Many dealerships don’t like audits but they are a necessary part of the business Many dealerships in Canada are going through their year end audit right now. It happens every year and, for some reason, has historically been assigned a …
Make sure you’re tracking your return on your advertising dollars When was the last time you analyzed your advertising spend? Is it too much? Too little? Are you allocating the right amount between digital and traditional media? Are items hitting …
I hated studying economics in school. Too theoretical, I thought. I’ll never see this in the real world, I thought. Boy, was I wrong! Economics explains the balance between customers’ unlimited wants and their limited resources (usually cash) to acquire …
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 …
