Featured Articles - January 2010

• - 4 ratings

  Could Be Banner Year  - Must Read

  

  Peter Salinas

  Buy here-pay here dealers across the country are taking stock after what by most accounts was a very good year. Many dealers who were able to hold on to the floor planners and financing sources, reduced expenses and maintained their presence in the marketplace saw sales gains of 15-20 percent. There were challenges: delinquency and charge off increases, rising unemployment and some fixed cost increases in insurance and financing. As 2009 is swept into the history books, four buy here-pay here dealers offer up their insight as to what 2010 holds in store.

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• - 4 ratings

  Tax Season: Gear Up for 2010 Dealers Could See Largest Consumer IRS Refunds in U.S. History  - Must Read

  

  Peter Salinas

  Fewer dealers are using refund anticipation loans provided by companies such as Florida-based TRS TaxMax, but those dealers using the services are using them more often and seeing, in most cases, these consumers will receive larger tax returns than ever before.

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• - 2 ratings

  2020: What Will the Next Decade Hold for the Auto Industry?  - Must Read

  

  Chris Leedom

  A Very Happy and Prosperous New Year to All! Let 2010 begin . . .

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• - 2 ratings

  Start Out Right: Don’t Let 2010 End Up in ‘Resolution’ Trash Bin  - Must Read

  

  A.J. Ager

  So your resolution for quitting smoking has only lasted two days. You’ve gained another 10 pounds instead of living healthier. Never mind the fact the liquor store may still know you by your first name. It looks like 2010 has started like so many years before. Unless you are absolutely satisfied with your business in 2009 or your sales in 2009 or your profit in 2009, you need to set some resolutions that will make 2010 better. Put your head on straight, because it’s time to set those resolutions that will have people calling you by the end of the year wondering, “What’s your secret?”

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• - 1 rating

  BHPH Web Sites: Site Must Convert Applications into Cars Over Curb  - Must Read

  

  Charles Pompey

  I’ve asked this question many times of buy here-pay here dealers and received some unusual answers.

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• - 4 ratings

  Embrace Change: Keys to Success in 2010  - Must Read

  

  Chuck Bonanno

  I’m not much of a prognosticator, but then again, I know of no one who fully predicted what would happen to our economy, politics and our industry over the past two years. With the caveat that these are my opinions and I could be wrong, let me give my outlook for what 2010 may look like.

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• - 2 ratings

  More Traffic, More Cars? How Many OTDBs Do You Need to Meet Your Goals?  - Must Read

  

  Jay Prassel

  As the Premier Team travels across the country working with great dealers, we often hear about the lack of walk-in traffic from the management team and sales staff. It just isn’t in the last year, but it probably goes back a few years.

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• - 2 ratings

  Incidental Contact: Do You Have Meaningful Interaction with Your Employees?  - Must Read

  

  Dave Anderson

  Leaders are paid to impact others in a manner that aids and accelerates their growth. This being said, how good a leader are you? Please note that I didn’t ask about your title, tenure or years of experience. Those factors can have minimal impact on whether or not leaders positively impact others in a way that aids and accelerates their growth. If you’re a leader that has mere incidental contact with your people throughout the day: “Good morning.” “How’s the family?” “What kind of month are you having?” etc. you’re more likely to maintain people than you are to stretch them. Following are six thoughts on impacting others in a meaningful way versus giving the illusion of leadership through incidental contact.

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• - 3 ratings

  Too Potent to Ignore: State, Local Regulatory Agencies Have Great Powers  - Must Read

  

  Emily Beck

  Just about everybody in the car business knows that one of the harshest forms of punishment you can dole out to your salespeople is to send them home for the day. After all, your “doesn’t play nice with others” green pea works on straight commission, and he certainly won’t be making any money sitting on the couch and playing video games all day.

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• - 1 rating

  Rally Point: BHPH Dealers Should Make Their Voices Heard

  

  Peter Salinas

  Several years ago it was the Internal Revenue Service that was going to destroy the buy here-pay here business because of the way it would go about taxing dealerships and their related finance companies. Then it was the Sarbanes Oxley legislation. Most recently it was the Red Flag Rules. Now here comes the Consumer Protection Finance Agency (CFPA).

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• - 3 ratings

  Mixed Signals: Despite Economic Uncertainty BHPH Forecast is Sunny

  

  Dr James Garvin

  Well, folks, welcome to 2010! A lot of questions are still hanging out there about what this year holds, for the economy in general and for our industry in particular. Truthfully, if I knew all the answers, I’d be on Oprah. Since she hasn’t called, you will have to live with my best perceptions and the results of my private crystal ball gazing.

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• - 2 ratings

  Termination Arbitration: New Law May Hold Hope for Franchisees

  

  Alex Kurkin

  A new bill approved last month in the U.S. Congress and signed by President Obama offers some hope for the terminated Chrysler and General Motors Corp. dealers, although for some it may be too little, too late. While dealers had been trying to force reinstatement or require termination compensation (and in the case of GM dealers, a more realistic termination valuation), it now appears that instead they will be benefiting from a compromise bill.

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• - 1 rating

  The Secret: You Already Know It. Plan, Take Action, Work Hard

  

  George Dans

  The secret can’t be a secret because then none of us would know it.

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• - 1 rating

  What’s Your Time Worth?

  

  Wayne Herring Jr

  Here in Orwigsburg, Pa., my German ancestors and I leave our weather predictions up to a groundhog in Punxsutawney, Pa. Predicting and Prognosticating is not in my blood, and you wouldn’t want my advice.

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