8 Steps to Get Unstuck for Overwhelmed Auto Dealers
What’s up CEOs!
Being an auto dealer can be an exciting and rewarding profession. However, the fast-paced nature of the industry can sometimes lead to overwhelming situations. It's crucial for auto dealers to implement effective strategies to manage their workload, maintain a healthy work-life balance, and prevent burnout. In this blog post, we will explore 8 practical steps to help auto dealers avoid overwhelm and achieve success in their dealership operations.
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Spend less time in the start-up phase quickly.
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Get everyone who is part of the business on the same page such as what is needed for CASH FLOW
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Focus on cash flow. Cash flow comes within 30 day period of sales.
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Add your financing— third-party financing and buy here pay here program.
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Get some high-profit sales.
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Create a team. The very important team you need to have is your recon team so that you can sell your vehicles faster.
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Automate your marketing sales process.
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Change your mindset. Set a...
DMS Review!!! The Beginners Guide to DealerCenter
What’s up CEOs!
DealerCenter is a cloud-based dealer management system (DMS) designed specifically for independent car dealerships. It offers a range of tools and features to help dealerships manage their operations more efficiently and effectively.
Here are some of the key features of DealerCenter:
Inventory Management:
DealerCenter offers robust inventory management tools that allow dealers to easily add, edit, and track their inventory. They can also import inventory from various sources and create custom fields for their inventory.
Customer Relationship Management (CRM): DealerCenter's CRM helps dealerships track and manage their leads and customers, including appointment scheduling, follow-ups, and communication history.
Finance and Insurance (F&I): DealerCenter offers integrated F&I tools that help dealerships manage their finance and insurance processes. This includes credit application submission, credit bureau reporting, and document management.
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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...
