From the SEMA Washington, D.C., office

A late-breaking legal development has reinstated the requirement that small businesses must file a report with the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their beneficial ownership information (BOI). Following a ruling reinstating BOI reporting requirements by the United States District Court for the Eastern District of Texas, FinCEN issued a notice that reset the filing deadline for most companies to March 21, 2025. 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. 

While the Trump Administration has defended the CTA in court there have been reports that FinCEN could revise the rules to reduce the compliance burden for "lower-risk entities, including many U.S. small businesses." SEMA will continue to monitor any changes in CTA requirements and update its members if there is any official action delaying or refocusing enforcement of the regulation. 

Congress has also made progress in delaying the implementation of the CTA. The U.S. House of Representatives recently passed the "Protect Small Businesses from Excessive Paperwork Act of 2025" (H.R. 736), a bill that would delay the CTA reporting requirements until January 1, 2026. However, it is unlikely that H.R. 736 will become law prior to March 21.  

The CTA requires most small businesses in the United States to make a filing with FinCEN (more information HERE). 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

If your business is required to submit a report, click here to file a BOI report with FinCEN. 

Corporate Transparency Act requires most small businesses in the United States to make a filing with FinCEN (more information HERE).

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 United States driver's license, a non-expired United States 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. 

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

From the SEMA Washington, D.C., office

A late-breaking legal development has reinstated the requirement that small businesses must file a report with the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their beneficial ownership information (BOI). Following a ruling reinstating BOI reporting requirements by the United States District Court for the Eastern District of Texas, FinCEN issued a notice that reset the filing deadline for most companies to March 21, 2025. 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. 

While the Trump Administration has defended the CTA in court there have been reports that FinCEN could revise the rules to reduce the compliance burden for "lower-risk entities, including many U.S. small businesses." SEMA will continue to monitor any changes in CTA requirements and update its members if there is any official action delaying or refocusing enforcement of the regulation. 

Congress has also made progress in delaying the implementation of the CTA. The U.S. House of Representatives recently passed the "Protect Small Businesses from Excessive Paperwork Act of 2025" (H.R. 736), a bill that would delay the CTA reporting requirements until January 1, 2026. However, it is unlikely that H.R. 736 will become law prior to March 21.  

The CTA requires most small businesses in the United States to make a filing with FinCEN (more information HERE). 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

If your business is required to submit a report, click here to file a BOI report with FinCEN. 

Corporate Transparency Act requires most small businesses in the United States to make a filing with FinCEN (more information HERE).

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 United States driver's license, a non-expired United States 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. 

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

By Ashley Reyes

Precision Replacement Parts (PRP) has been among trusted names in the automotive glass industry since 1986. Just browse through their website and you will find an extensive selection of molded EPDM Rubber, PVC and HDPE-based plastics, and various stamped and extruded metal products for the classic and late-model industries.  

In 2024, PRP earned industry recognition when their '73-'87 GM Truck Complete Vent Assembly was voted Best New Exterior Product in the SEMA Automotive Restoration Market Organization (ARMO) Hot Products Showcase at Spring Carlisle in Carlisle, Pennsylvania.

SEMA News recently spoke with PRP Marketing Manager Derek Churchyard, who shared the story behind the vent assembly, and how other restoration parts manufacturers can benefit from displaying their products in the ARMO Hot Products Showcase at the 2025 Spring Carlisle in April.   

Q: Can you tell us about what inspired the product's creation?  

DC: The vent windows on the '73–'87 square-body trucks have always been some of the most challenging components to rebuild. For the past seven years, we've offered a rebuild service for these vent assemblies, and it's been incredibly popular since there were no brand-new aftermarket replacements available. We recognized the need for a high-quality, new option. However, designing and tooling these vents was particularly tricky due to the bends in the assembly. It took three years of research, development and extensive customer testing to perfect them, and we're proud to have set a new standard in the industry. 

Precision Replacement Parts' vent assembly was voted Best New Exterior Product in last year's SEMA Automotive Restoration Market Organization (ARMO) Hot Products Showcase at Spring Carlisle in Carlisle, Pennsylvania.

Q: Why did you decide to showcase the vent assembly at Spring Carlisle instead of PRP's other products? 

DC: Due to the immense popularity of the square-body trucks and the significant gap in the market for these vent assemblies, we knew this product deserved as much exposure as possible. Showcasing them allowed us to highlight how we were filling a long-standing void with a high-quality solution that enthusiasts had been waiting for. 

Q: What did winning the Best New Exterior Product award mean to you and your team? 

DC: Winning this award was a powerful validation of the hard work, dedication and attention to detail that our team put into developing this product. It reinforced that our efforts to create a high-quality solution for square-body enthusiasts were truly making an impact in the industry. 

Q: Is PRP planning to display anything in this year's Hot Products Showcase? If so, what are you bringing? 

DC: Yes, this year we're showcasing the rear window original slider gasket for the square-body trucks—another product that has been missing from the market. Just like with our vent assemblies, we saw a need for a high-quality solution, especially since many enthusiasts prefer the original slider option. 

Q: Why would you recommend other ARMO members participate in the 2025 Showcase? 

DC: Participating in the Showcase is a fantastic opportunity for ARMO members to gain valuable exposure for their new products. It's a great way to connect with industry professionals, showcase innovation and reach a broader audience that appreciates quality restoration parts. 

2025 ARMO Hot Products Showcase Product Entries Now Open

Registration is now open to ARMO members who would like to have their products included in the Hot Products Showcase at Spring Carlisle, in Carlisle, Pennsylvania, April 23-25.

Program participation is free to ARMO members, and manufacturers are only responsible for shipping their products in advance with a return label or dropping off and picking up their products on-site.  

During the event, Carlisle attendees will vote for their favorite products in the categories of exterior, interior, engine, accessory item, drivetrain/brakes/suspension and People's Choice. Winners will be recognized at the 2025 SEMA Show in Las Vegas in November.  

Click here to start the product submission process. 

For more information on the ARMO Hot Products Showcase, visit here. 

By the SEMA Washington, D.C., office

Want to help? LEARN MORE HERE, AND SIGN THE LETTER TO LAWMAKERS HERE.

By the SEMA Washington, D.C., office

Want to help? LEARN MORE HERE, AND SIGN THE LETTER TO LAWMAKERS HERE.

Story and photos by Andreas Conradt, Automedia

'26 Porsche 718 Cayman EV: A New Era of Performance and Sustainability

Porsche is poised to make a significant impact with the upcoming '26 Porsche 718 Boxster and Cayman EV. This all-electric iteration of the iconic 718 promises to blend the brand's storied performance heritage with cutting-edge technology and sustainability, according to the manufacturer.

The Porsche 718 series, which includes the Boxster and Cayman, has long been celebrated for its exceptional handling, lightweight construction and thrilling driving dynamics. The '26 Porsche 718 EV aims to uphold this legacy while embracing the advantages of electric powertrains, according to SEMA News sources. While the open-top 718 Boxster has been photographed in prototype guise various times since 2023, these are the first shots of its tin-topped stable mate, the 718 Cayman.

The design of the '26 Porsche 718 EV appears to reflect modern interpretations of the classic 718 silhouettes. Expect to see sleek lines, a low stance and an aerodynamic profile that enhances efficiency and performance. While the overall shapes may remain familiar, the EVs will incorporate unique design elements that distinguish them from their gasoline-powered predecessors, such as a closed-off front grille and distinctive lighting signatures, sources said.

At the heart of the '26 Porsche 718 Boxster and Cayman will be an electric powertrain. While specific details are still under wraps, industry insiders anticipate a dual-motor setup that will provide all-wheel drive and instantaneous torque delivery. This configuration could enable Boxster and Cayman to achieve 0-60-mph times in the realm of 3 seconds or less.

Porsche is also expected to utilize advanced battery packs that offer a balance of high energy density and lightweight construction, ensuring that the vehicle remains agile and responsive. Additionally, fast-charging capabilities will likely be a priority, allowing drivers to recharge their vehicles quickly and efficiently during long journeys.

Inside, the cabin will likely feature high-quality materials, an ergonomic design and a driver-focused layout. A digital cockpit with a large infotainment display will provide access to a range of connectivity features, navigation and performance data, insiders said.

Porsche is also expected to integrate advanced driver-assistance systems (ADAS) to enhance safety and convenience. Features such as adaptive cruise control, lane-keeping assist and automated parking will likely be available.

As part of Porsche's stated commitment to sustainability, the '26 718 EV will likely include the use of sustainable materials in the interior, energy-efficient manufacturing processes and a focus on recyclability will all contribute to a more environmentally friendly vehicle.

Facelifts Coming for Mercedes-AMG GLE and GLS

Mercedes-AMG GLE

With updates already on the way for the Mercedes-Benz GLE and GLS, SEMA News sources recently caught a glimpse of the redesigned AMG variants of both models.

The Affalterbach manufacturer is working on a second facelift for their GLE midsize and GLS full-size SUVs to prolong the life span of the models, likely a result of the ongoing debate about the end or open end for internal-combustion engines in Europe and elsewhere, according to insiders.

Mercedes-AMG GLS

The new spy shots indicate that modifications will be limited to a few cosmetic changes. As seen in these new images, the inner graphics of the front and rear lamps are clearly visible and are reminiscent of parent company's Mercedes-Benz three-pointed star.

These minor changes could be paired with a small makeover of the interior, plus updated safety-assistance systems and a revised infotainment system, including bigger screens.

New exhaust regulations also suggest that there will be no changes under the hood, sources said.

By Ashley Reyes

Ultra4 racecars have undergone remarkable advancements over the years, evolving from dedicated rock crawlers struggling to reach 60 mph to high-performance racecars capable of exceeding 130 mph. These intricate machines are now known for their ability to dominate in some of the most thrilling desert races, short course competitions and high-stakes endurance challenges that exist today.  

On Thursday, March 6, at 9:00 a.m. PST, the SEMA Wheel, Tire, Suspension & Brake Council (WTSBC) will host a Coffee and Conversation virtual event discussing the evolution of the Ultra4 racecar. Attendees will engage in open dialogue with featured guests who are experts in the Ultra4 racing field, providing a unique opportunity to exchange knowledge with others and gain new perspectives.

During the conversation, attendees will connect with:  

• Matt Harris -- vice president and general manager, Method Race Wheels/Custom Wheelhouse 
• Brian McCroskey -- senior manager-special projects, Bilstein/Thyssenkrup 
• Mike Messina -- general manager-racing division, Brembo 
• Jeremy Purick -- Rock Krawler Suspension
• Jason Weidman -- brand manager-wheels, Wheel Group 

WTSBC Coffee and Conversations offer a great chance to network virtually with professionals in the wheel, tire, suspension and brake sectors. You'll be able to share your insights, discuss common challenges and build valuable relationships with industry peers. 

Register here.

By the SEMA Washington, D.C., office

SEMA, on behalf of the specialty automotive aftermarket industry and community of automotive enthusiasts nationwide, believes that individuals' right to repair and modify the vehicles they own is essential to a free nation and the future of the industry.  

New barriers, whether legal or technological, hinder vehicle owners' ability to work on their vehicles, seek repairs at independent automotive shops, and manufacture and install replacement and specialty parts, software and services to enhance their vehicles' safety, performance and comfort each year.

These barriers represent an ever-evolving challenge to vehicle owners and the thousands of businesses that make up the specialty automotive aftermarket industry, whose $337 billion annual economic impact is a core driver of the nation's economy.  

Historically, aftermarket modifications have been largely mechanical. However, modifying newer vehicles to improve performance, safety, reliability and appearance requires aftermarket businesses to access a vehicle's electronic control unit (ECU), on-board diagnostics systems (OBD) and advanced driver assistance systems (ADAS) to ensure it understands how the parts and products installed interact with OEM systems. Accordingly, it is imperative that OEM data from testing and system calibration is available and able to accommodate vehicle modifications to maintain the integrity and performance of safety systems after a vehicle has been modified.  

While many new ADAS features, such as lane-departure warning, lane-keep assist, forward-collision warning, and automatic emergency braking, come standard in the latest models of vehicles, the technology automakers employ to support these systems varies greatly by model and OEM. Currently, vehicle manufacturers are not required to provide full-vehicle lifecycle support, including instructions, application guides, proper mounting or functionality windows, or access to make changes outside of the original sensor location and configuration.  

This presents a challenge to correctly and safely calibrate ADAS and ensure optimal performance after basic modifications, such as installing larger tires and wheels, lift kits, lowering kits, bumpers, grilles, push bars, light bars, bike racks and winches.  

SEMA is committed to protecting the rights of vehicle owners and millions of automotive enthusiasts to choose where and with what parts and software their vehicles are repaired, customized and modified.  

It is imperative that any legislative, regulatory or industry standards or agreements adhere to the principles outlined below. While the REPAIR Act is designed to provide vehicle information and data to protect the future of the independent repair industry, the bill does not extend similar protections to individuals and businesses that modify and customize vehicles, nor does it provide access to the information needed to properly recalibrate ADAS systems after a vehicle has been modified.  

SEMA is neutral on the REPAIR Act and will advocate for expanding the legislation to protect the right to modify and customize vehicles. 

SEMA's support for any "right to repair" legislation is contingent upon meeting the aftermarket industry's needs in the following areas: 

• Access: As automotive technology continues to evolve, vehicle owners and the specialty automotive aftermarket industry, including businesses that manufacture and install specialty parts and software, must have access to the tools, repair procedures and information, configurable vehicle parameters, customization settings, software, technical and compatibility information, and wiring diagrams. Automakers must provide this access at fair and reasonable prices and subject to the same cryptographic or technological protections as their authorized dealers and service providers. 
• Calibration and recalibration: Specialty aftermarket businesses must have access to the information needed to calibrate and recalibrate vehicle systems, including ADAS, to ensure safe operation after a vehicle's ride height and profile is modified, or if the vehicle has been customized.  
• Elimination of barriers: Motor vehicle manufacturers must be prevented from using technological and legal barriers to limit aftermarket parts manufacturers, vehicle repairers, and businesses that modify or customize vehicles to manufacture or install aftermarket parts, services, and software needed to repair, customize, or modify a vehicle. 
• A level playing field: Vehicle owners, aftermarket parts manufacturers, diagnostic tool manufacturers, and motor-vehicle service businesses must have access to the same information and tools as OEM's authorized vehicle service providers. Along these lines, such access must be provided in the same manner, time, method, cost (must be fair and reasonable), content set, and subject to the same cryptographic or technological protections, as vehicle manufacturers' authorized vehicle service providers. 
• Owners' data rights: Vehicle owners must have the right to access their vehicle's safety and performance data and be able to share this information with the repairer or vehicle service provider of their choice. 

For more information, contact Eric Snyder at erics@sema.org. 

Image courtesy of Shutterstock

By the SEMA Washington, D.C., office

SEMA, on behalf of the specialty automotive aftermarket industry and community of automotive enthusiasts nationwide, believes that individuals' right to repair and modify the vehicles they own is essential to a free nation and the future of the industry.  

New barriers, whether legal or technological, hinder vehicle owners' ability to work on their vehicles, seek repairs at independent automotive shops, and manufacture and install replacement and specialty parts, software and services to enhance their vehicles' safety, performance and comfort each year.

These barriers represent an ever-evolving challenge to vehicle owners and the thousands of businesses that make up the specialty automotive aftermarket industry, whose $337 billion annual economic impact is a core driver of the nation's economy.  

Historically, aftermarket modifications have been largely mechanical. However, modifying newer vehicles to improve performance, safety, reliability and appearance requires aftermarket businesses to access a vehicle's electronic control unit (ECU), on-board diagnostics systems (OBD) and advanced driver assistance systems (ADAS) to ensure it understands how the parts and products installed interact with OEM systems. Accordingly, it is imperative that OEM data from testing and system calibration is available and able to accommodate vehicle modifications to maintain the integrity and performance of safety systems after a vehicle has been modified.  

While many new ADAS features, such as lane-departure warning, lane-keep assist, forward-collision warning, and automatic emergency braking, come standard in the latest models of vehicles, the technology automakers employ to support these systems varies greatly by model and OEM. Currently, vehicle manufacturers are not required to provide full-vehicle lifecycle support, including instructions, application guides, proper mounting or functionality windows, or access to make changes outside of the original sensor location and configuration.  

This presents a challenge to correctly and safely calibrate ADAS and ensure optimal performance after basic modifications, such as installing larger tires and wheels, lift kits, lowering kits, bumpers, grilles, push bars, light bars, bike racks and winches.  

SEMA is committed to protecting the rights of vehicle owners and millions of automotive enthusiasts to choose where and with what parts and software their vehicles are repaired, customized and modified.  

It is imperative that any legislative, regulatory or industry standards or agreements adhere to the principles outlined below. While the REPAIR Act is designed to provide vehicle information and data to protect the future of the independent repair industry, the bill does not extend similar protections to individuals and businesses that modify and customize vehicles, nor does it provide access to the information needed to properly recalibrate ADAS systems after a vehicle has been modified.  

SEMA is neutral on the REPAIR Act and will advocate for expanding the legislation to protect the right to modify and customize vehicles. 

SEMA's support for any "right to repair" legislation is contingent upon meeting the aftermarket industry's needs in the following areas: 

• Access: As automotive technology continues to evolve, vehicle owners and the specialty automotive aftermarket industry, including businesses that manufacture and install specialty parts and software, must have access to the tools, repair procedures and information, configurable vehicle parameters, customization settings, software, technical and compatibility information, and wiring diagrams. Automakers must provide this access at fair and reasonable prices and subject to the same cryptographic or technological protections as their authorized dealers and service providers. 
• Calibration and recalibration: Specialty aftermarket businesses must have access to the information needed to calibrate and recalibrate vehicle systems, including ADAS, to ensure safe operation after a vehicle's ride height and profile is modified, or if the vehicle has been customized.  
• Elimination of barriers: Motor vehicle manufacturers must be prevented from using technological and legal barriers to limit aftermarket parts manufacturers, vehicle repairers, and businesses that modify or customize vehicles to manufacture or install aftermarket parts, services, and software needed to repair, customize, or modify a vehicle. 
• A level playing field: Vehicle owners, aftermarket parts manufacturers, diagnostic tool manufacturers, and motor-vehicle service businesses must have access to the same information and tools as OEM's authorized vehicle service providers. Along these lines, such access must be provided in the same manner, time, method, cost (must be fair and reasonable), content set, and subject to the same cryptographic or technological protections, as vehicle manufacturers' authorized vehicle service providers. 
• Owners' data rights: Vehicle owners must have the right to access their vehicle's safety and performance data and be able to share this information with the repairer or vehicle service provider of their choice. 

For more information, contact Eric Snyder at erics@sema.org. 

Image courtesy of Shutterstock

From SEMA's Washington, D.C., office

SEMA is requesting that its members sign a letter to federal lawmakers explaining why Congress should pass a Congressional Review Act (CRA) resolution to overturn the United States Environmental Protection Agency's (EPA) Clean Air Act waiver for California's Advanced Clean Cars II (ACC II) regulation. Congress has an opportunity to stop California's disastrous regulation, which requires 100% of new cars, SUVs and small trucks sold in California and 11 other states to be zero-emissions vehicles (ZEV) by 2035. 

Click below to act now and add your name to the list!

SIGN THE LETTER TO LAWMAKERS HERE.

Congress is owed the opportunity to determine whether a single state should be empowered to enact a heavy-handed policy that would have broad, national implications for the economy, the entire automotive-aftermarket industry and consumers.

If not stopped by Congress, the Clean Air Act waiver that the EPA granted in December would enable California to implement its EV mandates and ban internal-combustion-engine vehicles. Congress, though, can use the CRA to nullify the waivers, thus preserving vehicle choice for consumers and halting a policy that would have a disastrous effect on the automotive aftermarket industry.

To sign your name to this important cause, complete SEMA's quick form here.