Auto dealers face a multitude of compliance issues on a daily basis. Here is brief summary of one of those issues, Form 8300 and Reporting Cash Payments of Over $10,000. Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.
Auto Dealer Monthly presents a brief summary of one of the many compliance issues that affect dealers, the Office of Foreign Assets Control (OFAC). Please note, this is not legal advice and dealers should always seek the assistance of qualified legal counsel.
Jennifer Murphy - In an effort to alleviate some of the stress caused by trying to understand the compliance issues dealers must contend with, here are 19 laws, rules and regulations summarized (along with potential penalties for breaking them and helpful links to useful information).
Brent Carmichael - The Consumer Finance Protection Agency will soon be regulating BHPH dealers. While the full impact this will have on BHPH dealers is unknown, some of the potential ramifications of the CFPA’s oversight is discussed.
Kirk Manzo - In the F&I office, increasing efficiency and product sales revolves around increasing product penetration (particularly service contracts), shortening the time your contracts are in transit, introducing the F&I manager to customers early on in the sales process, and maintaining compliance.
Greg Goebel - Throughout periods of restructuring when people are being shifted, promoted or hired, I get questions about compensation plans for the SF manager and/or SF department. Generally, what I hear is, “How are we supposed to pay them?” or “What is the benchmark for compensation for a SF manager?” Unfortunately, the question isn’t quite that simple.
Jason Ezell - In a business where inventory is the backbone of sales, the car industry doesn’t lend itself very well to cutting costs. A lower inventory, while it might save money, might also cost you more in lost sales. So what’s the answer?
Thomas B. Hudson - Joseph Heller’s 1961 World War II novel, “Catch 22,” dealt with the rules that governed how many deadly missions B-25 pilots had to fly before they could go home. I’ll bet Mr. Heller never envisioned that the phrase would be used in connection with the sale of VSI insurance in an auto finance transaction.
Most customers postpone repairs and maintenance work. Industry Expert Hal Scott discusses why customers put off service work and explains how to overcome customer objections to get them in for needed service and maintenance.
David Keller - After reviewing many dealerships’ financial statements over the last six months, it seems the used vehicle department is the king of profits and volume. Most dealers, with new vehicle sales still depressed, are selling more used vehicles than ever. It is more important than ever to manage your vehicle inventories.
