The purpose of articles like this is to help dealers improve their operations, avoid pitfalls, and correct practices that could ruin their dealership reputation, revenue or both. This advice is about the adverse action notice. As a reminder, an adverse action notice is required when a credit decision is based
As the auto industry continues to change daily, dealership strengths and weaknesses become apparent throughout. When the internet age was born, a shift in the management talent of store occurred. A manager’s job, that used to only go to the strongest closer in the store, became a job that instead
More than 97% of consumers start their car buying experience online. This means automotive dealerships need to do everything they can to steer online potential buyers into their showroom. Studies show that customers spend about 2.25 hours on dealer websites before they actually go to the dealership to purchase a
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.
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
Establishing underwriting criteria that maximize sales without compromising the collectability of retail installment contracts has been one of the biggest challenges for buy here, pay here dealers for many years. To make matters worse, the BHPH industry is changing complexion at a rapid pace. No longer are dealerships able to
My CPA firm recently completed an informal survey of several buy here, pay here dealer clients nationwide to determine how the first six months of 2006 compare with the same period in 2005. Based upon responses from our sample, most dealers indicated that sales revenues were either flat or down
As I was speaking with Mark Jones, general manager of Mike Carlson Motor Company last week, I told him that I would soon be writing another article for Dealer Marketing Magazine. When I asked him what he thought dealers would like to know most, he said that I should write