With so much in flux in the new car industry and the credit crisis, many dealers are looking to the buy here, pay here segment of the auto industry to grow their business. In order to help our dealer readers learn more about this segment of the auto industry, we
With the squeeze on sticker prices getting tighter, tacking a few more dollars onto every sale can make a big difference on the balance sheet at the end of the month. The challenge is to find value-adds with instant appeal that can be sold fast without increasing the dealers risk.
As a child, I remember begging my parents to give me quarters so I could play games in the mall arcade. I would run right past the skeeball and pinball games, and mosey on up to the game of champions-whack-a-mole. As most of you know, the challenge in whack-a-mole is
The mortgage mess and the deepening economic malaise may dampen sales for franchised dealers, but not necessarily for buy here, pay here stores. This is a recession-proof business, notes Brent Carmichael, a consultant with NCM Associates BHPH 20 Group programs. Yes, the mortgage crunch has pushed some of the BHPH
Last month, I wrote an article about some of the lessons buy here, pay here operators should learn from the recent subprime mortgage meltdown. I received numerous comments about this article and several respondents offered additional insights, which I want to share with everyone. If you have not read my
Five guys with $1,000,000 each could be parachuted into any five states in America to start their own buy here, pay here dealerships, and within five years, they would all have designed their BHPH businesses in the same way. Not because they shared strategies on the airplane before leaping, but
Over the last 30 days, I have been asked numerous times if the subprime mortgage meltdown will extend to subprime auto loans. A few months ago, I wrote an article called, When Underwriters Become Undertakers. In retrospect, my comments might have been better targeted at the subprime mortgage market rather
I recently completed an informal survey of several buy here, pay here dealers throughout the nation to develop a perspective on first-half sales and collections. This article summarizes that survey and looks ahead to the remainder of 2007. Most buy here, pay here operators believe that customer liquidity and inventory
In the past, when I would mention the word Internet to a buy here, pay here (BHPH) dealer, their first response would be, "My customers don’t own computers-they’re not on the Internet!"That has changed for many reasons, and today, most BHPH dealers understand the need to have an online presence.