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Articlesby David Keller, CPA, CFEAugust 27, 2009

Winding Down Your New Car Dealership

David Keller - What a month it has been! For the past three to four weeks, we have been busy assisting our GM dealers who received a “non-renewal agreement” letter to effectively close their new GM franchises down by October 2010 ...

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Articlesby Jennifer Murphy BloodworthAugust 25, 2009

Car Smart Updates Advertising and Inventory

Jennifer Murphy - While some dealers have had a Web presence for years, CarSmart in Kansas City, Mo., didn’t have one until April 2009. Co-Owner Ted Heater, Jr. said, “We were in business for 11 years and didn’t have … any kind of Internet presence … Business was always so good by our direct mail, TV and radio campaigns, nobody would have had time to do a Web site. Now, [with] a 40 to 50 percent decrease in business, well, I have a lot of time now.” ...

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Articlesby Tom HudsonAugust 24, 2009

Ka-Boom

Thomas B. Hudson - I was conducting an on-site dealership compliance audit of a buy here pay here store, looking over the dealership’s sales and F&I process from A to Z in an effort to decrease the dealership’s potential liability for violations of state and federal law. It’s a good thing that it was only lil’ ole me probing this dealership’s operation. If, instead, an FTC SWAT team had descended on the car lot, the dealer would be out of business ...

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Articlesby Kimberly LongAugust 18, 2009

Time is Money in Used Vehicle Operations

Kimberly Long - It’s no secret, with so many woes in the world of new car sales, dealers are focusing even more energy on areas like fixed ops and used vehicle sales. In many cases, with the loss of franchises, used vehicle sales have become matter of life and death for their dealerships ...

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Articlesby Tom HeraldAugust 17, 2009

The Essence of a Team

Tom Herald - Have you ever noticed the differences between really good companies that stand out among the competition and those others that just seem out of step? How about sports teams? Why did the Bruins dominate the Canadians during the first round of the Stanley Cup? Why do Roger Penske and Rick Hendrick routinely field championship racing teams? And, why is Richard Branson so successful? The one common difference that all successful businesses, sports teams or organizations share is r

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Articlesby Harlene DoaneAugust 13, 2009

Improving Used Vehicle Management

Harlene Doane - Technology is giving today’s buyer the same information dealers have, creating what some people say is an efficient market. This efficient market is causing dealers to change the way they inventory and market their used vehicles. For years, dealers have been working towards a 60-day turn policy, some even had a 30-day policy for used vehicles, but in today’s inventory market, those policies might be outdated ...

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Articlesby David Keller, CPA, CFEAugust 6, 2009

A Diminishing Cash Position

David Keller - This past year, most dealers struggled to make a profit or attempted to keep losses at a minimum, conserve cash and basically just stay alive. They were hit with some strange tax consequences generated by the headlines noted earlier in this article. Used vehicle wholesale prices, in most instances, were drastically reduced at December 2008 versus December 2007 due to diminished demand from customers. This resulted in LIFO income, rather than normal LIFO expense ...

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Articlesby Tom HudsonAugust 3, 2009

AGs Don't Even Have to Open the Envelope

Thomas B. Hudson - A friend who is a consultant to auto dealers regularly supplies me with examples of direct mail advertisements from his dealer clients. Almost always, the ads he forwards to me are ...

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Articlesby Jonathan OrdJuly 30, 2009

Double Your BDC Efficiency

Jonathan Ord - Jack Maxton Chevrolet in Columbus, Ohio, and Allen Cadillac GMC Hyundai in Laguna Niguel, Calif. Both of these dealers have gotten creative in their use of a BDC, call center or combination of both. Hopefully, their method of success will give you some insights into how you can improve ...

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Articlesby Jonathan OrdJuly 15, 2009

ILM is Not CRM

Jonathan Ord - Imagine that your dealership was sectioned off into little rooms. When a customer approached your dealership ... they would be escorted to one of the rooms based on something arbitrary, for example, hair color ... Each room would have assigned salespeople ... would have a computer with customer information separate from every other computer. None of the rooms would interact or

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