Maybe you heard that you never get a second chance to make a first impression. Maybe you have heard it takes 60 to 20 seconds to make a lasting impression. Well got news for you. A series of experiments from a couple of psychologist reveal that all it takes is a tenth of a second … More First Impressions, That Important?
We have been told decisions are made based on logic. But maybe we have been wired to make snapped decisions such as love at first sight, trusting someone at first glance, or having that gut feeling. How many times do we say “I should have trusted my instincts”. When training, we talked about getting so … More It’s Emotional
Can We Really Do Better? Is it possible to really do better? Do more sales, make more money, and have fun doing it? It is quite possible that our team is performing at its peak and we are tapped out. Without the right inventory, marketing, training, and people….we are toast. In other words its our … More Can We Really Do Better?
Prospecting was the subject of our last conference call. It became apparent many of us do so little prospecting that we are unsure how to greet prospects and ask the right questions. Of course we all know different situations call for different approaches, so it’s easy for even experts in prospecting to get confused about … More Prospect Like A Lion
Attached is a link about the U.S. Attorney’s Office of the Western District of North Carolina filing a lawsuit on a pair of BHPH Dealers. The State of North Carolina is stating these dealers have violated the state’s Unfair and Deceptive Trade Practices Act. The government is seeking customers who entered into sales contracts with … More The Justice Department Alleges “BHPH” Used-Car Dealerships Engaged in Illegal Lending
Just recently I got stranded in Detroit due to a cancel US Air flight. Forcing me to find a local hotel to stay at until my return to the airport at 4:00 AM. As I started the process of canceling appointments and reshuffling my schedule, my inner child started to surface thinking how unfair this … More Adventures with unplanned challenges
What Makes an F&I Director “Congratulations, you are getting a great deal!” says the salesperson to the customer (says the spider to the fly). “All you need to do now is sign the paperwork”. This is usually how our customer / client is introduced to the Finance Manager. Many survey’s clearly show our customers … More What Makes an Finance Director
Is the Consumer Financial Protection Bureau targeting the automotive BHPH community? Of course not, who could even think such a thing? While the CFPB has expanded its look into the automotive lending process and industry by issuing subpoenas to various auto lenders in our industry, it does not mean that they are focusing just on … More Is The CFPB Targeting BPHPs?
One of the questions we usually hear from Dealers that has just recently enrolled with Credit Acceptance is “what type of vehicle will work with your program?” I am sure at one time in our history this was a legitimate question. Let’s face it our core business is the credit challenge consumer that in most … More Is Your Pre-Owned Vehicles Investments?
Georgia’s change in how pre-owned vehicles are taxed is fast approaching. It has been almost a year since we discussed this but as you know, the sales tax and the ad valorem tax will be replaced with a title tax. This is part of House Bill 386 which was signed by Governor Nathan Deal. The … More Georgia’s New TAVT, Good or Bad for BHPH
Why Are We Not Successful? I have had the honor to work with some of the most recognized sales trainers in our industry. I have attended so many seminars and training classes you would think that I would be at the top of my game! Yet that is not the case. Over the years I … More Why Are We Not Successful?
Every successful dealership I have ever observed has one thing in common; a sales force that has longevity! What is the primary element that promotes this? A sense that management has empowered each individual to be the captain of their ship and a clear path to monetary reward! Call it a professional environment or call … More Pay the Piper…or in this case the Salesforce
For publicly held corporations, the Sarbanes-Oxley Act of 2002 requires a company listed on the stock exchange to have a compliance program. Luckily many of our retailers are not listed on the stock exchange. But it is being promoted for us to voluntarily develop a compliance program to match the current regulations and other requirements … More Do you feel lucky? …Well do you?
This has been a dry topic for a few years now. The Automotive Retailer Dealer knows by now that compliance is playing a bigger part in our everyday business. Last November the Federal Trade Commission sent out certified letters to retailers requesting information about their business practices. A request was made for copies of every … More Harassment or compliance, does it matter?
Many of you might recall all the effort we put into trying to understand what the various government agencies wanted us to do to stay compliant. It was not that long ago that Obama had urged Congress to include automotive dealers in the Dodd-Frank Wall Street Reform Act and under the review of the … More Is The FTC Really After Us?
What follows is nothing new, but maybe it is a re-fresher we all can use to fine tune our Sub-Prime Sales Process. Yeah sounds boring, right? Maybe it is, yet once again this was the subject of choice in a most recent 20 group meeting. So go get a beverage of choice, find a comfortable … More 15 Steps to Sub Prime Success
Is This a Career? Years ago I had the honor to be introduced to a gentleman who would change my life. He was Robert Worthington, President of Royal Oldsmobile in Stone Mountain Georgia. Bob as many knew him (I always addressed him as Mr. Worthington) had a commanding way about him. He was proud of … More Is This a Career?
My daughter wanted a car. A new sporty vehicle that in her mind was either a BMW, Audi, or Mini Cooper. So here it was, a chance to show my daughter the art of the presentation or what we called the “walked-around”. For years I would tell my children about the art and science of … More Was it the presentation or the price?
The Federal Trade Commission has held a series of round table style meetings to gather information on possible consumer protection issues concerning the sale, lease, or financing of automotive vehicles. This, in addition to other recent moves by the FTC and CFPB, really requires our retailers to take a closer look at compliance and what … More It is a good thing we understand compliance
How to Move Goal to Reality I have a wedding to attending in September and need to lose at least 20 pounds over the next few months. Of course my record of success has not been that high recently with my previous attempts. What I have been told is that our ability to lose … More How to Move from Goal to Reality
This bio was featured in the UA News (The University of Alabama) sometime ago, All credit of this bio goes to the UA News John Alexander Williamson, by his own admission, was a risk taker, a characteristic which, as he wrote in his book, “would stand me in good stead in the Pacific.” Williamson was … More John Williams the founder of Key Royal Automotive — A Great Group!!
Are we afraid of the menu? (or Confessions of an F&I Manager’s fear of the Menu) All around us in life we experience the use of the menu. Going out to dinner with your loved one, you are given a menu. Drive into our service lane and you are presented with a menu of … More Are we afraid of the menu? (Confessions of an F&I Manager’s fear of the Menu)
I have been asked to re-post this. With all the compliance concerns, recently and the thought that compliance will take away from us “closing deals”, I wanted to suggest that maybe a good compliance policy will instead increase our ability to “close deals”. A good policy is just part of the Road to the Sale….take … More Compliance and how it affects you
Originally posted on Dealerite Blog:
You want to create Action? Give cars away! Sell them for $6,000 below cost and advertise the hell out of the fact. You’ll have to fight the crowd off. You’ll lose money on each deal. You’ll spend money on advertising AND you’ll soon go out of business. Creating excitement is…
Originally posted on Rick Wise:
our steps to work the floor Work the Floor: The F&I Manager is to have all general paper work completed before or after operating hours. The goal is to spend as much time as possible out of the F&I office and on the showroom floor, sales desk, or the lot with…
Originally posted on Dealerite Blog:
Sales is a science, albeit an often botched science, but a science nonetheless. When a sales person is perceived as ‘honest’, customers tend to systematically lower their defenses. Lowered defenses lead to a more satisfactory buying experience. Can you be strategic in establishing your ‘honesty’? Absolutely! Blocking or evading questions…
Just got off another conference call with grand plans for our group, why is it that every time we get off one of these calls we have a full agenda yet nothing happens? Is it that we just get too busy reacting to what we get hit with during the day? Maybe it’s because sh… … More Another Week