever signed by any country". After working for more than a year to finalize a deal, Trump called the new agreement "truly historic". The US, Canada and Mexico have reached a deal to update and rename NAFTA.