Travis Peterson's Blog (26)

4 Steps to Get Your House in Order for Service Warranty Audits

Service warranty audits are back – some dealers say with a vengeance, according to a recent Auto News article.  Others consider the return of audits, now that the pandemic has eased, to be business as usual. Why do some dealers find it easy to stay…

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Added by Travis Peterson on July 21, 2021 at 5:25pm — No Comments

6 Tasks to Re-Purpose Employee Time When Business is Slow

“Inspect what you expect” is a well-known business phrase that I think is particularly applicable to our industry today. That’s because many dealership employees have a LOT of time on their hands right now. Why not re-direct that time towards everyday tasks that you expect are getting done, but often don’t have the time to…

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Added by Travis Peterson on July 14, 2021 at 11:30am — No Comments

How to retool your floorplan for today’s market

Floor planning is not a new topic; but it’s gotten a lot more interesting lately. As Auto News reported in a recent article, floorplan swung from a $96-per-vehicle-expense on average in 2019 to a $140-per-vehicle gain last year. The gains are attributed to slim vehicle…

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Added by Travis Peterson on June 23, 2021 at 7:37am — No Comments

Having Trouble Sourcing Used Vehicles? Get Creative!

A drive around town quickly identifies an odd reality: dealers’ lots are bare bones. It is honestly shocking how few new cars are on the ground. As new car inventory continues to fall, consumers are turning to used cars – putting a big strain on supply and driving up prices.

 

As a result,…

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Added by Travis Peterson on June 15, 2021 at 10:29am — No Comments

What’s really in a Deal Jacket (and why does it make e-contracting so hard)?

I believe the paperless car deal is the holy grail of automotive retailing. In my last blog, I talked about how e-contracting is the sticking point in reaching this ideal. The reason is two-fold:

 

First, car deals are complex and sometimes messy. There are…

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Added by Travis Peterson on May 26, 2021 at 8:00am — No Comments

What’s really in a Deal Jacket (and why does it make e-contracting so hard)?

I believe the paperless car deal is the holy grail of automotive retailing. In my last blog, I talked about how e-contracting is the sticking point in reaching this ideal. The reason is two-fold:

 

First, car deals are complex and sometimes messy. There are…

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Added by Travis Peterson on May 26, 2021 at 8:00am — No Comments

e-Contracting: A Game Winning Strategy Without a Playbook?

I know from my time as a Controller that digital contracting sounds like a no brainer for the dealership. The benefits are there: less paperwork, less storage costs, faster funding, and delivering that “friction-less” experience we’re all hearing so much about. It’s no wonder e-contracting is the new popular kid on the block.   

 

I believe…

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Added by Travis Peterson on May 17, 2021 at 9:31am — No Comments

Where are the auto dealer compliance officers?

It has been about 5 years since I worked as a controller in a dealership, and many things have changed in the auto industry since then. One thing I am surprised to see has not changed is the lack of designated compliance officers. We didn’t have one then, and most dealerships still don’t have one today.

 

Compliance officers can protect…

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Added by Travis Peterson on April 28, 2021 at 10:54am — No Comments

DMS Negotiations Tips & Tricks

You just paid another huge DMS bill, or you heard about a great new system from your 20 Group, or you want better support. There are a myriad of reasons dealers decide to switch DMS providers. Whatever the reason, it’s a major decision because your DMS touches every aspect of your business.

 

I get it. I’ve been a Controller during a DMS switch and it’s a decision no one should hurry or take lightly. No matter what, it will disrupt your business and challenge your team. Yet, if…

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Added by Travis Peterson on April 14, 2021 at 9:08am — No Comments

How to Prepare for a DMS Switch

A recent article in Automotive News showcased how the overall market for DMS software is in flux with disrupters cracking the decades-old duopoly of CDK and Reynolds and Reynolds. NADA 2021 proved the point with as many as 20 companies exhibiting DMS software. If you’re one of the many dealerships who recently signed with a new provider, you’re going to need to buckle up.

 …

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Added by Travis Peterson on March 30, 2021 at 7:44am — No Comments

4 Tips for (Actually) Closing Your Month On-Time

The phones are ringing off the hook. Your door is closed yet people keep pouring in. You have sales managers asking for their commissions, management wanting the final numbers for the month, a floorplan needing reconciled, and the statement still hasn’t been uploaded to the manufacturer.

 

I get it – I’ve been there. The dealership month-end…

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Added by Travis Peterson on March 23, 2021 at 8:49am — No Comments

The 9 Deadliest Missteps of Document Scanning

Electronic document storage is now becoming the rule rather than the exception at many dealerships – and for good reason!  The benefits are far reaching: from enabling easier audits to ditching jam-packed filing cabinets.

 

Yet as with any big change, there are speed bumps. The biggest obstacle is the lack of an official dealership scanning process.

 

Too often, this job is seen as simply clerical and assigned to a $10 an hour temp or piggy-backed onto the…

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Added by Travis Peterson on February 23, 2021 at 12:32pm — No Comments

How Poor Cyber Security Can Cost you $1.8 Million in Lost Business

Cyberattacks are becoming a common problem and lost productivity due to a cyberattack is a huge blow to any business. Here at One View, we are aware of at least 5 dealer groups in just the last six months that were impacted by cyberattacks. One group with 25 stores and over $80 million in annual revenue lost all access to their computer network for over a week.

 

Dealers think in terms of revenue and productivity time. With 72 working hours in a week and $80 million in annual…

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Added by Travis Peterson on February 10, 2021 at 9:10am — No Comments

9 “Must Have” Components for a Document Management Solution

It’s NADA time again! While this year’s show may look different, it still is the best opportunity to discover and explore technology solutions to successfully run your business.

 

Every dealer’s “must learn more” list should include digital document management technology. The auto industry produces a lot of paper. All those documents take up valuable office space, and/or cost you money to store off-site. Digging through boxes to find a deal jacket or repair record…

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Added by Travis Peterson on February 1, 2021 at 8:42am — No Comments

New One View Vault Key Enables Seamless Data Searches Between One View Vault and Auto Dealership Applications

Users can use the Vault Key to initiate searches of the One View Vault archiving platform without leaving the DMS screen or other applications

 

Indianapolis, IN – January 26, 2021 – One View, an auto industry-specific data solution specialist, announces the launch of the Vault Key search application for One View Vault. Vault Key…

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Added by Travis Peterson on January 26, 2021 at 8:56am — No Comments

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

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