Training employees is an essential activity for all organizations. If you want your BHPH dealership to grow and succeed, your employees must be trained. Training provides employees with the key knowledge and skills that they need to perform their job. Training is also regularly sited as one of the key ingredients in retaining quality employees. Training must not be viewed as a one-time occurrence but, rather, as a continuing part
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.
Effective time management can help you get more done, reduce your stress and reclaim your personal life. Do you find yourself overwhelmed by the number and complexity of projects that need to be completed at work each day? As the day flies by, do you often feel as if you haven’t paid enough attention to each task because other tasks keep landing on your desk, co-workers interrupt you with questions
Making the decision to be in the Buy Here – Pay Here business can be a difficult one. The BHPH business is unfamiliar territory, even for someone with years of automotive experience. The Buy Here – Pay Here business is not the car business. In the BHPH business, the dealer takes on collection responsibilities normally assumed by the outside lender and that unfamiliar activity is the critical piece to being
If your first though when you read this title was, “What’s a compliance binder?”, you must read this article. If you have a compliance binder, this article will be a good review to make sure that binder contains everything it should. Several federal laws and regulations enacted over the last 10 years have required all car dealerships to have written plans outlining your efforts to comply. Failure to do so can lead
We’ve often heard the phrases “Don’t expect what you can’t inspect”, and “Knowledge is power.” These could not be more true than they are today in the Dealer Controlled Financing industry (Buy Here-Pay Here, Lease Here-Pay Here and Rent-to-Own). Knowing how well your dealership and portfolio are performing compared to industry standards and compared to your own historical performance is invaluable. If you don’t inspect it, you can’t track it.
I just got off the telephone with a dealer who was complaining he hadn’t been able to buy a single unit at the auction today. He claimed every car he wanted went for over $3500 and, with a cash in deal policy of $2500, average reconditioning expenses of just about $700 and average customer down of just under $800, he just couldn’t make $3500 cost vehicles fit his business model.
