Benchmarking – Be Yourself

When I first started in the Buy Here-Pay Here industry, I always looked over my shoulder to see what everybody else was doing.  Call it insecurity or just the need to know that our business was unique.  I collected every brochure I could that detailed my competitors’ offerings.  I felt I was always the underdog and had to be less expensive and more aggressive.  It took a few profitable years to begin focusing more on our own strategy than our competitor.  As Oscar Wilde once said, “Be Yourself, every one else is already taken.” (Click Here to Read More)

Grow Smart

During High School, I started painting houses in my neighborhood during the summers.  I would hire my unemployed friends and soon I had several crews working.  My supportive father greatly assisted in my entrepreneurial venture’s growth.  I saved money to reinvest in the business but I really needed outside capital to fuel my growth and this is where my father stepped in.  I soon realized the importance of having access to capital and managing leverage. (Click here to Learn More)

Smart Decisions are Data Driven

Baseball’s overwhelming reporting of thousands of team and player statistics continues to amaze me.  Does all this data really matter and make a player or a team more productive? With baseball season in full swing, I was able to catch a recent game and I watched the scoreboard flash number after number.  It seems every year there are new ways to measure success.   The MLB acknowledges this change in an article on their website; “The entire language of evaluating player success has indeed changed, from batting average and RBIs to newer-age statistics like Weighted On-base Average.   While these metrics can sound like a mouthful to the casual fan, they’re simply the next step in evaluating which players help a team accrue the most wins and avoid the most losses”. As I think about the Buy Here Pay Here industry, I recall listening to a speaker years ago about a philosophy known as the balanced scorecard.  I liked the concept and have implemented components here at SDA with great success. Read More...

Get With The Program (Capital Program)

Most Buy Here-Pay Here dealers use an outside capital provider to help grow company or a third-party capital provider specializing in our industry. With the high costs of vehicles, dealers with their lots and growing their business than those self-funding. There are dozens of options in the marketplace with a mix of programs that should be matched to your needs. names and terms, but the basis of the programs in the marketplace are often similar. The differences come in the advance amounts, terms and the structure of the payback. Knowing the program’s pros and cons really point for one dealer can be a negative point for another. Read More

Stay the Course

In the 30 plus years I have been involved in the BHPH industry, I have never seen delinquency rates so low. AFSA members who lend to subprime borrowers’ report that delinquencies overall are at record lows. Many dealers have this false sense of security that robust collections will continue indefinitely. To completely analyze this phenonium let’s look at the key reasons collections are going so well. Read More….

Driven by the Numbers

Fundraising campaigns do that all the time – I know you’ve seen the big sign in your church lobby with the thermometer graphic showing progress. Everyone gets involved when you post month-end results of new accounts that have been added toward your annual goal. Keep it simple and don’t try to measure everything. Read More…

Learn to Fish

As I think about providing BHPH dealers with advice on securing capital for their business, I am reminded by the old proverb we have heard many times; “Give a man a fish, feed him for a day. Teach a man to fish and you feed him for a lifetime.”  This proverb sticks out as I view SDA’s role as a teacher on how to successfully use a capital provider as opposed to just providing dealers capital.  I would like to share some lessons learned after 30 years of providing millions of dollars in capital to BHPH dealers. Read More

Sprained or Broken

At 6’4”, I have an advantage at sports – especially basketball.  As I age the simple things get harder.  Back in the Fall a routine rebound left me with a painful injury and I’m not sure if I sprained my ankle or something is broken.  Regardless, it will take time to recover. I share this as the news continues to swirl in the business world and within our own Buy Here Pay Here industry.  Are we broken or just sprained? Regardless, it took time to recover and we will have to do things differently. (Read More…)

Interview with Gary Page

In April 1990, Gary Page took a chance on his dream. Using $10,000 he’d saved while working as an investment banker fresh out of business school and an equal amount from a loan acquired using his money as collateral, Page founded SDA Inc., as a floorplan company serving dealers in the Atlanta area. Thirty years later, SDA has grown into one of the largest providers of capital to Buy Here-Pay Here dealers nationwide. (Read More…)

Resolutions for BHPH Dealers

New Year’s resolutions can be an effective way to stimulate growth and re-energize the staff for a new year. The secret to making resolutions work is to keep them simple, start small, communicate your plans and, most important, reward yourself for success. Every person and business can benefit from resolutions – including the best BHPH dealers in the industry. Here are ideas that can help get you started. RESOLUTION 1: TRIPLE THE CUSTOMER DATABASE – Digital and social marketing are here to stay. Dealers with up-to-date customer information, including emails and cellphone numbers, are ahead of the game. (Read Article)