Thursday, December 4, 2014 - 11:02am

Mike Downey and Chip Wiley

A common problem for many dealers is consumers not having enough money to put down on a vehicle.  This situation usually results in one of three ways: you accept less, you defer the down payment, or you don’t sell the vehicle.  Here is a prime example for a vehicle that you would normally ask for $1,500... Read More

Thursday, December 4, 2014 - 10:59am

Gene Daughtry, PLS Financial

Here we are — the holidays are upon us.  As usual, the IRS is warning of a delay in tax refunds. Everyone is stocking up on inventory, hoping for a grand tax season. Customers are not making preparations to deal with the holidays. Special finance operations are still interfering with BHPH sales.  So... Read More

Thursday, December 4, 2014 - 10:51am

Kenny Atcheson, Dealer Profit Pros

While speaking to a group of business owners at an event, I asked the audience if anyone had an eight-track tape player. One person raised his hand.  (If you are too young to know what an eight-track tape is, substitute cassette tape, or ask someone in their 40s. Either way, it was prior to the existence of the... Read More

Thursday, December 4, 2014 - 10:42am

Alex Price, MasterFiles

Since my retirement from active skip-tracing eight years ago, I now have the opportunity to sit back and observe the industry closely. Since I’ve taken on a teaching and training role, reaching a new generation of skip-tracers with MasterFiles, I hear much talk and concern on the topic of best practices and... Read More

Thursday, December 4, 2014 - 10:38am

Rick Hackett, Hudson Cook

"Hard cases make bad law" is a maxim attributed to Oliver Wendell Holmes, an associate justice and acting chief justice of the U.S. Supreme Court at the turn of the last century. The maxim suggests that cases with extreme facts often prompt courts (and regulators) to stake out extreme legal positions in... Read More

Thursday, December 4, 2014 - 10:21am

Nick Zulovich, Editor

When Advantage Funding co-founder Ed Kaye makes a presentation to buy-here, pay-here dealers, he often begins with a list of seven questions for them to consider. Before going any further, Kaye recommends that operators stop finance companies from going any further unless they can explain their programs in a concise,... Read More

Thursday, December 4, 2014 - 10:16am

Nick Zulovich, Editor

Recently an operator came to Ken Shilson and told the founder of the National Alliance of Buy-Here, Pay-Here dealers that he found an easy way to save money on every sale he made at his dealership. Immediately after Shilson applauded the operator on the achievement, he asked the BHPH dealer how he did it. The dealer... Read More

Thursday, November 20, 2014 - 10:33am

Nick Zulovich, Editor

The Consumer Financial Protection Bureau made its first enforcement action in the buy-here, pay-here space and handed out an $8 million penalty against one of the largest operations in the business — DriveTime Automotive Group. CFPB officials said late Wednesday that DriveTime harmed consumers by making harassing... Read More