By the SEMA Washington D.C., office

A late-breaking legal development has put on hold the deadline for small businesses to file a report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their beneficial ownership information (BOI). BOI reports are a requirement under the Corporate Transparency Act (CTA), a 2021 federal law that is intended to enhance transparency in entity structures and ownership to combat money laundering, tax fraud and other illicit activities. Previously, reports were required to be filed with FinCEN by January 13, 2025. However, the Fifth Circuit Court of Appeals put this filing deadline on hold with its December 27 decision.

The next step is for the court to hear arguments on March 25, 2025, when it will decide on whether to keep the injunction in place (i.e., the delay in implementing the BOI rule) while the broader case is heard by the full court. Accordingly, the delay in companies having to file BOI reports with FinCEN is expected to stay in place through the end of March 2025. The only thing that could speed up this timeline is if the federal government appeals the Fifth Circuit's injunction to the Supreme Court of the United States (SCOTUS) and the SCOTUS intervenes in favor of reinstating implementation of the rulemaking.

While the recent delay in implementation of the BOI filing deadline is positive news for small businesses, the lack of consistency from the courts underscores the need for a longer delay in implementing the rule. Moving forward, SEMA and other associations that represent small businesses are seeking to have the Trump Administration delay implementation of the BOI rule through December 31, 2025.

Beneficial Ownership Rule Filing Requirements 

The CTA defines a "beneficial owner" as an individual who, directly or indirectly, exercises substantial control over the reporting company or owns or controls at least 25% of the ownership interests of the reporting company. An individual exercises "substantial control" over an entity if the individual:  

• Serves as a senior officer. 
• Has authority over the appointment or removal of a senior officer or a majority of the board of directors. 
• Directs, determines or has substantial influence over important business decisions. 

Beneficial ownership information reporting is not an annual requirement. Businesses only must file a report with FinCEN once, unless the filer needs to update or correct information about their company's beneficial ownership. Generally, reporting companies must provide four pieces of information about each beneficial owner: 

• Name. 
• Date of birth. 
• Address. 
• The identifying number and issuer from either a non-expired U.S. driver's license, a non-expired U.S. passport or a non-expired identification document issued by a State (including a U.S. territory or possession), local government or Native American tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted. 

Companies must also submit certain information about themselves, such as their name(s) and address. In addition, reporting companies created on or after January 1, 2024, must submit information about the individuals who formed the company ("company applicants"). 

Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report at www.fincen.gov/boi. Also, SEMA member companies can listen to a webinar on the BOI reporting requirements. There is no charge for SEMA members, as the association is a member of the Small Business Legislative Council (SBLC), which hosted the webinar. 

Beneficial Ownership Information (BOI) Exemptions

Small businesses can be exempted from filing a report with FinCEN if they meet the following three criteria:

• Employ more than 20 employees
• Operate a physical office in the United States
• Filed federal tax returns demonstrating more than $5 million in gross receipts or sales. 

Additional information on which companies must file BOI reports with FinCEN is outlined below. If your business is required to submit a report, click here to file a BOI report with FinCEN. 

For more information, contact Eric Snyder, SEMA's senior director of federal government affairs, at erics@sema.org. 

By the SEMA Washington D.C., office

A late-breaking legal development has put on hold the deadline for small businesses to file a report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their beneficial ownership information (BOI). BOI reports are a requirement under the Corporate Transparency Act (CTA), a 2021 federal law that is intended to enhance transparency in entity structures and ownership to combat money laundering, tax fraud and other illicit activities. Previously, reports were required to be filed with FinCEN by January 13, 2025. However, the Fifth Circuit Court of Appeals put this filing deadline on hold with its December 27 decision.

The next step is for the court to hear arguments on March 25, 2025, when it will decide on whether to keep the injunction in place (i.e., the delay in implementing the BOI rule) while the broader case is heard by the full court. Accordingly, the delay in companies having to file BOI reports with FinCEN is expected to stay in place through the end of March 2025. The only thing that could speed up this timeline is if the federal government appeals the Fifth Circuit's injunction to the Supreme Court of the United States (SCOTUS) and the SCOTUS intervenes in favor of reinstating implementation of the rulemaking.

While the recent delay in implementation of the BOI filing deadline is positive news for small businesses, the lack of consistency from the courts underscores the need for a longer delay in implementing the rule. Moving forward, SEMA and other associations that represent small businesses are seeking to have the Trump Administration delay implementation of the BOI rule through December 31, 2025.

Beneficial Ownership Rule Filing Requirements 

The CTA defines a "beneficial owner" as an individual who, directly or indirectly, exercises substantial control over the reporting company or owns or controls at least 25% of the ownership interests of the reporting company. An individual exercises "substantial control" over an entity if the individual:  

• Serves as a senior officer. 
• Has authority over the appointment or removal of a senior officer or a majority of the board of directors. 
• Directs, determines or has substantial influence over important business decisions. 

Beneficial ownership information reporting is not an annual requirement. Businesses only must file a report with FinCEN once, unless the filer needs to update or correct information about their company's beneficial ownership. Generally, reporting companies must provide four pieces of information about each beneficial owner: 

• Name. 
• Date of birth. 
• Address. 
• The identifying number and issuer from either a non-expired U.S. driver's license, a non-expired U.S. passport or a non-expired identification document issued by a State (including a U.S. territory or possession), local government or Native American tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted. 

Companies must also submit certain information about themselves, such as their name(s) and address. In addition, reporting companies created on or after January 1, 2024, must submit information about the individuals who formed the company ("company applicants"). 

Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report at www.fincen.gov/boi. Also, SEMA member companies can listen to a webinar on the BOI reporting requirements. There is no charge for SEMA members, as the association is a member of the Small Business Legislative Council (SBLC), which hosted the webinar. 

Beneficial Ownership Information (BOI) Exemptions

Small businesses can be exempted from filing a report with FinCEN if they meet the following three criteria:

• Employ more than 20 employees
• Operate a physical office in the United States
• Filed federal tax returns demonstrating more than $5 million in gross receipts or sales. 

Additional information on which companies must file BOI reports with FinCEN is outlined below. If your business is required to submit a report, click here to file a BOI report with FinCEN. 

For more information, contact Eric Snyder, SEMA's senior director of federal government affairs, at erics@sema.org. 

By Ashley Reyes

SEMA has opened submissions for speakers for the 2025 SEMA Show, which will take place in Las Vegas on November 4–7, 2025. Innovative thought leaders and dynamic presenters who can share new skills and trends targeted at the automotive aftermarket are invited to apply at semashow.com/speakers.

Organizers are seeking experts who can facilitate new ideas, technologies and expertise at sessions that will help industry members take their businesses and careers to the next level.

Educational sessions are one of the key pillars of the SEMA Show, where thousands of industry professionals convene to learn new business strategies and best practices. The SEMA Show education program provides relevant, engaging and inspiring information on the industry's complex issues and topics.

Topics of focus for 2025 include:

• Aftermarket updates and future trends.
• Emerging and executive leadership.
• Legislative and regulatory.
• Sales and marketing.
• Small-business strategy.
• Vehicle technology.
• Industry segment-specific topics.

Speaker proposals for the 2025 SEMA Show must be submitted by January 31, 2025, at semashow.com/speakers.

For more details, contact Gary Vigil, SEMA senior manager of professional development, at garyv@sema.org or 909-978-6738.

By Ashley Reyes

Industry members are invited to submit nominations for the prestigious SEMA Motorsports Parts Manufacturers Council (MPMC) Robert E. Petersen Media Award, recognizing an automotive journalist who has made a positive impact on the motorsports industry. Nominations can be made at this link.

The award is presented in honor of a member of the print, online or broadcast media who has made a substantial contribution to the motorsports industry within the past year while maintaining an ongoing record of service and support to the motorsports sector.

"Media professionals play a vital role in sharing the stories of this great industry, creating meaningful content that informs, inspires and showcases the passion and innovation of motorsports," said MPMC Council Director Marcy Yanus. "We encourage everyone to nominate a deserving journalist who has made a meaningful difference this year."

To qualify, nominees must be automotive or motorsports journalists with work published in print or online media and must actively support the motorsports industry with positive content.

The winner will be announced and celebrated during the MPMC Reception at the 2025 Media Trade Conference, held January 21-23, 2025, in Orlando, Florida.

Submit your nomination today.

By SEMA News Editors

Are you hunting for a new job? The SEMA Career Center has a comprehensive listing of automotive-related job openings nationwide. Below are some of the latest postings.

SEMA

Emissions Lab Mechanic in Detroit, Michigan

SEMA Garage Detroit is seeking an emissions lab mechanic who will be responsible for assisting with the day-to-day operations of the SEMA Garage Detroit Emission Lab, Product Development/Installation Center and ADAS Research facilities.

Aldan American

Order Fulfillment Technician in Signal Hill, California

The role of this position is to fulfill and assemble new orders provided by the lead and assistant fulfillment/shipping supervisors. Building finished goods, restocking shelves, taking inventory and identifying parts minimums daily is required of this role.

Overland Vehicle Systems

Sales Specialist in Santa Fe Springs, California

This full-time role is designed for an individual who thrives in a fast-paced environment and is passionate about delivering exceptional customer service while driving sales. The sales specialist will play a key role in ensuring that our customers receive top-notch support and guidance, from initial inquiries through to post-purchase follow-up.

By Ashley Reyes

As consumers increasingly turn to social media to engage with their favorite brands, aftermarket companies have an incredible opportunity to collaborate with content creators to boost business and marketing success. In fact, 85% of surveyed respondents from the "The State of Influencer Marketing 2024: Benchmark Report" consider influencer marketing an effective strategy—a significant increase from previous years.  

On Tuesday, January 7 at 10:00 a.m. (PDT), the SEMA Motorsports Parts Manufacturers Council (MPMC) will host a live webinar on how to effectively work with content creators. Attendees will hear from industry leaders at DriveShop, an influencer marketing agency specializing in the automotive aftermarket, as they share the fundamentals of influencer marketing and how content creators can help brands reach highly targeted audiences and drive measurable results with engaging and impactful content.  

Topics include:  

• How to integrate content creators into an existing marketing strategy 
• How to identify the right creators to work with 
• How to get the most out of influencer partnerships 
• Common mistakes and pitfalls to avoid when choosing a content creator  

Presented by DriveShop CEO Derek Drake and Creator Engagement Director Lisa Cabalquinto, the "Content Creator Marketing for Aftermarket Brands" session will offer real examples of influencer marketing that are taking off in the aftermarket industry, as well as a Q&A with the speakers.  

Register here. 

By SEMA News Editors

Sumitomo Rubber North America Promotes Wayne Horne to National Sales Manager

Sumitomo Rubber North America, the Rancho Cucamonga, California-based parent company of Falken Tires, has promoted Wayne Horne to national sales manager.

Horne has been with SRNA since 2016, holding nine different positions throughout his tenure, mostly recently serving as strategic account manager.

"Wayne continues to demonstrate his ability to build strong relationships with customers and provide results," said Darren Thomas, SRNA's CEO and president. "He has proven to be highly adaptable in this evolving industry and remains a key member of our Passenger and Light Truck business. I'm confident he will continue to succeed in his new role, and we are proud to witness his growth within SRNA."

For more information, visit falkentire.com.

Mastercam Announces Leadership Transition

Mastercam, the Tolland, Connecticut-based provider of CAM/CAD solutions, has announced Russ Bukowski as interim president, effective December 16.

"With more than 20 years of expertise in strategy, Bukowski is well-equipped to guide Mastercam through this transition," the company said in a statement announcing the leadership transition. "His deep understanding of creating effective strategies and delivering exceptional customer experiences will be instrumental in advancing Mastercam's goals of accelerated growth and innovation."

For more information, visit mastercam.com.

By SEMA News Editors

PRI Becomes Title Sponsor, Official Broadcast Partner of Hoosier 500 

In a groundbreaking partnership for open-wheel sim racing, PRI has been announced as title sponsor for the 2025 running of the Hoosier 500. In addition to its role as title sponsor, PRI's digital channels will become the streaming home of next year's race, to be held on December 21, 2025. 

The PRI Hoosier 500 is a sim race contested at the virtual Indianapolis Motor Speedway on the iRacing platform, the world's premiere motorsport racing simulation. By providing the most authentic "500" experience, it strives to be the crown jewel special event for open-wheel racers on the iRacing platform. 

"Today's announcement formally finalizes a monumental partnership for the Hoosier 500 and open-wheel sim racing," said Tanner Watkins, president and co-owner of the Hoosier 500. "We are incredibly excited to partner with a pillar in the motorsports world, PRI. Through strategic growth opportunities, this union is designed to elevate the Hoosier 500 as a special event in the sim racing community. A special thanks goes out to our friends at PRI for seeing the potential in our event and its impact on sim racing, the state of Indiana, and our community in Indianapolis." 

"Tanner and I set a goal to make this event bigger and better. The best way we knew to do that was to surround ourselves with people in the Indianapolis community who have the same passion for the Indianapolis 500 and motorsports as Tanner and I possess," said Ryan Schuld, co-owner and chief development officer of the Hoosier 500. 

"This does that. PRI calls home just a block from the Indianapolis Motor Speedway and this partnership will take this event to new heights in 2025 and beyond. We could not be more excited to welcome PRI to the event." 

Since its inception in 1986, PRI has served as the motorsports industry's key source for trends, merchandising ideas, new products, business strategies and more. Through the world's premier auto racing trade show in Indianapolis, Indiana, and a dedicated membership program, PRI provides the motorsports industry with ongoing legislative advocacy, market research and access to the latest trends and technology. 

As the official broadcast partner of the 2025 Hoosier 500, PRI will stream next year's race live on the organization's Facebook and YouTube channels, in addition to lead-in coverage for qualifications weekend. The race is scheduled to be held on Sunday, December 21, 2025. 

Those interested in partnership opportunities with the 2025 PRI Hoosier 500 can contact Ryan Schuld at ryan@thehoosier500.com. All funds generated via partnerships for the PRI Hoosier 500 are utilized to cover event expenses and racer payouts. 

Sim racers interested in learning more about competing in next year's event can subscribe to our competitor communications list by clicking here. Further information about the 2025 event schedule will be announced Monday, January 6, with additional competition rules and regulations to be released closer to the race registration period opening next year. 

For more information, visit thehoosier500.com.

The following is a message to SEMA Members from SEMA President and CEO Mike Spagnola:

Dear SEMA Member:

A strong SEMA Board means wise leadership and an association that serves its members well. As a member of the association, we are currently seeking your recommendation of industry leaders to serve on the SEMA Board of Directors.

The following seats are open for this year's election:

• Chair-elect (one open seat)
• Manufacturer (three open seats)
• Manufacturers' Rep (one open seat)

Please take a moment and tell us whom you would recommend as a potential nominee for a Board member position by completing and submitting a nomination form. To help the vetting process, include brief information about the nominee's qualifications, such as background, experience and achievements that would make that nominee an outstanding board candidate.

Nominations for the SEMA Board of Directors are due on Monday, January 6, 2025.

Submit a nomination HERE.

We urge you to take part in the nomination process. Our industry has many individuals who would be an asset to the Board, but we need you to help bring them to the attention of the Nominating Committee. Thank you for your attention to this important request.

Sincerely,

Mike Spagnola
SEMA President and CEO

By SEMA News Editors

SEMA

Senior Manager of State Government Affairs in Washington, D.C.

SEMA is seeking a senior manager of state government affairs to advocate for SEMA and PRI in states east of the Mississippi River. This role includes monitoring and influencing state legislative and regulatory actions, building relationships with key policymakers and coordinating grassroots advocacy efforts. The senior manager of state government affairs will ensure that the organization's voice is heard in state capitols and that legislative and regulatory outcomes align with the organization's goals and priorities.

Velocity Restorations

Sales Executive in Pensacola, Florida

This individual will be the face of Velocity to its clientele, responsible for managing sales inquiries, nurturing leads and guiding customers through the sales process with exceptional service and professionalism. The ideal candidate will have a proven track record in luxury automotive, marine or similar high-end industries.