Not all profit streams require major investments Dealers today are looking for new profit streams without having to make major capital investments. With current supply shortages, many dealers are being forced to rethink their businesses and figure out new ways …
Six key considerations for choosing the right F&I partner for your dealership Dealers spend a lot of time trying to maximize profitability in their F&I departments. The truth is, this is one of the few remaining profit centers that are …
Here are a few handy tips to closing your books within five business days What makes a solid accounting team? Most would say their ability to close the month within a reasonable time frame. OEMs require financial statements to be …
What to think about when buying a business I’ve often felt that leaders in the retail automotive space are the most entrepreneurial people in business. They are self-motivated and driven, communicative and resourceful. Most importantly though, their ability to be …
Better to be safe than sorry when it comes to tax compliance. Here are some tips This article was written in April, 2022, and at this time of the year, everyone in the country is thinking about taxes—personal taxes, corporate …
Use these simple formulas to help you assess which strategies will truly pay off. “The Time Value of Money” is a classic concept in financial management. It states that a sum of money is worth more today than the same …
Lax policies and a lack of internal controls are driving fraudulent behaviour. It’s time to tighten up. Let’s talk about fraud. It’s the dreaded “F-Word” of the business language. While this issue exists in all industries, it is particularly prevalent …
Some dealers are reluctant to adopt an EV strategy. The tipping point is coming. Automobile dealerships will look very different in the future. While it is still debatable how much market share electric vehicles will have, they will play a …
Budgeting is a “win-win” strategy that could be financially rewarding to all. Why budget? What is the purpose of this exercise? Who really benefits from this document? Is it really worth all that time and effort to plan for the …
Gross profits are up and floor plan interest is low; some areas of your financial statement have never looked better. There is a level of uncertainty in the automotive industry today. The vehicle supply chain is broken and will take …
The game has changed. Here’s what you need to know. Great business leaders manage their operations through Key Performance Indicators (KPIs). It’s an efficient way to look at your organization from “30,000 feet.” Every industry has them, and the automotive …
A financial expert takes a look at dealership financial statements and offers insights into what dealers might be missing. My profession is an interesting one. It’s often misunderstood and commonly discounted in the automotive industry. In a world of exotic …
