Featured Articles - January 2012

• - 2 ratings

  Equipment Malfunction Who Pays When Stuff Breaks Down?

  

  John Krivacsy

  Most businesses carry Commercial Property Insurance, but that does not cover all scenarios that may cause a disruption to your business. One of the major risks that are not normally included in your property policy, and not considered by most insureds, are losses caused by equipment breakdown. For any of us that have had a power surge or a lightning strike in our personal homes we are very aware of the damage that electrical issues can cause to all of our appliances. This same type of an occurrence in a business can have major repercussions and it is important that your business be fully covered for these types of losses as well.

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• - 3 ratings

  Leadership: The Mirror Principle

  

  Dave Anderson

  For decades, I’ve written about how important it is to look in the mirror and take responsibility for your success—or lack of it—versus staring out the window in denial and blame, whining about the conditions you believe are holding you back. This is the mirror principle I’ve personally embraced, and that has proven itself effective in my own life: Your decisions, not conditions, ultimately determine how far you go and how fast you get there. We all have our share of “stuff” that happens to us, but what makes or breaks us is how we respond to it.

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• - 1 rating

  Leedom Group BHPHWorld Convention Set for April 16-18

  

  Chuck Bonanno

  SARASOTA, Fla. — In a move designed to better serve the needs of its dealer clients and the buy here-pay here industry as a whole, Leedom Group has moved the dates of its popular BUY HERE-PAY HERE WORLD Convention 2012 to April 16-18, 2012, at Caesars Palace in Las Vegas. This will be the 18th annual gathering of dealers, industry leaders and exhibitors.

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• - 7 ratings

  The Future of BHPH 2012

  

  Peter Salinas

  What is the future of the buy here-pay here industry? This is one matzo ball question. I’m sure there are analysts, economists, lawyers and consultants who would offer up their opinions as they gaze into their crystal ball. What we thought might be refreshing was the outlook from the front lines of the industry. We spoke with three dealers with a combined 66 years of experience who sell some 600 units a month for their take on the future of buy here-pay here.

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• - 4 ratings

  Run Your Dealership Just Like the Cable Companies

  

  Peter Salinas

  Cable companies have become an important part of our lives. I’d argue that to many, cable television bundled with Internet connectivity and landline telephony, has become as important to most families as the primary vehicle. I’m going to offer my opinion about a couple of cable companies and compare and contrast what it is they do compared to what it is buy here-pay here dealers do.

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• - 2 ratings

  It’s An Election Year, Anything Can Happen, But Be Prepared for Inventory Issues

  

  Dr James Garvin

  This column is about what my sense of what 2012 holds for all of us in the year ahead. I have to tell you that between too much Christmas food and Christmas present celebrating, perhaps a glass of wine too many, the constant bombardment of 24 hours news of the world slipping off the deep end and the Tampa Bay Bucs current nine game losing streak, I could be in a bit of a fog. So, with that said, here’s one man’s perspective of 2012.

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• - 5 ratings

  $50K a Month in Positive Cash Flow?

  

  Chuck Bonanno

  The most interesting subject I discuss as I consult for buy here-pay here dealers is the one of organizational goals. In particular, what are the long-term goals and strategies of the company and its senior management? A majority of dealers I work with don’t even have a stated concrete goal. They just want to sell cars and then sell more cars. Some have created goals that are tied to number of locations or portfolio size. They want to run 10 stores (I still don’t get that one) or create a $50 million portfolio. Okay, those sound good but you have to ask the question, why? What magic happens at 10 stores or at a $50 million dollar portfolio size? The answer is nothing.

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• - 2 ratings

  Nowcom Announces Renewed Partnership with NIADA for 2012  - Web Exclusive!

  

  Industry Releases

  LOS ANGELES – Nowcom, a provider of dealer management solutions, has announced it has renewed its partnership with the National Independent Automobile Dealers Association (NIADA) as a Gold National Corporate Partner for a second consecutive year.

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• - 1 rating

  Passtime, Peritus Portfolio Services Form Strategic Alliance  - Web Exclusive!

  

  Industry Releases

  SOUTHLAKE, Texas — Peritus Portfolio Services, a leading purchaser of open bankruptcy auto secured paper from auto dealers, finance companies, banks, and credit Unions throughout the United States, recently announced an alliance with PassTime, a national provider of innovative GPS tracking and automated collection technology solutions to the specialized automotive finance industry.

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  “The Next Step” for Dealerships  - Web Exclusive!

  

  Edwin Donahue

  The new economic climate is driving more customers to buy here-pay here (BHPH) dealerships than ever before. Many dealerships have sought out innovative ways to gain total control of their collection and recovery processes, making GoldStar GPS their “go-to” solution.

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• - 2 ratings

  Irate Customers Learn How to Handle Them, Look Like a Hero

  

  John Tschohl

  Irate customers. No matter how good you are at what you do, what business you are in, or where it is located, you will at some point find yourself facing an irate customer. Maybe a product was flawed, a delivery was late, or a charge was inaccurate. How you deal with that customer not only will determine how he or she feels about your organization, but how you feel about yourself.

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• - 4 ratings

  Leasing Is 2012 The Year It Comes Into Its Own?

  

  Allen Dobbins

  Recently, we have seen a tide of dealers inquiring about the possibilities of leasing and the impact it could have on the industry as we move into 2012. I briefly discussed some of the benefits in last month’s issue, however, I believe that it’s wise to gather all of the facts before making any final decisions about implementing a new program. While some dealers are hoping that leasing provides a magic bullet to solve all of their business problems, the reality is that it is never that simple. Understanding the challenges in addition to the benefits will help you make the best decision for your business, and ensure that you are prepared for the implications of initiating a leasing program.

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• - 7 ratings

  Turn Problems Into Profits with Reinsurance

  

  Tim Byrd

  Every day in BHPH operations there are universal problems which all BHPH dealer’s face. Mainly vehicles break down and customers don’t have money for repairs. Which equals upset customers and repossessed vehicles.

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• - 2 ratings

  Year-End Planning: Is Your Accounting in Order

  

  Robert Parnas

  Throughout the year, it is important for the buy here-pay here operator to insure their accounting and related records are in good order on a pro-active basis. After all, they are subject to scrutiny by the IRS as well as other governmental and regulatory agencies. Depending on the organization and the acumen of personnel and internal controls, the quality of internal financial reports and organization of related accounting records will vary. In any event, here are some items (not an all-inclusive list) for your controller or office manager to review and consider in preparation of their year-end closing of the books, assuming 12/31/2011.

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• - 1 rating

  Whistleblowers The New CFPB Welcomes Them!

  

  Thomas Hudson

  Fired anyone lately? Had a dispute with a contractor or vendor? Has that competing dealer down the street objected to those ads you’ve been running lately? If you’ve got someone on your “bad side,” you might want to continue reading.

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• - 2 ratings

  Give Yourself a Raise You Control Your Own Destiny

  

  A.J. Ager

  So much of sales is trying to figure out how to get more. If you set a record for sales you expect to do even better than the next month. You compare year by year expecting this year will be better than last year. It’s our nature as sales people. No matter how well we do we want more. It’s why we don’t settle for hourly jobs in the corporate world. We have the ability to give ourselves a raise if we want one. If we need more money we can potentially go out and get it. This brings up a puzzling point. Why is it that so many people in our profession want to make more and sell more, but never change what they have been doing to get their current results? If you keep doing what you’re doing … well, everybody knows that one. In 2012, do the things that need to be done to increase business.

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  Vacation Vouchers Help Boost Car Sales During Tax Season

  

  Peter Salinas

  If you are like most successful dealers, you consider every customer who comes on the lot as car buyer. After all, they didn’t come to just chat. The age-old question, however, is how do we get them to the lot? We use Web sites, TV commercials, radio spots, flyers, brochures, bird dogs. We buy leads, and we use direct mail. We spend, on average, several hundred dollars a unit in advertising and marketing costs for every vehicle we sell.

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