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by Steve Toporoff June 12, 2013 – 11:01am Are you a creditor?  Are you covered by the Red Flags Rule, a regulation designed to help businesses spot the signs — or “red flags” — of identity theft?  Do you know how to tell? While everyone should secure any personal information they maintain about their customers, the Red Flags Rule goes a step further by requiring businesses and organizations covered by the regulation to be

It’s all to do with the training: you can do a lot if you’re properly trained. Queen Elizabeth II Car dealers have been hearing that training their staffs is important for years now, including Buy Here – Pay Here dealers. As true as that has always been, it may never has been as important as it is today. Let’s take a look at three reasons that training your employees is

Buy Here – Pay Here operators across the country have been debating over the last few years whether to embrace the latest innovations in technology or to stick with the traditional way of operating their businesses. It has been almost 15 years since the first payment protection devices hit the market. Since then, new technologies that can be adapted to BHPH seem to appear almost weekly. There is GPS, auto

There is currently a post running on AutoDealerPeople.com titled, “What Vehicle are on Your Do Not Buy List?”. We all know that one of the most important questions in the purchase of any one vehicle for inventory is, will it “run the note?”  Every dealer also knows that some vehicles experience more issues than others. Do you keep a Do Not Buy List for your BHPH dealership? If you don’t, you should!

As any of you who know me already know, I am a big fan of Dave Anderson. I have shared some of his writings here before and I am pleased that Dave has given me permission to do so again. If you are unfamiliar with Dave and his work, I highly recommend that you learn more about him. ____________________________________________________________________ One of the best things about leadership principles is their wide

As I said in the first part of this series here, properly designed promotions are more fun than advertising. Promotions should involve your employees, your customers, friends, family, neighbors, etc. All promotions should be done in a festive atmosphere. Plan the promotions so that as many customers as possible are included. Try to avoid promotions that have just one winner. It is very difficult to get people excited about one grand

Part 1 – Sales Promotions Properly designed promotions are more fun than advertising. Promotions should involve your employees, your customers, friends, family, neighbors, etc. All promotions should be done in a festive atmosphere. Plan the promotions so that as many customers as possible are included. Try to avoid promotions that have just one winner. It is very difficult to get people excited about one grand prize. People are more likely to

Perhaps the single biggest issue on whether a customer can successfully pay off his account is how you structured the deal. Poor deal structure will ensure you will have collection issues throughout the loan and will significantly increase your repossession and charge-off numbers. The wrong deal structure will set your customer up for failure. Many conventional Buy Here-Pay Here dealerships charge excessive gross profits and/or the maximum interest rate their

Perhaps the single biggest factor on whether a customer can successfully pay off his BHPH or LHPH account with your dealership is how you structure the deal. Poor deal structure will ensure you will have collection issues throughout the loan and will significantly increase your repossession and charge-off numbers. The wrong deal structure will set your customer up for failure. Many conventional Buy Here – Pay Here dealerships charge excessive

1. The Buy Here Pay Here business isn’t the car business, it’s the finance business. Sure, you sell cars as a part of the BHPH business but what you actually are selling is your financing program. The car just happens to be what the proceeds of that financing are used to purchase. In the car business, the higher gross profit the better, profit is realized either at the time of