Credit and debit card issuers will soon be required to report to the IRS the annual dollar figure collected by their business merchants. The provision was included as part of a new housing law to provide assistance to homeowners facing foreclosure.

The new information-gathering tool is meant to ensure tax compliance. It will become effective with 2011 calendar year receipts. The credit/debit report will be issued in the January for the previous calendar year transactions and will likely be similar to the Form 1099. The credit/debit companies will send a copy of the report to the business as well, allowing the company to reconcile the taxpayer’s records with the information report (as is done with Form 1099).

Businesses with less than $20,000 in processed receipts and 200 or fewer transactions are exempt from the reporting law.

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

NEW PARTNER: The IndyCar Series made a bold move to partner with the Versus network for coverage of its 2009 series. The Indy 500, however, will remain on ABC.

SOMETHING NEW: The American Sprint Car Series announced an agreement with Lucas Oil and K&N Filters to back the organization’s national touring series next season. The Lucas Oil ASCS Sprint Car Dirt Series presented by K&N Filters will offer $40,000 purses with $6,000 to win for winged 360 sprint cars.

HAT TRICK: Donny Schatz won the SuperClean Knoxville Nationals for the third consecutive year. Sprint car racing’s most prestigious event paid the North Dakota native $150,000.

STILL THERE: Martin Truex Jr. announced he will continue to drive for Dale Earnhardt Inc. in the NASCAR Sprint Cup Series next season.

STAYING HOME: Despite a late offer from Chip Ganassi Racing, Tony Kanaan will remain with Andretti Green Racing for the 2009 IndyCar Series season.

POWER RANKINGS: NHRA Top Fuel point leader Tony Schumacher remained at the top of the National Speed Sport News Power Rankings after his ninth victory of the season in just 16 races. The National Speed Sport News Power Rankings are published weekly in the 74-year-old motorsports publication.

SUBSCRIBE: National Speed Sport News has been published weekly since 1934. To subscribe to National Speed Sport News, click on the following link for a special industry rate: www.nationalspeedsportnews.com/subscribe.html?pid=NQ%2BVfhkepT4%3D.

NEWS NUGGETS

SCHUMACHER PULLS WITHIN TWO WINS OF AMATO; SMITH OVERCOMES HEALTH ISSUES TO GET WIN IN BRAINERD: With his No. 1 spot already secured for the Countdown to 1 and following his first sweep of the Western Swing, five-time POWERade world champion Tony Schumacher picked up his 50th career win Sunday at the Lucas Oil NHRA Nationals, bringing him to within two of the Top Fuel all-time wins record set by Joe Amato. It was also Schumacher’s fourth straight win, ninth of the season, and seventh in the past nine races.
    Even more impressive than Schumacher’s win was that of POWERade Pro Stock Motorcycle world champion Matt Smith. Smith battled with painful kidney stones, 10 in all, all day and captured his third win of the season after runner-up Angelle Sampey’s Buell broke at the line.
    As if two defending champions in the Winner’s Circle was not enough, Funny Car defending world champion Tony Pedregon also joined Smith and Schumacher after he drove his Q Horsepower Chevy Impala past runner up Jack Beckman—who had a red light in the final round—to pick up his fourth win of the season and first at the historic track in Brainerd.
    In Pro Stock, Kurt Johnson picked up his third win of the season and moved passed Jason Line to take the second-place spot in the point standings. For more results from the 27th annual Lucas Oil NHRA Nationals, click here.  

FORCE TO BE INDUCTED INTO MOTORSPORTS HALL OF FAME OF AMERICA : Funny Car legend John Force joined the likes of NHRA legends Joe Amato, Don Garlits, Shirley Muldowney, Don Prudhomme, Connie Kalitta and Bill “Grumpy” Jenkins by being inducted into the 2008 Motorsports Hall of Fame on August 13.
    Joining Force in the 2008 induction were open-wheel racing champion Michael Andretti, NASCAR great Buddy Baker, sports car champion Richie Ginther, motorcycle hero Wayne Rainey, aerobatic pilot Betty Skelton and Paul Goldsmith. Force was accompanied to the ceremony by John Force Racing teammates Ashley Force and Robert Hight, as well as 2008 Funny Car world champion Tony Pedregon.
    For more on this event, click here. 

AFTER BRAINERD SCRIMMAGE, NHRA SOFTBALL TEAMS READY TO TAKE THE FIELD: After a scrimmage that saw Antron Brown’s Burn Down Bombers annihilate Gary Scelzi’s Superchargers by a score of 22–2, both teams are feeling prepared for this Thursday as they will take the field for the NHRA Softball Classic at FirstEnergy Stadium in Reading, Pennsylvania. While Scelzi plans to get in a few more super secret practices before the game, Brown feels happy with his team and the picks he made during the draft for the event back in Sonoma, California.
    “We played at about half-speed today and beat Scelzi’s team 22–2 in five innings,” said Brown. “The goal is to win by at least 25 runs when we play our real game.” Though the score seemed very lopsided, Scelzi is still confident in the draft picks he chose. “We’ve got looks, personality and brains, but we might be a little light on talent,” said Scelzi.
    For more information on the NHRA Softball Classic set for Thursday, August 14, click here. 

COMING ATTRACTIONS

TOYO TIRES NHRA NATIONALS, MAPLE GROVE RACEWAY, AUGUST 14–17: Returning to the East Coast, drivers in the NHRA POWERade Series have one final chance before Indy to make a run at the Top 10 in the point standings. Defending event winners include Doug Herbert (Top Fuel); Tony Pedregon (Funny Car); Dave Connolly (Pro Stock); and Matt Guidera (Pro Stock Motorcycle).

MAC TOOLS U.S. NATIONALS, O’REILLY RACEWAY PARK, AUGUST 27–SEPTEMBER 1: The final stop for the regular season, drivers in the NHRA POWERade Series will have one last chance at the historic Raceway in Indianapolis to secure a spot in the Top 10 in the point standings and advance to the Countdown to 1. Funny Car and Pro Stock Motorcycle competitors will also have the chance to compete for cash and bragging rights in the U.S. Smokeless Showdown and the Ringers Gloves Pro Bike Battle.
    Defending winners of the race include Tony Schumacher (Top Fuel); Mike Ashley (Funny Car); Dave Connolly (Pro Stock); and Craig Treble (Pro Stock Motorcycle).

NHRA CAROLINAS NATIONALS, zMAX DRAGWAY @ CONCORD, SEPTEMBER 11–14: In the first race of the Countdown to 1, the NHRA POWERade Series heads to the newly constructed zMAX Dragway @ Concord and its first visit to the state of North Carolina. All four professional categories (Top Fuel, Funny Car, Pro Stock and Pro Stock Motorcycle) will compete in this inaugural event.

HE SAID, SHE SAID

RUNNING A RED LIGHT AND STAYING IN THE TOP 10: Though Funny Car driver Jack Beckman’s Sunday at Brainerd didn’t end the way he’d hoped (Beckman had a red light in the final round of competition), his runner-up finish moved him past Mike Neff and into the ninth spot in the point standings—a good place to be with only two events remaining in the regular season.
    “We ran great all four rounds,” said Beckman. “It was a great weekend. Points-wise, we couldn’t have asked for much more. It could have been an outstanding weekend if I’d been effective in the final.”

INSIDE THE NUMBERS

5, 10: Tony Schumacher can tie his own Top Fuel records for most consecutive wins (five) and most wins in a season (10) with a win in Reading this weekend.

DID YOU KNOW…

…Maple Grove Raceway was the scene of a dramatic Top Fuel final round in 2007. Doug Herbert, driver of the SnaponFranchise.com dragster, needed to win the race against Rod Fuller to move on in the inaugural Countdown to the Championship. Herbert accomplished the feat and finished sixth in the 2007 point standings.

Robert Oswald, chairman of Bendix Commercial Vehicle Systems, was appointed to the DURA Automotive Systems board of directors. Oswald became chairman of Bendix Commercial Vehicle Systems in 2003. He was CEO from March 2002 to September 2003. Prior to Bendix, he was chairman, president and CEO of Robert Bosch Corp., and a member of the board of management of Robert Bosch, GmbH. Oswald joined Bosch in 1989 and held board and North American management positions from July 1996 until his retirement in December 2000.

A.R.E. announced that it is the exclusive U.S. distributor of the SpaceKap, a versatile truck cap manufactured by Canadian-based Fibrocap Inc. "At A.R.E., we pride ourselves on offering quality cargo management and organizational solutions that fit our customers' needs, whether they require a fully equipped fleet of construction trucks or they deliver temperature-sensitive goods that must be kept refrigerated," said Jim Blayne, commercial/fleet sales manager for A.R.E. "The SpaceKap is a great addition to our current line and will provide niche markets with an innovative, unique product to keep their businesses running smoothly."

Yokohama Tire Corporation (YTC) announced that Josh Barinstein of West Linn, Oregon, was the grand-prize winner of an all-expense paid trip to Costa Rica for his entry in YTC’s ecoTreadsetters video contest. Titled "Helping the Earth—One Step at a Time," the 60-second clip (available here: www.ecotreadsetters.com/albums/32) stars Barinstein's sons Nathan and Skyler providing tips on how people can protect the environment, including by reusing grocery bags, recycling and using environmentally friendly products. Barinstein will travel to Costa Rica in October 2008.

The WyoTech Campus will host the 1st Annual Wounded Warrior Car Show for the Benefit of the Injured Marine Semper Fi Fund, this Sunday, August 17, 2008, 9:30 a.m.–3:00 p.m. The event is open to all pre-’74 American cars, trucks, special-interest vehicles and motorcycles and is limited to the first 325 entries. WyoTech’s campus is located at 2161 Technology Pl., in Long Beach, California. For more information and an entry form, click here (http://news.wyotech.edu/post/2008/08/warrior-car-show).

The Miller Electric Mfg. Co. invites attendees of the 2008 SEMA Show to get hands-on experience and expert demonstrations of MIG welding, TIG welding and plasma-cutting at the Miller booth (#23913) in the Racing & Performance section. The company plans to debut its new TIG welder on November 4, the opening day of the Show.

A new exhibit celebrating the 60th anniversary of NASCAR is now open through February 28, 2009, at the Wally Parks NHRA Motorsports Museum, presented by the Automobile Club of Southern California. The exhibit opened on August 6 in conjunction with the Museum's monthly Prolong Twilight Cruise Night. Among the cars on display is Dale Earnhardt's famous #3 Monte Carlo that raced at Daytona. For more information, contact the Wally Parks NHRA Motorsports Museum (1101 W. McKinley Ave., Bldg. 3A, Pomona, California 91768) at 909/622-8562.

The Motorsports Hall of Fame of America inducted seven racing legends at its 20th annual Induction Ceremony (Wednesday, August 13) at the Fillmore Detroit. The class of 2008 includes drag racing king John Force; open-wheel racing champion Michael Andretti; NASCAR great Buddy Baker; sports car champion Richie Ginther; motorcycle hero Wayne Rainey; aerobatic pilot Betty Skelton; and one of America's most versatile competitors, Paul Goldsmith. Legendary Indy car team owner Carl Haas was also recognized as the ninth recipient of the Bob Russo Heritage Award for his significant contribution to American motorsports.

Click on the logo to visit SBN's website.

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Click on the logo to visit ARMO's website.

ARMO Special Projects in Motion

The ARMO Select Committee wants to hear from you. We are looking to celebrate, honor and recognize outstanding industry individuals and businesses during the council reception at the 2008 SEMA Show. Who should receive these prestigious awards? 
 
The nomination process is underway for the council's Business of the Year and Person of the Year honors. Candidates should meet all criteria.
 
Click here to download and print a Business of the Year nomination form.
Click here to download and print a Person of the Year nomination form.
 
All nomination forms are due on Friday, August 15, 2008—so don’t delay!

Sponsorships are being accepted for the ARMO Industry Awards Reception. Now is the time to participate in this great opportunity to show your support of the restoration market, its community, its people and its businesses. Click here to download and print a sponsorship form.
 
For more information, contact any Select Committee member or Jan Desma, 909/396-0289, ext. 134, or e-mail jand@sema.org.

ARMO Council Announces Election Results       
 
Effective July 1, 2008, Jim Barber of Classic Automotive Restoration Specialists Inc. took the reigns as ARMO chairman, with Laura Bergan of American Collectors Insurance Inc. taking the chairman-elect seat.
 
ARMO welcomes its newly elected leaders and looks forward to working closely with them. Join us in welcoming:

ARMO welcomes back its returning members:

• Jeff Broadus – Car Collector magazine
• Kim Mitchell – Eaton Detroit Spring Inc.
• Sheila Perkins – Bradley David Productions
• Alex Tainsh – TrimParts Inc.

ARMO thanks its retiring member Walter Vaughan of Steele Rubber Products for his years of dedication and volunteer service to the ARMO membership.
 
Contact Chairman Barber and Chairman-Elect Bergan or any of the Select Committee members with any questions or to introduce yourself to them. Jan Desma, SEMA council relations director and staff liaison for ARMO, can be reached at 909/396-0289, ext. 134 or e-mail jand@sema.org.

ARMO Column in SEMA Member News

Click on the logo to visit TORA's website.

Webinar CD added to TORA’s List of Member Benefits

The TORA, in conjunction with the SEMA education and marketing departments, has created a CD compilation of SEMA webinars. Having access to webinars online is a great SEMA-member benefit, but listening to one still requires sitting down at the computer and downloading.

With this CD, TORA members can listen to 11 TORA-relevant seminars without the need for Internet access. You can listen in the car or on a plane. If you are savvy enough to convert and load the files onto your iPod, you can even listen to them while tearing up the treadmill!

The 11 seminars included on the CD are:

1. Making sure your web store is open for business
2. Secrets to marketing a highly effective website
3. How reps can help installers sell to car dealers
4. Your customer doesn’t live here any more
5. How manufacturers can communicate more effectively with distributors and customers
6. The mindset of leadership—timeless qualities of a successful leader
7. Lean Manufacturing—how to eliminate waste in manufacturing and distribution
8. Management strategies for the most challenging situations
9. Six Sigma—the secret weapon of success
10. Financial management for the non-financial manager
11. Get Paid: Avoiding slow/non-paying customers and collecting debt.

For a copy of the "TORA Education & Training Benefits Webinar CD," TORA members can contact Staci Bostock at stacib@sema.org. The 11 seminars featured on the CD are but a small sampling of what’s available from the SEMA website. On the SEMA homepage, click on “Shows and Events” then “webinars.” You can search the webinars by author or topic.

TORA Column in SEMA Member News

Read TORA's column featured in the July/August issue of SEMA Member News by clicking here.

Filler for eNews

Dates and locations for several upcoming SEMA-sponsored shows and activities have been announced. Details are:

>> SEMA Webinar, "Inventory Management: Mark It Down, Move It Out and Make More Money," August 14, 2008 10:00 a.m.–11:00 a.m. (PDT)
>> SEMA Webinar, "25 Common Mistakes Made by SEMA Show Exhibitors," August 28, 2008 10:00 a.m. (PDT)
>> SEMA Show 2008, November 4–7, 2008, Las Vegas 
>> SEMA Dealer Day, November 5, 2008, Las Vegas

For association-related travel, contact Manya Petropaki (manya.p@travelstoreusa.com) at Travel Store USA, 949/930-9268.

Looking for Some Extra Publicity for Your Industry Event?
Publicize your events through the SEMA Online Calendar of Events located at www.sema.org/calendar. The calendar is stocked with information on events taking place throughout the year, broken down by month. Examples of events featured in the calendar include consumer shows and club events, educational and training workshops, conventions and trade shows, races and more.

To submit your event details for the calendar, e-mail company name and the date(s), location and name of the event to Shirley Presecan at shirleyp@sema.org.

In July, the SEMA Performance Parts and Accessories Demand Index (PADI) fell by seven points, or 6%, dropping from 42 in June to 35 last month. An index score of 35 translates to 9.5% of consumers planning to make a specialty-equipment product purchase sometime within the next three months.

Although economic concerns, high gas prices and the current credit crunch are causing consumers to scale back their purchase plans, about one out of every 10 adult American drivers (or approximately 10 million households) still indicated that they had plans to purchase specialty equipment.

Although planned spending is slowing down, consumers still want to personalize the cars and trucks they drive. The types of products consumers want differ from past months.

Around 6% of consumers said that they were likely to purchase wheels, tires and suspension components during the summer months, representing close to a 1% drop from June. Regarding racing and performance products, 5.7% of consumers surveyed said that they were likely to make a purchase. The percentage of consumers who plan to purchase accessory and appearance products dropped to 4.3% in July.

Each percentage is down from last year; however, the decline in those who want to buy racing and performance products is less dramatic than that of the latter two categories, possibly a sign that consumers are still looking to enhance the performance and fuel economy of their vehicles.

Looking closer at specific age groups, 18–24-year-old consumers said that they were more likely to purchase specialty equipment in the coming months.
 
Over the past three months, on average, midsize cars (20%) were the most common target vehicles for enhancement or modification, followed by pickups (18%), fullsize cars (16%) and compact cars (13%).

New pickup sales are down 24% for the first seven months of 2008 compared to last year, but the total number of pickups already on the roads is still among the highest category of vehicles registered, giving rise to their popularity for customization. R.L. Polk registration data shows that 12% of all vehicles on the road today are, in fact, a fullsize pickup.

Over the last three months, on average, car dealerships (28%) were the most popular purchase destinations among those planning to enhance their vehicles, followed by the Internet (19%), chain auto parts stores (12%) and independent parts stores (11%).

When specialty-equipment buyers were asked what form their vehicle would take after customization, this month the most common answer was “general personalization” (37%), followed by "street performance" (18%), “restoration” (12%), “off-road” (8%), “hot rod” (3%) and “compact performance” (2%).

Every month, SEMA commissions TechnoMetrica Market Intelligence to survey a random sample of consumers in order to provide the above data, and this month’s report is based on 896 nationwide interviews with adult American drivers. The margin of error is plus or minus 3.3%.

Forecasting how specialty-equipment sales will fare in the coming months gives the industry an upper hand in planning their own inventories and strategies.

For more original SEMA market research, including a full version of the above summary and archived PADI reports, visit www.sema.org/research.