On the front end, a DMS provides a user friendly application to run your daily operations. On the back end, it’s a complex database. The ability to effectively query this database in order extract relevant data is invaluable. Rest assured that the team at Deal Pack has the industry knowledge....
Did you know that nearly 14 percent of all drivers in the United States do not carry any form of automobile insurance? This is not good news for BHPH dealers and finance companies whose best interest is in protecting their assets. However, there is a way for you to battle....
This blog is going to be about controls over cash. Before I start on this topic let me preface everything by stating that I have heard nearly everything you can think of for why there is no control over the cash in a dealership. I understand your dealership is a....
Good question! And it’s one I’ve heard many times during training sessions and demonstrations of the Deal Pack software to folks like you, in the BHPH industry. As a BHPH dealer, you not only sell the vehicles, you finance the deals; you are the bank, not just a car salesman.....
Great job- you've made the sale! The customer is in love with the bright, shiny new ride and is ready to sign on the dotted line. It's time to produce the documents to close the deal. What form printing solution does your DMS offer? Functionality varies between software providers, but....
With terrorism and drug trafficking on the rise, it is imperative for banks and US citizens to understand Office of Foreign Asset Control compliance is (OFAC). OFAC is a division of the U.S. Department of the Treasury. Businesses are responsible for following OFAC regulations designed to halt terrorists and other....
This topic falls squarely in to the wonderful world of compliance. As if your job isn’t hard enough, the IRS (and more specifically the Financial Crimes Enforcement Network) require you to be compliant with the reporting of cash payments of over $10,000 through use of the IRS Form 8300. The....
This term has many names in the used car industry, “Pick-Payment”, “Pick-up Payment”, “Deferred Down Payment”, to name a few. But what does it actually mean and how does it benefit the dealer? In short, a pick-payment is an extension of the amount allotted to the cash down portion on....
In a word: CASHFLOW! Or is that two words (cash flow?)…either way, it’s the biggest benefit to financing your vehicle inventory (commonly called a floor plan). Unless you’ve discovered the ever elusive money tree I’ve heard about all my life, you likely need some assistance when it comes to....
What is a Dealer Management System (DMS)? The term DMS has several different acronyms in many industries, such as department of management services or a document management system. Even in the automotive industry, the term DMS can mean “dealership management system” or “dealer management software” or “dealer management solution.”....