In today’s regulatory environment, dealerships must navigate complex compliance requirements to avoid penalties from the Consumer Financial Protection Bureau (CFPB). Deal Pack DMS software offers robust features and safeguards to help dealerships stay compliant, particularly in areas like GAP refunds, payment misapplication, and illegal repossessions. Here’s how Deal Pack ensures....
With the recent signing of a new bill that changes the taxation of lease transactions starting in 2025, Buy-Here-Pay-Here (BHPH) car dealers in Illinois have a unique opportunity to transition into Lease-Here-Pay-Here (LHPH). This shift can bring several significant benefits for both dealers and customers. Read more below to learn....
As tax season approaches, car dealerships face the daunting task of organizing financial records, preparing tax documents, and ensuring compliance with ever-changing regulations. Tax compliant software solutions, Dealer Management System (DMS) software, for auto dealers can be a game-changer in simplifying these processes. Here’s how DMS software can help your....
For buy here pay here (BHPH) dealerships, which cater to customers with less-than-perfect credit, aligning with a 20 group can be a game-changer. A 20 group is a peer-based support network where dealership owners or managers come together to share insights, strategies, and best practices. Here’s how joining a 20....
The Buy Here Pay Here (BHPH) business model offers valuable opportunities to serve customers with limited credit options. However, one common challenge faced by BHPH dealerships is a higher rate of loan defaults compared to traditional lenders. Dealing with delinquent payments and implementing effective collections strategies can be complex and....
In the Buy Here Pay Here (BHPH) industry, adhering to legal standards is paramount, especially when it comes to repossessions. The Consumer Financial Protection Bureau (CFPB) has outlined specific guidelines to prevent unfair, deceptive, or abusive acts or practices (UDAAPs) in repossessions. The best software for BHPH LHPH used car....
In today’s fast-paced automotive finance industry, staying on top of customer disputes is more important than ever. With the rise of third-party companies helping consumers escape their car loans, it’s crucial for dealers and finance companies to understand the importance of responding to disputes that come through e-OSCAR. Why Responding....
Profitability doesn’t just depend on the number of cars you sell—it’s heavily influenced by how well you manage your inventory. Efficient lot management ensures that you’re not sitting on unsold inventory, allowing you to keep your lot fresh, reduce operating costs, and maximize profitability. In this post, we’ll explore practical....
As your trusted Dealer Management Software (DMS) provider, we're here to keep you informed about important regulation updates from the Texas Office of Consumer Credit Commissioner (OCCC). If you operate a motor vehicle sales finance business in Texas, there are critical deadlines and proposed rule changes you need to be....
Reconditioning costs are a significant part of managing a used car dealership with a service shop. For many independent dealers, these costs have risen sharply over the past few years and the need for lowering costs is critical for business success. According to the National Independent Automobile Dealers Association (NIADA),....