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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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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Tap Into Hispanic Market
Dec23

Tap Into Hispanic Market

By Jennifer Reed ATLANTA (Dec. 21, 2005) — As the U.S. population of Latinos continues to grow, the importance of tapping into this market segment for dealers is climbing, and quite simply, it makes good business sense for the bottom line. However, some dealers may find themselves scratching their heads in confusion, as they need to learn how to accommodate and attract folks from a completely different culture to their showroom...

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The Keys To Success For Buy Here, Pay Here Dealers
Dec23

The Keys To Success For Buy Here, Pay Here Dealers

The mortgage mess and the deepening economic malaise may dampen sales for franchised dealers, but not necessarily for buy here, pay here stores. This is a recession-proof business, notes Brent Carmichael, a consultant with NCM Associates BHPH 20 Group programs. Yes, the mortgage crunch has pushed some of the BHPH buyers’ credit scores down, but not by much. Our customer is out there, in good or bad economic times. That is the good...

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