The parts department is the only department in the dealership that can place an order for almost any type of part and never be questioned about it. CPA David Keller explains why dealers should look at their parts departments to see how it’s really being managed.
Industry Attorney Thomas Hudson reports on information about what the Federal Trade Commission (FTC) and the newly-created Consumer Financial Protection Bureau (CFPB) intend to enforce.
Author Brian Shackelford explains the difference between continuous auditing and continuous monitoring and discusses the use of continuous monitoring to ensure the effectiveness of internal controls and prevent fraud inside the dealership.
Industry expert, David Keller, discusses two profit centers dealers can add to dealerships to make 2011 a more profitable year—a detail department and a BHPH operation. He also discusses when BHPH dealers should set up a related finance company (RFC).
Attorney Thomas Hudson discusses how proactive customer relationship management can potentially avoid sticky legal situations in the future.
Attorney Thomas Hudson shares one dealer’s reaction to non-compliance in the dealership.
James L. "Butch" Williams, CPA, describes the health insurance credit available to small businesses in depth and even provides an example calculation.
The legalities surrounding bird-dog, or referral, programs vary from state to state. Attorney Tom Hudson reminds readers why it’s important to seek legal advice before implementing such programs.
Thomas B. Hudson - What's a dealer to do in order to avoid an up-close-and-personal meeting with his state's AG? We recommend that dealers prominently price all their cars (as some state laws require). The price is the price, no matter who is buying or how they are paying.
David Keller - As more dealers rely on used vehicle sales since new sales are significantly down from years past, it’s important to keep your eye on used sales as new sales incrementally increase.
Deceiving and defrauding customers is one easy way to get the attention of your state attorney general. Tom Hudson details how and why one dealership paid big for engaging in illegal practices.
Managing two aspects of a business at once may seem like it saves you time, but Author David Keller points out that’s not the case in BHPH. Without 100-percent focus on the task of collections, repossessions and delinquency rates will increase dramatically and profitability will decrease quickly.
Before charging an expedited payment fee (or any other servicing fee), consult and consider your state’s laws on the topic. Attorney Nicole Munro explores servicing fees in depth.
Thomas B. Hudson - When the buyer listed on a retail installment sales contract is someone other than an individual (i.e., a corporation, partnership, association, etc) or when the primary use of the vehicle is for business use, many claims and defenses the buyer might otherwise have against the dealer evaporate.
Jennifer Murphy - Rosen Automotive Group, based in Gurnee, Ill., goes to great lengths to maintain compliance within the nine-operation dealership group. After trying to maintain 100-percent compliance in-house, Dealer Saul Rosen realized the huge task it was and commissioned an outside consultant dedicated to keeping his stores compliant.
Dealers and F&I professionals from across the nation gathered at the Caribe Royale Orlando on Monday, Oct. 8, for Compliance Summit 2018. Attendees enjoyed a full day of advanced training, keynotes, and networking sessions, followed by Automotive Compliance Education (ACE) certification on Tuesday.
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