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....

The subprime auto industry is facing historic highs and lows with managing its financial risk factors during the COVID-19 pandemic. The consumer loan landscape has been hit especially hard during this time with so many jobs being furloughed over the past year, or worse yet, eliminated. This has forced many....

While the pandemic has been devastating for some businesses, the Buy Here Pay Here Industry has prospered.  This pandemic has provided new opportunities and challenges that fueled innovation and updated technology.  BHPH companies who adjusted and implemented new technology and procedures to facilitate online business prospered, while others struggled.  In....

Consumer complaints have been on the rise in recent years. With the pandemic restricting the normal procedures for businesses, following up and ensuring these complaints are addressed has never been harder. Complaints against you and your company are a critical area to manage. It is common practice for people to....

A new Illinois law, the Predatory Loan Prevention Act, which took effect on March 23, 2021, could have a significant impact on dealers in the state.  The new law is based on the federal government’s Military Lending Act (MLA), which instituted a cap APR of 36% for active duty, guard,....

Due to a global chip shortage putting a squeeze on car production, trends show that more consumers are opting to purchase used cars. The issue this presents is that used car prices have soared right along with the prices of new cars. Is there any other option out there if....