• BHPH World Countdown

    Chris Leedom - Leedom

    Chris Leedom

    By the time you read this we will be just one month away or less from the 21st Annual Leedom Group BHPH WORLD Convention. This event will be held in New Orleans, LA from April 12-14, 2015. Our team is putting the finishing touches on what promises to be the premier BHPH event of the year. It is definitely one you will not want to miss!

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  • Employee Retention

    David Brotherton - Leedom

    David Brotherton

    Employee turnover is a part of running any business. Absence of turnover is probably as big a sign of something wrong in your culture as too much turnover. The problem with “out with the old and in with the new” is that, unfortunately, we can lose some people who we would really like to keep instead of the ones we’d rather have went away. Losing the good ones can be financially devastating when you consider true costs involved.

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  • Sub-prime Competition Heats Up

    Paxton Wright - Leedom

    Paxton Wright

    It’s no secret that over the past couple years many BHPH dealers have experienced an increase in loss percentages and a decrease in profits. One significant contributing factor is the amount of available capital that continues to pour into our industry. Many auto finance companies have been able to increase their credit lines and thus their ability to buy more loans. Even the larger banks are getting into the mix by buying loans much deeper in the credit spectrum than is typical. This has created many problems for our traditional BHPH model. With more competition, creating more financing options for our customer base, many dealers have seen the top end of their customers purchasing newer model year cars, with longer terms, from sources that have historically ignored these opportunities. In turn, this has resulted in more voluntary repos, less dollars collected, and fewer car sales for numerous BHPH dealers.

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