Should I Renew my Dealer License or Let it Go?
Hey CEOs! We are currently in the dealer license renewal season.
Do you know what's required to renew? Are you wondering if it's worth it to renew?
In this training for auto dealers, I will talk about renewing your dealer license and what you need to consider before you decide to let it go.
Spoiler Alert - Profitability or being stuck not selling cars is costing you more money than you are making if you are considering letting your dealer license go.
How to Get a Dealer License without a Car Lot
Hey CEOs!
Business is risky. This is a fact. For a small business to survive, it's important to keep operating costs low.
So how can you start a dealership and have low operating costs? You can start with an affordable location.
Another fact is that your location is a big expense in your operating budget. So it's important to be smart and strategic while also being compliant to obtain and keep your used car dealer license.
In this How to get a dealer license without a car lot video, I break down how you can open a dealership with a startup location that is friendly to your budget and will allow you to complete the licensing process without burning through too much of your start-up capital.
Also, if your operating costs are low, your breakeven point will also be low and your chances of being profitable will be high.
You can check out the video here...
The Auto Dealer Business School holds free live training every week for auto dealers. For details on how to join, text live to ...
Who Should Get a Dealer License and Why?
Hey CEOs!
The goal for the Auto Dealer Business School is to open, to profitability, at least 100 retail used car dealerships in the US this year.
We are looking for people who...
- want to open a dealership and may not know it yet,
- have been thinking and dreaming about opening a dealership for some time now
- have gotten licensed and now want to be profitable.
Allow me to start by clearing up a few misconceptions about being a licensed dealer.
- Every licensed dealer does have a brick-and-mortar location properly zoned for used car sales.
- Not every licensed dealer has a huge dealership location or even wants one. You can start small.
- There are certain people who get a dealer license because it makes sense for the overall financial independence plan.
- Not everyone who has a used car dealer license loves cars.
Over the years, I have had the pleasure to work with many different kinds of people from varying backgrounds who have had the desire to either get licensed to open a d...
Open Your Car Lot in 3 Months with these 5 Things
Open your car lot, your dealership in 3 months with these 5 things...
- A Budget for your Car Lot
- An approved dealers license
- Cash Car Inventory
- Business Operations
- The Right Mindset
If you need help putting together your business plan for your dealership, you can schedule a strategy session with the Auto Dealer Business School.
The calendar is online at http://www.autodealerbschool.as.me
Wishing you Success!
Buy Here Pay Here Dealers (BHPH) and Form 1099-C
Do you have a Related Finance Company (RFC)? Have you been considering starting one?
Have you filed your 1099-C yet? Do you know what that is?
The Auto Dealer Business School is committed to educating dealers on the best and most profitable business practices including helping you understand the form 1099-C.
1099-Cs: What You Need to Know
In recent years, Buy-Here-Pay-Here dealers have come under IRS scrutiny for noncompliance with Form 1099-C reporting requirements. With penalties of at least $250 per form and a fast-approaching deadline, here are a few key things you should know about 1099-Cs.
What is a 1099-C?
Form 1099-C "Cancellation of Debt" is a form the IRS requires "applicable financial entities" to issue when a debt of $600 or greater has been canceled or forgiven. In dealer speak, this translates to a charged off account with a net loss (after repo ACV recovery is applied) of $600 or more. Depending on the nature of charge off, you may or may not be required to issue the c...
