Travis Peterson's Blog (11)

Who's Watching the Watchman?

A dealership is a complex organization with a lot of moving parts. With only so many hours in a day, an Owner or GM has to trust the CFO & Controller to handle financials. But as the saying goes: absolute power can corrupt absolutely. Who’s watching the watchman at your dealership?

 

Of course, I’m not saying that every Controller is…

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Added by Travis Peterson on January 20, 2021 at 9:15am — No Comments

Buried in Deal Paperwork? How to Cut the Clutter.

A glance into any dealership accounting office reveals a lot of paper. That’s because selling cars creates a LOT of paperwork. Although a “paperless” office may be the holy grail, we’re not there yet.

States require certain paperwork, and they insist you keep it. Retention periods vary by state, but the result is paper deal jackets crammed into filing cabinets, stored in piles of teetering cardboard boxes in unlocked offices, or jammed into storage facilities.…

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Added by Travis Peterson on January 6, 2021 at 2:21pm — No Comments

Take a Tip from Santa for Effective Vendor Management

Making a list and checking it twice is one of Santa’s best known practices. It’s worth emulating when trying to manage a lot of information. Like your list of vendor partners.

 

The average dealership has around ten vendor partners. Large groups can have hundreds. Whatever the length of your list, proper management helps you weed out the naughty (costing you money) from the nice (making you money).  

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Added by Travis Peterson on December 21, 2020 at 11:58am — No Comments

Your Most Important Hire in 2021 May Surprise You…

It’s not an Internet Sales Manager to keep up with the surge in online leads that many dealerships are currently experiencing. It’s not additional service technicians, who are becoming increasingly scarce to hire.

 

Your most important hire in 2021 is…a Scan Operator. Surprised?

 

Although banks are more accepting…

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Added by Travis Peterson on December 10, 2020 at 1:25pm — No Comments

Would you know if your store was missing over $200,000?

How and Why to Make Your CPA Your Most Important Relationship

A store may be missing over $200,000. Or $745,000. Or as much as $4.1 million. These are all real amounts embezzled from dealerships by…

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Added by Travis Peterson on November 9, 2020 at 2:09pm — No Comments

One View Unveils Vendor View: The Web-Based Vendor Contract and Storage Management Platform for Vehicle Dealerships

Digital uploads of vendor contracts and automated notifications of contract renewal or expirations ensure dealers are never caught off guard.

Indianapolis, IN – October 19, 2020 – One View, an auto industry-specific data solution specialist, today announced the release of its Vendor View contract storage and management platform. The web-based, user-friendly platform allows dealerships to upload copies of vendor contracts and…

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Added by Travis Peterson on October 19, 2020 at 8:22am — No Comments

What Service Managers Don’t Know and Why it Could Hurt Them

Industry experts predict that manufacturers’ will continue to double-down on service warranty audits. After all, chargebacks are an additional source of revenue that is sorely needed now. 

Every service manager should take special note of this prediction. Here’s why:

  • It is the…
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Added by Travis Peterson on October 12, 2020 at 9:55am — No Comments

Net Up to $12k Per Month in Additional Gross Profit by Doing This

An eye-opening article in Auto Dealer Today cites dealers can generate as much as $12,000 per month in additional gross profit from retail reimbursement for warranty parts.

 

This makes sense when you consider that the majority of manufacturers pay on average 40 percent over cost. If a dealer is approved at 80 percent markup over cost, that dealer will in effect…

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Added by Travis Peterson on October 5, 2020 at 10:57am — No Comments

5 Tips to Ace Manufacturer Service Warranty Audits

As the saying goes, the only guarantees in life are death and taxes. For dealers, you can add a third: audits.

The general trend in the industry over the past few years is manufacturers auditing more frequently, on a smaller scale. Manufacturers are struggling in the time of COVID-19, and it’s likely that increased audits will be a source of revenue for OEMs.…

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Added by Travis Peterson on September 22, 2020 at 1:39pm — No Comments

One View Upgrades Data Management Capabilities with New Mobile-Friendly, Browser-Agnostic Archiving Platform

One View Vault gives dealerships even more power to archive, access, and retain DMS documents.

Indianapolis, IN – September 15, 2020 – One View, an auto industry-specific data solution specialist, today announced the full transition of its customer base to the recently launched One View Vault. The company has officially sunset its…

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Added by Travis Peterson on September 15, 2020 at 9:43am — No Comments

How to Avoid the DMS “Gotcha” Moment

Did you choose, or inherit, a DMS that isn’t working for your dealership and now you feel stuck? Do you keep renewing your contract because you’re concerned about losing data and documents if you switch to a new provider?

 

The typical DMS contract lasts five years. But the law mandates you retain documents for seven years.

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Added by Travis Peterson on September 3, 2020 at 1:26pm — No Comments

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