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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

October 2010, Auto Dealer Today - WebXclusive

Lebanon Ford Gets Seriously Social

At Lebanon Ford, Owner/General Manager Lisa Cryder wanted to connect with customers online via social media. While Lebanon, Ohio, is a small city with a population of about 20,000, it's situated about 30 miles from Cincinnati, the third-largest city in the state. She started "honing in" on social media in 2009 and knew her dealership could reach more potential customers if she put a strategy in place.

By Jennifer Murphy Bloodworth

Jennifer Murphy - One doesn’t have to be tech-savvy to understand the popularity of social media. Lisa Cryder, the owner/general manager at Lebanon Ford Lincoln Mercury realized social media could be a powerful business tool—one her Lebanon, Ohio, dealership stood to benefit from.

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

Pushing Inventory Around the Web

Pushing Inventory Around the Web Managing Your Online Inventory As recently as a decade ago, the concept of inventory management for many dealers was restricted to the physical lot and maybe the dealership’s Web site. Now, however, as car buyers rely heavily on the Internet to help them research and comparison shop, dealers must push their inventory out not just to their own dealership sites but to multiple third-party online destinations as well in order to be competitive in today

By Kimberly Long

Kimberly Long - Pushing inventory out to multiple online destinations presents a unique set of challenges to a dealership’s resources. Accomplishing this task in house will often require a great deal of time, effort and manpower. So, what is the best way to handle online inventory management and how much help does a dealer need?

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

It’s People and Process, Stupid

By Tony Troussov

Tony Troussov - In this competitive market, a used car manager’s job can be complicated. Today, like never before, it requires extensive knowledge of the market and technology. With that said, acquiring cars is only half of the task at hand.

Tags: BDC

October 2010, Auto Dealer Today - WebXclusive

Online Inventory Pricing

By Kimberly Long

Kimberly Long - What kinds of strategies are at work when it comes to pricing online inventory? In short, all kinds.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Make the Search Engines Love Your Online Inventory

By J.D. Rucker

J.D. Rucker - When the topic of inventory management is brought up to car dealers, certain things always come to mind. How should it be priced? How often is it updated? How many pictures should you take? While these are all important, one aspect that is regularly forgotten is how to drive the right traffic to the specific vehicles that people want to buy.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Is This the Time to be in Buy Here Pay Here?

By Mark Dubois

Mark Dubois - If you are a new car dealer struggling with questions about what to do after losing your franchise or you are a subprime dealer unable to get your deals bought and are forced to turn away customers, you may be wondering: is this the time to be in the buy here pay here business?

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Have You Lost Your Balloons?

By Greg Goebel

Greg Goebel - I have written for years about Green and Red Balloons, the metaphor for identifying the creditworthiness of dealership customers. Nothing has changed about the need to identify creditworthiness quickly and effectively when a customer first contacts your dealership, except for the fact that it has become more urgent to do so.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Worse than Worthless

By Thomas B. Hudson, Esq.

Thomas B. Hudson - Life is difficult enough when you at least know what you don’t know. But when you don’t know what you don’t know, life gets downright dangerous.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Health Care Reform’s Tax Provisions

By David Keller, CPA, CFE

David Keller - The massive health care legislation, signed into law by President Obama, contains provisions that will affect every employer, but the timing of different pieces of the legislation ranges from items that apply immediately in 2010 to a variety of tax increases that become effective from 2011 to 2018.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Web Site Statistics

By Jason Ezell

Jason Ezell - I have always been mesmerized with the amount of information the Internet has provided, both on the Web itself and through the data being produced by millions of people using the Web. Oh, the power we would gain from harnessing this data and molding it into usable knowledge with which to make solid business decisions.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

CPO is the Way to Go

"The interest rates are 2.9 [percent for CPO units]. Sometimes you can take a customer and put them in a 2,000-mile, 2010 Corolla and the payments are $50 cheaper a month [compared to a brand new 2010 Corolla]." - Lenny Cafarelli, GM Huntington Toyota, Huntington, NY

By Jennifer Murphy Bloodworth

Jennifer Murphy - The economy has forced many consumers to forego the purchase of a new vehicle due to their own budgetary concerns or due to the lack of available financing. These customers are now considering certified pre-owned (CPO) vehicles as a viable alternative to new.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Streamline, Simplify and Clarify

By Kirk Manzo

Kirk Manzo - In Chet Holmes’ bestselling book, “The Ultimate Sales Machine,” he identifies that the reason many organizations struggle is because “management attempts to implement 4,000 different ideas. When all they really need to dominate any market is to identify their core strategies (usually about 12) and repeat them 4,000 times until everyone in the organization has mastered them!”

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Internet Customers Are the Same Customers Knocking on a Different Door

By Greg Wells

Greg Wells - When customers walk into the showroom, what do we do? We greet them, right? They are greeted by a receptionist, if you have one, or by an available salesperson, but what happens when that customer isn’t greeted promptly?

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

The Heat is On at Century Motors of South Florida

Century Motors of South Florida is nothing short of a tropical paradise. Sitting on an acre-and-a-half, the lot is home to over 120 palm trees and several different species of plants and flowers. The compound, which is gated with concrete walls, also serves as a hurricane bunker. The building can withstand winds of up to 300 mph, and the windows and doors are good up to 180 mph.

By Jennifer Murphy Bloodworth

Jennifer Murphy - Generally speaking, heated seats aren’t a popular option when purchasing a car in Florida. At Century Motors in Pompano Beach, Fla., Dealer Frank Fuzy said, “You can turn a heated seat on in South Florida … and it’s hard to tell if that heated seat gets warm.”

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Inventory Acquisition 101

By Brent Carmichael

Brent Carmichael - The hottest topic right now in the BHPH world has to be inventory. Not only where but what to buy, how to find it and how to purchase it.

Tags: BDC

September 2010, Auto Dealer Today - WebXclusive

Advertising Strategies for Influencing Car Shoppers Online

By Howard Polirer

Howard Polirer - Consumer shopping behavior has shifted in response to recent economic changes. Many consumers believe that the current economic issues are long-term and will have permanent effects on how they spend money.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Can a Dealer Management System Take You to Nirvana?

By Allen Dobbins

Allen Dobbins - Choosing the right dealer management system (DMS) can keep an owner awake at night. Pick the wrong one, and it will affect employee morale, which could result in high employee turnover, drive productivity to the ground and lead to a negative impact on the bottom line.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Avoid Conspiracies to Commit Fraud in a Down Economy

By Lon Leneve

Lon Leneve - Employee fraud is a recurrent problem in dealerships. The three factors that cause an employee to commit fraud are discussed, as is the importance of implementing a fraud policy.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Worms Are Simple

By Thomas B. Hudson, Esq.

Thomas B. Hudson - If you’re running a bait shop, life is pretty simple. You keep the frozen bait frozen, the fresh bait cold and the live bait alive. If you screw it up, you lose some bait.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Making Your DMS Work For You

By David Keller, CPA, CFE

David Keller - The computer software system used in your dealership should work for you. It should provide you information needed to operate your business, analyze your departments’ profitability and efficiency, and review your expenses and other account details.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Marketing a BHPH Operation

By Gene Daughtry

Gene Daughtry - What business are you in? I think that is your first marketing question. I believe you need to decide what you are doing. Are you a BHPH operation that will sell some vehicles for cash, or are you a retail store that will carry the note on some cars? I know they are both “the car business,” but the marketing for each business model is very different.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Power of Bowser Finds the Right Equation for F&I Success

Power of Bowser, a three-store automotive group just outside of Pittsburgh, Pa., encompasses six new car franchises and averages 500 sales per month. The dealership implemented an F&I menu years ago for compliance reasons, but recently discovered it's also a profit generator.

By Kimberly Long

Kimberly Long - In lean times, dealers must take measures to be certain they are maximizing each and every deal, and the F&I department is one of the main places to look for opportunities to increase profit. However, it also contains a potential landmine—compliance.

Tags: BDC

August 2010, Auto Dealer Today - WebXclusive

Service Advisor Training

By Don Reed

Don Reed - A significant number of dealers these days are becoming more and more aggressive in selling used vehicles. Some have even lost their new car franchises and now rely solely on used vehicle sales, along with parts and service sales to pay the overhead and hopefully provide them with a significant return on investment (ROI).

Tags: BDC

Blog

On-the-Point

Jim Ziegler
It's a Nerd Meltdown

By Jim Ziegler
The Alpha Dawg coaches sales managers through a CRM crash, shares advice for desking deals the old-fashioned way, and explains why AutoNation’s rumored pay plan revision and GM’s thrice-delayed Project Pinnacle are doomed to fail.

There’s a Vacancy in Mom’s Basement

By Jim Ziegler
The Alpha Dawg discovers the cure for Millennial Madness and goes deep on certified pre-owned leasing, the case against Sage Auto Group, and the end of the big publics’ shopping spree.

Objects in the Rearview Mirror

By Jim Ziegler

The Big Talent Drain

By Jim Ziegler

Opening Observations

Over the Curb