If you are a BHPH Dealer, you have to have a Collections Plan. To start that plan, you need to decide where the boundaries are. It is also vital that you understand your own underwriting processes. I’ve said before, Poor Underwriting leads to Poor Loan Performance. Two questions:1. Do you run a Consumer Credit Report… Continue reading Collections
First, re-read this article: Click Here. Let me give a couple of examples: Dealer in Florida calls and asks me to help him remove the Sales Tax from his Dealer Fee. He says his CPA advised him that since delivering a car is a “service,” the fee is non-taxable. According to the Florida Department of… Continue reading The Snake House
So, who are YOU? What’s your deal? What do you have to offer? Those are the questions almost every customer wants to ask, but rarely does. See, many of them don’t consciously think about needing those answers, but the lack of answers leaves a hole in their confidence level of you as a dealership. We’ve… Continue reading WHO ARE YOU?
Has anyone seen this picture or one like it? Some people see a boat in the desert, and think of how eerie it looks, or how out-of-place it is. When I see it, I think to myself: I’ve seen that car dealer before. The whole point to this is to get you to think about… Continue reading Desert Ships
Question Post: I have been approached to do some computer system and tablet reviews. My question is, would the readers of this Blog be interested in seeing those here? Also, is there a certain Computer System/ Laptop / Tablet / Smart Phone you want researched? Let me know in the comments. Also, see my new… Continue reading QUESTION POST: PLEASE COMMENT
DO YOU KNOW WHERE YOU ARE? It’s been brought up before, and it bears repeating. There is a concept called “Situational Awareness.” Roughly, it is defined as the “ability to identify, process, and comprehend the critical elements of information about what is happening to the team with regards to the mission.” Simply put: It is… Continue reading WHERE ARE THE SNAKES?
I have heard that question a LOT in this industry, usually when the customer is trying to contest the terms of the deal. It’s one of the first weapons the manager pulls out of the armory to use against the customer. “You agreed to this” they say, pointing insistently at the customers’ signature. After all,… Continue reading WHOSE SIGNATURE IS THIS?
HOW SATISFIED IS YOUR BUYER? AutoTrader released a study conducted by IHS Automotive that asked buyers to rank their satisfaction with the purchase process. Find that survey here: 2016 Car Buyer Journey. Consumers reported spending and average of three hours buying a car, and more than half of that time is spent negotiating and completing the… Continue reading BUYER SATISFACTION
ADVERTISING Be careful when advertising the prices of cars. Most dealers already know that it is a violation of federal law to represent a different Cash Price and a Finance Price. What many more do not know is that in most every state, if you charge a Sales Fee, this fee must be included in… Continue reading ADVERTISING
LETTING GO OF A RELIC OF THE PAST I have spoken for years against Dealer Fees. They are also referred to as Doc Fees, Sales Fees, Prep Fees, Closing Fee, etc. I’m here today to ask you to finally let it go. First, there is a bit of controversy about them. There have been multiple… Continue reading THE CASE AGAINST DEALER FEES