Featured Articles - January 2009

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  Dealers Offer Up Economic Insights from the Front Lines  - Must Read

  

  Chris Gerbasi

  Location, location, location. That’s not just a real estate maxim. For some car dealers, location can mean the difference between a tolerable year and a terrible one during a national economic free fall.

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  CarHop Buys AutoMaster Operations from First Cash  - Must Read

  

  Peter Salinas

  CarHop, a chain of 24 buy here-pay here stores in six states based in Edina, Minn., recently announced the purchase of First Cash Financial Services’ 16 AutoMaster buy here-pay here stores in four states.

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  Results Could Serve as Tax Season Bellwether  - Must Read

  

  Peter Salinas

  TRS TaxMax, the early tax refund service for automotive retailers, may be a bellwether for what wthe tax season may hold for dealers.

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  Two Dealers Detail What’s in Store in 2009  - Must Read

  

  Peter Salinas

  Jim Winterick, owner of Gulfstream Motor Credit in Miami, Fla., said goal setting is something he works on every year and while it’s a relatively simple process, it’s the variables that always give me the most challenges.

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  A Fine Kettle of Fish?  - Must Read

  

  Dr James Garvin

  Well, this is a fine kettle of fish we find ourselves in – or, is it? Somebody is going to be making some money this year, and if I were a betting man, a story for another day, I would bet it would be you. Why? This is our economy — bad credit, no credit. Whoa, if there was ever a time that used our language, was full of our people, this is it!

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  Fasten Your Seat Belts  - Must Read

  

  Chris Leedom

  Happy New Year! We hope you enjoyed a wonderful holiday season with your families and loved ones. We had a great time with ours and enjoyed the time off the road while home on the sunny Gulf Coast of Florida.

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  Hit the Road to Prosperity in 2009  - Must Read

  

  Robert E Lee

  Do you control what 2009 will bring? Will the adversity that has been endured bring the opportunity that everyone says it will?

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  You Spell Success – P-E-O-P-L-E  - Must Read

  

  Chuck Bonanno

  As I sat down to write an article for the DBJ this month, I thought about what is the absolute best opportunity available to us in 2009. There are fewer financing sources for automobiles, which theoretically helps the buy here-pay here dealer. Subprime is in retreat. There are fewer buy here-pay here dealers as the market expands its consolidation. There is more and more bad credit as the economy worsens.

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  The Devil’s in the UDAP Details  - Must Read

  

  Emily Beck

  It can be difficult to follow the rules when you don’t know what they are.

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  Committment Key to Success  - Must Read

  

  Wayne Herring Jr

  This issue of DBJ is focused on goal-setting and business plan implementation, which is always top of mind when the year-end approaches. Perhaps planning and goal-setting are even more important heading into 2009 than at any time in memory.

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  LHPH Part 4: The Cash Flow Advantage  - Must Read

  

  Randall McCathren

  In my first three articles, I described the benefits and risks of LHPH for BHPH dealers, the options for starting a program and lease residual value risk. [DBJ June 2008, July 2008, August 2008] In this article, I focus on the cash flow differences compared to BHPH sales.

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  Nowcom Announces partnership with AutoCheck®  - Must Read  - Web Exclusive!

  

  Industry Releases

  LOS ANGELES, Calif. – Nowcom, a leading provider of dealer management solutions, announced today the integration of the AutoCheck vehicle history reporting service from Experian Automotive into its Dealer Desktop auto dealer software solution.

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  Tax Refunds Make Nice Downpayments, but Beware!

  

  Industry Releases

  By Mike Kolar, CEO

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  Truth, well told!

  

  Peter Salinas

  You cannot strengthen the weak

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  What Happened to Those Days?

  

  Nick Ferri

  I have one of those friends that must have the latest and greatest of everything. You name it, he’s got it. Walk in his garage and you’ll see it filled with professional grade table saws, band saws, jig saws, drill presses, welders and generators. However, when you ask him how many times he’s used any of those things, he’ll give you a big song and dance. “I’ve been busy at work.” “My In-laws were in town.” “I was deer hunting last weekend and broke my coccyx when I fell out my tree stand.”

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  Word of Mouth or Click of Mouse

  

  George Dans

  In the old days, word of mouth was vital to a business’ growth. A great customer would tell gads of friends about their experiences and businesses would reap the rewards by having those referrals show up and purchase their products.

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  Obama, Biden and Car Dealers

  

  Thomas Hudson

  In the minds of some consumer advocates, the terms “subprime” and “predatory” are interchangeable. Many of these folks also believe that the automotive buy here-pay here business is predatory.

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  Four Cores of Personal Development

  

  Dave Anderson

  Any plan for personal development has numerous potential components you can address in order to take your performance to a higher level. This section will focus on four cores of personal development that must make up the centerpiece of your growth plan for 2009.

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  Goal Setting Easy to Say, Hard to Do

  

  Butch Moore

  Goal, as defined by Webster, is “the end towards which effort is directed.” What a true and powerful statement when carefully analyzed. Thesaurus of the word brings up plot, project, scheme, desire, hope, wish, destination, terminus. It’s amazing that most dealers focus on the word “wish” when setting goals for their team. A goal should not be based on a wish or a desire, but a true plot, projection and destination. The issue that arises from most goals that I review is there is very little thought process put forth in deciding the real goal or objective. Back to the definition stated above, the main part that I want to focus on where the “effort is directed.” Having a true and accurate plan of how to achieve your goal is the most integral part of “the end” otherwise know as achieving the goal.

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  PROCON Launches The CUBE GPS Tracking Device  - Web Exclusive!

  

  Industry Releases

  KNOXVILLE, Tenn. — PROCON, Inc. the leader in mobile resource management solutions for the automotive finance industry has announced the launch of its latest GPS device named The CUBE .

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