In a Buy Here Pay Here Dealership a collateral exchange is a transaction that takes place quite often. A collateral exchange refers to one vehicle being substituted for another vehicle for a customer. In most states, this agreement does not change any other aspect of the original Retail Installment Contract.....
The most effective profit generator in the dealership business is high asset turnover. If vehicles are staying on the lot for longer than 60 days, it is time to start thinking about a new strategy. The first place to begin is physical inventory. It is important to get a count....
It’s clear that leasing is growing as a business in the Buy Here-Pay Here (BHPH) industry, and with dealers jumping into leasing for the first time, it is essential to understand how to account for leasing activities on the books. With operating leases, lessees are contracted to use the asset,....
From the beginning of its inception four years ago, the Consumer Financial Protection Bureau, which regulates auto lending, has been a strong new focal point for car dealerships. But recently dealerships are being quickly reminded who primary regulates their business, the Federal Trade Commission. In the past 18 months, the....
Marketing via email has become a popular solution to grow business. Whether you're advertising to solicit new sales or recruiting repeat customers, there's something you should know... The CAN-SPAM Act (Controlling the Assault of Non-Solicited Pornography and Marketing Act) was signed into law by President George W. Bush on....
Ok, so imagine you have been searching the car market for the past month trying to find the best price and the exact car of your dreams. There you are at the dealership, excited that you got such a great deal on the car you wanted. The most important thing....
Lately, regulations on false advertising have become an issue of increasing importance in our industry. The Federal Trade Commission is cracking down on those dealers who have misleading ads. It is important to understand what you should and should not be displaying on you advertisements. Below are a few scenarios....
One of the most important aspects to any service department is the labor that goes into it. Having a good estimate of the time it takes to perform each operation will not only help the service writer accurately schedule the operation but also ensures the customers that the repairs are....
It’s clear that leasing is growing as a business in the Buy Here-Pay Here (BHPH) industry, and with dealers jumping into leasing for the first time, it is essential to understand how to account for leasing activities on the books. With operating leases, lessees are contracted to use the asset,....
It’s that time of year, where people are receiving their tax returns. This often means dealerships are experiencing more cash flow, whether through increased sales, or customers making additional payments. Along with this, I often receive calls where Deal Pack Pro users are curious how to take a payment that....