The accounting principals for inventory have not changed recently.
There are a few methods of inventory you can use. The simplest method is to begin with your inventory balance on January 1st, then add your purchases throughout the year and subtract what you sold which will give you your ending inventory and next years beginning inventory. For vehicles, this would align with the Specific Identification Method which simply means, if you paid $10,000 for the Ford Escape which is in your inventory when it sells, you remove that $10,000 from your inventory.
The IRS says The method you use must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Your inventory practices must be consistent from year to year.
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