Dealer News – January 2025
Featured Stories:
People, People, People
The Buy Here Pay Here (BHPH) industry has evolved since the 1960s, addressing challenges for customers financing vehicle purchases. It has shifted from personal interactions to a technology-driven model with online sales and automation. However, the need for strong human relationships remains crucial, as automation can impact customer engagement and sales.
What Don't You Want? Explaining the FTC's Meaning of "Express Informed Consent-(EIC)"
The FTC's CARS rule highlights essential questions about express informed consent (EIC) for car dealers. It emphasizes that EIC requires clear consumer agreement beyond signatures. Understand the implications of a negative definition" in compliance while reducing risk.
Pennsylvania’s Legislative Session Closes
The Pennsylvania General Assembly's 209th Session begins January 7, 2025, with all unpassed legislation needing reintroduction. Despite a divided government, fresh faces will emerge due to 19 retirements, including a Senate defeat. Republican Dave Sunday will be sworn in as the new Attorney General, setting the stage for collaboration on key issues, particularly in the automotive industry, in the upcoming year.
New Year, Same Challenges
As we close the chapter on 2024, the challenges facing the auto finance industry remain ever-present. With increasing regulatory scrutiny and empowered consumers wielding social media as a tool, it's crucial to prioritize compliance and proactive measures. This article delves into the pressing issues at hand and offers a timeless mantra for industry leaders: commit to a thorough annual review and enhance your practices to safeguard your business.
The Importance of Tax Season for Your Sales Team
Tax season is a prime opportunity for dealerships to increase sales and strengthen customer ties. Learn how leveraging tax refunds can enhance down payments and approvals. Discover how Tax Max can elevate your approach with same-day refund advances and tailored strategies for every dealership model.
Tune Up your Service Drive Through Data
People are straying away from preferred brands because of premiums or lack of inventory. How will you reach those customers who purchased their leases to come back and buy from you again or service their vehicle?
GPS Tracking & Its Impact on Customer Accountability and Payment Efficiency
For Buy Here Pay Here (BHPH) dealers, maintaining control over financed vehicles is essential for financial security. Here’s why BHPH dealers should pay close attention to how GPS tracking can shape their operations and boost their bottom line.
Mitigate Risks and Prevent Repos
How Advantage’s smart data and compliant recovery tools help car dealers and finance companies reduce risks, streamline collateral management, and prevent costly repossessions.