Tag LHPH

An article I wrote that appears in the November issue of Auto Dealer Monthly 2012 has been a pretty good year for BHPH dealers. Sales have been up for many dealers. Delinquencies have been below last year’s levels for most dealers. There are more sources of capital available almost every day and the future looks bright. Let’s take a look at 5 areas that give us a pretty good picture of

A great article that Ken Shilson, founder and President of the National Alliance of Buy Here Pay Here Dealers, wrote and has graciously allowed us to share with you here. New developments in the Buy Here, Pay Here (BHPH) industry are happening at an unprecedented pace, and new operators are entering the business in record numbers! Both new entrants and experienced operators are seeking exceptional profit opportunities in the low

We are pleased to post this article written by Leslie Fair from the Federal Trade Commission Business Center Blog By Lesley Fair November 16, 2012 – 11:32am Every business generates paper destined for the circular file.  But if documents contain sensitive information, don’t toss them out in a way that could invite unauthorized access.  According to the FTC’s lawsuit against PLS Financial Services, PLS Group, and The Payday Loan Store of Illinois,

The Truth in Lending Act, also known as TILA, is a federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms in the lending arrangement and all costs. This law is contained in Title I of the Consumer Credit Protection Act. The regulations implementing the statute are known as Regulation Z for purchase transactions and Regulation M for lease transactions. The exact requirements for enacting most of the specific

In the last two installments, we looked at how poorly most dealerships handle incoming sales calls and some tips at getting the information you need from each call. In this segment I want to talk about five things you should never do or say during that first call. 1.     Fill out the application Completing the actual credit application is something that needs to be done in person. You can’t look a

As promised, here is the next installment of our blog posts on handling incoming sales calls. In my last post, we looked at how poorly the average dealership handled these calls and how much money was being lost by not taking advantage of these opportunities. In this installment, we will talk about what should be your goal for every call and techniques for reaching those goals. Your first goal with

Good Morning, ABC Motors. How can I help you?    I saw an ’02 Malibu on your lot yesterday. How much is it? I’m sorry, we already sold that car.    Uh, OK. Thanks. Goodbye. How many sales calls at your dealership sound like this one?  More than you think according to numerous studies. A  J. D. Powers study of inbound sales calls to auto dealerships found that: Only 11%

Collections during the upcoming holiday season always become just a little tougher. We know our Buy Here – Pay Here customers live paycheck to paycheck and, during this time of the year, there are more demands on those paychecks than ever. The cost of holiday meals at Thanksgiving and Christmas or Hanukkah plus Christmas presents and even preparations for New Year require extra money when our customers have very little

Charging late fees is a practice some Buy Here – Pay Here dealers choose to do but an approximately equal number consider to be a bad practice. Those who charge fees when their customers pay late typically look at it as another source of revenue. Those who believe that it is a poor practice will, more often than not, site one or more of the following reasons. 1. Your customers

I usually keep these blog postings pretty non-commercial. I try to make them on industry related topics and as informative as possible. I decided to make this one a little different in light of our recently announced Business Builder Pricing. We get inquiries from dealers looking to enter the Buy Here – Pay Here or Lease Here – Pay Here business frequently. As the cost of wholesale inventory has risen