LOOKING FOR CARS POOLS TO PURCHASER OR BUY?
MY COMPANY LOOKING FOR PURCHASE VEHICLE POOLS TONS OF ACCOUNT?SO IF ANY OUT THERE WE CAN PURCHASER?See More
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Latest Activity
"The secret to success with Westlake is class 1,2,3,4, cars. Toyota's, Honda, Nissan's etc. 6k-12k is there sweet spot. So, when you are booking your car in the buy program, in the middle of that window where you is "class" you…"
Richard Tarco posted a discussionAuction Credit in Texas for floor planning finance?
Anyone have info on Auction Credit Company in Texas? They are a Floor planning finance company based out of Irving, Texas. www.auctioncredit.comSee More
Randy Henrick commented on JOHN MARK's blog post NEED INFORMATION REGARDING COMPLIANCE ISSUES"Let me ask you a few questions, I am assuming you are doing indirect (three party) auto finance:
Do you pick the lenders to send your credit apps to or do they all go to a single lender?
Do you ever mark up the buy rates that the lender…"
Gene Daughtry commented on JOHN MARK's blog post NEED INFORMATION REGARDING COMPLIANCE ISSUES"Morning John,
My rule is make it policy....if you take an application then give out the privacy notice and send an adverse action letter on anyone you pull a bureau on and do not deliver. Make it a procedure and monitor it until your satisfied…"
Terry Dortch commented on JOHN MARK's blog post NEED INFORMATION REGARDING COMPLIANCE ISSUES"there are several legal rulings out now that have established case law stating that it does not matter that the lender is sending out the adverse action letters but the dealer must as well since the dealer is the one initiating the transaction and…"
Tom LaPointe commented on JOHN MARK's blog post NEED INFORMATION REGARDING COMPLIANCE ISSUES"You want privacy notice for anything not public ... DL birthdate etc. I think you need letter for turndown too but not sure."
Gene Daughtry posted a discussionWHY THE DIFFERENCE IN PRICE?
The temptation is great. Commissions at stake. The customer is willing. Just raise the price enough and let's get them into financing.Of course, this is illegal if you have already quoted one price or your vehicle is priced in an ad online or in print. by Gene DaughtryMay 15, 2013Share on facebookShare on twitterShare on email…See More
JOHN MARK posted a blog postNEED INFORMATION REGARDING COMPLIANCE ISSUES
I am an independant Delaware dealer that does NOT offer BHPH. All of the applications that I receive are sent to lenders. When the lender declines a customer, they send an Adverse Action Letter. Do I still have to send an Adverse Action Letter as well even though I do not make a credit decision? I run credit and then send the application to certain lenders? Does that change anything? Also, do I have to provide the customer with a privacy notice every time I accept a credit application? Thanks…See More
kevin tejwani joined Greg Goebel's group
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Use this forum to ask questions or share information about auto finance and leasing companies. One suggestion - rather than writing on the "wall", keep the discussions organized by adding to an open topic or by starting another discussion.
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New Vehicle VDP's
Started by Irwin Toyota Ford. Last reply by Tom LaPointe May 13. 1 Reply 0 Likes
Does anyone have any examples of NEW car inventory merchandised very well to drive VDP’s?1. Competitive Price2. Video3. Quality Pics4. Seller’s NotesSpecifically, I’m looking for dealers who have done a standout job with seller’s notes to customize…Continue
Which units to buy for Westlake
Started by Mark Marino. Last reply by Brian K. Martin yesterday. 3 Replies 0 Likes
I've recently signed up to Westlake. Haven't been trained yet. I'm just looking to see which vehicles work best with the program. I currently run a cash/BHPH lot, Westlake is the first subprime lender I've ever worked with. I currently stick to the…Continue
How to take advantage of big event at our Fair Grounds
Started by Frank. Last reply by Frank Apr 27. 4 Replies 0 Likes
Getting set up with five car spots for semi annual Swap Meet put on by Chamber of Commerce at our Fair Grounds. Very popular local event we will be right on the main entrance.Would like to make this a BIG Event !!! I would like to give away a…Continue
Tags: marketting
I need floorplanning!!
Started by James Dalrymple. Last reply by CHRIS Apr 29. 11 Replies 0 Likes
I have a dealership in GA. I have been open for about 8 months. My partner and myself have been using cash to buy vehicles. I would like to get floorplanning from somebody, anybody so I could have more freedom to purchase vehicles. We are pretty…Continue
Websites
Started by Irwin Toyota Ford. Last reply by David Ortiz Apr 25. 14 Replies 0 Likes
I’m looking for a company to build 3 websites/microsites (mobile version included) for my Bodyshop, Quicklane, and a Credit Challenged related site. Any suggestions of comapnies that do a good job with SEO, unique content, and flexibility?Continue
Start up cost ? with current $25k in flooring.
Started by Erick Chavez. Last reply by Konrad Czer May 3. 8 Replies 2 Likes
Hi guys, OK so a little about me, I've been in sales since i came out of high school, 10 years now, Just got my dealers license a year ago, I've done everything from the bottom up. Sales, Closer, Finance, Desk manager, manage inhouse deals, and…Continue
Experience with Indirect Lending Sites (i.e. Finance Express, Route One, Creditsmarts)
Started by Roger Kanbar. Last reply by Roger Kanbar Apr 19. 13 Replies 0 Likes
These programs allegedly "even" the playing field for the small independent in terms of finance options.Can anyone provide feedback on any of these options?Do they work as advertised?ThanksContinue
Tags: Creditsmart, One, Route, Express, Finance
The Latest from Auto Dealer Monthly
Delinquencies, Repossessions Up in 2013, Experian Automotive Reports
In the first quarter of 2013, 30-day auto loan delinquencies rose 1.3 percent, 60-day delinquencies increased 12.4 percent and repossessions rose 16.9 percent when compared with the previous year.Marquet Intl.: Auto-Related Embezzlement Cases on the Rise
Marquet International released its annual white collar fraud and embezzlement report today. The report reveals that more automotive employees are embezzling than in previous years.Clay Nissan Settles $1.5M Defamation Suit
The legal battle between Clay Nissan and the brothers of a former cancer-stricken employee is over, ending the family’s 10-month campaign against the dealership for terminating their sister.RULES OF ENGAGEMENT
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Blog Posts
Secondary Finance Pay Plan
Posted by David Disbrow on April 16, 2013 at 11:30pm 4 Comments 0 Likes
In a new car and truck dealership, what is a good payplan for a secondary finance manager with 3 secondary salespeople under him? Also, how would you pay the salesperson who first greeted the customer? There always seems to be discord between the primary dept and secondary department. Are there any suggestions to bring harmony to the 2 departments?
Any and all suggestions are welcome
Disclose credit reporting to customers
Posted by Grace Romero on April 9, 2013 at 4:26pm 11 Comments 0 Likes
Hey Everyone.
We just got approved to report with Transunion (2-3 months waiting period for testing)
My question is now that will be reporting do we need to notify customers and is there a certain text/disclousure/law we must include in our notices to our customer?
Not too many resources online for this and any help is greatly appreciated!
We just got approved to report with Transunion (2-3 months waiting period for testing)
My question is now that will be reporting do we need to notify customers and is there a certain text/disclousure/law we must include in our notices to our customer?
Not too many resources online for this and any help is greatly appreciated!
Designing Promotions for Your BHPH Dealership - Part 2
Posted by Alan Mosher on March 28, 2013 at 12:09pm 1 Comment 1 Like
Part 2 - Collections Promotions
As I said in the first part of this series here, properly designed promotions are more fun than advertising. Promotions should involve your employees, your customers, friends, family, neighbors, etc. All promotions should be done in a festive atmosphere. Plan the promotions so that as many customers as possible are…
Used Car University's Facebook Page Needs YOU!
Posted by Brett Houchin on March 27, 2013 at 3:30pm 0 Comments 0 Likes
Hello Auto Dealer People, this is Brett Houchin with Used Car University. I wanted to let everyone know that we have the Used Car University Facebook Page up and running, and we would love to encourage everyone here to come by, LIKE our page and comment and contribute to any discussions, posts, blogs, photos or video to help educate each other and anyone who can find the…
Continue 10 Key Characteristics of the BHPH Customer
Posted by Alan Mosher on March 21, 2013 at 2:01pm 1 Comment 1 Like
It is easy to sell more cars in the Buy Here-Pay Here industry. All you have to do is say “Yes”. The challenging parts are knowing which customers to say “Yes” to and how to collect the balance of the loan.
In order to make that decision, there are 10 Key Characteristics that are important…
Continue So you're interested in BHPH
Posted by Gene Daughtry on February 19, 2013 at 3:00pm 4 Comments 1 Like
You keep hearing that dealers are making good profits in Buy Here Pay Here. You have decided that you would like to pursue the business. What is your next step? After all you may have been in the car business for years. You understand buying and selling cars. You know how to run a compliant Finance Department and a profitable shop. Isn’t BHPH or LHPH just other ways of financing cars? The answer is not… |
Training and Attitude Are the Keys
Posted by Gene Daughtry on January 29, 2013 at 3:07pm 0 Comments 0 Likes
Training and Attitude Are the Keys to a Smoothly-Run BHPH Operation
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Do you enjoy what you do each work day? Maybe I’m a little “off,” but I enjoy the craziness of a very busy day. You know—the days where so many folks are on the lot it reminds you of a county fair. Everybody’s phones are ringing almost nonstop. There is a line at the… CFPB Director's Appointment in Question
Posted by Randy Henrick on January 28, 2013 at 5:32am 7 Comments 3 Likes
The D.C. Circuit ruled last week that President Obama did not have "recess appointment" authority to appoint members of the National Labor Relations Board in January 2012, the same time as he appointed Richard Cordray to be Director of the CFPB. Cordray was also a recess appointment. The Court ruled that Congress was technically in session. This ruling will be appealed but it may slow down some of the CFPB's initiatives including its auto finance initiatives. Cordray has indicated that…
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