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How to Use Captive Insurance Companies to Save $$ Millions in Taxes

Peep-peep, this is Street Drift. The daily newsletter gives you auto industry news more often than you floss. And you don’t have to lie to your dentist about us.

So, buckle up, and let’s hit the road together!


The Greenlight: BMW M3 Competition Sedan: Specs, Features, and Performance

Car Parts: News and Bits from around the car world

Dashboard: Using Captive Insurance Companies to Save Millions in Taxes

Around the Car: Riding with the woman in charge of America’s last muscle car

GreenLight!

BMW M3 Competition Sedan: Specs, Features, and Performance

• For 50 glorious years, the BMW 3 Series has been the sports sedan sweetheart for enthusiasts, leaving other sedans green with envy.

• The BMW M3 is the muscle-bound, flexing cousin of the 3 Series, with the Competition version practically bench-pressing the competition. 💪

• The base M3 sedan comes with a six-speed manual (old-school cool) and rear-wheel drive, while the upgraded siblings sport an eight-speed automatic and all-wheel drive.

• The Competition version has a drift mode that turns your car into a rear-wheel-drive party animal, perfect for impressing your friends (responsibly, of course). 😎

• Sporting a new front end with colossal air intakes and a chiseled nose, the M3 Competition could give a Greek statue a run for its money.

• The Competition version adds a fully-variable, rear-biased all-wheel-drive system with three modes for a customizable driving experience.

• Inside, you’ll find M drive modes, power-heated seats, and other amenities that make you feel like royalty. 👑

• With a twin-turbo 3.0-liter six-cylinder engine, the M3 Competition boasts a jaw-dropping 503 horsepower and 479 lb-ft of torque. Hold on tight!

• Clocking 0-60 mph in just 3.4 seconds, the M3 Competition is faster than you can say “Beam me up, Scotty!” Top speed is 180 mph, depending on your choice of kicks. 👟

• The suspension and brakes are stiff but adjustable with drive modes, so you can dial in your perfect driving experience.

• BMW’s Active Driving Assistant comes standard, with a buffet of safety features. The Driving Assistance Professional Package takes it up a notch for even more peace of mind. 🛡️

• When it comes to competitors, the M3 sedan takes on the likes of Mercedes-Benz C Class and Audi A4, but let’s be real – it’s always been the life of the party. 🎉

Car Parts!

1- ‘Dissatisfied’- New UAW leader Shawn Fain criticizes Stellantis, GM, and Ford in a press release.


2- ‘The Contradiction’- Tesla’s Autopilot turns out as a ‘not self-pilot’, according to juror’s statement in the first trial related to the feature’s crash.

3- ‘Under-stated!’- Mercedes downplays expectations for upcoming Grand Prix upgrades

4- ‘Llama-gini!’- Lamborghini debuts its first plug-in hybrid sports car at Shanghai Auto Show, and the CEO shares the company’s electric transition plans.

5- ‘Sustainable.’- Canada and Volkswagen have announced plans for a $15 billion Giga factory as part of Canada’s efforts to attract EVs supply chain producers and pivot its manufacturing sector towards a low-carbon economy.

Dashboard

Car Dealerships: Using Captive Insurance Companies to Save Millions in Taxes

• Car dealerships can cash in on a tax-saving bonanza by using captive insurance companies – it’s like finding buried treasure! 💰

• Captive insurance companies are like tiny insurance kingdoms within your dealership empire, ruling over your warranty and insurance products.

• Dealers sell warranty and insurance goodies to customers, and their captive insurance squad takes care of the risk. Talk about teamwork! 🤝

• Setting up a captive insurance company in the Turks and Caicos islands? You won’t pay a dime in taxes on profits. That’s some serious island magic! 🏝️

• Profits can be reinvested or lent to the business owner tax-free, making you feel like a financial wizard. 🧙

• Reinsurance reserves cozy up in low-yield investments, just waiting to grow.

• Business owners selling warranties or insurance products can venture into setting up a reinsurance company with the help of a trusty law firm or partner. It’s like a buddy cop movie, but with more paperwork. 📑

Advantages of using a captive insurance company for car dealerships include:

• Saving millions of dollars in taxes (because who doesn’t love a good bargain?)

• Creating a new revenue stream by offering warranty and insurance treats to customers 🍭

• Insuring this risk and making underwriting profit or loss – it’s a rollercoaster ride of excitement! 🎢

• Lending money to yourself tax-free (like borrowing from a very generous friend)

• Investing reinsurance reserves in low-yield investments, watching them grow like little financial seedlings 🌱

Around The Car

Riding with the woman in charge of America’s last muscle car

Laurie Transou, the Lead Program Engineer for the Ford Mustang, discussed Ford’s decision to keep the Mustang going as a gasoline-powered vehicle, despite the rise of electric vehicles. Transou explained that the Mustang Mach-E SUV falls under a separate division responsible for electric vehicles.

Transou also discussed the Mustang’s personal significance, as well as the fact that it’s the only car Ford currently trades in the United States, and which competitors are going out of production. The Mustang’s engine, includes the fact that 40% of V8 Mustang buyers opt for a manual transmission. However, the 4-cylinder engine, which is more efficient than the V8, will only be available with an automatic transmission, unlike the V8. Transou has an attachment to Ford, having grown up with a Mustang, and being born in a family whose members have all worked for the company.

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