Articles for Systems - Dealer Controlled Finance

Gene Daughtry, general manager of Best Ride, looks at three important factors in controlling delinquency at his buy here pay here operation.

Author Tim Byrd discusses the benefits for the independent dealer in having their own warranty/service contract company.

As a BHPH expert who was once resistant to the Internet, Brent Carmichael explains how important the Internet is for buy here pay here dealers and shares some of the Internet tools BHPH dealers can use to help run their businesses.

A number of factors figure into the equation for successful collections. Auto Dealer Monthly spoke to several BHPH professionals for their insights on issues like personnel, training and use of GPS and starter interrupt devices.

Whether a dealership needs and uses starter interrupt and/or GPS devices varies. Dealer Gene Daughtry shares his experiences with the devices and the business in which they’d be helpful.

The Internet is the greatest invention since, well, ever! I don’t know how we as a society ever survived without it. When it comes to buy here pay here, not taking advantage of this wondrous tool will almost ensure a short and lackluster future in our industry.

Gene Daughtry - Do you need to have a related finance company (RFC)? If you are considering entering any form of dealer controlled finance, you probably should.

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.

We have been hired in numerous embezzlement cases over the past several years in which funds have been taken from dealerships and other businesses. Many of these problems occur as a result of the electronic commerce that occurs daily within our dealerships. We have seen this and talked with enough people that our firm has just recently developed a program to review and test internal controls and oversee electronic transactions that occur each month. At most new or pre-owned dealerships, more payments and receipts are taking the form of

David Wiggins - Understanding the various income tax regulations and rules regarding BHPH dealerships and related finance companies (RFCs) can be difficult at times but necessary to your financial health.