AFC
Showing 161–176 of 231 results
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Employee fraud – Many scams start in the finance department
Spring 2008
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 823
Abstract: Employee fraud — sadly, it can strike any kind of business, including auto dealerships, and it costs consumers and business owners millions of dollars each year. You can protect against fraud and, in the process, protect your dealership’s reputation and your industry’s. But you’ve got to know how to recognize the beast before you can hunt it. (Updated 4/30/12)
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Professional employment organizations – Should a third party handle your most important asset?
Winter 2008
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 598
Abstract: In today’s business environment, where ways to cut costs while improving performance are revered, the outsourcing of many operating functions is widespread. But when it comes to the service-oriented world of the auto dealership, should you let a third party handle your most important asset — your people? An increasing number of dealerships are doing just that, turning to professional employment organizations (PEOs) to hire and fire employees, handle the related HR paperwork, and provide employee benefits. Here are some issues to consider before making a decision. (Updated 4/30/12)
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Used vehicle departments reap what they sow
Spring 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 371
Abstract: Used vehicles are in high demand and short supply. Low-mileage, fuel efficient cars are especially hot. But it’s important to not get caught up in the hype. Discipline is the only way to consistently make money when selling used vehicles. This short article explains how to appraise with care and get salespeople to agree on the worth of a particular vehicle.
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Consider plumping up your service menu
Spring 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 674
Abstract: 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 sales closing. As a result, more service writers are being trained to talk about the value of service contracts and prepaid maintenance plans and how to close them. This article discusses sales techniques that work and how to be ready before a customer returns for a visit.
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Protecting your assets in a divorce
Spring 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 787
Abstract: Divorces can be painful. Hiring an outside financial expert to serve as a consultant can help ease the financial pain. This article shows how an expert can value a dealership and perform other financial tasks to help achieve an equitable distribution of assets that doesn’t spread an owner too thin personally or impair dealership performance. Specifically, it looks at what constitutes a marital asset, the three approaches used to value a dealership, and the distinction between business and personal goodwill.
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Is it time to expand? Caution is the name of the game when bulking up for a recovery
Spring 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 958
Abstract: Sales are finally recovering in most states, and banks are lending again. So, it might be time for many dealerships to renovate, repair or expand to stay competitive in their market. But how to be sure? This article discusses how to look at market forecasts and examines the scenario analysis tools a CPA can use to evaluate whether an investment makes sense. A sidebar offers some tax reasons why expansion might be a good idea in 2012.
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Unclaimed property – It’s not a matter of “finders, keepers”
Winter 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 504
Abstract: Every dealership has assets that are in a kind of limbo — long-forgotten checks to customers and other valuables that no one else has claimed. A dealership might be giving little thought to these financial assets, and perhaps improperly treating them as a type of revenue. But the state may try to collect this “unclaimed property.” This article explains the expectations that some states might have of businesses in regard to reporting it.
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Retooling pay incentives
Winter 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 657
Abstract: All pay plans should be effective — they need to attract, retain and motivate a talented team. But many fail to meet these objectives, so dealers need to ask whether their pay plans have kept step with recent changes in the labor market. No universal formula works for every dealer, but this article offers six ideas for evaluating a pay plan, such as keeping the plan simple, aligning it with business strategy, and thinking beyond new and used vehicle sales.
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The “how to” of inventory management
Winter 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 721
Abstract: Many dealerships order vehicles, parts and accessories using gut instinct. But more scientific techniques for managing inventory can minimize inventory carrying costs. Manufacturers have used cost accounting to improve operating efficiency for decades, but, as this article explains, only recently have dealerships begun to look at their businesses in other terms: product-by-product margins, product mix, turnover, and reorder points.
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Are you lost without a business plan? Create a “map” to navigate your way
Winter 2012
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 895
Abstract: Business plans serve a purpose beyond use at the dealership. Factory field representatives and lenders view auto dealers with formal plans as more organized, less risky business partners. With manufacturers looking to constrict their franchise networks and lending still tight, formal planning may offer a leg up on the competition. This article discusses the three financial statements and other elements that should be included in the plan, and notes the importance of testing business assumptions. A sidebar explains why it’s important to continually monitor and revise a business plan.
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Cure customer complaints with a dose of insight
Winter 2008
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 536
Abstract: Every dealer knows the value of a loyal customer. But, unfortunately, every dealership doesn’t view the complaint-handling process as the delicate operation it is. By responding to dissatisfied patrons in a healthy, informed manner, you and your staff can cure customer complaints without losing business. (Updated 11/30/12)
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How much should you be paid?
Fall 2011
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 845
Abstract: Among the tough decisions dealer-owners face at year end are how much money to take out of the business and how to split that amount between salaries, bonuses and dividends. Although owners’ compensation is somewhat discretionary, it needs to withstand IRS scrutiny. As this article explains, the IRS is looking for both over- and underpayments, depending on whether the subject company is a C corporation or a flow-through entity. A sidebar discusses other parties that have a vested interest in how much dealer-owners are getting paid.
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Buying fixed assets never looked so good
Fall 2011
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 493
Abstract: Dealerships that are considering purchasing equipment and other “fixed assets” should take a look at Section 179 and bonus depreciation deductions — they’re especially generous in 2011 but will diminish after the end of the year. This article offers details.
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Nip it in the bud – Background checks thwart fraud, but be careful
Fall 2011
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 738
Abstract: No matter how strong a dealer’s internal controls, it needs to “begin at the beginning” with complete employee background checks. It’s one of the best ways to protect one’s business and customers, although it’s still important to be careful with the final decision. This article explains how to conduct background checks without violating privacy rights and other laws, and why dealers that choose to hire an outside agency need to check its credentials.
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Your next warranty audit: Be prepared!
Fall 2011
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 641
Abstract: Manufacturers’ periodic warranty audits have become more frequent as they seek ways to compensate for more dealer-friendly warranty laws that some states have passed to increase warranty reimbursement rates and eliminate manufacturer surcharges. Every dealer gets audited at least once, so this article shows how they can prepare.
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Get gassed up to sell green cars
Summer 2011
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 323
Abstract: With gas prices what they are today, it can be tough for dealerships and their customers. But today’s record-high gas prices can be a selling tool. Appealing to buyers’ green sides may require salespeople to retool their sales tactics, however. This short article offers a few tips.