Tag: automotive dealerships

Vehicle rebates are a selling tool car dealerships and manufacturers use to drive more business, even when most consumers are paying above sticker price on vehicles. Since rebates are not discounts or coupons, dealerships receive the funds from the rebate after the vehicle has been purchased from the manufacturer and sold to a consumer. This means accounting teams at the dealership must make adjustments once the rebate is received. When rebates are not paid for promptly, it can create over-aged… Read more ›

Searching for revenue to keep the bottom line healthy, a number of dealerships have added F&I products to their service offerings. A possible influx of longer-term customers at your store can make it worthwhile to consider selling service contracts and related products in the service lane. Timing Is Everything Dealerships are finding that it’s easier to sell F&I products at the time of a costly repair, or when the customers’ warranties are about to expire, than it was at the… Read more ›

As business owners, reliance on employees and vendors to help your dealership run smoothly is par for the course. Sometimes, those vendors and individuals take advantage of situations to increase their profits. Vendor fraud involves payments made to actual or fictitious vendors for personal gain. It is a lucrative industry that can take tens to hundreds of thousands of dollars off your bottom line. Types of Vendor Fraud There is a good chance your dealership has experienced some form of… Read more ›

  Before they can legally drive a vehicle, individuals must obtain a minimum level of automobile liability insurance. Similarly, dealerships are also legally required to carry certain types of insurance to operate in most states. If you haven’t reviewed your store’s insurance policies recently, now might be a good time to do so. Your goal is twofold: to make sure you have the right coverages for the risks involved in operating your dealership and to keep your insurance premiums as… Read more ›

One estate-planning tool that can protect your family and the partners in your dealership is a buy-sell agreement. This legal document may give owners the first shot at buying an interest in the company if another owner pulls out, becomes disabled or dies. Ideally, these contracts are drawn up when a business is launched, or acquired from other owners, but they can be entered into later. Don’t wait too long. If you die or become disabled without an agreement, it… Read more ›

Automotive dealerships are no strangers to strict measures surrounding customer data security. They have been complying with the Gramm-Leach-Bliley Act’s (GLBA) Safeguards Rule for more than 20 years. But the Federal Trade Commission (FTC) amended the 2003 Safeguards Rule on October 27, 2021, to require additional controls for existing security compliance processes to better combat increased data breaches and online security risks. While the revised rule took effect on January 10, 2022, certain requirements, such as the appointment of a… Read more ›

  The global wide push to “go green” has built momentum over the years, and research points toward an even greater increase in the American demand for clean energy going forward. While the movement has primarily centered around the adoption of electric vehicles, the clean energy trend isn’t just lucrative for car sales. There are myriad attractive clean energy initiatives that could result in significant tax savings for your auto dealership. While many clean energy initiatives have come and gone… Read more ›