Customer Training

When we think of training, we naturally think about training our employees – whether they are the sales force, collectors or office staff. While training employees is critical – we often forget the need to train our customers. Buy Here Pay Here customers need to know about the payment process, service issue procedures, and key contact information after the sale.  (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…)

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)

Customers, Cars, and Capital – Juggling the C’s

BHPH Dealer Magazine – (December 2019) Mr. Gary Page – Juggling supposedly boosts brain development.  In my experience tying to juggle seems to impact the ability to think straight – not boost the brain.  Yet every day in the Buy Here Pay Here business, dealers are constantly juggling the “3 C’s”; Customers, Cars and Capital.  Finding new customers, serving existing customers, and even chasing a few delinquent customers can sometimes take all the energy you have.  Couple that with finding the right cars, preparing them for sale, and turning over inventory. And lastly, managing the capital to keep the other two “C’s” in the air may seem to be the hardest to handle. Read Article

Breakeven – Know It and Manage It

BHPH Dealer Magazine – (August 2019) – Mr. Gary Page, chief executive officer of SDA: If you had more cars on the lot – could you sell them? Simple math suggests that if you sell more cars, dealership profits increase. If it was that easy we would all be retired and relaxing on our private island. One thing is for sure. You have to know your numbers, especially time to breakeven. Breakeven, sometimes referred to as “days on the street,” is the number of weeks before you recoup the cost of the vehicle. This simple math can triple your profits….Read Article

Repeat Sales – Trends in 2019

BHPH Dealer (June 2019)Mr. Gary Page, chief executive officer of SDA: Keep good records of your sales to repeat customers.   According the US Chamber of Commerce, 80% of your future revenues will come from 20% of your current customers.  Customer loyalty never seems to change over time, however the trends in business seem to heavily impact what creates loyalty.  Read article….

BHPH Dealer – Tips for Selling to Millennials

More than $1 Trillion in Purchasing Power

BHPH Dealer Magazine – (April 2019) Mr. Gary Page, chief executive officer of SDA:  According to research from Autotrader, Millennials are the most diverse, most educated, most socially conscious and most tech-savvy group the world has ever known. While there are dozens of conflicting research reports available about why or why not millennials are buying cars. One thing is clear, these buyers are different, and BHPH dealers should be prepared to sell to this large demographic. They are getting more mature, financial capable, and their needs for vehicle ownership is increasing as they age. Even though the BHPH millennials have unique circumstances, they tend to share many of the same attitudes.  Click here to read the article.

Customer Loyalty – It’s NOT about the Best Price

If recent research is accurate, loyal customers provide 60-70% of annual revenues.  Traditionally, Buy Here Pay Here dealers invest most of their time and a significant part of their budget towards marketing and acquiring new customers.  If you consider these facts, we may be miss-allocating precious time and money. [Read more…]

How Successful BHPH Dealers Build Their Business

If you were to ask 1,000 BHPH dealers what one suggestion they would give to other dealers wanting to build their business…most would say “have access to capital”. Yes, it does take money to make money – especially in the BHPH industry. The average ACV has gone up $1,200 the past 2 years, while down payments decreased $117. [Read more…]

SDA Lets You Raise Capital, Keep Your Customers

The credit crunch from several years ago appears to have subsided somewhat as many new companies have surfaced in the subprime auto industry. Compared to six years ago the sources of capital have flip flopped. Upwards of $1 billion of new capital has entered the business in the last three years. In the long term this may not be totally positive – the increased competition has allowed some traditional buy-here, pay-here customers to drive new cars. [Read more…]