Do you know what CID (cash in deal) is? Its king to any buy here pay here operation. This figure it integral to every aspect of BHPH. BHPH is one of the few businesses you can actually sell yourself out of business if you don’t properly account for cash flow.
CID = ACV + reconditioning + [...]

How do you market to clients with a big tax refund burning a hole in their pockets? How do you get to them before they mentally or physically spend the money?
Well, there are several approaches that work well. One is to get their attention during the filing process itself. This can be done several ways.
Signing [...]

Repossessing a vehicle is never a good thing, but technology has certainly come a long way in helping dealers do just that. The Special Finance Coach discusses how to keep customers on time with their payments, as well as how social networking sites like Facebook can help when they’re not.
Contrary to popular belief, repossessing a [...]

As we discussed last month, more and more franchise dealers are building up their in-house finance portfolios as many lenders continue to restrict or discontinue their subprime programs. In speaking with dealers who have already made the jump into the treacherous but profitable waters of buy-here, pay-here, we also learned that the key to success [...]

RAISE THE FLAG: As new-vehicle sales continue to slump, many franchise dealers are considering adding a buy-here, pay-here operation for the first time.
As financing for credit-challenged customers gets harder to find, more new-car dealers are turning to in-house financing to get the deal done.
Albert Einstein once said, “The definition of insanity is doing the [...]

Men are notorious for refusing to pull over and ask for directions. GPS navigation units have helped this road warrior avoid the issue altogether. But on the road to the sale, I ask for directions from every customer I meet. If I didn’t, I’d never reach my destination.
In my training sessions, I stress developing a [...]

Special Finance Coach Launches Radio Show
May 28, 2009
HOUSTON — SpecialFinanceCoach.com founder and trainer Rob Hagen has launched Coach’s Talk, a weekly, one-hour, call-in radio show. Offered via Blog Talk Radio, dealers can listen live via the Internet each Thursday at 1 p.m. ET or download archived episodes.
“In this economy, dealers have had to reduce their training [...]

Without cash, you are out of the bhph business!
I recently had a very successful bhph client of mine have the bank that had their credit line seized by the FDIC. It had nothing to do with them because their track record is impeccable; however, it serves as a reminder of what can happen to a [...]

The United States bankruptcy court system discharged nearly 206,000 personal bankruptcies during the first quarter, and more than 266,000 additional households filed for a new bankruptcy during this time.
Bk’s have always been a part of any special finance department. Going after these customers before they are discharged will give you a big heads start on [...]

April 2009

Managing Your In-House Portfolio
By Rob Hagen

Tired of seeing your credit-challenged customers turned away by the banks? Use these proven strategies to build your own portfolio, and remember there are plenty of resources available to help you cash in.

As we discussed last month, more and more franchise dealers are building up their in-house finance portfolios [...]