In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.
In these tough economic times, driving business into the showroom is more important than ever. Many merchants invest significant resources into advertising their products in a manner designed to entice potential customers.
Tough times usually mean an increase in the number of consumer complaints filed against retailers and creditors, at least that's been the case in my experience. So, as we face what many believe will be a difficult year for profits, it’s probably a good idea for you to be diligent about enforcing your store’s compliance policies and procedures.
In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.
When times are tough, it usually means there will be an increase in consumer complaints against retailers and creditors. So, as we face what many believe will be a difficult year for profits, it’s probably a good idea for to you to be diligent about enforcing your store’s compliance policies and procedures.
Many financial institutions and creditors around the country have spent the last six or so months working diligently to implement their identity theft prevention programs as mandated by Congress and the Federal Trade Commission’s new Red Flags Rule.
I have the opportunity to work with several clients that provide sales and F&I training to dealers. On those occasions where I’m asked to help develop training content, I always include a section on payment packing.
I have the opportunity to work with several clients that provide sales and F&I training to dealers. On those occasions where I’m asked to help develop training content, I always include a section on why dealers need to avoid payment packing — the practice of loading up the monthly payment with charges for aftermarket products the customer has neither agreed to nor requested.
Dealers have all kinds of technology available these days to help them increase profitability, operate more efficiently, and generally make their lives easier. Like anything else, technology can come with legal baggage, and care must be taken to avoid an unintended compliance violation.
“Missed it by thaaat much . . .” That phrase always brings to mind the inimitable Don Adams and his bumbling but well-intentioned television character, Maxwell Smart.
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