America’s Car-Mart made a pair of moves before 2020 finished as the chain of buy-here pay-here dealerships expanded its footprint in Oklahoma while also increasing its revolving line of credit.
Car-Mart now has 151 dealerships in its network after bringing aboard its 28th dealership in Oklahoma, which also is the third location to open during it 2021 fiscal year.
The newest dealership is located in Edmond, Okla., at 909 South Broadway.
“A great deal of thought and foresight is placed on our decisions about where to grow. We select communities where we believe we can fill a void when it comes to what we offer at Car-Mart,” Car-Mart president and chief executive officer Jeff Williams said in a news release.
“We’re different from traditional dealerships. In addition to providing quality, used vehicles we also provide financing and exceptional service after the sale. We are committed to providing peace of mind for our customers and we believe communities are better when we are there,” Williams continued.
Car-Mart added that the new Edmond store will be managed by April Renfro.
“We’re excited about joining the Edmond community. It’s a growing area with a lot of potential,” Renfro said.
“At Car-Mart, we offer a unique buying process for our customers where it’s not just a purchase, but an experience. We get to know our customers and work closely with them on flexible financing that meets their needs and budgets,” she continued. “We stay with them throughout their journey from the time they buy their vehicle until they pay-off their vehicle and beyond. We keep them on the road.”
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And in other company news, Car-Mart announced on New Year’s Eve that it has utilized a portion of the accordion feature under its third amended and restated loan and security agreement. The company explained the increase allows for total permitted borrowings of $326 million up from $241 million.
Car-Mart highlighted that MUFG Union Bank joined the lending group as a new lender with a commitment of $50 million. The lending group also includes:
— BMO Harris Bank: $71 million commitment
— Wells Fargo Bank: $50 million commitment, up from $30 million
— BOK Financial: $50 million commitment
— First Horizon Bank: $50 million commitment, up from $40 million
— Arvest Bank: $30 million commitment
— Commerce Bank: $25 million commitment, up from $20 million
“We appreciate the continued commitment of our existing lenders and are excited to have MUFG as a new partner,” Car-Mart chief financial officer Vickie Judy said in a news release. “This increase will allow us to continue to grow and make the necessary investments in key areas to provide a foundation for servicing a larger number of customers.
“The expanded facility will allow us to support our commitment and promise to do whatever it takes to provide customers with excellent service, care and compassion before, during and after the vehicle sale and keep them on the road with peace of mind,” Judy added.
This week, America’s Car-Mart rolled out its new visual identity and tagline that the publicly traded buy-here, pay-here dealership company said will reaffirm its “unwavering commitment to its customers and communities.”
Car-Mart’s new tagline is “Keeping You on the Road,” which company leadership says is an all-encompassing definition of what the company delivers to its customers. Car-Mart stressed that the tagline is a commitment and a promise that the company will do “whatever it takes” to provide customers with excellent service, care and compassion before, during and after the vehicle sale.
The new logo, while staying with its red, white and blue color scheme, depicts a graphic of the open road — a uniquely American symbol — which is meant to convey freedom and possibilities that come with owning a vehicle.
Car-Mart added that the highway icon forms the letter “A” that signifies the American spirit.
“We believe our purpose is to serve hard-working Americans by providing them with quality, used vehicles,” Car-Mart president and chief executive officer Jeff Williams said in a news release.
“Every day, we strive to do whatever we can to keep our customers on the road and provide them with peace of mind — from the time they walk onto our lot and buy a vehicle to when they collect the title to their vehicle. We’re with them every step of the way on that journey. We keep them on the road,” Williams continued.
“We understand that owning a vehicle is an essential part of everyday life. A vehicle is about getting people to work, taking children to school and the ability to visit new places,” Williams went on to say. “In short, ‘Keeping You on the Road’ represents freedom to us and it’s what we offer our customers.”
Car-Mart explained that its rebranding was developed through an internal collaborative process. Associates helped select the final version of the new logo.
The company said the new logo and tagline will be featured on all Car-Mart dealerships including internal and exterior signage, as well as Car-Mart’s website and social media channels.
“It’s been over 10 years since we’ve updated our look and feel. The time was right to better define what we stand for as a company,” Car-Mart vice president of customer experience Dan Burks said.
“Our ‘Keeping You on the Road’ tagline is proof positive that we go to work every day to take care of our customers,” Burks went on to say.
Bob Voltmann participated in this episode of the Auto Remarketing Podcast during one of his first public appearances since becoming chief executive officer of the National Independent Automobile Dealers Association in late October.
Voltmann shared with Cherokee Media Group senior editor Nick Zulovich the appeal of taking on the position as well as what he learned during initial conversations with other key association leaders.
To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Multiple hurricanes pushing through Louisiana haven’t slowed a Byrider franchisee from opening a revamped facility.
The network of buy-here, pay-here dealership announced this week Byrider is returning to Monroe, La., with a new store opening set for Friday, less than 48 hours after Hurricane Zeta swept through the state as the fifth hurricane to strike Louisiana this season.
Owned by Earth Auto Sales, the store operates out of the same location as the former Monroe dealership. According to a news release, the building has been updated with interior renovations and features new company branding and signage throughout the facility.
The Monroe dealership is Earth Auto Sales’ third store and its first franchise in Louisiana. The operation is located at 1107 Oliver Road in Monroe, La.
The new store features 5,375 square feet and a parking lot that can display up to 40 vehicles. Additionally, the new location offers low-cost maintenance to Byrider customers at its state-of-the-art service department with four vehicle service bays.
Byrider added that the store will open with seven new full-time positions.
“Throughout our 20-year history operating in nearby Jackson, Miss., we have been watching the Monroe community grow and see its potential,” Byrider Monroe operations manager Gil Elam said.
“As a local business, our goal is to be a partner to the Monroe community to help it thrive, and we’re excited to build that relationship with our future customers,” Elam continued.
Independent dealerships that also have their own repair bays now can use complementary tools to keep their retail and service operations running smoothly.
This week, shop management software provider Omnique announced a partnership with Auto Master Systems to create a fully integrated sales and service solution
The firms highlighted the all-in-one solution can give expanded flexibility and features to independent dealerships looking to maximize operational efficiency and boost profits.
“Especially for busy dealerships who love their management system but need a more compelling way to operate their service department, this new partnership will bring sales and service together through seamless systems integration,” Omnique general manager Cavan Robinson said in a news release.
“We’re confident the Omnique-AMS collaboration will take dealership technology to the next level.”
The firms went on to mention independent dealers can enjoy enhanced features of the integrated systems such as:
• Integrated workflows to quickly create customer repair orders, assign technicians, and track job status
• Streamlined ticketing and estimating operations to eliminate manual data entry
• An integrated accounting system with automatically posted expenses and parts return credits
• Cloud-based processes that allow maximum flexibility for 24/7 remote operations from any device
“Auto dealerships will love the upgraded digital tools in this intuitive system that’s engineered for efficiency,” AMS vice president of sales Mike Downey said.
“They’ll spend more time selling and less time on data entry,” Downey said. “This solution underscores our commitment to the success of independent dealers everywhere.”
To learn more, visit omnique.com or auto-master.com.
Monday will mark the opening of the newest Byrider location in Michigan.
The Bill Marsh Automotive Group is set to begin retailing vehicles within the Byrider network of buy-here, pay-here dealerships at its new location in Wyoming, Mich.
The facility will be group’s third Byrider location, as it also has dealerships in Traverse City and Saginaw.
The new store is located at 2675 28th Street SW in Wyoming. According to a news release, the new location was selected due to its close proximity to Grand Rapids, Michigan’s second-largest city, and is positioned in a high-traffic commercial corridor to provide increased visibility to potential customers.
The franchise group constructed the new building to meet their custom specifications. Byrider said the project took approximately eight months to complete.
The new store features 3,000 square feet and a parking lot that can display up to 30 vehhicles for sale.
Additionally, the new location offers low-cost maintenance to Byrider customers at its state-of-the-art service department equipped to service up to five customers at a time. The service area boasts nearly 4,000 square feet and $85,000 of new shop diagnostic equipment.
Byrider also said the new location will create 10 full-time jobs.
“We are thrilled to be opening the doors of our new Byrider store to the fine people of Wyoming,” said David Brock, general manager of Byrider Wyoming.
“It has been an incredible journey to see this project come to fruition from breaking ground on the new building to the cars rolling out on the lot. We can’t wait to meet our future customers,” Brock continued.
A former president of the National Independent Automobile Dealers Association and one of his store managers recently pleaded guilty in federal court to a charge of fraud conspiracy, according to an announcement from U.S. Attorney Scott Brady.
The Justice Department said former NIADA president Andy Gabler of Harborcreek, Pa., and Chad Bednarski, of Fairview, Pa., pleaded guilty to one count before U.S. District Judge Susan Paradise Baxter.
Last August, the Justice Department revealed a 17-count indictment against Gabler and Bednarski.
In connection with the guilty plea, the court was advised that Gabler, as the owner of Lakeside Auto Sales and Lakeside Chevrolet, and Bednarski, as the finance manager of Lakeside Chevrolet, engaged in the following illegal activity between January 2015 and January 2019:
— Gabler falsely indicated that customers made down payments and falsified and inflated the income of customers when submitting auto loan applications to financial institutions on behalf of customers.
— Gabler caused extended warranties to be sold to customers buying vehicles at Lakeside Auto Sales and Lakeside Chevrolet and deliberately failed to remit the paperwork and payments to the extended warranty company.
— Gabler and Bednarski falsely reported vehicle sales to General Motors for vehicles that had not been sold in order to obtain expiring incentive rebates, and.
— Gabler and Bednarski deliberately did not inform S&T Bank when Lakeside Auto Sales and Lakeside Chevrolet sold a vehicle that the dealerships had purchased utilizing S&T Bank’s floor plan financing in order to delay and attempt to avoid the dealerships’ required payment to S&T Bank for the sold vehicles which had been purchased using S&T Bank’s floor plan financing.
Baxter scheduled sentencing for Jan. 6 for Gabler and Bednarski according to the announcement. Officials said the law provides for a total sentence of 30 years in prison, a fine of $1 million or both.
Under the federal sentencing guidelines, the actual sentence imposed is based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.
Pending sentencing, the court continued Gabler and Bednarski on bond.
Assistant U.S. Attorney Christian Trabold is prosecuting this case on behalf of the government.
Officials added the Federal Bureau of Investigation and the Pennsylvania State Police conducted the investigation that led to the prosecution of Gabler and Bednarski.
One of Byrider’s award-winning, buy-here, pay-here dealership franchisees recently set up a new retail location near one of the largest military installations in the United States.
Byrider franchise group, Enoch Enterprises, just opened a new location in Killeen, Texas. The new location was selected due to its close proximity to a large U.S. Army base — Fort Hood — and the opportunity to be part of a growing business community.
Recently, the franchise group invested more than $1.1 million in the North Killeen Revitalization Project, a local government initiative launched in 2015 to promote the development and redevelopment of North Killeen.
“We firmly believe in becoming an integral part of the communities where our dealerships are located and look for meaningful ways to give back to support the improvement of those communities,” Enoch Enterprises general manager Dale Boone said in a news release.
In celebration of its grand opening, Byrider Killeen hosted a store event for customers with food and drink provided by Advance Auto Parts this past Saturday to showcase the new building and branding.
The Killeen dealership is the franchise group’s fourth Byrider dealership and is situated at 1906 East Rancier Avenue in Killeen. Enoch Enterprises opened its first Byrider dealership in 2002 in Longview, Texas.
“We are excited to open the doors to our new dealership in Killeen, Texas,” Byrider Killeen general manager Jerry Taylor said. “It has been a wonderful experience getting to know this hard-working community and we are proud to officially be new members. We look forward to meeting our future customers.”
The new store features 3,000 square feet and a parking lot that can display up to 40 vehicles for sale.
Additionally, the new location offers maintenance to Byrider customers at its state-of-the-art service department with three technicians, 10,000 square feet and $50,000 of new shop diagnostic equipment.
The new location will eventually create 17 full-time jobs, according to Byrider.
The company highlighted Enoch Enterprises is a five-time Byrider Franchisee of the Year winner and has received numerous President’s awards for its exceptional sales, service and financing operations.
This week, Agora Data launched a financing solution that chief executive officer Steve Burke said places buy-here, pay-here operators “on the same playing field as the large dealer groups.”
Burke explained that through AgoraCapital, BHPH dealers will have access to low-cost financing through the capital markets. He said this pioneering approach is another way Agora continues to provide industry knowledge and financial solutions to help BHPH dealers reach their goals, reduce risk, grow their business and simply make more money.
“Until now, this highly complex financial option was unobtainable by BHPH dealers,” Burke continued in a news release. “With AgoraCapital, we are connecting the BHPH dealers with the capital markets. Our crowdsourcing technology combined with our deep industry knowledge and predictive AI loan technology is transformational and designed specifically for the BHPH dealer, which results in easy access to capital with very attractive terms.”
The company explained AgoraCapital will make it possible for the BHPH dealer community to compete with larger lenders and dealer groups who have large credit facilities with a low cost of funds. Agora Data went on to mention that its latest product is in addition to the other benefits the BHPH community can receives through Agora’s proprietary technology platform utilizing artificial intelligence and machine learning designed to improve loan valuation and performance outcomes.
“AgoraCapital will have a positive impact for this special group of entrepreneurs wanting to grow their business,” Agora Data chief revenue and legal officer Chris Hawke said.
“AgoraCapital empowers dealers by providing the tools and funding they need to compete and realize their desired potential. BHPH dealerships across the nation have never had this type of financial resource available to optimize their business,” Hawke added.
For more information, go to www.agoradata.com or contact Agora Data at (877) 592-4672 or contactus@agoradata.com.
In a move cheered by an organization that advocates for small businesses like independent dealerships, the U.S. Treasury Department and Internal Revenue Service released guidance late last week regarding deferment of certain payroll taxes.
The guidance stems from President Trump’s memorandum on Aug. 8 directing the Treasury Secretary of to use his authority to defer certain payroll taxes.
Officials explained the guidance allows employers to defer withholding and paying the employee’s portion of the Social Security payroll tax if the employee’s wages are below a certain amount.
The agencies said the deferral is available with respect to any employee whose wages or compensation during any bi-weekly pay period generally are less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay cycles.
The entire guidance is available here.
Organizations such as U.S. Chamber of Commerce sought this guidance from federal officials soon after Trump issued his memorandum. Neil Bradley is executive vice president and chief policy officer at the U.S. Chamber of Commerce.
“The recently issued executive order on payroll tax deferral, while well-intended to provide relief, has raised serious concerns for both employers and employees,” Bradley said in a news release a couple of days after Trump’s move.
“There remains widespread uncertainty on how businesses will implement and apply the executive order, and as American employers, workers and families work to navigate the COVID-19 crisis they need clarity not more confusion,” Bradley continued. “We urge the Treasury Department to issue clear guidance for implementing this payroll tax executive order.”
When that guidance arrived, the action drew the approval of Alfredo Ortiz, who is president and chief excutive officer of the Job Creators Network, which describes itself as a nonpartisan organization founded by entrepreneurs “who believe that many government policies are getting in the way of the economic freedom that helped make this country prosperous.”
Through a news release, Ortiz said, “A payroll tax deferral would give a lifeline to the self-employed and small businesses and would go a long way to helping Main Street. It would especially help the 26 million Americans who are self-employed and responsible for paying both the employer and employee portions of the payroll tax.
“This action would put more money in people's paychecks, help small businesses, and accelerate the economic recovery,” Ortiz went on to say.
