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.”....
Cash flow is the main artery of a Buy Here Pay Here dealer. Managing how cash is generated and how it's spent is critical to the success of your business. Although your dealership reflects a positive net profit on the financial statement, you may find yourself funding the business out....
It’s that time of month again; you’re getting those fancy fliers about 3 day conventions at the lovely Caesars Palace or the convention at the lovely Ritz Carlton in Orlando. Now you’re thinking should I attend this function? Should I take the family? Most people think of these conventions as....
More than likely your dealership or finance company relies on more than one computer to accomplish your daily tasks and get business done efficiently. Should you have all of your computers networked to a server? If you have a large staff, the answer should be yes. What is a server?....
We live an age where the mantra is "information at your fingertips". With the digital era influencing every aspect of our lives, it is important to leverage these efficiencies in every way possible with your business. One simple, yet effective way to do this is keeping an electronic record of....
There are many reasons for a Buy Here Pay Here operation to report credit to the bureaus each month but all too often these benefits are overlooked. It’s the key intangibles that will help keep your accounts in good standing and reward your business with repeat customers. If you run....