The best first line of defense against class action suits is the practice of requiring consumers to sign mandatory arbitration agreements as part of the car purchase and finance transactions they enter into. Attorney Thomas Hudson provides an example of how the use of arbitration agreements saved the day when the class action lawyers came calling.
Three dealers discuss the causes they hold close to their hearts. While it’s not unusual for dealers to donate to good causes, these three men are giving much more than money, and their efforts are impacting the lives of others in very real and very positive ways.
Buy here pay here expert, Mark Dubois, discusses the seven keys to success in the BHPH business, which are: Capital, Inventory, Deal Structure, Underwriting, Collections, Repeat/Referral Business, and Networking.
As a dealer, you are the ultimate decision maker. You don’t need to take a vote every time you want to make a change in policy, process or personnel. Fixed operations expert Don Reed discusses how making changes might not be popular among employees, but can make the dealership more efficient and profitable.
Lee Auto Malls, the largest volume dealer in the state of Maine, includes two buy here pay here operations. John Isaacson, CEO of Lee Auto Malls, explains the day-to-day operations of the two operations, which average 375 to 400 sales per month.
Dealer Courtney Cole discusses the importance of delegating certain tasks within the dealership and concentrating on items that add real value to both you, the dealer, and the store.
Accountant David Keller, CPA and CFE, details how buy here pay here sales and collections and having a related finance company (RFC) can complicate accounting.
Business development expert Greg Wells outlines the building blocks of a profitable BDC, including determining the basic functions your BDC will perform, which employees are in the BDC, pay plans and how the BDC can evolve to take on more tasks in the dealership.
At Bergeron Auto, compliance is taken seriously. Dealer Denis Bergeron discusses why his dealership in Metairie, La., takes a proactive approach to maintaining compliance.
Dealers who ignore rules and regulations they’re required by law to comply with and instead hope to fly under the radar unnoticed by the Federal Trade Commission and Consumer Financial Protection Bureau might want to ask themselves the following questions posed by Attorney Tom Hudson in this article.
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