No one can afford to lose sales, but many companies miss out on profitability by not following one simple procedure: ensuring that they offer customers complete and informative product information. Properly presented product data can boost a company’s image, increase sales, lower product return rates and improve product exposure.

Scott O’Toole, principal and founder of RPM Data Services, is a 28-year veteran of the performance and OEM industry. In his revealing new SEMA webinar entitled “Boost Profitability With Proper Product Data,” O’Toole will explain in easy-to-understand language how using the standardized product format (PIES) will help your company sell more parts. The session is set for Thursday, August 12, 10:00 a.m.–11:00 a.m. (PDT).

Topics include:

• Essential product information
• Crucial quality and accuracy 
• Bad information that causes big problems 
• How to populate and share data 
• Benefits of using proper data

O’Toole is a well-known industry author and speaker, and his company is a leader in the field of product data solutions, concentrating on high-performance and racing aftermarket parts distribution.

Join him live for “Boost Profitability With Proper Product Data,” or download the webinar at your convenience. Visit www.SEMA.org/events/webinars to register. And remember: SEMA webinars are free to SEMA members and only $29 for non-members.

Brenda Priddy's spy photographers snagged this latest look at Bentley's updated 2011 Continental GT, which looks like it will get new headlights, a front bumper and front fenders for a dramatic new front end look. The seam at the headlights has also been lowered to the height of the air intakes, giving a more polished, cleaner face. The side mirrors also take on a new, more rounded shape. Watch for this new Bentley to debut at the Paris Motor Show this fall.

 

Photos copyright Brenda Priddy & Company. Reuse or reproduction without copyright holder's consent is prohibited.

Brenda Priddy's spy photographers snagged this latest look at Bentley's updated 2011 Continental GT, which looks like it will get new headlights, a front bumper and front fenders for a dramatic new front end look. The seam at the headlights has also been lowered to the height of the air intakes, giving a more polished, cleaner face. The side mirrors also take on a new, more rounded shape. Watch for this new Bentley to debut at the Paris Motor Show this fall.

 

Photos copyright Brenda Priddy & Company. Reuse or reproduction without copyright holder's consent is prohibited.

	Ford offers more than 18 different graphics wrap packages (above) for the new Fiesta as well as exterior accessories, such as a rear hatch spoiler.

The question weighs on the minds of many in the specialty-equipment industry: Where are the new customers going to come from? Where is the next generation of tuners and customizers?

Ford has one possible answer. Its accessories program for the forthcoming 2011 Fiesta offers mainstream buyers a chance to test the waters of customization. Featuring personalized options, including vinyl wraps, a body kit and interior components, the Fiesta packages allow buyers to dabble in the tuning world right from the dealer floor.

Inside, Fiesta owners can choose from seven different LED color combinations in the footwells and door sills, while exterior accessories, such as a rear roof spoiler or four-piece body kit, add further style elements. Ford Custom Graphics by Original Wraps—a personalized set of images and icons applied to the Fiesta’s exterior panels—allow refinement of personal expression, offering 18 contemporary designs, including cityscapes, bubbles, flames, ninja blades and even a body-side tattoo graphic spelling out “Fiesta” in black or silver.

“Factory accessory programs offered at dealerships can open the door and pull some people in,” says R.J. De Vera, manager of Wraptivo (a new business unit at Meguiar’s) and a veteran project car designer/builder in Japanese and Euro tuning circles. Wraps and graphics, especially, offer great initial exposure to the customization world, De Vera says.

“A graphics package is an easy way in; it's a lower cost-of-entry than an exhaust kit, wheels or a lip spoiler, which you’d need to have painted to match and install. You also choose the design and color of the graphics. For most mainstream consumers, this isn’t an instant conversion. It’s not like most are going to slam their car and add a turbocharger right away.”

Neil Tjin is another top Southern California designer/builder, whose projects for this year’s SEMA Show include two Ford projects (one of them a Fiesta), a Honda CRZ built with friend Warren Shim-Quee and a Camaro project led by Gene Marcel. Tjin says he sees wraps gaining wider acceptance, though, still not as popular as paint jobs. Wrapping individual sections of a car—hood, roof, hatch—however, is an increasing demand.

“I believe these [accessory] programs do help reach the mainstream,” Tjin says. “This is my first year working with Ford, but I have seen this work with Honda and GM, especially with the Camaro. And Ford is going all out with the grassroots stuff, the social networking, commercials, sweepstakes. It’ll be interesting to watch them go head-to-head with the new Scion tC and Honda CRZ.”

Although factory accessories seem like an obvious sell to those with even a passing interest in customizing, most automakers walk a fine line. Too aggressive product designs won’t have broad enough appeal (and could compromise crash-safety standards, De Vera says). Too bland, and no one will care.

“Some programs are effective and some aren’t,” De Vera explains. “It depends on several factors, namely design. The factory is never going to go as aggressive in their designs as the aftermarket, although Ford Racing is an exception; it has some pretty aggressive product. Success also depends on distribution and corporate support. Lexus has done a great job with F-Sport, limiting it to qualified dealers, and they really back it.”

	Ford offers more than 18 different graphics wrap packages (above) for the new Fiesta as well as exterior accessories, such as a rear hatch spoiler.

The question weighs on the minds of many in the specialty-equipment industry: Where are the new customers going to come from? Where is the next generation of tuners and customizers?

Ford has one possible answer. Its accessories program for the forthcoming 2011 Fiesta offers mainstream buyers a chance to test the waters of customization. Featuring personalized options, including vinyl wraps, a body kit and interior components, the Fiesta packages allow buyers to dabble in the tuning world right from the dealer floor.

Inside, Fiesta owners can choose from seven different LED color combinations in the footwells and door sills, while exterior accessories, such as a rear roof spoiler or four-piece body kit, add further style elements. Ford Custom Graphics by Original Wraps—a personalized set of images and icons applied to the Fiesta’s exterior panels—allow refinement of personal expression, offering 18 contemporary designs, including cityscapes, bubbles, flames, ninja blades and even a body-side tattoo graphic spelling out “Fiesta” in black or silver.

“Factory accessory programs offered at dealerships can open the door and pull some people in,” says R.J. De Vera, manager of Wraptivo (a new business unit at Meguiar’s) and a veteran project car designer/builder in Japanese and Euro tuning circles. Wraps and graphics, especially, offer great initial exposure to the customization world, De Vera says.

“A graphics package is an easy way in; it's a lower cost-of-entry than an exhaust kit, wheels or a lip spoiler, which you’d need to have painted to match and install. You also choose the design and color of the graphics. For most mainstream consumers, this isn’t an instant conversion. It’s not like most are going to slam their car and add a turbocharger right away.”

Neil Tjin is another top Southern California designer/builder, whose projects for this year’s SEMA Show include two Ford projects (one of them a Fiesta), a Honda CRZ built with friend Warren Shim-Quee and a Camaro project led by Gene Marcel. Tjin says he sees wraps gaining wider acceptance, though, still not as popular as paint jobs. Wrapping individual sections of a car—hood, roof, hatch—however, is an increasing demand.

“I believe these [accessory] programs do help reach the mainstream,” Tjin says. “This is my first year working with Ford, but I have seen this work with Honda and GM, especially with the Camaro. And Ford is going all out with the grassroots stuff, the social networking, commercials, sweepstakes. It’ll be interesting to watch them go head-to-head with the new Scion tC and Honda CRZ.”

Although factory accessories seem like an obvious sell to those with even a passing interest in customizing, most automakers walk a fine line. Too aggressive product designs won’t have broad enough appeal (and could compromise crash-safety standards, De Vera says). Too bland, and no one will care.

“Some programs are effective and some aren’t,” De Vera explains. “It depends on several factors, namely design. The factory is never going to go as aggressive in their designs as the aftermarket, although Ford Racing is an exception; it has some pretty aggressive product. Success also depends on distribution and corporate support. Lexus has done a great job with F-Sport, limiting it to qualified dealers, and they really back it.”

	Ford offers more than 18 different graphics wrap packages (above) for the new Fiesta as well as exterior accessories, such as a rear hatch spoiler.

The question weighs on the minds of many in the specialty-equipment industry: Where are the new customers going to come from? Where is the next generation of tuners and customizers?

Ford has one possible answer. Its accessories program for the forthcoming 2011 Fiesta offers mainstream buyers a chance to test the waters of customization. Featuring personalized options, including vinyl wraps, a body kit and interior components, the Fiesta packages allow buyers to dabble in the tuning world right from the dealer floor.

Inside, Fiesta owners can choose from seven different LED color combinations in the footwells and door sills, while exterior accessories, such as a rear roof spoiler or four-piece body kit, add further style elements. Ford Custom Graphics by Original Wraps—a personalized set of images and icons applied to the Fiesta’s exterior panels—allow refinement of personal expression, offering 18 contemporary designs, including cityscapes, bubbles, flames, ninja blades and even a body-side tattoo graphic spelling out “Fiesta” in black or silver.

“Factory accessory programs offered at dealerships can open the door and pull some people in,” says R.J. De Vera, manager of Wraptivo (a new business unit at Meguiar’s) and a veteran project car designer/builder in Japanese and Euro tuning circles. Wraps and graphics, especially, offer great initial exposure to the customization world, De Vera says.

“A graphics package is an easy way in; it's a lower cost-of-entry than an exhaust kit, wheels or a lip spoiler, which you’d need to have painted to match and install. You also choose the design and color of the graphics. For most mainstream consumers, this isn’t an instant conversion. It’s not like most are going to slam their car and add a turbocharger right away.”

Neil Tjin is another top Southern California designer/builder, whose projects for this year’s SEMA Show include two Ford projects (one of them a Fiesta), a Honda CRZ built with friend Warren Shim-Quee and a Camaro project led by Gene Marcel. Tjin says he sees wraps gaining wider acceptance, though, still not as popular as paint jobs. Wrapping individual sections of a car—hood, roof, hatch—however, is an increasing demand.

“I believe these [accessory] programs do help reach the mainstream,” Tjin says. “This is my first year working with Ford, but I have seen this work with Honda and GM, especially with the Camaro. And Ford is going all out with the grassroots stuff, the social networking, commercials, sweepstakes. It’ll be interesting to watch them go head-to-head with the new Scion tC and Honda CRZ.”

Although factory accessories seem like an obvious sell to those with even a passing interest in customizing, most automakers walk a fine line. Too aggressive product designs won’t have broad enough appeal (and could compromise crash-safety standards, De Vera says). Too bland, and no one will care.

“Some programs are effective and some aren’t,” De Vera explains. “It depends on several factors, namely design. The factory is never going to go as aggressive in their designs as the aftermarket, although Ford Racing is an exception; it has some pretty aggressive product. Success also depends on distribution and corporate support. Lexus has done a great job with F-Sport, limiting it to qualified dealers, and they really back it.”

SEMA and 54 other trade associations asked Congress to limit the amount credit card companies can charge merchants when processing payments. Congress addressed some, but not all swipe fees when it enacted the new financial reform law.

Under the existing system, the merchant pays a transaction fee every time a card is used, whether for credit or debit. The “swipe” fees amounted to $63 billion in 2008. The fees can average 2%–4% for businesses that accept debit/credit cards and are automatically divided between the merchant’s bank, cardholder’s bank and network that processes the transactions.

As a result of the new financial reform law, the Federal Reserve now has the authority to ensure that debit card transaction fees are “reasonable and proportional to the actual cost incurred” when processing a transaction. However, the Federal Reserve’s power is limited to the fees charged or received by the issuing institution (bank). Credit card fees charged by a payment network (such as MasterCard or Visa) will be generally free from regulation.

Merchants are allowed to offer discounts for one form of payment over another (cash or check vs. debit or credit). Merchants are not free to favor one card network over another but can now choose which network to use to process their transactions (Pulse, STAR, etc.). This may spur more competition and lower transaction fees.

For further information, contact Stuart Gosswein at stuartg@sema.org.

SEMA and 54 other trade associations asked Congress to limit the amount credit card companies can charge merchants when processing payments. Congress addressed some, but not all swipe fees when it enacted the new financial reform law.

Under the existing system, the merchant pays a transaction fee every time a card is used, whether for credit or debit. The “swipe” fees amounted to $63 billion in 2008. The fees can average 2%–4% for businesses that accept debit/credit cards and are automatically divided between the merchant’s bank, cardholder’s bank and network that processes the transactions.

As a result of the new financial reform law, the Federal Reserve now has the authority to ensure that debit card transaction fees are “reasonable and proportional to the actual cost incurred” when processing a transaction. However, the Federal Reserve’s power is limited to the fees charged or received by the issuing institution (bank). Credit card fees charged by a payment network (such as MasterCard or Visa) will be generally free from regulation.

Merchants are allowed to offer discounts for one form of payment over another (cash or check vs. debit or credit). Merchants are not free to favor one card network over another but can now choose which network to use to process their transactions (Pulse, STAR, etc.). This may spur more competition and lower transaction fees.

For further information, contact Stuart Gosswein at stuartg@sema.org.

Beginning in 2012, businesses will be required to file “Form 1099” information returns with the Internal Revenue Service (IRS) and report all payments to corporations for goods or services in excess of $600. Under current law, most corporations are exempt from receiving 1099s. The 1099 reporting requirement is expected to raise $17 billion over 10 years. It was included as a revenue-raising initiative under the new health care law, in this case, collecting taxes on a potential source of unreported income.

SEMA-supported legislation has been introduced in Congress to repeal the requirement. Unless overturned, the rule threatens to impose enormous burdens on small businesses, certified public accountants and tax preparers as they attempt to track and report a wide range of payments to contractors, vendors and others. For example, companies would be required to report business-to-business payments for airline tickets, office supplies, phone and shipping services.

The IRS is seeking comments on how to best implement the law. The IRS has proposed to exempt purchases made with credit or debit cards since they are now reported by banks and other payment processors. However, it would not be a solution for businesses that pay by check or cash, or for vendors that do not accept credit/debit cards, in part, to avoid the 2% or 3% transaction fees. Additionally, if a vendor refuses to supply a tax ID number, then the payer could be required to withhold 28% of the vendor’s payment and send that amount to the IRS.

Comments about the IRS proposed rule are due by September 29. SEMA is working with a coalition of other associations to repeal the law.

For further information, contact Stuart Gosswein at stuartg@sema.org.

Beginning in 2012, businesses will be required to file “Form 1099” information returns with the Internal Revenue Service (IRS) and report all payments to corporations for goods or services in excess of $600. Under current law, most corporations are exempt from receiving 1099s. The 1099 reporting requirement is expected to raise $17 billion over 10 years. It was included as a revenue-raising initiative under the new health care law, in this case, collecting taxes on a potential source of unreported income.

SEMA-supported legislation has been introduced in Congress to repeal the requirement. Unless overturned, the rule threatens to impose enormous burdens on small businesses, certified public accountants and tax preparers as they attempt to track and report a wide range of payments to contractors, vendors and others. For example, companies would be required to report business-to-business payments for airline tickets, office supplies, phone and shipping services.

The IRS is seeking comments on how to best implement the law. The IRS has proposed to exempt purchases made with credit or debit cards since they are now reported by banks and other payment processors. However, it would not be a solution for businesses that pay by check or cash, or for vendors that do not accept credit/debit cards, in part, to avoid the 2% or 3% transaction fees. Additionally, if a vendor refuses to supply a tax ID number, then the payer could be required to withhold 28% of the vendor’s payment and send that amount to the IRS.

Comments about the IRS proposed rule are due by September 29. SEMA is working with a coalition of other associations to repeal the law.

For further information, contact Stuart Gosswein at stuartg@sema.org.