Before we start exploring the reasons why every car dealer must conduct an on-site compliance audit in his car dealership, let us form an overview of its fundamental concept and notches of significance. There are federal guidelines that govern each department of a car dealership; for example, there is a Used Car Rule for the sales department and CAN-SPAM Act for the BDC … [Read more...] about Why Conduct an On-site Compliance Audit in Your Car Dealership?
Finance & Insurance
Making More Money with the Right Inventory Metrics
vAuto founder Dale Pollak recently told a group of dealers: “We’re not in the car business, we’re in the business of making money.” And he’s right. One of the biggest influencers on new car dealers’ profitability in 2019 has been the health of their new vehicle inventory. In the latest Haig report, it was highlighted that franchise dealer expenses are growing faster … [Read more...] about Making More Money with the Right Inventory Metrics
Commission Breath
What is that awful smell? You know, that smell you sniff when you meet a “slick” salesperson? What is the definition of a professional? Is it someone who makes $75,000/year or more in their profession? Are you a professional? You probably have your own definition. How do you become a “pro” in F&I? The first step is to brush your teeth and remove the commission breath many … [Read more...] about Commission Breath
Choose To Serve
I have been earning a commission-based income for over 15 years. As a result, people often ask me how I deal with the uncertainty of my monthly income amount. I admit that working for an unknown amount of money each month has many challenges. Aside from the potential discomfort that can come with the uncertainty, it can be challenging to plan for emergencies and set a monthly … [Read more...] about Choose To Serve
Digitize Your Dealership Operations Now to Be Ready for 2020—and Beyond
Dealership operations can often be a big ship with a small rudder. With all this movement in the technology revolution, what does it take to change course? The answer depends upon the lens through which you view technology, change, and what is happening in the industry. When implementing technology, or deciding whether to so, do you see such decisions as ornamental or … [Read more...] about Digitize Your Dealership Operations Now to Be Ready for 2020—and Beyond