1099-C Tax Form: What to Know
Dec10

1099-C Tax Form: What to Know

As audit efforts by the Internal Revenue Service increase, a major focus is being put on 1099-C forms for buy-here, pay-here dealers. The issue for BHPH dealers is that 1099-C requirements are complex, and often result in many unnecessary filings. However, failure to understand and comply with the requirements of 1099-C forms can prove costly for dealers who face fines upwards of $200 per omission. The key to understanding when to...

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Sonic Automotive to Open Used Car Chain
Aug18

Sonic Automotive to Open Used Car Chain

Article by Christina Rogers, the Wall Street Journal: Sonic Automotive Inc., one of the country’s largest car-dealer companies, will open a chain of preowned-vehicle stores hoping to move on the turf of used-car retailer CarMax Inc. Sonic today will announce the creation of EchoPark stores, with the first dealership opening in Denver this autumn, a few miles from a CarMax store. Like CarMax, EchoPark will provide no-pressure...

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Start the New Year Off Right with a Referral Program
Dec29

Start the New Year Off Right with a Referral Program

What better way to promote your dealership than through word of mouth? To start the New Year off right, offer your customers incentives for referring a friend or family member to your dealership. Call the program your New Year Referral Program, start marketing it at the beginning of 2014 and continue to promote it monthly. We recommend utilizing direct mail, email, and social media to get your referral program details into the hands...

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Buy Here, Pay Here; Getting on Top of Your Game
Dec28

Buy Here, Pay Here; Getting on Top of Your Game

As I work with buy here, pay here dealers throughout the nation, I often get questions on how they can improve their profits and cash flow. Surprisingly, the answers to these questions are often simple.  Dealers must do the following to be successful in the buy here, pay here business today: 1) Educate themselves on new developments and the fatal industry pitfalls which can cost millions of dollars. 2) Network with other dealers to...

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BookItOut
Dec24

BookItOut

BookItOut offers automotive pricing, inventory management, and market analytics to dealerships and finance companies nationwide.   Auto Pricing Actual-Cost Used Car Values What if you could access data that no one has before? Now you can. BookItOut aggregates transaction data directly from used car dealerships. We provide the actual purchase price, repair costs, sales price, gross profit and average days in inventory of a vehicle...

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