Featured Articles - May 2013

• - 2 ratings

  2G ‘Sunset’ Transition: Cellular Providers to Begin to Whittle Away 2G Network

  

  Peter Salinas

  Some payment assurance devices used by buy here-pay here (BHPH) dealers to protect their automotive collateral will become obsolete in the next 3-5 years.

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• - 2 ratings

  Dealers Offer Inventory Insights

  

  Peter Salinas

  There are a lot of inventory vendors out there and Jim Thompson, partner in a chain of nine J.D. Byrider stores in northern Florida, said he’s not having any trouble finding the inventory he needs to feed the 250 units the stores sell each month.

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• - 1 rating

  Fire Prevention for Auto Dealers, Service Stations

  

  John Krivacsy

  One of the most devastating losses a business can incur is caused by fire: a vicious circle of flames, smoke, water and aftermath. Fire is usually non-predictable. It’s the unpredictability that makes fire prevention, protection and evacuation planning a priority for your business. Auto dealers and auto service stations are particularly vulnerable to fire risks because they use and store many different chemicals, solvents, flammable material and hazardous waste on a regular basis. Developing a Fire-Prevention plan and implementing dry “Fire drill” evacuations can be life-saving to you, your customers and employees:

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• - 1 rating

  CFPB Ramps Up Auto Finance Scrutiny

  

  Peter Salinas

  Auto lenders, and by extension automotive retailers, are clearly under intense scrutiny by the U.S. Consumer Financial Protection Bureau (CFPB) over possible discrimination based on finance rate markups by dealers and regarding the sale of so-called “back-end” sales products such as service contracts and other financial products.

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• - 3 ratings

  Dealers Sue Carfax: Law Firm Files $50 Million Lawsuit On Behalf Of 130 Dealers Who Claim Anti-Trust Practices

  

  Peter Salinas

  Mike Ciasulli has complained to, been featured negatively on a national news program as a result of and has joined a $50 million lawsuit against Carfax, and last month he sent the vehicle history report (VHR) company a check for $1,200 to use its services as he has for years and will for the foreseeable future.

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• - 1 rating

  Inventory Challenges: Mmmmm! Snow Cones!

  

  Peter Salinas

  In terms of securing inventory over the years things have become both easier and more difficult.

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• - 1 rating

  The Leadership Octagon

  

  Dave Anderson

  MMA fighters require a blend of disciplines to become champion in the caged octagon where they fight. However, a champion in any endeavor is likely to tell you they didn’t become a champion in the ring, they were merely recognized in the ring; the “becoming” happened during his or her daily routine. Leaders in business are wise to understand the same principle applies to them.

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• - 1 rating

  Credit Union Establishment

  

  Debra Dawn

  Many dealer groups have debated whether or not they should establish their own credit union for the purposes of minimizing loan costs and payment processing fees. This article explains the intricacies of actually chartering a federal or state credit union (CU), the establishment of an industrial loan corporation as an alternative and examines some additional hurdles a dealer group must clear prior to turning theory into reality.

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• - 1 rating

  UDAAP Compliance

  

  Christopher J. Willis

  In my recent columns in the Dealer Business Journal, I have been focusing on fair lending, and the news has certainly continued to come in on that front, with the CFPB releasing a new Bulletin a few weeks ago. But with all of the buzz about fair lending, it is important not to lose focus on an area that may pose much more immediate risks to buy here-pay here dealers: UDAAP. Unfair, deceptive and abusive practices form the backbone of the CFPB’s view of the world of consumer financial services, and also animate the enforcement authority of the Federal Trade Commission and state attorneys general.

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• - 7 ratings

  What does PCI Compliance mean for you?  - Web Exclusive!

  

  Jessica Sweeney

  When you hear PCI (Payment Card Industry) Compliance it can mean a number of different things. It could be referring to your merchant service provider, processor or yourself being compliant; or the monthly fee you pay to your processor, or it could even be about a questionnaire some merchants are required to fill out. At the end of the day what really matters is an understanding what PCI Compliance means for you and your business.

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• - 3 ratings

  ATMC Updates BHPH Towing Program — Slashes Cost  - Web Exclusive!

  

  Industry Releases

  As a recent attendee and exhibitor at the Leedom Group BHPH World Convention, The American Traveler Motor Club (ATMC) spoke to buy here-pay here (BHPH) dealers about their specific towing needs. You spoke and we listened and have now developed towing alternatives suitable for any and every type of automotive retailer.

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• - 1 rating

  BHPH GPS Installation Challenges, Solutions  - Web Exclusive!

  

  Industry Releases

  A central aspect to the effectiveness of payment assurance systems to the subprime and buy here-pay here industries are quick, effective, low-cost and problem-free installations.

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• - 2 ratings

  Inventory Perfection: A Few Moves That Will Help

  

  Chuck Bonanno

  There seems to be a never-ending search for the perfect buy here-pay here (BHPH) vehicle. There is obviously not one “perfect” vehicle, but there are inventory types and specific makes that result in better loans. Your mission as a dealer is to seek out these vehicles, buy as many as you can and sell them to the right customers.

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  ITURAN and Finance Express Announces Key Partnership, Galvanizing Collateral Management for BHPH Dealers  - Web Exclusive!

  

  Industry Releases

  Since its founding in 1995, ITURAN has sought to bring easy and effective asset protection tools to subprime and BHPH auto dealers across the country. The company's line of GPS-enabled asset tracking and recovery tools has revolutionized the way in which these dealers protect their assets and improve collections. Now, ITURAN's technology is coming to an even wider population of dealers than ever before, thanks to the full integration of its technology with Finance Express' dealer management system (FEXDMS).

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• - 1 rating

  Our Biggest Challenge: Acquiring the Right Vehicles

  

  David Brotherton

  The inventory paradigm for BHPH/LHPH has been altered for the foreseeable future by supply and demand-side shifts that have stressed the business model. This is, of course, no surprise and I won’t waste column space detailing factors that have been well-documented and are understood by all (except for Kelly Blue Book, who never seems to understand that its values are often below true wholesale acquisition cost, but that is a topic for another day).

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• - 2 ratings

  Supercharge Your Search Engine

  

  Alex Price

  Greetings from the great state of Alabama: Roll Tide Roll!!!

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• - 0 ratings

  Westlake Remarketing Announces Q1-2013 Top Auctions  - Web Exclusive!

  

  Industry Releases

  LOS ANGELES — The Westlake Financial Services Remarketing Department announces their top regional auction performers for the first quarter.

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• - 1 rating

  Be the Expert: Know Your Inventory

  

  John Poulin

  We all want to succeed. Honestly you probably wouldn’t be in the position you’re in if you didn’t deserve it to begin with, right? Be the expert and figure out what works best for you.

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• - 4 ratings

  Better Off: Associations Are the Reason

  

  Tom Brandis

  If you have been reading the trade magazines over the last few months, you know that it is “Convention Season” in Las Vegas for automobile dealers. I just returned from the Leedom Group’s BHPH World Convention, which was held on April 8-10.

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• - 1 rating

  Getting the Right Vehicles for the Right Customers

  

  Robert Parnas

  This edition of the Dealer Business Journal is focused on Buy Here-Pay Here (BHPH) vehicle inventory acquisition. Finding and procuring the “right BHPH inventory” is an essential business concept coupled with the ability for the company to be able to react to prevailing market conditions. The “right” BHPH inventory provides value and meets the needs of customers as well as enables ongoing operations.

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• - 3 ratings

  Cannibals and Compliance

  

  Thomas Hudson

  I’m not much on poetry, but the questions I got from dealers at the recent Leedom Conference in Las Vegas brought to mind one of my favorite boyhood poems. The poem, The Yarn of the ‘Nancy Bell,’ by W.S. Gilbert, was grisly enough to engage a young boy, and it involved seafaring, a topic most kids find interesting.

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