At the conventional retail lot, everyone tries to hit a home run on every deal’s gross profit, but pricing BHPH inventory higher to gain additional gross could result in greater losses due to higher collection costs, delinquencies, repossessions and charge-offs. BHPH expert Alan Mosher discusses how to determine an inventory pricing strategy to avoid this risk, a concept he terms “hitting doubles.”
Achieving the right balance of products to sell in a dealership’s F&I office can take some time and periodic tweaking of the menu. Here’s a look at some of the products dealers can consider including on their F&I menus to allow the most opportunities for profit.
Technology has impacted every dealership department, and technology expert Allen Dobbins explains how the F&I department has been impacted by technology.
Over the years, technology has evolved to help in various dealership departments. F&I trainer Kirk Manzo covers a number of options for presenting electronic menus in the F&I office.
Attorney Thomas Hudson poses two scenarios about how dealers comply with the Safeguarding Rule. One scenario is about a dealer who initially had good intentions but allowed compliance cobwebs to build up, the other is about a dealer who implements and maintains a compliant process.
Best Ride General Manager Gene Daughtry discusses the benefits of working with buy here pay here customers to finance their vehicle repairs.
Special Finance Expert Greg Goebel explains how the concept of water through a hose can be an apt metaphor for a dealership’s SF business. He also details one dealer’s dilemma and explains how to fix it.
Attorney Nicole Munro discusses disclosures required by the Equal Credit Opportunity Act and its implementing Regulation B, along with the Fair Credit Reporting Act, when a consumer applies for secured credit.
Gibson Truck World, a 14-acre dealership in Sanford, Fla., sells about 150 vehicles per month. The dealership relies on social media, radio, television, magazines, the Internet, billboards and good old word-of-mouth to advertise the dealership.
Dealership general manager Joseph Clementi explains how to manage and more closely monitor special-order parts as a way to control cash flow.
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