Sourcing and inventory management – strategies for independent car dealers during a slowing car market (pt. 2)
How successful dealers handle a changing auto dealer market – Part 2 We started this conversation a few months ago as the Federal Reserve started raising the benchmark federal funds rate. The effect has been in line with what most experts in the auto world have expected, slowing consumer demand for cars. However, having just […]
Cashflow and operations – strategies for independent car dealers during a slowing car market (pt. 1)
The last few years have been unprecedented in the used car world. Everyone has heard a story of their friend selling a car back to a dealer above the sticker price they paid for it. During stretches in the market where it’s hard to keep inventory on the lot, dealers can let operational inefficiencies slide. […]
Things To Keep In Mind When Choosing A Floor Plan Financing Option
Things To Keep In Mind When Choosing A Floor Plan Financing Option: When auto dealers are looking for financing options for their inventory, they often turn to dealer floor plan providers. These companies offer loans that can be used to purchase inventory, as well as lines of credit that can be used to cover the […]
How Does Fee-Free Floor Plan Financing Work?
If you’re a car dealer that buys inventory with floor plan financing, you’re probably familiar with the extensive, often unclear fees associated with flooring vehicles. Having become the industry standard, per-unit costs can be frustrating for auto dealers. If you secure a reasonable rate from a specialty financing firm, it’s fair to assume you’ll incur […]
How Does Technology Improve Dealer Financing And Inventory Management?
While inventory and sales management tools are mainstays for the retail auto industry, a lot of independent auto dealers are now adding floor plan financing platforms to optimize their operations. Given the importance of financing for the success of the business, having a central, easy-to-navigate platform is crucial for growing dealerships. By offering transparency and […]
What Happened To Account Management And Customer Success In Dealer Financing?
The dealer financing industry has moved away from dealer-centric policies. Knowing that independent dealers have limited options on financing partners, companies tend to optimize for revenue. Account representatives are now a layer removed from dealers and operators and direct access for questions on floor plans requires a lot of effort. With something as complicated and […]
