To mitigate risk of the public spreading COVID-19 while conducting routine business, state governments have lifted some restrictions on which documents now permit scanned or electronic signatures. Previously, documents pertaining to car titles, such as title applications and bonds, needed to be signed and sealed in ink. States such as Florida and Georgia are holding [...]
3 Phases to safely open up businesses in America, according to the White House and Centers for Disease Control and Prevention. The White House and CDC have published a presentation with guidelines for opening businesses in America. Car dealers can follow some of these guidelines to show customers they have their health and safety in mind: Phase [...]
Review your operational budget for the year and determine what you can spend on advertising. NIADA recommends $250 for each car sold in 2019. Determine how you're going to invest that money. Dealers selling vehicles less than $15,000 should be using Facebook Marketplace through an approved provider. It's your cheapest option and gets the most [...]
National Independent Automobile Dealers Association survey finds independent car dealers are retaining employees at a high rate. Fast facts: Seventy-two percent of the respondents are still open for business with social distancing protocols in place, many by appointment only or online. Twenty-seven percent of the dealerships reported having closed temporarily, and only 1 percent have closed permanently. [...]
For Buy-Here, Pay-Here car dealerships, sales isn't everything. Collecting is the dealer's No. 1 priority. Perhaps it's what's keeping you going through the economic slowdown. If you're noticing customers struggling to keep their promises due to lost jobs or income, there's a way for you to accommodating these customers instead of cutting them loose. Work [...]
F&I can also be a great benefit to the contact-less transaction at the completion of the deal and when the consumer then takes ownership of the delivered vehicle, writes Tim Blachowiak, VP of dealer sales at Protective Asset Protection. Dealers want to leverage the online experience to remove any friction that historically was perceived to [...]
Auto dealers across the country are investing to build out the digital sides of their businesses, CNBC reports. Business owners are working to offer more ways for customers to shop, before they come to the car lot. “For digital, this whole disruptive period with corona is an inflection point from which there’s no turning back,” [...]
J.D. Power reported there were fewer than 15,000 units sold in the entire U.S. wholesale auto auction system in the first week of April. Dealers are buying cars inexpensively online. There is optimism in the industry about the recovery from the pandemic and the demand that will follow. A growing number of dealers believe there [...]
Jenn Reid, Equifax's VP of Automotive Marketing and Strategy, said in the NIADA's May issue of Used Car Dealer magazine that the credit reporting industry strongly encourages lenders and creditors in working with customers to take full advantage of reporting guidance and report the accommodations given to consumers accurately to the credit reporting agencies. The [...]
The Internal Revenue Service says the Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Where can I get more information? Employee Retention Credit [...]
