The average used car price has increased 9.5% (roughly $2,200) since 2019. This is due to the pandemic causing mass factory closures, leading to a decrease in available vehicles. In turn, we saw a 25% decrease to car dealership inventory overall, both new and used. Less inventory equals higher demand,....
As a way of increasing profitability in the subprime auto market, many Buy-Here-Pay-Here (BHPH) businesses are making the switch to the newer Lease-Here-Pay-Here (LHPH) business model. What are the benefits of making this switch? There are advantages that exist for both business and consumers with the LHPH business model. Businesses....
Building a relationship with a customer is extremely important. It has been proven time and time again that people do business with people they like. Slashing prices and streamlining the sales process are great ways to get customers in the door, but what will make them continue to come back....
Most businesses require inventory audits to ensure proper handling of stock. In order to be able to understand your total inventory, you must have an accurate and detailed list of parts received, as well as parts that have been returned. This is an arduous process if you are caught without....
Electronic signatures, are they legally binding? Yes, they are! We are lucky enough to live in an age where we have the option to stay safe and still get our contracts and documents signed. With the help of our government, the Electronic Signatures in Global and National Commerce Act (ESIGN),....
Times have changed over the past three years. 2020 – the year that showed us how a virus could bring the world to its knees economically. 2021 – the year where society tried to normalize, but it was fresh off the heels of 2020. 2021 – the new normal; an....
Everyone likes to make money, especially the IRS. How do dealerships handle reporting small vendor services or other miscellaneous expenses to the IRS? The 1099! New for 2020 and beyond is the new 1099-NEC or Nonemployee Compensation form. Traditionally, this amount was populated in box 7 of the 1099-Misc but....
The financial service industry has always provided opportunity and solution to every consumer’s financial needs. It is often difficult to find a Financial Management System that would be right for your company, therefore, getting a software with a wide range of tools can help ensure there are opportunities and business....
Payment Interval Purchase Plans otherwise known as “PIPPs” have been around for years. However, during these unprecedented times, this financial tool may now see increased usage on the horizon. With unemployment surging up and down daily, how can a finance company play it safe when dealing with a buy-here-pay-here dealership?....
Many BHPH dealerships have already jumped at the chance to open a related finance company (RFC). There are multiple economic benefits, but one of the things companies tend to look over is making sure the finance company is set up and used properly. It should not be viewed as simply....