Articles for Systems - SF
Wednesday, June 09, 2010
Brett Boatright - Why is it that some dealerships have special finance departments that consistently thrive while others just can’t seem to get the hang of it? Most likely, it’s because one has a special finance department that is driven by process and the other has a department dependent on people.
Monday, December 07, 2009
As much as we special finance people would love to boast we can get anyone done, that just isn’t the case. In fact, if we could, we would all be gazillionaires. Now, I can see the wheels turning in your head, especially those dealers who have programs such as Credit Acceptance, Westlake or buy here pay here, but it holds true for all of us.
Tuesday, November 24, 2009
Lending money is a risky business. Making loans to people with bad credit is perhaps the most risky financial endeavor, especially from a traditional banker’s perspective. They simply won’t do it, and affordable loans for working capital to those who loan money to people with bad credit is very scarce.
Friday, October 23, 2009
Industry newsletters and magazines constantly remind dealers of the importance of having strong internal controls, but the articles rarely detail specific ways to uncover and avoid employee theft. Several easy procedures can strengthen your dealership’s internal controls without adding staff.
Saturday, September 05, 2009
OK, I really, really don’t like the Car Allowance Rebate System (CARS), the new stimulus law passed by the Federal Government and signed into law by President Obama on June 24, 2009. There, I have said it.
Wednesday, July 15, 2009
The tightening of the credit market has turned many traditional auto retailers’ eyes toward buy here pay here as an attractive option to consider as a supplement, maybe even an alternative, to their retail business. However, those dealers often have the misguided impression
Thursday, January 01, 2009
The arrival of a new year is a great time to take stock of your situation and re-evaluate your business, especially in your special finance department. After a tough year for all in 2008, dealers need to start fresh in 2009, and what better way to work toward success than learning from those who are already successful?
Thursday, January 01, 2009
Dan Henderson - “I'm not going to tell you again!” My mother would scream something about cleaning my room after the third day of things walking out of it all on their own. “Thank God!” would always be my response, followed by disciplinary action that most kids would write a book about these days!...
Thursday, January 01, 2009
Kevin Day - I spend the majority of my time working with F&I people in dealerships. Let me tell you, there is some pent-up frustration in their offices right now. These F&I people are getting the wrath of dealers and other management coming down on them. Not only are their numbers running lower than they have in years, but they are not getting the deals bought that they once could.
Monday, December 01, 2008
Kevin Day - The credit markets have been rocked and are on their heels right now, which is why every dealership needs a dedicated F&I professional to find all financing options available on a deal. Although, yes, there are a few “niche” lending places left on a regional basis, the general consensus is that finance companies are looking for only the cream of the crop.
Wednesday, October 01, 2008
Kevin Day - In order to run as efficiently and profitable as possible, a dealership must be run by the numbers. Remember the old adage, “Numbers don’t lie.” Well, this statement is certainly true.
Sunday, June 01, 2008
Greg Goebel - Oftentimes, the analysis of compensation plans leads to modifications (right or wrong) of those plans. While you many not realize it, these very compensation plans may be creating conflicts within your dealership or sales department that can implode any action plan that you (or your special finance manager) lay out.
Sunday, June 01, 2008
There is a reason for everything and metrics always tell the story. If you measure all the key aspects of your business, compile the data and can understand the language in which they are written, you will have a wealth of information about your business.
Sunday, June 01, 2008
“When do I truly need to have a lead management system in place?” My answer is a question right back! Can you effectively handle the leads you are currently generating? More often than not, the immediate answer is “yes” followed with “why do you ask?”
Tuesday, April 01, 2008
Greg Goebel - Oh, my! What a first quarter it has been in the special finance industry! To be certain, the strong SF dealers are still hitting their stride and while it may not be business as usual, it is certainly business nearly-as-profitable. For most, it has been a sea of constant change – mostly for the worse.
Tuesday, April 01, 2008
Kris Wright - The business of automobile financing has come full circle. I remember the days when I could call the dealership’s main lender with a shaky deal, package it with a couple of good deals and get it bought; but with that real “special” paper, it took a local finance company to get the deal done.
Tuesday, April 01, 2008
You feel your special finance department has a need to improve phone efficiency. Should you choose a call center? How about a business development center (BDC)? Is there really a difference, and do you need either?
Tuesday, April 01, 2008
Tom Herald - Numbers never lie. They always tell the story. There is a long-standing debate among car dealers, both large and small, about the merits of a call center, BDC or CDC
Tuesday, April 01, 2008
Kevin Day - Outsourcing a BDC’s responsibilities can have a huge upside if done correctly. A quick Google search reveals many companies competing to gain more market share of this growing segment of the dealership world. A good outsourced call center (OCC) should meet certain criteria:
Friday, February 01, 2008
Kevin Day - “The profit is made when you buy the car.” What does this really mean? In our realm of special finance, we are besieged with customers trying to buy our stock of vehicles that we worked so hard to buy and buy right.