Articles for Systems - Dealer Controlled Finance
Wednesday, July 21, 2010
Gene Daughtry - This is probably the single most pressing issue for almost any business during the last three years. Where can you find capital? Finding capital for a BHPH operation is especially difficult due to the nature of the business itself.
Wednesday, April 28, 2010
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.
Thursday, December 17, 2009
Many buy here pay here dealers are finding it necessary to sell a portion or all of their installment receivables in order to raise cash. Dealers sell them typically to raise short-term cash or as part of a regular cash flow strategy or exit strategy prior to closing the business. The sale may consist of the entire note or a partial payment stream from an installment note.
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.
Friday, September 18, 2009
The number-one key to success for a finance company is its ability to collect on loans. You can be mediocre (or outstanding) at all other elements of the business, but if you cannot effectively recoup your investment, you will quickly run out of cash to lend. This one common factor is the same for all financiers regardless of the size of the operation.
Wednesday, August 19, 2009
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
Friday, May 01, 2009
David Wiggins - During tough times like these, it is easy to get caught up in the bad press and worry about how to increase sales and improve business... While you may not be able to control that situation, it may make sense for you to look at some of the things you can control but have been “too busy” for.
Sunday, March 01, 2009
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.
Thursday, January 01, 2009
David Wiggins - Many buy here pay here dealers choose to self-insure their warranty or service contracts, but do they fully understand how a change from including an extended warranty to selling a service contract can impact their financial statements, tax returns and potential their loan agreements?
Thursday, January 01, 2009
Anytime a business owner thinks about a new venture, there are a multitude of issues to consider. For dealers thinking about getting into the buy here pay here business, one of those issues is whether they need starter interrupt systems and/or GPS location systems installed on their BHPH inventories.