Owning/operating a buy-here-pay-here dealership or a related finance company is an enjoyable but time-consuming endeavor. Some of the least glamourous, most important sections of the business are bookkeeping, banking, and accounting. Here are 5  ways BHPH dealers can streamline the required processes of these areas. If your DMS doesn’t allow....

If you’re reading this, you’re likely considering (or already a part of) the buy-here-pay-here industry. One of the biggest challenges in this line of business is balancing a professional debt collection policy with effective, sustainable, and cost-effective practices. The idea of managing these often-precarious contracts and relationships brings to mind....

One would assume that car dealerships sell cars, so why would they need to worry about environmental laws? Car dealerships have more potential areas of concern than might appear at first glance. Many car dealerships have service and repair shops that are likely to generate used oil and other vehicle-related....

Is Your New Employee Onboarding Program Working Properly? At the heart of every operation is the people. Your operation is truly only as great as the people who embody the mission and values of your company. There is nothing more powerful than a team member’s passion and drive to make....

Have you ever torn your office apart looking for that critical loan document or bankruptcy letter needed for a hearing? How long did it take you to find that document? Situations like these are commonplace in the workplace and dealership. Dealerships of all sizes have so many moving parts. It’s....

Today’s markets have seen historic levels of inflation. The global economy has helped to link nations and markets together for better and for worse. BHPH dealerships are not immune to global events. Consumer spending trends have certainly shifted from a luxury to a needs-based approach to spending. Less inventory is....

Whether you are just starting a dealership or have been in business for years, you have to consider if your current dealer/lender management software is working to its potential. With a plethora of solutions in the industry, looking for a system that fits your operation’s needs is a process in....

Credit reporting is the foundation of the modern financial infrastructure. Since a consumer’s past behavior is the most telling sign of how they will repay debts in the future, credit reports with detailed histories provide other lenders with vital lending information. The three major bureaus, Equifax, Experian, and TransUnion collect....

The last few years have not been easy for customers, let alone dealerships. Covid, historic inflation, and the threat of a possible recession are constantly on everyone’s minds. After all, the relationship doesn’t stop when the deal is posted. Quite the opposite, it is just beginning! Now more than ever,....

The laws surrounding how we should collect and use personal data about individuals is set to change very soon. And that’s big news for car dealerships, large and small. The original Standards for Safeguarding Customer Information took effect in 2003 but the FTC amended it in 2021. These latest changes....