Every week there are more and more small finance companies offering to buy receivable from BHPH dealerships. The improving economy has pumped capital back into the market that was starving for funding sources just a few short years ago. Wholesale vehicle prices remain high and the costs associated with reconditioning continue to increase. The amount of money BHPH customers have available for down payments remains steady, as it has for
The following is a list of websites that can provide useful information for dealercontrolled financing dealers. They are great sources of information on news and latest trends in the industry. NIADA.com – NIADA.com is the website of the National Independent Automobile Dealers Association. NIADA, founded in 1946 has represented quality independent automobile dealers for over 65 years. NIADA assists its members in becoming more successful within the used motor vehicle industry.
Being the manager or owner of a Buy Here – Pay Here dealership brings a lot of responsibilities with the job. Not only do you need to manage your employees to get the most production out of them, you also need to manage your customers to keep delinquency in check and cash flowing. You must manage your inventory, manage your expenses and manage your regulatory compliance. To be an effective
Acquiring quality inventory for your Buy Here – Pay Here or Lease Here – Pay Here dealership will be one of your most difficult tasks as an owner. Make no mistake about it, it can be easy to buy cars to fill up your lot but getting quality vehicles that will sell quickly and run the length of the loan or lease requires patience and organization. Here are a few
Today I want to discuss 5 things the software you use to operate your Buy Here – Pay Here dealership must do. Now, I could take the easy road and tell you it needs to list your vehicles, keep customer information, process sales, print paperwork and collect payments but you already know that. Instead, I want to talk about 5 things some DMS software programs will do that can make
It always comes as a surprise to a dealer when they discover that an employee has stolen from them. And yet, when we ask what they do to monitor their employees and try to deter internal theft, we always get the “deer in the headlights” look. It happened again this past week. One of our client dealers couldn’t figure out why his profits were basically non-existent and he asked for
The Consumer Financial Protection Bureau released two bulletins last week that may affect your Buy Here – Pay Here dealership and the way you collect your money. Debt collection is one of the most active areas at the CFPB right now. As of July 10, 2013, they are now accepting complaints from consumers regarding debt collection. They have also published a series of 5 letters that consumers are encouraged to
The debate on whether to post prices on vehicles has raged almost since Buy Here – Pay Here was invented. The number of dealers who actually post prices seems to ebb and flow like the tide based on the current status of that debate. In today’s business climate of increased transparency and ever-increasing regulatory scrutiny, the debate is again in full swing. Most dealers who argue against posting prices on
I truly believe there is a tremendous lack of leadership in today’s world. This shouldn’t be so. You can’t underestimate the power of a great leader. Great leaders make the impossible seem possible. Some folks think leaders are born; some think they are developed. I happen to think it is a little bit of both. Leadership traits exist within all of us, regardless of what position we hold in our
8760 – That’s how many hours we each get during a year. 24 hours every day for 365 days. And yet, despite the fact that we each get the same amount of time, some people accomplish far more than others. Why is that? If you’ve read any of my previous articles, you’ll know that I believe it is because we have lost focus on the “Forgotten Foundation” of time management.