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December 2011, Auto Dealer Today - WebXclusive

The Business Should Not Own You

By Courtney Cole

Dealer Courtney Cole discusses the importance of delegating certain tasks within the dealership and concentrating on items that add real value to both you, the dealer, and the store.

Tags: BDC

December 2011, Auto Dealer Today - WebXclusive

Identifying Your BHPH and RFC Trends

By David Keller, CPA, CFE

Accountant David Keller, CPA and CFE, details how buy here pay here sales and collections and having a related finance company (RFC) can complicate accounting.

Tags: BDC

December 2011, Auto Dealer Today - WebXclusive

The Building Blocks of a Profitable BDC

By Greg Wells

Business development expert Greg Wells outlines the building blocks of a profitable BDC, including determining the basic functions your BDC will perform, which employees are in the BDC, pay plans and how the BDC can evolve to take on more tasks in the dealership.

Tags: BDC

December 2011, Auto Dealer Today - WebXclusive

Keeping Up with Compliance at Bergeron Auto

By Jennifer Murphy Bloodworth

At Bergeron Auto, compliance is taken seriously. Dealer Denis Bergeron discusses why his dealership in Metairie, La., takes a proactive approach to maintaining compliance.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Flying Under the Radar

By Thomas B. Hudson, Esq.

Dealers who ignore rules and regulations they’re required by law to comply with and instead hope to fly under the radar unnoticed by the Federal Trade Commission and Consumer Financial Protection Bureau might want to ask themselves the following questions posed by Attorney Tom Hudson in this article.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Controlling Delinquency

By Gene Daughtry

Gene Daughtry, general manager of Best Ride, looks at three important factors in controlling delinquency at his buy here pay here operation.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Lessons Learned Long Ago in Special Finance

By Greg Goebel

Special Finance Expert Greg Goebel explains how taking the wrong approach to special finance leads can mean lost sales opportunities for a dealership.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Making a List and Checking it Twice

By Nicole Munro

Santa isn’t the only one making a list and checking it twice this time of year. The CFPB and the FTC are making lists that will be used to determine who is naughty and who is nice. Attorney Nicole Munro poses some questions dealers should consider to put together their own compliance checklists.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

F&I Best Practices

"As much as you have to be compliant with your client, you also have to be compliant with your [finance sources]." - Mike Davis, Finance Director, BMW of Sudbury

By Kimberly Long

The F&I office has a lot of responsibilities for one department – selling products, ensuring compliance, maintaining good relationships with finance sources and more. Several finance professionals reveal their tried-and-true methods of getting the job done.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Five Strategies to Get the Results You Want in F&I

By Joseph Clementi

One of the most challenging and demanding positions in the dealership is F&I manager. Joseph Clementi, a dealership general manager, shares five strategies to find, develop and keep qualified F&I managers, so you can get the results you want in F&I.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

To Interview or Not to Interview: Differing Opinions in F&I

By Kimberly Long

Is it best for finance managers to interview customers before they get to the F&I office? Three dealership finance professionals offer their opinions.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Special Finance Initiative Leads to Overall Improvement at Key Hyundai

Almost a year ago, Dealer Jill Merriam Dulitsky decided it was time to put the microscope on special finance at Key Hyundai. Not only has the special finance business at her dealerships substantially increased, but the operations have seen improvements in other areas as well (including the BDC, manager pay plans, job descriptions, and used vehicle inventory acquisition and management).

By Jennifer Murphy Bloodworth

Dealer Jill Merriam Dulitsky decided in late 2010 to take a closer look at her stores’ special finance departments. The steps taken to effect improvements in SF at Key Hyundai ultimately benefitted the dealership’s overall operations.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Third-Party Relationships Require Close Attention to Detail

By Chip Zyvoloski

There are risks involved with all third-party relationships. Chip Zyvoloski, senior attorney within the Indirect Lending business at Wolters Kluwer Financial Services, explains that to protect the dealership’s reputation, dealers should complete due diligence on your third-party vendors.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

The SAWS of Underwriting Help Maintain Consistency

By Brent Carmichael

In the last half of the year, buy here pay here dealers revisit their underwriting. BHPH expert Brent Carmichael discusses four areas BHPH dealers should focus on for proper underwriting.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Reaching Automotive Consumers with Mobile Advertising

The Audience Today for Mobile Automotive Content

By Erin (Mack) McKelvey

Erin (Mack) McKelvey of Millennial Media discusses targeting auto shoppers through mobile advertising.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Price Inventory for Appropriate Gross Profits

By Alan Mosher

At the conventional retail lot, everyone tries to hit a home run on every deal’s gross profit, but pricing BHPH inventory higher to gain additional gross could result in greater losses due to higher collection costs, delinquencies, repossessions and charge-offs. BHPH expert Alan Mosher discusses how to determine an inventory pricing strategy to avoid this risk, a concept he terms “hitting doubles.”

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Serving the Right Mix of F&I Products

By Kimberly Long

Achieving the right balance of products to sell in a dealership’s F&I office can take some time and periodic tweaking of the menu. Here’s a look at some of the products dealers can consider including on their F&I menus to allow the most opportunities for profit.

Tags: BDC

November 2011, Auto Dealer Today - WebXclusive

Paper is a Thing of The Past in F&I

By Allen Dobbins

Technology has impacted every dealership department, and technology expert Allen Dobbins explains how the F&I department has been impacted by technology.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Technology in Your F&I Office

By Kirk Manzo

Over the years, technology has evolved to help in various dealership departments. F&I trainer Kirk Manzo covers a number of options for presenting electronic menus in the F&I office.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Cobweb Compliance

By Thomas B. Hudson, Esq.

Attorney Thomas Hudson poses two scenarios about how dealers comply with the Safeguarding Rule. One scenario is about a dealer who initially had good intentions but allowed compliance cobwebs to build up, the other is about a dealer who implements and maintains a compliant process.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Financing Repairs for BHPH Customers

By Gene Daughtry

Best Ride General Manager Gene Daughtry discusses the benefits of working with buy here pay here customers to finance their vehicle repairs.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Make Sure Your SF Department Doesn’t Get Hosed

By Greg Goebel

Special Finance Expert Greg Goebel explains how the concept of water through a hose can be an apt metaphor for a dealership’s SF business. He also details one dealer’s dilemma and explains how to fix it.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Disclosures in Auto Finance - Lesson 2: Application Disclosures

By Nicole Munro

Attorney Nicole Munro discusses disclosures required by the Equal Credit Opportunity Act and its implementing Regulation B, along with the Fair Credit Reporting Act, when a consumer applies for secured credit.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Gibson Truck World Injects Personality into Its Advertising

Pictured here with Angela Stockman, Gibson Truck World's marketing director (left) and Devon Belanger, promotions manager (right), Comedian Larry the Cable Guy recently took part in a dealership-sponsored mud-racing event held at Bandit Mud Racing in New Smyrna Beach, Fla., while in town filming his television show "Only in America."

By Alexandra Barlow

Gibson Truck World, a 14-acre dealership in Sanford, Fla., sells about 150 vehicles per month. The dealership relies on social media, radio, television, magazines, the Internet, billboards and good old word-of-mouth to advertise the dealership.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Managing Your Special-Order Parts

By Joseph Clementi

Dealership general manager Joseph Clementi explains how to manage and more closely monitor special-order parts as a way to control cash flow.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Finding Affordable BHPH Inventory in Today’s Tough Market

By Mark Dubois

Buy here pay here expert Mark Dubois discusses how BHPH dealers are sourcing inventory in today’s tough used vehicle wholesale market.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Guidelines to Ensure Your Cars Get the Clicks They Deserve

By Greg Wells

Trainer Greg Wells discusses how dealers can effectively market vehicles online with proper pricing, quality photos and compelling vehicle descriptions.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Used Inventory Acquisition

"At some point, with the lack of inventory, it becomes who's willing to pay the most. That minimizes your return on investment, but it's still the best approach." - Kevin Nachbar, VP of Sales and Remarketing, McCarthy Auto Group, Olathe, KS

By Jennifer Murphy Bloodworth

Throughout 2011, used vehicle buying has been difficult for dealers. Five used car buyers share how they’re finding vehicles.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Give ‘Em Something to Talk About

By Jon Greene

Author Jon Greene discusses how dealers can differentiate themselves from the competition by implementing a customer loyalty program.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Grogan’s Towne Chrysler Jeep Dodge Ramps Up the Used Car Department

At Grogan's Towne Chrysler Jeep Dodge, Marc Ray, GSM and partner (left), and Denny Amrhein, managing partner (right), saw used-vehicle sales dip as low as 30 a month during the recession. After implementing an inventory management tool in early 2009, Ray transformed the store's used vehicle operation, which is now averaging 134 sales a month.

By Jennifer Murphy Bloodworth

When the going gets tough, the tough get going. At Grogan’s Towne Chrysler Jeep Dodge in Toledo, Ohio, Marc Ray took matters into his own hands when the market got tough, and as a result, the store is growing and more profitable than ever.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Inventory Management Is Really Cash Management

By David Keller, CPA, CFE

Do you watch and calculate how many times your inventory turns each year? Do you know what your return on inventory investment is? David Keller, automotive industry accounting expert, explains how to determine these things and more.

Tags: BDC

October 2011, Auto Dealer Today - WebXclusive

Website Referrals

By Jason Ezell

Industry expert Jason Ezell discusses how different websites like Facebook and third-party sites can provide both direct and indirect traffic to dealership websites.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Performance Improves When Measured

By Don Reed

Fixed operations expert Don Reed discusses the importance of measuring performance and outlines 28 different stats in the service and parts departments that should be measured for individual employees to evaluate performance.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Disclosures in Auto Finance - Lesson 1: Advertising Disclosures

By Nicole Munro

Attorney Nicole Munro explains advertising disclosures required by the Truth-in-Lending Act (TILA) and Regulation Z.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Four Sources of BHPH Inventory

By Alan Mosher

Buy here pay here expert Alan Mosher discusses a few of the sources dealers can turn to in order to find more vehicles that fit their BHPH business model.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

The 2011 Independent Retailers of the Year

Auto Dealer Monthly has featured the Top 50 Independent Retailers of the Year since 2006, and this year’s Top 50 features dealers from all over the U.S.—from the Pacific Northwest to Southern Florida. Auto Dealer Monthly and this year’s corporate sponsor of the awards, the 2011 Special Finance Conference, are honored to recognize the efforts of the Top 50 Independent Retailers of 2011. The Independent Retailer Awards are designed to recognize the efforts of the dealer principals. Since many i

By ADM

Auto Dealer Monthly has featured the Top 50 Independent Retailers of the Year since 2006, and this year’s Top 50 features dealers from all over the U.S.—from the Pacific Northwest to Southern Florida.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Positive News and Energy Surround the SF Market

By Greg Goebel

Special finance expert Greg Goebel discusses the good news and not-so-good news about the finance industry he learned at the NAF Associations 2011 conference.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Best Practice in One State Can Lead to Jail in Another

By Thomas B. Hudson, Esq.

Attorney Tom Hudson discusses how best practices in some dealerships can be prohibited in other dealerships due to state laws. One example he mentions is bird-dog programs.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

You Are What You Surround Yourself With

By Joseph Clementi

Dealership General Manager Joseph Clementi offers tips for improving the performance of different types of salespeople.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Where and How Independent Dealers are Spending Their Marketing Dollars

When customers come into one of the InstaCredit Automart stores, many of them ask about the dogs. “We bring them to work every day, take them down to the showroom and people play with them,” said Birger. Most of the time the dogs are at the Collinsville, Ill., location, but he sometimes takes them to the other locations to visit. The majority – roughly 70 percent – of the group’s advertising and marketing budget goes to television (about 53 percent on broadcast and 17 percent on cable). Radio

By Jennifer Murphy Bloodworth

Author Jennifer Murphy speaks to six successful dealers of varying sizes across the county about the combination of old- and new-school tactics that keep their ad budgets low and cars moving off the lot.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Driversselect Adapts Boldly to Become a Driving Force in the Dallas Market

A couple years ago, Steve Hall, owner of driversselect in Dallas, Texas, noticed customers were shifting more towards the Internet for purchasing, so he shifted his operation that way as well. Now his customers can practically complete the sales process online, from choosing a vehicle to selecting which finance company to work with.

By Alexandra Barlow

Imagine a customer coming in completely ready to purchase and driving off the lot in a new vehicle just an hour later—with no hassle or negotiation. This is the reality every day at driversselect. Writer Alexandra Barlow looks at the dealership's successful business model overhaul.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Selling in the Dog Days of Summer

By Brent Carmichael

BHPH expert Brent Carmichael breaks down the formula for selling during the dog days of summer—training, appearance, marketing and advertising.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Develop Niches in Your Used Vehicle Department

By Courtney Cole

Dealer Courtney Cole explains how having multiple niches within a used vehicle department can benefit dealers.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Making Connections with Employees and Customers

By Kirk Manzo

F&I trainer, Kirk Manzo, discusses the importance of how a leader communicates with his or her staff and provides tips on how to effectively communicate with the four different styles of communicators.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Embrace Technology in the Dealership

By Allen Dobbins

Technology expert Allen Dobbins provides an example of how dealers are using data to help with inventory management and discusses what he sees for the future of the car-buying process.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Dealing with DMS Redundancy

By Alexandra Barlow

One major area of concern for dealers is what happens if their DMS goes down. DMS redundancy was one issue Blake Ledet, IT manager, addressed for the Team Automotive Group.

Tags: BDC

September 2011, Auto Dealer Today - WebXclusive

Team Automotive Group Experiences Big Savings in IT

By Alexandra Barlow

At Team Honda Automotive in Baton Rouge, La., the IT department has generated significant savings for the dealerships through smart computer purchasing, auditing phone bills, and getting creative with printing.

Tags: BDC

August 2011, Auto Dealer Today - WebXclusive

The Three Phases of Dealership Digital Marketing

By David Pritchard

Proper implementation of digital marketing in a dealership is a three-phase process. David Pritchard, director of marketing and public relations for Gentilini Motors, walks dealers through the basics of understanding consumer behavior, developing a digital marketing strategy and building an online presence

Tags: BDC

August 2011, Auto Dealer Today - WebXclusive

Five Tips to Get Started With WordPress

By Joe Chura

Joe Chura, a dealership Internet director, explains how dealers can start a WordPress blog in five easy steps, including a few suggested plug-ins.

Tags: BDC

August 2011, Auto Dealer Today - WebXclusive

Wrong Assumption on Dealer Participation Leads to Faulty “Study”

By Thomas B. Hudson, Esq.

Thomas Hudson of Hudson Cook LLC, discusses the Center of Responsible Lending’s report entitled, "Under the Hood: Auto Loan Interest Rate Hikes Inflate Consumer Costs and Loan Losses."

Tags: BDC

Blog

On-the-Point

Jim Ziegler
All Things Must Pass

By Jim Ziegler
Ziegler mourns the loss of Gregg Allman as Ford and Hyundai shake up their leadership teams and Carvana struggles to stay afloat.

Join the Battle of Jericho

By Jim Ziegler
Ziegler has harsh words for the so-called geniuses behind escalating factory incentives, political support for autonomous vehicles, AutoNation's 'millennial-friendly' pay plan, and the Carvana IPO.

Don't Run, We Are Your Friends!

By Jim Ziegler

The Future Ain't What It's Cracked Up to Be

By Jim Ziegler

Opening Observations

Over the Curb