Auto Dealers
Showing 337–352 of 578 results
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Should you cut the F&I department?
Fall 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: Some dealers may have tried to lower overhead and customer wait times by eliminating the finance and insurance (F&I) department. But not every dealer should make such a radical move. It’s important to carefully weigh the pros and cons before cutting F&I. As this article explains, one option is to merge the sales and F&I departments, creating a one-stop shopping experience. But training salespeople in specific F&I-related tasks would become essential.
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Collaborative expense reviews pay off
Fall 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 554
Abstract: As the market revs up, it’s important to resist the temptation to splurge. Dealers should spend as if they were still operating in a recession. To get a better handle on cost containment, they should consider incorporating collaborative expense reviews into their weekly management meetings. This article explains how collaboration can foster more disciplined spending.
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Ethics policies – A code to sell by
Fall 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 539
Abstract: It’s essential that a dealer’s top management act ethically, but moral behavior shouldn’t stop there. A formal code of ethics that encompasses industry standards can help dealers communicate — and emphasize — their values. Also, related policies and procedures provide employees clear-cut directions. This article discusses industry and state ethical codes, along with some additional guiding principles.
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Operate each day like it’s your last – Sale-ready dealerships can fetch more and sell faster
Fall 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 859
Abstract: Automotive industry experts report that buy-sell new-car activity is up and that average dealer earnings are at all-time highs. These trends are good news for owners thinking about retiring or selling their dealerships. Even if they’re not, it’s always a good idea to run a business “sale-ready” to maximize return on investment. This article suggests how to do so by focusing on such items as the physical plant, profit margins and overhead expenses, and professional management. A sidebar discusses some of the factors that drive a dealership’s value.
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Dealer Digest – Tax break still in play for improvements
July / August 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 430
Abstract: This issue’s “Dealer Digest” looks at a tax break that extends accelerated depreciation for qualified leasehold retail-improvement property. It cites a forecast regarding dealership and sales growth in the years ahead, and discusses the effect on dealerships of recent changes to ordinary-income tax rates for individuals.
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Employee fraud – How to prevent the “inside job”
July / August 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 705
Abstract: Alarming accounts of employee fraud at auto dealerships are, unfortunately, not unusual. This article discusses ways to prevent fraud. It discusses avoiding having one person being in charge of multiple financial duties; limiting access to the inventory system; and other safeguards.
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The ins and outs of earnouts – They can seal the deal, but be sure to think it through
July / August 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 850
Abstract: It can be frustrating when a seller and potential buyer of a dealership can’t agree on price — but an earnout provision in a purchase agreement can help seal the deal. In an earnout agreement, the seller typically accepts at closing a payment lower than the asking price and maintains an interest in the business. The expectation is that the business will do well enough to compensate the seller with future payments — but this article also explains how to manage the risk that it won’t. A sidebar addresses the appropriate length of a term covered by an earnout provision.
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6 tips for conjuring service customer loyalty
July / August 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 437
Abstract: Although it might take more know-how and creativity to instill customer loyalty nowadays than it did in days gone by, this golden commodity is still obtainable. This article offers six ways to conjure up loyalty among service department patrons. They include appointing someone to track and improve customer loyalty, enhancing the dealership’s waiting area, and following up on customer feedback.
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Put social media 2 work 4 U with a formal policy
Summer 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 287
Abstract: Most dealers already use social media to reach out to new and existing customers. But many lack a formal policy for this technological trend. Without one, they could have a hard time disciplining employees for any online abuses that might occur. This brief article describes some of the elements that such a policy should include.
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Creativity not encouraged – Don’t take chances with revenue and expense recognition
Summer 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 818
Abstract: Accounting is time-sensitive. The IRS and Financial Accounting Standards Board (FASB) have established strict cutoffs for recording revenues and expenses. Dealers who are playing timing games to lower taxes or flatter results may find that their creative accounting can come back to haunt them. This article addresses how the rules apply to a variety of different recording situations, and the key role that auditors play in enforcing the rules.
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What’s up with your DOCs?
Summer 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 552
Abstract: Many dealership owners skim over daily operating control reports, or “DOCs,” every morning, but do little else with them. The numbers on the report are ballpark at best, they reason, so it wouldn’t be smart to base business decisions on them. But the data in the DOCs is as good as the procedures the dealer puts in place to collect it. This article shows how dealers can use the wealth of information these reports contain for decision making and planning — provided they exercise the discipline necessary to collect the data on a near real-time basis.
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Taking command of your internal controls
Summer 2013
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 843
Abstract: Every dealership is at risk for theft and financial misstatement. These threats are especially high if a store lacks formal, regularly reviewed internal controls. This article offers some ways to take command of them. It discusses conventional safeguards, such as passwords, alarms and locks, and operational controls, such as checks and balances, segregation of duties and background checks. A sidebar offers five easy fraud prevention tips.
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Dealer Digest – Plan now to take advantage of ATRA on your 2013 return
May / June 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 409
Abstract: The American Taxpayer Relief Act of 2012 (ATRA) brings good news for businesses in many areas. This issue’s “Dealer Digest” shows why 2013 may be a good time to purchase property or make leasehold improvements. Dealers also have incentives to hire new people, expand into low-income areas, and “go green.”
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2013 might be a good year to gift your dealership
May / June 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 918
Abstract: The American Taxpayer Relief Act of 2012 (ATRA) finally brought some certainty to estate planning — so dealers might now consider this a good time to gift ownership interests. But this article points out actions to be taken before coming to any conclusions. It’s necessary to look at one’s tax position and the dealership’s value. Dealers who want to retain control can consider a family limited partnership (FLP) or family limited liability company (FLLC). A sidebar discusses the benefits of a grantor retained annuity trust (GRAT).
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Inventory management – Turnover is the name of the game
May / June 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 421
Abstract: Among the stickiest wickets facing any dealership is proper inventory management. Supply and demand trends yo-yo as the economy fluctuates, consumer buying power ebbs and flows, and factory gluts and shortages strike. This article looks at a few common inventory challenges, such as interest and overhead costs, lower margins and lost opportunities. It then discusses some ways to overcome these difficulties.
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7 tips for boosting sales staff retention
May / June 2013
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 677
Abstract: Sales force turnover has long been a stickler for dealerships; a NADA study reveals that about four out of every 10 dealership salespeople leave their jobs each year. This article offers seven ways to boost the retention rate of sales staff, including aptitude testing of prospects; fair compensation; and equitable treatment.