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January 2011, Auto Dealer Today - WebXclusive

Service Customer Retention is Money in the Bank

By Brice Englert

@utoRevenue General Manager Brice Englert discusses how service customer retention can be improved through having a marketing plan, using a variety of channels and tailoring marketing messages.

Tags: BDC

January 2011, Auto Dealer Today - WebXclusive

2010 Auto Finance Survey

By Kimberly Long

Details of Auto Dealer Monthly’s 2010 Auto Finance Survey are revealed.

Tags: BDC

January 2011, Auto Dealer Today - WebXclusive

Move From Transactional to Relational Selling

By Tony Troussov

Tony Troussov - Do your salespeople build meaningful relationships with every customer, or do they treat each customer as a mere transaction? If your answer is transaction, then it’s probably time to provide your sales staff with some customer experience training.

Tags: BDC

January 2011, Auto Dealer Today - WebXclusive

Making it to the Top

By Kirk Manzo

When Erik Weihenmayer, a blind man, climbed Mt. Everest in 2001, the trek was well-planned-out. Every person involved in the expedition had to have clarity of vision (i.e., able to articulate the goal to get Erik to the top). Erik had to have the right team in place, and they had nightly meetings while climbing to the summit. Kirk Manzo compares and relates these key aspects of Erik’s success to successful F&I departments.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

The Equation for Successful BHPH Collections

By Kimberly Long

A number of factors figure into the equation for successful collections. Auto Dealer Monthly spoke to several BHPH professionals for their insights on issues like personnel, training and use of GPS and starter interrupt devices.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Planet Ford: The Mother Ship of the World Class Automotive Organization

By Kimberly Long

Over the last year or so, many dealerships have dialed back their special finance operations or given up on them altogether, but not Planet Ford, a World Class Automotive Organization (WCAO) dealership in Spring, Texas.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Special Finance is Back

By Greg Goebel

Annually, Greg Goebel (special finance expert and consultant) reviews hundreds of dealers’ data from the previous year to provide readers with an in-depth look at the latest special finance benchmarks.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

You Think Selling Cars is Hard?

By Thomas B. Hudson, Esq.

Deceiving and defrauding customers is one easy way to get the attention of your state attorney general. Tom Hudson details how and why one dealership paid big for engaging in illegal practices.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Concentration Counts

By David Keller, CPA, CFE

Managing two aspects of a business at once may seem like it saves you time, but Author David Keller points out that’s not the case in BHPH. Without 100-percent focus on the task of collections, repossessions and delinquency rates will increase dramatically and profitability will decrease quickly.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

The Car Store Moves Beyond BHPH to Encompass Wider Spectrum

Two years ago, the owners of The Car Store further diversified their once BHPH-only business. They added a dual-branded independent service shop and accessories store (dubbed The Car Store Service Center and Auto World, respectively) near the Salisbury, Md., dealership.

By Kimberly Long

At The Car Store, Dealership Owners Greg Johnson and Ed Wilgus have worked to grow their two-store BHPH operation to encompass a wider spectrum of customers. Read on to discover how they moved beyond BHPH and now work with all customers in all credit tiers.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

The Showroom Visit Outcome Call

By Greg Wells

Customers who visit your showroom but don’t buy leave for a number of reasons. Author Greg Wells discusses methods that can help a BDC or dealership get unsold floor traffic back in through effective outbound calls.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Tough Times + Tough Business = Opportunity

By Mark Dubois

Mark Dubois - While the buy here pay here business is a challenge and involves many factors (like compliance, capital and cash flow, to name a few), it’s a business that offers a lot of opportunity to dealers who run their business right.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Creating Professional Dealership Videos on a Budget

By Joe Chura

Internet and e-Marketing Director Joe Chura breaks down what a dealership would need to shoot professional-grade video at a fraction of the cost it would take to hire a third party to produce videos.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Expedited Payment Fees

By Nicole Munro

Before charging an expedited payment fee (or any other servicing fee), consult and consider your state’s laws on the topic. Attorney Nicole Munro explores servicing fees in depth.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Dealership Compliance

By Mike Trabold

Mike Trabold - Dealership compliance is often complicated. Three areas of significant importance for dealers today are worker classification, the federal HIRE act, and the implications of the health care reform act.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

It’s Beginning to Look a Lot Like Christmas

By Brent Carmichael

Brent Carmichael shares some tips with BHPH dealers to get sales and payments in December, typically the most difficult month of the year.

Tags: BDC

December 2010, Auto Dealer Today - WebXclusive

Special Finance Companies Report Surprising Trends

By Greg Goebel

Greg Goebel - The landscape of the special finance market is changing, but this time it’s changing in a way that could benefit dealers. The near-prime customers of today aren’t the same as they used to be. Among near-prime buyers, average interest rates have dropped, the average loan term has grown and average monthly payments have increased. Read on to discover what’s behind these changes and how the rest of the subprime spectrum has changed in the past year.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Credit Leads and Reputation

By J.D. Rucker

J.D. Rucker - Although it’s been contested, buy here pay here dealers can reap rewards of a search engine optimization strategy. A BHPH SEO strategy should be credit-focused and aim to push any negative reviews, complaints and third-party lead-generators that could be taking your business down in the organic search engine results.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

How Do You Know if Your Software is Compliant?

By Allen Dobbins

Allen Dobbins - Many dealers have issues with software and its compliance. The unique thing about software and compliance is that they touch virtually every aspect of a business. There are some important steps you can take to safeguard your business when it comes to compliance issues.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Business Buyers Pose Less Compliance Risk

By Thomas B. Hudson, Esq.

Thomas B. Hudson - When the buyer listed on a retail installment sales contract is someone other than an individual (i.e., a corporation, partnership, association, etc) or when the primary use of the vehicle is for business use, many claims and defenses the buyer might otherwise have against the dealer evaporate.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Changing with the Times

Rosen Honda in Gurnee, Ill., is one of nine dealerships making up Rosen Automotive Group, owned by Saul Rosen, a veteran dealer who's always had his eye on compliance. To ensure compliance across his entire operation, he has compliance audits performed at all his dealerships monthly.

By Jennifer Murphy Bloodworth

Jennifer Murphy - Rosen Automotive Group, based in Gurnee, Ill., goes to great lengths to maintain compliance within the nine-operation dealership group. After trying to maintain 100-percent compliance in-house, Dealer Saul Rosen realized the huge task it was and commissioned an outside consultant dedicated to keeping his stores compliant.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Training on “The New Process”

By Greg Wells

Since the Internet has changed the car-buying experience, Author Greg Wells explains why and how dealers should alter showroom processes to create better relationships with customers.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Institute Good Internal Accounting Controls

By David Keller, CPA, CFE

David Keller - Following are some basic policies and procedures you should have for your accounting department to be compliant with good internal accounting controls—including properly segregating duties, adjusting of journal entries, reviewing of cash disbursements, archiving cash receipts and authorizing of purchases.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Adverse Action Notices

By Jennifer Murphy Bloodworth

Auto dealers have many different laws, rules and regulations to contend with. Here is a summary of one of those very important compliance issues, adverse action notices. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Gramm-Leach-Bliley Act

By Jennifer Murphy Bloodworth

Auto Dealer Monthly offers a brief look at one of the many compliance issues auto dealers must contend with, the Gramm-Leach-Bliley Act. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Magnuson - Moss Warranty Act

By Jennifer Murphy Bloodworth

Compliance is an ongoing concern for dealers, with numerous rules and regulations to adhere to. Auto Dealer Monthly offers a brief summary of one of those issues, the Magnuson – Moss Warranty Act. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Used Car Rule

By Jennifer Murphy Bloodworth

Auto dealers face a multitude of compliance issues on a daily basis. Here is brief summary of one of those issues, the Used Car Rule. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Disposal Rule

By Jennifer Murphy Bloodworth

Auto Dealer Monthly offers a brief look at one of the many compliance issues auto dealers must contend with, the Disposal Rule. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Regulation M

By Jennifer Murphy Bloodworth

Compliance is an ongoing concern for dealers, with a number of various rules and regulations to adhere to. Auto Dealer Monthly offers a brief summary of one of those issues, Regulation M. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Regulation Z

By Jennifer Murphy Bloodworth

Auto Dealer Monthly presents a concise look at one of the numerous compliance issues auto dealers face, Regulation Z. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Equal Credit Opportunity Act

By Jennifer Murphy Bloodworth

Auto dealers face a huge number of compliance matters on a daily basis. Here is brief summary of one of those issues, the Equal Credit Opportunity Act. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Fair Credit Reporting Act

By Jennifer Murphy Bloodworth

Compliance is a constant concern for dealers, with multiple rules and regulations to adhere to. Auto Dealer Monthly offers a brief look at one of those issues, the Fair Credit Reporting Act. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

CAN-SPAM Act

By Jennifer Murphy Bloodworth

Auto dealers have many different compliance issues to concern themselves with. Here is a quick look at one of those issues, the CAN-SPAM Act. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Credit Practices Rule

By Jennifer Murphy Bloodworth

Auto Dealer Monthly offers a quick look at one of various compliance concerns auto dealers face, the Credit Practices Rule. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Federal Advertising Laws/Truth-in-Advertising

By Jennifer Murphy Bloodworth

Auto dealers have many laws, rules and regulations to comply with. Here is a summary of one of those very important compliance issues, Federal Advertising Laws/Truth-in-Advertising. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Red Flags Rule

By Jennifer Murphy Bloodworth

Compliance is an ongoing concern for dealers, with numerous rules and regulations to adhere to. Auto Dealer Monthly offers a brief summary of one of those issues, the Red Flags Rule. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Americans with Disabilities Act (ADA)

By Jennifer Murphy Bloodworth

Auto Dealer Monthly presents a brief summary of one of the many compliance issues that affect dealers, the Americans with Disabilities Act. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Telemarketing Sales Rule

By Jennifer Murphy Bloodworth

Auto dealers have a number of compliance issues to concern themselves with daily. Here is a quick look at one of those issues, the Telemarketing Sales Rule. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Do Not Call Rule

By Jennifer Murphy Bloodworth

Auto Dealer Monthly offers a quick look at one of various compliance concerns auto dealers face, the Do Not Call Rule. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Fuel Economy Advertising for New Automobiles

By Jennifer Murphy Bloodworth

Compliance is a constant source of stress and concern for dealers, with a huge number of rules and regulations to adhere to. Auto Dealer Monthly offers a brief summary of one of those issues, Fuel Economy Advertising for New Automobiles. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Form 8300 and Reporting Cash Payments of Over $10,000

By Jennifer Murphy Bloodworth

Auto dealers face a multitude of compliance issues on a daily basis. Here is brief summary of one of those issues, Form 8300 and Reporting Cash Payments of Over $10,000. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Office of Foreign Assets Control (OFAC)

By Jennifer Murphy Bloodworth

Auto Dealer Monthly presents a brief summary of one of the many compliance issues that affect dealers, the Office of Foreign Assets Control (OFAC). Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

19 Laws, Rules and Regulations That Can Cost You More Than Money

By Jennifer Murphy Bloodworth

Jennifer Murphy - In an effort to alleviate some of the stress caused by trying to understand the compliance issues dealers must contend with, here are 19 laws, rules and regulations summarized (along with potential penalties for breaking them and helpful links to useful information).

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

Consumer Finance Protection Agency Complicates BHPH Compliance

By Brent Carmichael

Brent Carmichael - The Consumer Finance Protection Agency will soon be regulating BHPH dealers. While the full impact this will have on BHPH dealers is unknown, some of the potential ramifications of the CFPA’s oversight is discussed.

Tags: BDC

November 2010, Auto Dealer Today - WebXclusive

F&I Compliance Basics

By Kirk Manzo

Kirk Manzo - In the F&I office, increasing efficiency and product sales revolves around increasing product penetration (particularly service contracts), shortening the time your contracts are in transit, introducing the F&I manager to customers early on in the sales process, and maintaining compliance.

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

Structuring SF Compensation Plans to Avoid Conflict

By Greg Goebel

Greg Goebel - Throughout periods of restructuring when people are being shifted, promoted or hired, I get questions about compensation plans for the SF manager and/or SF department. Generally, what I hear is, “How are we supposed to pay them?” or “What is the benchmark for compensation for a SF manager?” Unfortunately, the question isn’t quite that simple.

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

Use the Power of the Internet to Improve Inventory Management

By Jason Ezell

Jason Ezell - In a business where inventory is the backbone of sales, the car industry doesn’t lend itself very well to cutting costs. A lower inventory, while it might save money, might also cost you more in lost sales. So what’s the answer?

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

VSI Catch 22

By Thomas B. Hudson, Esq.

Thomas B. Hudson - Joseph Heller’s 1961 World War II novel, “Catch 22,” dealt with the rules that governed how many deadly missions B-25 pilots had to fly before they could go home. I’ll bet Mr. Heller never envisioned that the phrase would be used in connection with the sale of VSI insurance in an auto finance transaction.

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

Why Customers Put Off Maintenance

By Hal Scott

Most customers postpone repairs and maintenance work. Industry Expert Hal Scott discusses why customers put off service work and explains how to overcome customer objections to get them in for needed service and maintenance.

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

Are You Really Managing Your Inventory?

By David Keller, CPA, CFE

David Keller - After reviewing many dealerships’ financial statements over the last six months, it seems the used vehicle department is the king of profits and volume. Most dealers, with new vehicle sales still depressed, are selling more used vehicles than ever. It is more important than ever to manage your vehicle inventories.

Tags: BDC

Blog

On-the-Point

Jim Ziegler
A Faster Horse

By Jim Ziegler
The Alpha Dawg wonders where the demand for driverless vehicles is coming from and has good news and bad news — but mostly bad news — for Fiat Chrysler and Cadillac dealers.

Strangers in the Mall

By Jim Ziegler
The Alpha Dawg makes new friends, stands up for Cadillac dealers, charts the rise of the independent lots, and reconsiders free trade agreements.

You Can’t Handle the Truth

By Jim Ziegler

Watch Out for Grizzlies

By Jim Ziegler

Opening Observations

Over the Curb