From the SEMA Washington, D.C., office

 

A late-breaking legal development is temporarily delaying a new federal filing requirement for small businesses to report their beneficial ownership, the deadline for which was fast approaching.

Most small businesses have until December 31, 2024, to file a new, required report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on their organization’s beneficial owners. Beneficial ownership information (BOI) reports are a requirement under the Corporate Transparency Act (CTA), a 2021 federal law to enhance transparency in entity structures and ownership to combat money laundering, tax fraud and other illicit activities.

However, a federal district court in Texas issued an order granting a nationwide preliminary injunction, putting the FinCEN BOI Reporting Rulemaking on hold. The federal government has subsequently appealed the decision.

Reporting companies may continue to voluntarily submit beneficial ownership information reports, even as this litigation continues.

While this lawsuit is pending, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, small businesses are not currently required to file their beneficial ownership information with the agency and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Accordingly, small businesses are not required to file.

However, should the injunction be lifted, FINCEN may require entities to file. The earliest date that entities would be required to file is the initial deadline of January 1, 2025. While litigation is impossible to predict with absolute certainty, it is unlikely that a court will overturn the injunction before the holiday season. SEMA and PRI members do not need to act on the rule for the time being.

SEMA/PRI attorneys continue to closely monitor this litigation and will promptly let you know of any updates.

The CTA imposes reporting obligations on all business entities within the scope of the "reporting company" definition under the statute.  

Beneficial Ownership Rule Filing Requirements

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

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. 

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

By SEMA News Editors

 

In Indianapolis for the 2024 PRI Show, December 12-14? Stop by the SEMA Data booth #2108 in Green Hall to learn more about SEMA Data and its efforts to distribute quality data to SEMA member companies.

Throughout Show week, SEMA Data staff will be hosting "Ask the Experts" sessions at the SEMA Data booth, 11:00 a.m. EST, every day of the Show. The Q&A sessions will include information on product data/content, what to look for, strategies to meet customer requirements, what's important for eCommerce and other matters, offering a prime opportunity to ask questions and learn more.

One-on-one time with SEMA Data staff is also available and can be scheduled here.

For more information, visit semadata.org.

By SEMA News Editors

 

SEMA News sources recently spotted the refreshed Mercedes-Benz C-Class sedan at a secret test location in Germany, signaling a long-awaited update after an extended delay.

Based on the new images of the prototype, the C-Class will feature revised front and rear bumpers, a redesigned grille and updated headlight and taillight graphics. As with other recent Mercedes-Benz remodels, the daytime running lights will incorporate the brand's signature three-pointed star design.

 

Inside the vehicle, Mercedes-Benz aims to provide upgraded materials for a more premium feel, although the overall design won't see drastic changes, sources said. Other updates include the MBUX infotainment system and new safety and comfort features from larger models in the lineup.

Mechanically, Mercedes-Benz is planning to fine-tune the nine-speed automatic transmission for better fuel efficiency and lower emissions, insiders said, but no major overhauls are expected.

The C-Class is expected to debut in the spring of 2025.

By Ashley Reyes

 

The SEMA Businesswomen's Network (SBN) has named Shauna Davis, president of Kaizen Glass Solutions, as the network's newest #SheIsSEMA spotlight member. 

Get to know Davis in her interview with SEMA News below. 

SEMA News: How many years have you been with your current company and what do you enjoy most about working there?

Shauna Davis: I just started my own company and my experience comes from 21 years with an auto glass tool manufacturer.

SEMA: What is the most challenging part of running your business or job?

SD: Maintaining culture.

SEMA: How many years have you been in the industry and what was your first industry job?

SD: I have been in the industry for 21 years. My first industry job was as a global sales and marketing director.

SEMA: What are three qualities that got you to where you are today?

SD: Tenacity, a positive outlook and adaptability. Never give up when you believe in something.

SEMA: Being a woman in the industry, what have been your biggest challenges and accomplishments?

SD: Gaining respect and educating [others] that I am an expert in my field.

SEMA: Who are your role models or mentors in the industry?

SD: Ray Asbery and Gilbert Gutierrez and several others I've met along the way.

SEMA: What is the best career advice you have received?

SD: To believe in myself, and I can do all things.

SEMA: Have you always wanted to work in the automotive industry? What keeps you here?

SD: No. Relationships, education and wanting to know more about the latest technology that affects the automotive and glass world.

SEMA: Who was the most influential person on your career/goals?

SD: My mother.

Fill out a #SheIsSEMA spotlight form to submit a self-nomination or nominate a colleague and highlight how you or she is contributing to the specialty-equipment industry. Selected candidates are automatically eligible to be considered for SBN's #SheIsSEMA Woman of the Year award, featured on SBN's social media, SEMA News and recognized on the sema.org/she-is-sema website. 

By SEMA News Editors

As President-elect Trump prepares to return to the White House, SEMA's Government Affairs experts are paying close attention to his picks to lead federal regulatory agencies. Learn more about the nominees to lead the Environmental Protection Agency and the Departments of Transportation and Interior and the role they could play in shaping the automotive aftermarket industry.

WATCH BELOW: 

 

By SEMA News Editors

As President-elect Trump prepares to return to the White House, SEMA's Government Affairs experts are paying close attention to his picks to lead federal regulatory agencies. Learn more about the nominees to lead the Environmental Protection Agency and the Departments of Transportation and Interior and the role they could play in shaping the automotive aftermarket industry.

WATCH BELOW: 

 

By SEMA News Editors

 

In Indianapolis for the 2024 PRI Show, December 12-14? Stop by the SEMA Data booth #2108 in Green Hall to learn more about SEMA Data and its efforts to distribute quality data to SEMA member companies.

Throughout Show week, SEMA Data staff will be hosting "Ask the Experts" sessions at the SEMA Data booth, 11:00 a.m. EST, every day of the Show. The Q&A sessions will include information on product data/content, what to look for, strategies to meet customer requirements, what's important for eCommerce and other matters, offering a prime opportunity to ask questions and learn more.

One-on-one time with SEMA Data staff is also available and can be scheduled here.

For more information, visit semadata.org.

By SEMA News Editors

ORACLE Lighting

Integrated LED Light Bar for Jeep Wrangler JL and Gladiator JT

 

This high-mount LED light bar integrates into the roofline, offering a sleek, aerodynamic profile that reduces wind noise and drag, according to the manufacturer, and emits 18,000 lumens up to 600 meters. The light bar's polycarbonate housing matches the factory hardtop and fits soft-top models, retaining full functionality with or without a roof.

oraclelights.com

Total Seal Piston Rings

TFX Thin Ring Sets

 

Total Seal TFX Rings utilize proprietary ring manufacturing processes, 440B stainless and 9000 series steel with proprietary C56 face coatings to offer a new series of thin rings for normally aspirated, boosted or nitrous applications.

Gas-Ported/Gapless Diesel Piston Ring Sets

 

These severe-duty piston rings offer increased horsepower, torque and oil life, according to Total Seal, and are designed for towing, street performance and competition applications up to 1,000 hp. Sets are available for Cummins 5.9L and 6.7L, Duramax 6.6L, Ford Powerstroke 6.4L to 7.3L and other custom applications.

totalseal.com

Releasing a new product? Contact editors@sema.org.

 

By Beth Brennan, Kahn Media

 

The automotive aftermarket industry presents unique challenges for women, often requiring them to navigate leadership roles in a predominantly male-dominated space. To address these challenges, the SEMA Businesswomen's Network (SBN) is hosting the Women's Leadership Forum from March 11–13, 2025, at Hotel Landy in Orlando, Florida. This three-day event is designed to empower women through a blend of education, inspiration and connection, helping them thrive in their careers while building meaningful professional relationships.

The forum offers a career-transforming experience, combining expert-led keynote sessions, interactive workshops and networking opportunities. Attendees will explore a range of topics, including emotional intelligence, high-performance leadership and goal setting. With sessions tailored to both personal development and leadership growth, participants will leave equipped with actionable skills and fresh insights to advance their careers.

The Women's Leadership Forum is specifically designed to tackle the hurdles women often face in the workplace, from advocating for their ideas to establishing their presence in leadership roles. By fostering a supportive and inclusive environment, the event creates opportunities for women to share their stories, celebrate their successes and connect with others who share similar experiences.

Past participants have praised the event for its intimate conversations and collaborative atmosphere, which encouraged both personal and professional growth. "The Women's Leadership Forum impacted me both personally or professionally in so many ways. I left feeling empowered and inspired. I cried during Erin King's discussion. All of the speakers really resonated with me personally and professionally. Not only am I a leader in my organization, but I also lead a family and a friend group. The discussions that I attended were applicable to many aspects of my life." said Aliceje Keyburn of Yamaha Motor Corp., who has attended the event for several years.

Beyond the educational sessions, the forum emphasizes the importance of building a community. Networking games, group discussions and one-on-one conversations make it easy for attendees to forge lasting relationships. These connections often evolve into valuable alliances that provide support, advice and opportunities long after the event concludes.

This year's forum also offers exclusive benefits for SBN members, who can attend at a discounted rate of $599, compared to the non-member rate of $799. With limited spots available, the event is a unique opportunity to invest in your future, grow your skills and enhance your professional presence.

The Women's Leadership Forum is more than an event--it's a chance to gain confidence, build a network of allies and develop the tools needed to succeed in a competitive industry. Don't miss this transformative experience. Visit sema.org/sbn-wlf to learn more and secure your spot today.

By SEMA News Editors
 

PRI Featured Products Showcase Highlights Best of Motorsports Parts Innovation
 

The Featured Products Showcase at the PRI Show returns with the hottest motorsports products and technology on display at the Indiana Convention Center, Dec. 12-14, 2024. Located at the ICC Capitol Connector--near the yellow hall, Capitol Cube hanging car, and Georgia Street entrance--the Featured Products Showcase offers media, buyers, decision-makers, and automotive professionals at the Show the opportunity to discover top products from leading racing and performance aftermarket brands in one single location.   

Innovation on Display 

From engine blocks and batteries to race gear and fuels, the showcase will spotlight top products submitted by PRI Show exhibitors from every segment of the industry. Buyers can explore cutting-edge innovations, gain insight into emerging trends, and see the latest advancements that can enhance racing performance and efficiency.  

"The showcase enables attendees to quickly identify products and solutions tailored to their needs," said PRI President Michael Good. "From there, they can visit the manufacturer's booth to check out the product up-close, ask questions, and learn how it works."  

A Must-See for Media  

For media and influencers, the showcase is a valuable resource for discovering popular motorsports products to share with their audiences. Each product includes information and descriptions to help visitors understand its relevance and potential impact within the market. This not only benefits those creating content but gives exhibitors opportunities to build relationships with media who are interested in their product, which can lead to increased brand exposure and ROI.  

Award-Winning Creations 

Happening throughout the days of the PRI Show are the Featured Products Showcase Awards. The awards feature an esteemed panel of racing industry professionals – consisting of track operators, sanctioning bodies, social media influencers, and media – selecting their favorite products on display. Top vote-getters receive the title of a Featured Products Showcase Award recipient, a crystal award, and their product name included in an article in PRI Magazine. 

"The Featured Products Showcase is a testament to the growth of the industry and its passion to innovate," said PRI General Manager Jim Liaw. "Those seeking to discover the latest cutting-edge performance products are encouraged to visit this exciting Show feature."  

All 2024 PRI Show exhibitors are eligible to participate in the Featured Products Showcase. Submissions made pre-show before the Dec. 6 early bird pricing deadline are $75 per product. After the deadline, exhibitors can enter product(s) in the Showcase onsite at the PRI Show (as space permits) at $100 per product. For more information, click here. To view a map leading to the PRI Show Featured Product Showcase, click here.

The PRI Show attracts attendees from all 50 states and all over the world, including professional race teams, retail shops, warehouse distributors, engine builders, fabricators, dealers, installers, jobbers, and media. To register for the 2024 PRI Show, secure hotel reservations, and for more information, visit PRI2024.com/Attend. 

 

PRI Show Expands Sim Racing Arena to Foster Motorsport Growth and Esports Excellence
 

The PRI Show, a cornerstone event in the motorsports industry, is proud to announce a significant expansion of its SIM Racing Arena Presented by SRO Motorsports Group and the U.S. Army at the 2024 Show, held Dec. 12-14 at the Indiana Convention Center and Lucas Oil Stadium. This dynamic, 43,000 square-foot hub featuring 85 booths will spotlight the burgeoning world of sim racing, offering attendees an immersive experience into the sport that bridges virtual and real-world motorsports.

Sim racing has experienced exponential growth, captivating enthusiasts worldwide with its accessibility and realism. It has become an essential gateway to motorsports, creating a virtual entry point to the thrill of racing and providing on-track drivers with an innovative platform to learn, train, and develop critical skills.

The racing simulator market is projected to grow from $500 million in 2024 to $1.1 billion by 2030 at a compound annual growth rate of 15.6%, according to a report by MarketsandMarkets. The growth is driven by advancements in hardware and software, as well as the increasing accessibility of racing simulators for both personal and professional use. Sim racing also plays a critical role in eSports, a sector that continues to expand with a global audience that's expected to reach more than 640 million by 2025.

"Sim racing is revolutionizing how people connect with motorsports," said Michael Good, President of PRI. "With our expanded SIM Racing Arena, we aim to inspire the next generation of racers and fans, creating opportunities for learning, competition, and collaboration across the industry."

Highlights of the Expanded Sim Racing Arena

• Cutting-Edge Simulators: Attendees will experience the latest in sim racing technology, including state-of-the-art rigs and peripherals that replicate the sensation of driving on world-class tracks.
• Interactive Coaching Sessions: Professional drivers and coaches will demonstrate how sim racing can sharpen driving skills, enhance race strategy, and prepare for real-world competition.
• eSports Racing Series: The area will feature live eSports racing events, showcasing top talent in head-to-head competitions. Attendees will also have the opportunity to participate in open qualifiers and test their skills against seasoned racers.
• Networking Opportunities: Industry leaders, sim racing developers, and professional racers will gather to discuss the future of sim racing and its integration into traditional motorsports.

This expansion underscores the PRI Show's commitment to innovation and education within the motorsports community. By highlighting sim racing's versatility as both an entertainment platform and a professional training tool, the Show continues to elevate its role as a leader in the industry.

Sim Racing Featured Exhibitors

This year's expanded sim racing area will feature a diverse lineup of exhibitors showcasing how sim racing connects technology, skill-building, and community engagement. From global motorsports organizations to innovators in simulation equipment and partner organizations, these exhibitors highlight the versatility and appeal of sim racing in modern motorsports.

Renowned for sanctioning both on-track and eSports races, SRO Motorsports Group will showcase its commitment to merging the physical and virtual worlds of racing. Attendees can learn about their global racing series and eSports championships, bridging traditional motorsports with cutting-edge technology. "SRO is a motorsports ecosystem, and eSports is an important part of that environment," said Greg Gill, President and CEO of SRO Motorsports. "PRI is unique because it allows us to showcase both on-track racing and eSports." SRO has three days of activities planned for the PRI Show, including a pro playoff invitational, featuring 16 of the top sim drivers that will be broadcast live on SRO and PRI social media channels. SRO will endcap the weekend with partner KUNOS Simulazioni's demo of its' game Assetto Corsa Evo in North America for the first time.

A leader in sim racing equipment, Advanced SimRacing will highlight its innovative tools, including interconnected seats that provide motion feedback and haptics, designed to help drivers improve their skills on track with its biggest display ever at the PRI Show. From high-performance racing simulators featuring partners Juncos Hollinger IndyCar, Mercedes AMG and others, to personalized training aids, their offerings cater to both aspiring and professional racers. "The PRI Show is motorsports central," said Marc-André Ladouceur, Chief Marketing Officer, Advanced SimRacing. "Exhibiting at the PRI Show helps us bridge the gap between sim and on-track motorsports and demonstrate sim's value as a training tool."

Podium 1 Racing was created by on-track racers looking to replicate the excitement of racing in a virtual environment. Through partnerships with multiple brands, Podium 1 creates a wide range of sim experiences for everyone from enthusiasts looking for another level of immersion to real-world professionals seeking an edge on track. "PRI is a huge motorsports event and motorsports is what we are," said Podium 1 Co-Founder Steve Paladino. "PRI helps us engage with the motorsports world where drivers use sim to improve, looking for tools to get better and faster." Podium 1 will bring multiple sim rigs to the PRI Show featuring from three-to-six degrees of freedom, including pitch, roll, heave, yaw surge and sway – even harnesses that pull on the drivers.

By bringing a sim racing team to the event, the U.S. Army demonstrates how a shared passion for motorsports and simulation technology helps it connect with the public. Their presence emphasizes the role of sim racing in fostering community, teamwork, and skill development while engaging with fans through interactive activities and competitions. Members of the U.S. Army eSports team, made up of full-time, active-duty soldiers will be on hand not only to compete against each other and PRI Show attendees, but to demonstrate that personal passions and military service can coexist. "It's important for people to understand that your individual passions can continue and grow after joining the Army," said Maj. Andy Ainslie. "Participating in the PRI Show helps America's Army connect with America's people through a shared passion for motorsports."  

The PRI Show attracts attendees from all 50 states and all over the world, including professional race teams, retail shops, warehouse distributors, engine builders, fabricators, dealers, installers, jobbers, and media.

To register for the 2024 PRI Show, secure hotel reservations, and for more information, visit PRI2024.com/Attend.

 

Andy Lally Named Trans Am Series President

The Trans Am Series has named Andy Lally as its new president.

A motorsports veteran with more than 30 years of experience on the race track, the appointment comes as Lally announces his retirement from on-track competition.

Lally will report to Parella Motorsports Holdings (PMH) COO Michael Printup, who has led the Trans Am series since April 2024.

The Trans Am Series will begin its 59th year of competition at Sebring International Raceway in Florida, February 20-23, 2025.

For more information, visit gotransam.com.

Genesis Launches WEC, IMSA Prototype Program

 

Genesis, the luxury vehicle brand owned by Hyundai, has officially announced its new LMDh prototype program that will compete in the World Endurance Championship (WEC) and IMSA.

Officially dubbed Genesis Magma Racing, the team will field a two-car entry in WEC beginning in 2026, then expand into IMSA in 2027. The GMR-001 Hypercar, revealed at an event in Dubai, is based on an ORECA Motorsport chassis.

Additionally, Cyril Abiteboul, president of Hyundai Motorsport, will serve as team principal for Genesis Magma Racing, while sportscar veterans André Lotterer and Luis "Pipo" Derani will lead the two-car effort from behind the wheel in 2026.

Ahead of its WEC debut in 2026, the team will collaborate with IDEC Sport to field an LMP2 entry in the 2025 European Le Mans Series.

The team will operate out of headquarters at Circuit Paul Ricard in France, leveraging its proximity to ORECA Motorsport and IDEC Sport, the team said.

For more information, visit genesis.com.
 

Toyota Ending NHRA Participation After 2025

Toyota will be ending its NHRA participation after 2025, according to published reports.

Toyota, which has been in the series since 2002, has been providing Toyota-backed teams with tow vehicles, and engineering, technology and trackside support.

"Our NHRA Drag Racing involvement has brought much success and pride across our entire organization," Paul Doleshal, group manager, motorsports, Toyota Motor North America, told media outlets. "Our NHRA drivers and teams have truly become part of our Toyota family. We look forward to competing for more wins and championships with our supported teams in the upcoming season, and we will work diligently along the way to make sure each team and driver have the tools necessary to compete at the highest level for the years to come."

The manufacturer currently supports six teams in the top-level NHRA Mission Drag Racing Series and won its first NHRA Manufacturers Cup in 2024.

For more information, visit toyota.com.

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Got racing industry news? Releasing a new product? Contact editors@performanceracing.com. Read more racing industry news on performanceracing.com/industry-news.