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Tom Herald - Have you ever noticed the differences between really good companies that stand out among the competition and those others that just seem out of step? How about sports teams? Why did the Bruins dominate the Canadians during the first round of the Stanley Cup? Why do Roger Penske and Rick Hendrick routinely field championship racing teams? And, why is Richard Branson so successful? The one common difference that all successful businesses, sports teams or organizations share is r
Read More →Brent Carmichael - Availability of cash is definitely not as prevalent as this time last year. The good news is that it is still available in the BHPH industry unlike some of the other unfortunate industries. It’s just not as easy to find or secure, not to mention afford, since the rates we enjoyed a year ago no longer exist ...
Read More →Harlene Doane - Technology is giving today’s buyer the same information dealers have, creating what some people say is an efficient market. This efficient market is causing dealers to change the way they inventory and market their used vehicles. For years, dealers have been working towards a 60-day turn policy, some even had a 30-day policy for used vehicles, but in today’s inventory market, those policies might be outdated ...
Read More →Ben Donnarumma - To say the least, BHPH is in high demand today. More and more customers need alternative financing to replace the void left by several non-prime finance companies that have changed their programs over the past year. As the market continues to evolve, several dealers also are looking to BHPH or LHPH (lease here pay here) as a new source for sales and revenue. So, if you are a dealer who is thinking about financing subprime customers yourself, let me give you some words of advice
Read More →Jennifer Murphy - Almost a decade ago, the owners of Gentilini Motors in Woodbine, N.J., began to notice traditional advertising trailing off and the Internet catching on. “The Internet was becoming more of a craze. It was becoming more prevalent in everybody’s household,” said Paul Gentilini, co-owner. In 2000, Gentilini Motors’ focus shifted to building an online presence ...
Read More →Kirk Manzo - The customer will have a well-prepared story about why they should not buy. This begs the question, are you going to buy their story (objections), or will they buy your story of why they must have this coverage? ...
Read More →Greg Goebel - I write this month’s column while on the plane back from the Non-Prime Auto Finance Conference hosted by the National Auto Finance Association. While this conference is oriented towards the non-prime auto finance companies and the industry vendors that serve them, I do recommend it to dealers who desire a better understanding of the other side of the fence – the challenges finance companies face on a day in and day out basis ...
Read More →Jennifer Murphy - There are two ways to improve cash flow—reduce spending or increase income. Today, many dealers have been forced to reduce spending – whether through ad budget cuts, layoffs, contract renegotiations with vendors or other means. One department that has been cut in many stores is the business development center (BDC). “When dealers are cutting overhead left and right, they can’t afford the luxury of an in-house BDC,” said Matthew Dennis, president of Dealer Apps, Inc ...
Read More →David Keller - This past year, most dealers struggled to make a profit or attempted to keep losses at a minimum, conserve cash and basically just stay alive. They were hit with some strange tax consequences generated by the headlines noted earlier in this article. Used vehicle wholesale prices, in most instances, were drastically reduced at December 2008 versus December 2007 due to diminished demand from customers. This resulted in LIFO income, rather than normal LIFO expense ...
Read More →Gary Kay - There are things you just never forget. It happened in the spring of 1994. Something that unexpectedly shakes your business soul so dramatically that you swear you will never go there again ... we hit a small slump, not a major downturn in service volume, ... Service is a little cyclic, just as sales are, although the swings are usually much less dramatic. I was determined that my service department was not going to dip further even if ...
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