Featured Articles - May 2012

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  2012 Automotive Boot Camp – May 15-17th Las Vegas  - Web Exclusive!

  

  Industry Releases

  The 3rd Annual Automotive Boot Camp will be held in Las Vegas at the Monte Carlo Hotel, May 15-17th, 2012.

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  Customer Complaints Why You Should Try to Resolve All You Can

  

  John Krivacsy

  Benjamin Franklin stated that the only things certain in life were death and taxes. In this consumer-driven economy I think we can add one more certainty to that list. You will not be able to keep all of your customers completely satisfied all the time. Although that most certainly would be the overall goal, there have to be practices put in place that help you deal with issues as they arise. In this article we will discuss some ways to deal with customer complaints that may help you attain your satisfaction goals.

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  Crucifixions, Swords and Warning Signs!

  

  Peter Salinas

  An Environmental Protection Agency official resigned last month after a three-year-old video surfaced where he, for all intents and purposes, told the truth.

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  Improve Ups, Reward Staff with Incentive Vouchers  - Web Exclusive!

  

  Peter Salinas

  Tax season is over and customer’s arriving on your car lot with a wallet full of down payment cash and a burning desire to drive off in one of your cars today have slowed to a trickle. It’s back to the basics, advertising, marketing, prospecting and enticing potential customers to buy and securing referrals from those that do.

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  Car Business? Nope, Finance and Collections!

  

  Dr James Garvin

  This month’s edition of Dealer Business Journal is a great reminder of the adage that we only think we’re in the car business, we’re in the finance and collection business. One of the amazing things about our business is how easy it is to sell our product. Troops of salespeople aside, in the vast majority of the cases, if you have a good advertising campaign, good promotions, you will get customers on the lot and the rest pretty much takes care of itself – sort of.

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  Massachusetts Reviews Collection Regulations

  

  Thomas P. Quinn

  Attorney General Martha Coakley’s office published revised debt collection regulations March 1 that directly affect dealers and finance companies collecting their own debts. The regulations, which were the subject of a public hearing in the spring of 2011, became effective the following day.

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  Things You See Out of the Corner of Your Eye

  

  Thomas Hudson

  My friends who are hunters tell me that when they are out in the early morning, and it’s still dark, they can make out objects better if they don’t look directly at them. Evidently, in such situations, peripheral vision is better than whatever you call direct vision.

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  A Good Closing Ensures Better Collections

  

  David Brotherton

  I think everyone can agree on the importance of collections to the BHPH business model. In fact, one the fastest ways to bankruptcy for a dealer is to finance more and more customers that do not pay as agreed. BHPH has many moving parts and it is critical to start off the relationship with our customer properly.

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  Collections! Read, Review, Respond!

  

  Chuck Bonanno

  The subject of this month’s article is. “The Three R’s of Buy Here-Pay Here Collecting.” The R’s are not reading, ’riting and ’rithmetic but they are similar and they are that fundamental. I can tell you that without the three R’s, you will never maximize collections of your notes. The three R’s of Buy Here-Pay Here collections are Read, Review and Respond. As an owner, collection manager, supervisor or team leader you must adhere to these three rules if you want a successful collection effort.

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  How Technology Can Improve the Performance of Your Portfolio

  

  Chris Macheca

  In the buy here-pay here (BHPH) and the below-prime lending industry, GPS and Collection Technology devices are well-known. While there are various types of devices offered by various device providers, they are often thought of as all doing the same thing. However, there are really two distinct models at work when choosing devices. One is the collection model; the other is the repossession model. So, you will want to choose the model that works best for your business and your goals for the program. Several factors can help you determine the model is right for you.

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  BHPH Internal Controls Over Cash Accounts

  

  Robert Parnas

  Buy Here Pay Here (BHPH) owner-operators often feel that their internal controls over cash disbursements are adequate to prevent theft. Common responses by owners or key managers include that they have office managers or others that reconcile the cash account, who have no access to cash, that they personally review bank statements and that they personally sign or have a trusted designated check signer review and approve a significant amount of the operation’s invoices. While these responses may be good, there is much more which should be considered. Although there are no “full-proof” systems, some information and other considerations are provided below when evaluating internal controls over cash disbursements. Often assistance can be provided from professionals to review and evaluate your processes to enhance your internal controls. The following information is not intended to be all-inclusive but for the purpose to begin thought-provoking processes to consider how internal controls can be enhanced.

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  Hire Future Leaders

  

  Mark Sanborn

  Human Resource professionals often hire with an eye toward those candidates who have potential to move into management. Although “future management” is an important consideration, I don’t think the goal aims high enough.

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  Remove the Bulls-Eye from Off Your Chest

  

  Allen Dobbins

  Recently, there has been an avalanche of negativity landing on companies that specialize in subprime finance, especially those in the mortgage industry. However, there are other industries at equal risk. They include payday loan companies, title loan companies, and buy here-pay here dealerships to name a few.

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  Your Culture: Weave in the Strong, Weed Out the Weak!

  

  Dave Anderson

  In my Up Your Business 2.0 Super Leadership Workshop I give attendees strong cultural words to weave into their dealership and weak cultural words to weed out. At the end of the two days, everyone leaves with the mindset and vocabulary necessary to build a higher performance culture in their business.

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