How much should you tell a potential customer about the condition of a vehicle in your inventory? You sell your vehicles As-Is and try to make sure the customer understands what this means. How much disclosure makes sense and where should you draw the line between being totally honest and doing what is best for your business? First, let’s look at the legal requirements that pertain to this question. Some
How much should you tell a potential customer about the condition of a vehicle in your inventory? You sell your vehicles As-Is and try to make sure the customer understands what this means. How much disclosure makes sense and where should you draw the line between being totally honest and doing what is best for your business? First, let’s look at the legal requirements that pertain to this question. Some
As I was doing some research for another article I am writing, I ran across 3 different articles about why people with damaged credit who were looking for a vehicle should avoid buying from a Buy Here – Pay Here dealership. I was amazed at some of the reasons they cited. It reminded me of some of the misinformation that was taken for fact during the debate on the 3
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
Much is made of the latest technological advantages in displaying inventory on the Internet, obtaining leads, selling cars, and, for BHPH & LHPH dealers, collecting your money and tracking your customers. The important thing to remember is that the car business always has been and always will be about people. All the latest developments can help you enhance your reputation, provide greater visibility for you and your dealership and help
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
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
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
