DECEMBER 2017
www.FIADA.com
Information and Insight for Florida Used Car Dealers
When one
Year Ends
Another one
Begins FIADA wishes you happy holidays and a successful new year. Be ready to take advantage of the opportunities 2018 will bring. Page 10
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December 2017 — Independent Dealer — 1
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Dealer Independent
MAILING ADDRESS 1840 Fiddler Court Tallahassee, FL 32308 TELEPHONE (850) 385-2712 (800) 237-0448 FAX (850) 385-3251 WEBSITE www.FIADA.com EXECUTIVE COMMITTEE Scott Lanier, CMD President Brad Joel Senior Vice President Lisa Compagno Chairman of the Board Jenay Rhoads Secretary Phil Risley Treasurer Frank Fuzy Regional Vice President George Hickey Regional Vice President Steve Marbais, CMD Regional Vice President Brandi Noegel Regional Vice President Jim Winterick, Sr Regional Vice President FIADA STAFF Lisette Mariner, CAE Executive Director Terry Myers Educational Instructor Jason Berthiaume Education and Marketing Manager Victoria Sams Membership Manager Christy Taylor Editorial/Advertising
POSTMASTER:
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FIADA • 1840 Fiddler Court Tallahassee, FL 32308 (850) 385-2712 • Call/Text: (800) 237-0448 Fax (850) 385-3251 • www.FIADA.com The Independent Dealer is a publication of: Florida Independent Automobile Dealers Association, 1840 Fiddler Court, Tallahassee, FL 32308 The magazine is published every month in Tallahassee and distributed to Florida new, used, wholesale and lease/retail car dealers. Advertising rates are available upon request. The statements and opinions expressed herein are those of the individual authors and do not necessarily represent the views of Independent Dealer or the Association. Likewise, the appearance of advertisers, or their identification as members of FIADA, does not constitute an endorsement of the products or services featured.
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Contents December 2017
For members of the Florida Independent Automobile Dealers Association
C O L U M N S & F E AT U R E S 4
President’s Message Scott Lanier
6
Executive Director’s Message Lisette Mariner, CAE
8
Membership News
10
Back to Basics Some New Years advice from Dealer Instructor Terry Myers.
12
Where Email Marketing Falls Short Sending email to your customers should not be all about sales and specials. Take a relational approach and work on making connections instead.
16
FIADA On The Road FIADA is making the rounds with a stop at the Dealers Auto Auction in Ocala.
18
FIADA's January Town Hall Meeting Invitation Don't miss this free event that is open to all dealers, giving you a chance to get up-to-date on the new tax legislation and legal issues.
20
Tip Sheet for a Successful 2018 The New Year is almost here and dealer trainer Kenny Atcheson has suggestions on how your business should ring it in.
22
5 Key Car Buyer Myths and Realities You think you know today's car buyer, but do you? Take a look at the trends that consumer engagement expert PERQ has discovered.
24
The Nuts and Bolts of Parts Inventory Management CPA firm Thaney & Associates explain how managing your inventory can keep costs down for your business.
28
A Look at Current Legal Issues Attorneys Tom Hudson and Nicole Munro recap recent federal and legal developments of interest to dealers.
30
Industry News December 2017 — Independent Dealer — 3
FROM THE PRESIDENT
Plan For 2018 Before It Passes You By BY SCOT T LANIER, CMD, FIADA PRESIDENT
I
t's hard to believe that 2017 is just about in the books and we're already moving into 2018! Like the Good Book says, "life's a vapor and it's gone." Better set your goals because life is passing by...quickly!
it first, and when I booted it up I found a list of goals/ideas that I had written down some years before. What I found astonishing was, everything that was written down, was achieved. In hindsight I should have written down more ideas and loftier goals.
So are you prepared for 2018? Have you set your goals, have Following up on last month: Richard Cordray has stepped you created a plan of action and decided what you want down from his position as head of the CFBP, to run for to accomplish for 2018? Maybe you want to grow your Governor of Ohio. After a short court battle concerning dealership and sell more cars or add new services for your who was to head the department, the Trump Administration customers. Have you considered a service department, a re-insurance company, or adding a CPI product? Have you considered a new strategy for purchasing vehicles, joining Without a game plan, it's hard to get started. a Twenty Group, static pools, or digging How can you accomplish something if you don't deeper into all those numbers? Maybe, you want to pull back and spend more time with your family. Is it time to start thinking about succession planning and your retirement strategy?
know what you're trying to accomplish?
Well, now is the time to consider and consolidate all the ideas you have floating around in your head. Because without a game plan, it's hard to get started. How can you accomplish something if you don't know what you're trying to accomplish. So write it down and be proactive with your life and business. Wag your tail, don't let it wag you. I know it sounds trivial, simple, and silly, but it works! Always has. Recently, I opened an old iPad that I hadn't used for quite some time. I had misplaced it, my son had found it and wanted the password so he could play on it. I had to charge 4 — Independent Dealer — December 2017
prevailed, and Mike Mulvaney is the temporary director. The current thinking is that retiring Texas Representative Jeb Hensarling may be chosen to lead the CFPB, pending Senate confirmation. This would most likely result in a reduction of burdensome regulation for dealers, and finance companies. As always, please support the association that supports you. We do our best to monitor all that happens in the Great State of Florida that impacts you! Thank you. Scott Lanier FIADA President www.fiada.com
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EXECUTIVE DIREC TOR’S MESSAGE
Clean Slate BY LISET TE MARINER, CAE, EXECUTIVE DIRECTOR
L
ately, we’ve gotten calls (all from non-members) about the fines they are receiving from the DMV for not updating their garage liability insurance. Even if you have proof there was no lapse in coverage, the DMV will still fine you. Last month, Terry Myers outlined how to report your GLI. You can always see back issues of magazines on the FIADA website, under resources. There are a few things you can do to help avoid this happening to you:
1. Add a reminder your calendar when your GLI is up for renewal. Include a note in that reminder to send the certificate to glibondrenewal@flhsmv.gov. 2. Make sure the DMV has a good email address for you. DMV should be one of those that’s added to your important list. If you’re like many, you have a junk email account, DMV should not be on that list. The DMV sends three notices before they impose a fine. Unfortunately, all those are sent via email.
3. At least weekly check your spam/junk folder to ensure good messages are not lost. 4. When you send your GLI renewal certificate to DMV, print a copy of your proof and keep it in your file with your GLI certificate. The burden is on you to provide proof that it was sent to the department. Now is also a good time to verify that all your licenses are up to date. Just do a walk through and note the effective dates. Then walk back to your computer and add reminders to your calendar when they are set to renew to make sure those don’t fall through the cracks either. Taking the time to set up reminders and checking your renewals will save you time and headaches in the long run. I hope that you continue to utilize FIADA as a resource. I know that many use this magazine as a resource, because the calls about this fine, so far have been from nonmembers. Since this is the time of giving and sharing, please share with your fellow dealers how FIADA brings value to your dealership. Happy Holidays!
2018 IS A CONTINUING EDUCATION YEAR! DMV requires that all Florida Dealers renew their Continuing Education credit every two years. If you last took a C.E. course in 2016, you must complete another class by April 30, 2018. FIADA has both an online and an in-person option available to fulfill the credits. The online course is FREE for Members; $39.95 Non-Members. The in-person class is $79.00 for Members; $99.00 for non-members. Head on over to www.fiada.com to register for one today. 6 — Independent Dealer — December 2017
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MEMBERSHIP NEWS
New Members
NOVEMBER 2017
ADX365
Fort Lauderdale, FL Benjamin Braxton Sponsor: FIADA MY CHOICE AUTO SALES
Oakland Park, FL Benjamin Roman Sponsor: FIADA
Renewing Members
NOTICE'S AUTOMOTIVE SALES & SERVICE CENTER, LLC
Palm Bay, FL Alvin Notice Sponsor: Terry Myers
SMART CHOICE AUTO SALES
Fort Pierce, FL Jon Carlson Sponsor: Victoria Sams
XLFUNDING LLC
THE CAR GUYS
PANNON MOTORS INC.
Indianapolis, IN Garrett Weyrich Sponsor: FIADA
Melbourne, FL James Davidson Sponsor: FIADA
Palm Coast, FL Peter Szabo Sponsor: Terry Myers
VAN HORN'S AUTO SALES, LLC.
Panama City, FL John Van Horn Sponsor: FIADA
NOVEMBER 2017
50+ Year Members John Rogers Used Cars
Orlando, FL
40+ Year Members Southside Autos, Inc.
Orlando, FL
30+ Year Members Martinez & Associates, CPAs, P.A. 20+ Year Members ADESA Jacksonville Car-Time, Inc. Fett Motors, Inc. Passport Leasing Corp. 10+ Year Members Appearance Plus Auto Sales dba C & C Cars Corbin Auto Sales Frazer Computing, Inc. Gibson Truck World Off Lease Only Wayne Reaves Computer Systems
Winter Springs, FL Jacksonville, FL Bunnell, FL Pinellas Park, FL Ft Lauderdale, FL Pinellas Park, FL Chipley, FL Canton, NY Sanford, FL West Palm Beach, FL Macon, GA
Under 10 Year Members Adcock Brothers., Inc. America Choice RV Autocar Financial, LLC Autos Unlimited, LLC Charlotte County RV Center, LLC Copart, Inc. Dealer Consulting, LLC Ex-Change Auto, Inc. Irotema Holdings LLC Motory Group LLC Park Avenue Motors Riker's Auto Financial Select Motors Group Inc Thoroughbred Dealer Services Transcor Recycling, LLC Used Car Supermarket Valdo Auto Sales Corp.
Panama City, FL Ocala, FL Davie, FL Sarasota, FL Port Charlotte, FL Riverview, FL Ocala, FL Pinellas Park, FL Land O Lakes, FL Gainesville, FL New Smyrna Beach, FL Kissimmee, FL Tampa, FL Flowery Branch, GA Tampa, FL Tallahassee, FL Miami, FL
SAVE THE DATE! FIADA and NIADA are teaming up for a joint convention and expo in 2018. Join us for nextlevel education, events and entertainment.
June 18-21, 2018 Orlando, FL 8 — Independent Dealer — December 2017
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BACK TO BASICS
2018 Will Be One of Your Best Years! BY TERRY MYERS
Don't let the clock strike midnight before setting yourself up for success in the New Year. Make the right preparations now and you will thank yourself later.
D
ecember is the perfect month to get ready for the upcoming year!
It is up to you to be ready. It is time to look back over the last year, 2017, and two years, 2016-2017, so you may project and prepare for what is coming. Review and identify your most active months from these years. What price range sold best? What category of vehicle sold best? What did not sell or sold at a loss? What heightened expenses should you set aside funds for? Are you advertising where you should? Like it or not, the old ways are rapidly being replaced with digital ways. Adapt or die. Your dealership needs to set aside funds to purchase inventory one month prior to last year’s active month(s), before the wholesale prices get too high and the profit margins too low. Ideal would be two months ahead, if you have set aside enough. Borrowing money should be a last resort. Floor plans are a good and sometimes necessary fall back for special opportunity quick flips. Floor plans need to be in place before the need
10 — Independent Dealer — December 2017
arises. If you use a floor plan, set aside 10 percent of the realized profit into a separate account each time and call it the ‘Future Bank of Your Dealership Name’. This will give you better future control. Remember, floor planning is a tool. Used properly it can help you take advantage of opportunities that usually only the big dealerships have access to. Ask for training and advice from your floor planning companies. You also need to review your books and CYA – Cover Your Assets. Are your records ready for the CPA’s report to the IRS? If you have a buy-herepay-here business, do you need to shift contracts to your related sales finance company, so you may better control cash flow and payment or prepayment of income taxes? Have you identified
all the write-off and depreciation elements available to you with your CPA? Are your records in order? Have you made back-ups of your records? Speaking of records, how would you do in a compliance audit with the Division of Motorist Services, the Department of Revenue, the Department of Financial Services or the Florida Attorney General? Even-number years are big continuing education years, as well. Go online to the FIADA website (www.fiada.com) and schedule a live event near you or take the newly updated course online. Both are very reasonably priced and FIADA members can take the online course for free! Once 2018 gets here, you will be too busy to concentrate on these items. Make an appointment with yourself for one or two days between Christmas and New Years to do these vital reviews and set the needed appointments with the professionals you have chosen to work with and get ready. Only then may you be confident that this will indeed, be one of the best years your dealership has ever experienced. The FIADA and its member dealers stand ready to help other existing and new members reach their chosen goals, while providing resources to help make your www.fiada.com
dealership more successful, more compliant and help you make more money and keep the money you make. Twenty groups, specialized training programs like Buy Here – Pay Here Boot Camps, the annual convention, the national convention, Title and Registration, Continuing Education, Town Hall meetings around the state, thousands in special industry wide discounts, an industry attorney on call and more, much more! If you are not yet a FIADA/NIADA member, give me a call, (727) 804-7375. I would love to be your sponsor; (or) contact the FIADA for the name and phone number of a member near you and go visit their operation and let them sponsor you. No matter how you do it, join now!
Articles are the opinion of the author and are not intended to be legal or accounting advice. The intent is to share thoughts and concepts that help the business owner(s) find new and perhaps revisit, ways to be as successful as they are capable of being. Terry can be reached at (727) 804-7375. Email: tmyers@ floridaautodealerschool.com. Feedback is appreciated and encouraged. Terry LB Myers, author, lecturer, FIADA instructor, FADS owner/instructor.
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GOT A TECHNICAL QUESTION AND NEED SOME ADVICE?
Use the R.E.D. Phone!
FIADA is your number one source for advice and information. Technical questions, legal questions, regulatory questions...bring them on! Our network of industry veterans, professionals and consultants can help you find the answers you are looking for. Members can call or text us anytime at (800) 237-0448 or access our online resources 24/7 at www.FIADA.com. It pays to be a member!
REPRESENTATION | EDUCATION | DEDICATION—FIADA! www.fiada.com
December 2017 — Independent Dealer — 11
C U S T O M E R C O M M U N I C AT I O N
Where Email Marketing Falls Short BY BRIAN SCHMID, VINSOLUTIONS
Many of today's shoppers look to their promotions inbox for help on making their next purchase. Ensure that your email marketing is working for you, not against, with these five tips.
W
atch just about any sitcom and you’ll notice something: when everything goes wrong for the main character, it’s almost always because there’s been a miscommunication. Sometimes aliens or zombies are involved, but usually it’s a standard case of mixed signals between two people. Miscommunication is a common source of conflict for film and television writers because it’s a common source of conflict in our lives. Look at the many ways interpersonal communication has evolved in recent years…we can get ahold of anyone, anywhere. Yet we still manage to send the wrong signals. When it’s a “What time are we meeting again?” text sent to the wrong friend, you might miss the movie. When it’s a thousand offers emailed to the wrong prospects, you will lose a lot of business. Mistakes like that happen. We’re human, after all. But there are plenty of instances where we have the opportunity to make a connection with customers through email, but fall short of making that connection meaningful. The more you take advantage of those opportunities to connect — and the technology that
12 — Independent Dealer — December 2017
makes connecting more efficient and automated — the more you’ll stand out from your competitors. Here are five ways to make sure you never miss the mark in your automated emails:
Prepare to get personal
Something I see all the time is dealers resting on their laurels with their email campaigns. They think they have a great offer so they over-use it: Every customer gets the same reminders, the same messaging — but they don’t account for where the customer is in the buying cycle… and where he is in his life. Special occasion emails during Truck Month or Memorial Day can attract new and existing customers alike. But too many of these one-size-fits-all emails will do the opposite. Similarly, the bachelor who wants a muscle car in his mid-20s doesn’t want another one when he’s 35 and has two kids. If you don’t evolve your messaging to match his evolving needs, he’ll have no inclination to respond. Change your mindset from mass email campaigns to segmented email campaigns. Getting something relevant into your customers’ hands once a month is a good goal to start with. It doesn’t have to be a sale or a
coupon; it could be information on safety ratings for the new minivan your former muscle head now wants, or tips for how to get better gas mileage during summer road trip season. Just make the connection and make sure it’s relevant to the recipient.
Make new friends, but keep the old
Customer acquisition is historically a top priority for dealers. It’s a big investment of time and money, so you’ve got to do it right. But don’t focus on customer acquisition at the expense of customer retention. If you’re a newer dealership, you probably don’t have a lot of prospect contact info to work with yet. That’s all right; you can use direct mail, social campaigns or events to start gathering email addresses — but don’t stop there. Look for critical indicators that help you segment new leads accurately. Then focus on building lasting relationships with each segment. One segment of new prospects might be people who clicked on your Facebook ad about mid-size truck accessories. Show them you’re paying attention by following up with an email about how to take care of your truck in the winter. Earn their trust fast, and they Continued on page 14. www.fiada.com
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December 2017 — Independent Dealer — 13
EMAIL MARKETING continued from Page 12.
won’t forget about you. Think how quickly customer retention can help pay for customer acquisition. If you’re not a new dealership, take a look at your customers marked as one-time sales. That’s a list you don’t want to grow long. You want customers coming back, spending more money, telling you more about their needs and preferences with every interaction. If they’re not hearing from you, or hearing something irrelevant to them, they won’t be motivated to spend more money with your dealership.
Do nurture campaigns right
If it’s starting to sound like all you’ll be doing is thinking about and writing to your customers, don’t worry. I’m the first person to urge dealers to automate as much of their correspondence as possible — drip campaigns are your new best friend. And yes, it’s possible to be highly automated and highly personal at the same time, if you think about your customer categories correctly and set up the right email triggers at the right times. Start by dividing your customer list into cash buyers, finance buyers and lessors. Then ask yourself general questions about the buying and service cycles for each group, such as: • When do people buy cars? • When do they get service? • When do they re-up their lease? • When do they renew a warranty? These are your email triggers. For example, anyone who purchased at least 30 months ago and still owns the car is likely to be in a good equity position, so you might want to send them buy-back or lower monthly payment offers. If someone’s not ready to buy, get them involved in a service loyalty program and segment them by 14 — Independent Dealer — December 2017
average ticket and frequency. Send service reminders to those who haven’t returned in the last three months. At six to nine months, send a service coupon. Twelve months, a free oil change. Give them a reason to come back or spend more. Once you’ve answered the “Whens,” you can move on to the “Whys,” such as: • Why do they buy from me? • Why do they buy from someone else? • Why do people stop coming to me for service? These are tough questions because they require you to get out of your own head to answer them. But this is the type of thinking that makes personalized, automated campaigns profitable: when you think like a customer instead of like a dealer.
Test, tweak, repeat
Of course, email automation isn’t helpful if your emails aren’t compelling or appealing. Too often, I’ve seen the message and design of emails devalued by dealers, usually because the creative seems like an unnecessary cost. You have to look at email marketing as an investment rather than an expense. When you don’t have expert resources in house, outsourcing the creative and/or the data analysis is your best option. Don’t be afraid to test and tweak your emails — just make sure you focus on one thing at a time. If your open rate is low, changing up your subject line might help. If people are opening the email but not clicking through, try a different call to action. If small tweaks don’t make much of a difference, it could be the message that needs a closer look. Drip campaigns evolve along with
your customers, so never go too long without looking in at the results.
Focus on the metrics that matter
You can’t run successful campaigns if you don’t define what success looks like first. For promotions, success is generally based on redemption rates. These are simple to pinpoint because promo codes and coupon barcodes are easily tracked. You can build similar trackability into your emails with UTM codes, which will show you how much web traffic your campaigns generate. Other objectives require a little more analysis. For example, if your goal is to boost average repair spend or frequency, then you’ll need to look at the average number of times your service customers visit per year and how much they spend. If the goal was a 10 percent increase in May sales over last year, then check that number against your trending increase or decrease in sales for the year. And remember — you need a decent sample size before you can accurately determine how well each email performed. If you send out 10 emails and one has been read, that doesn’t tell you much. If you send out 1000 emails and only 100 have been read, however, you might have a miscommunication on your hands — but at least now you know what to do about it. Here’s the bottom line: Your business is not a sitcom where a new miscommunication every week is something to laugh at. Use the rapidly evolving technology and avenues of communication to make new and lasting connections with customers. Brian Schmid is the dealer marketing manager at VinSolutions. Learn more online at www.vinsolutions.com
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FIADA ON THE ROAD AT DEALERS AUTO AUCTION
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hat a great time we had at the Dealers Auto Auction membership drive in Ocala last month. We enjoyed signing up new members, saying hello to current members and recognizing membership recruiting partners like Southeast Car Agency and Dealers Auto Auction. Look for us at more "on the road" events in 2018. We could be coming to an auction near you!
Bob Cousins, Southeast Car Agency (Left), Matt Weaver, Southeast Car Agency (Middle) and Brad Neal, Dealers Auto Auction (Right) receive Eagle Awards for member recruitment.
FIADA Membership Manager Victoria Sams sets up shop at the Dealers Auto Auction Member Drive.
Dealers Auto Auction gave away turkeys for Thanksgiving. Congratulations Luis Giraldo with Veneauto, who won a $100 Visa card at the Dealers Auto Auction member drive 16 — Independent Dealer — December 2017
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December 2017 — Independent Dealer — 17
TOWN HALL Join us for a day of learning and networking where you will have the opportunity to ask industry experts important questions as well as get up-to-date on the latest legal issues facing auto dealers. On the agenda: Impacts of New Tax Legislation on Businesses and Individuals, Jorge Martinez, CPA, Martinez & Associates Legal Update, Rob Sickles, Broad & Cassel
FRIDAY
DoubleTree Palm Beach Gardens
10:00 AM - 2:00 PM
4431 PGA Blvd Palm Beach Gardens, FL
jAN. 12, 2018
register online at www.fiada.com/events Town Hall meetings are FREE for all dealers to attend. Attendees enjoy a complimentary lunch made possible by event sponsors Auto Data Direct, Inc., Golden Eagle Management Services LLC, Title Technology, Inc / Autopoint and Wayne Reaves Software
come for the town hall and stay for the fiada board of directors meeting Here’s your chance to help your industry. Attend the FIADA Board of Directors meeting and offer your input and insight. All members are—encouraged to join the conversation on January 13, 2018. Details available at www.fiada.com FIADA.com 18 — Independent Dealer December 2017
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December 2017 — Independent Dealer — 19
D E A L E R O P E R AT I O N S
Tip Sheet for a Successful 2018 BY KENNY ATCHESON
Need a little help getting prepared for the New Year? Try these tips and tricks.
D
ealers who are already preparing for a successful 2018 are certainly on the right road. This article contains checklists and tip sheets about a variety of marketing strategies. These are condensed for your benefit:
Website
Much of your advertising will bring people back to your website whether or not you plan for that. Television, radio, direct mail, and even personal referrals send car buyers scurrying to their devices to check out your website. Your company website plays a role in how effective all of your other advertising is because it is inserted into the buying process most of the time. Other than an e-commerce site, your main goal should be to collect leads. Your company website should have more than one way to collect contact information—it makes it easier for a human to follow-up with leads and make the sale. Your business website must be mobile-friendly. Over half of online visitors get to your website from their smart phone. This means that design and functionality should first be driven by how your site works on a 20 — Independent Dealer — December 2017
cell phone—with desktop secondary. To find out how well yours does, copy and paste your business URL at https://search.google.com/test/mobilefriendly The site should load quickly. If a potential customer arrives at your website but the first page takes several seconds to load, they will move on to someone else who offers what they’re looking for—your competitors. It’s like having the worst fishing hook in the world; it constantly gets bites on the bait but allows the fish to swim away with the worm. Your website should have the capability to add tons of content. More information builds customer trust, helps search engine rankings, and more.
Online Reviews
Most dealers now have some sort of customer feedback system in place. If you know someone who isn’t using any system at all, make sure they know about these developments: Android (Google mobile operating system) owns a minimum of 66 percent of the market; Apple owns most of the rest. Any decision Google officials make with Android will dramatically affect your business.
Google muckety-mucks use Android devices to proactively ask customers about their experience at businesses they visit. If your customer does not leave a review right after their purchase they will see requests for reviews from all the places they visited. Keep this important point in mind: If your customer doesn’t write an immediate review for your business on Google, they may be encouraged to do so months later. In many situations, that is NOT good. Use a system that will generate positive reviews during the customer’s happiest moment— at the point of sale or immediately following.
Google Pay-Per-Click
Similar to Android devices, Google techs are constantly making updates and enhancements to Google PPC to make it work better for businesses. If you run Google PPC in-house there is a good chance that not all of the updates and enhancements are being used. That will cost sales. If an outside company manages your PPC ads, it’s tough for you to know if they are using Google PPC effectively. Ask them what is new just to see if they have an answer. Make sure that you use a reputable company to run your PPC ads. Don’t go cheap on this investment. I’ve analyzed hundreds of PPC ads for our clients and every time there is room for improvement.
Facebook PPC
This platform allows you to target people based upon their interests and behaviors. You can use Facebook to advertise that your company is doing something new—and head them off the path of searching for it on Google. For example: If your company offers something special during tax time, customers wouldn’t necessarily go searching for it on Google.
Online Video
Post a video on YouTube or Facebook www.fiada.com
that you made, and on your website. Videos build trust by showing customers that you are human—your mannerisms and facial expressions. Videos also make complicated matters easier to understand. Videos will you provide an advantage over your competition because they won’t take time to record and post them.
audiences. Direct mail allows you to advertise in a vacuum. Most of your potential customers have nothing in their curbside or front door mailbox. Compare that to Facebook, Google, email, and the like. Direct mail should be used as another tool to reach leads who are not responding to email, phone calls, and texts.
Content Creation
Texting
Creating content continues to grow more important. Google algorithm updates shoot down “tricks” that people come up with to get better search engine rankings. Google muckety-mucks reward continuously updated and valuable content. Content that provides value to potential customers also builds trust. Content is more likely to get shared online and in the breakroom where your potential customers work. Creating content is the tough part. Thankfully there is an answer for that.
Personally, I despise having full conversations via text message. You may also. However, how we “feel” about it doesn’t matter. You can bet that your customers text endlessly. With that in mind, it really is silly to NOT use texting. Texting has the highest open and quickest response rate. Use texting to collect leads via mobile coupons and special offers. Use texting to get customers to respond to you instead of ignoring you. Eventually move the
conversation to a live phone call or face-to-face meeting, but start off with the communication that potential customers will respond to.
For 2018
There are a number of strategies I have not shared in this article due to limited space. But consider what is here— give your dealership an advantage that is difficult for the competition to overcome. The more media and strategies that you can effectively use, the harder it is to duplicate. For a more comprehensive and robust list on a topic in this article—send an email to jean@DealerProfitPros.com. Kenny Atcheson is the founder of Dealer Profit Pros and author of Marketing Battleground: How to Deploy Under-the-Radar Strategies to Explode Your Profits. Kenny offers private consulting and he teaches workshops and speaks at conventions and 20 Groups. His website can be found at www.DealerProfitPros.com
Email and Print Newsletters
People who run organizations and have tried newsletters without success have found it’s usually because there was not enough value provided. Continuous sales pitches or information strictly about your business does not provide value. It looks just like any another ad. Where legal to do so, copy what radio station staff do and offer prizes and contests to make sure that everyone is paying attention.
Direct Mail
When used properly, direct mail is still a great way to reach “unreachable” www.fiada.com
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The main differences between email and print newsletters are that email open rates are typically 20 percent or less versus a much higher open rate for print. Print newsletters also have more value simply because they have a physical presence and are void of distractions that are prevalent on a digital screen. Do both.
December 2017 — Independent Dealer — 21
D ATA A N A LY S I S
5 Key Car Buyer Myths and Realities BY RUSS CHANDLER
Times, technology and customers are changing. It is important to change with them and understand what today's car buyers are looking for from the sales experience.
N
ew data from thousands of consumer profiles studied by PERQ, experts in online consumer engagement and behavior, in their Car Buyer Insights Report questions key assumptions about dealership website visitor behavior, from where these consumers are in the buying cycle to how they prefer to be communicated with, and with what content. Following are five "car buyer myths" that seem to be debunked by the data:
Myth 1
important to consumers. Relevant incentive and discount information are most important for 31%, finance options for 27% versus 20% who cite quick and easy purchase.
priority: car buyers are telling them that text or email is better, and less intrusive,” said Muhammad Yasin, Vice President of Marketing at PERQ. “This is all about delivering the digital retailing experience that the modern car shopper wants and it is a huge, generally unmined opportunity for dealers. These consumers have found the dealership website through effective online marketing, and, if dealers optimize their websites to give them the information and communications they need, when and how they want it, the likelihood of them buying from that dealership should dramatically increase.” To conduct their study, PERQ reviewed consumer data captured from thousands of leads in Q2 of 2017, from a sampling of 100 auto
“The idea that a consumer will only engage with the dealership website at the end of the buying process is simply not true. Our report found that consumers are often looking for research assistance and information to help them in their journey and that they have very specific communication requirements."
By the time consumers reach a dealership website, they are ready to make a purchase. 76% of dealership website users say they are not ready to buy (30% are at the beginning and 46% in the middle), while dealers are only optimizing websites for those who are ready-to-buy.
Myth 4
Myth 2
Myth 5
dealerships. Data is collected via all types of lead formats, and during all phases of the consumer journey in order to provide a more clear and targeted view of important consumer buying and research preferences.
“Clearly, these results indicate that dealerships should not be looking at phone calls as their communications
With over a decade of experience in the auto industry as a dealer, Russ has seen firsthand the problems dealerships face everyday. As a Product Marketing Manager, Russ combines his expertise with powerful technology to provide his clients with increased response and conversion on their marketing. PERQ, is a marketing technology provider, boosts website conversions by creating and delivering interactive experiences to the right consumers at the right time. www.perq.com
Consumers on dealership websites want “to be sold.” 46% want to continue browsing inventory as an ideal next step, with 20% preferring to continue a broader search for information and only 19% ready for pre-approval.
Myth 3
Quick and easy purchase is most 22 — Independent Dealer — December 2017
—Muhammad Yasin, Vice President of Marketing at PERQ
Get that phone number above all else! Just 8% of consumer prefer it when dealers contact them via phone, while 68% prefer email. Text is the third rail of communications. 24% of website users prefer it, a percentage that far outpaces phone calls as preferred method of communication.
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December 2017 — Independent Dealer — 23
D E A L E R S H I P O P E R AT I O N S
The Nuts and Bolts of Parts Inventory Management BY THANEY & ASSOCIATES, CPA
It may not seem like a big deal, but if your parts inventory is not managed properly it can really add up. Take these suggestions to make sure your system is bolted down.
T
he parts and service department can be one of the most profitable areas of a dealership — or it can be a drag on financial performance. The difference often amounts to how well parts inventory is managed. Various factors go into improving the management of your parts inventory. One of the most important is eliminating or minimizing variances between the actual parts on the shelves and the parts that your inventory management system says are there.
When Parts Inventory = CASH Inventory is sometimes referred to as “cash on the shelf ” — and that’s
24 — Independent Dealer — December 2017
exactly what it is. Each item ordered and stored in a parts bin represents a financial investment by your dealership. Once you view your parts inventory this way, you’ll start to look at variances in a whole new light. An example illustrates the true cost of these variances. Suppose your dealership maintains $400,000 in parts inventory and you discover a 10% variance between parts in stock and parts indicated in your inventory management system. At first glance, you might think, “Ten percent? That’s not too bad.” Now let’s assume you realize a 35% gross profit margin on parts. In this scenario, you would need to have
more than $114,000 in additional parts sales (40,000 / .35 = 114,286) to make up this $40,000 variance in inventory. You also would take a cash flow hit of $40,000 because you paid upfront for the parts you stock in inventory. Determining the extent of the variance, assuming there is a variance, requires conducting a parts inventory at least annually. Ideally, the inventory will be conducted by an outside consultant or auditor. In addition, you should also periodically do random bin counts. By performing cycle counts on a monthly basis, you can conduct a complete inventory check approximately every quarter. www.fiada.com
What Causes Variances?
Return slow- moving parts to the manufacturer to receive a credit or sell them wholesale.
•
Shrinkage due to loss, expiration and theft by employees,
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Broken or damaged parts that aren’t promptly returned to the manufacturer for credit,
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Sloppy storage practices, such as not placing parts in the proper bins or just leaving parts lying around on the shop floor,
Send back warranty parts and core returns promptly. Get returns back to the manufacturer as quickly as possible. Also, make sure they are properly entered and reconciled in your inventory management system.
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Failure to update the inventory management system with accurate data reflecting on-hand inventory that’s actually in stock, and
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Errors in recording parts on repair orders or parts tickets.
There are many potential causes of parts inventory variances, such as:
Minor variances aren’t uncommon, but how much variance is too much? In general, if the variance between on-hand inventory and the items recorded in your inventory management system is 5% or higher, you should probably find out why. Based on your discoveries, you can then take corrective action to eliminate or reduce variances and improve overall parts inventory management. Possible steps might include the following: Establish firm inventory management policies and procedures. These should dictate how parts are ordered, received and entered into your inventory management system. Also, purchase orders should be carefully matched to all items received in the parts department.
Be proactive in guarding against employee theft. Parts are in high demand among thieves because they’re easy to sell and convert to cash. Therefore, you should store all parts inventory in a secure and locked area after hours. And make sure pur- chase orders are filled out completely and include a corresponding parts ticket.
You also should segregate duties among parts department employees. For example, assign different employees to order and receive parts and manage inventory.
Reap the Benefits
Your dealership can enjoy many benefits by improving management of your parts inventory. Discuss these and other inventory management strategies with your parts department manager today. Thaney & Associates Certified Public Accountants have offices in New York and Florida. Call them at 888-2528769, visit www.ThaneyCPA.com or E-mail: info@thaneycpa.com for more information.
KNOW THESE INVENTORY MANAGEMENT KPI'S Understanding several key performance indicators, or KPIs, can help you improve management of your parts inventory. Pay especially close attention to these three parts inventory KPIs: 1. Gross inventory turns. This will tell you how many times your parts inventory turns over in a year. To calculate, divide the annual cost of parts sales by your total parts inventory. 2. True turns. This will tell you which parts sales are coming from your existing stock. To calculate, divide the annualized cost of parts sales, less emergency purchases and customer orders, by your total parts inventory. 3. Fill rate. This will tell you how much of your sales are coming from inventory as opposed to non- inventory parts that have to be special ordered. To calculate, divide the annualized cost of parts sales, less emergency purchases and special orders, by the cost of sales plus lost sales.
Monitor obsolete and slow-moving parts. Reduce your investment in parts inventory by tracking aging schedules and the movement of all items through the department. www.fiada.com
December 2017 — Independent Dealer — 25
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December 2017 — Independent Dealer — 27
LEGAL ROUND-UP
A Look At Current Legal Issues BY THOMAS B. HUDSON AND NICOLE FRUSH MUNRO, HUDSON COOK, LLC
A monthly collection of selected legislative and regulatory highlights, and a recap of some of the many auto sale and financing lawsuits followed each month. COMPLIANCE TIP The big news this month, discussed below, is the override of the CFPB’s new arbitration rule. That’s a real win for dealers who use mandatory arbitration agreements with their car buyers to protect against class action lawsuits, as well as for those not currently doing so but considering such use in the future. The CFPB’s anti arbitration campaign has been going on for several years. During that period, many companies using arbitration agreements have been reluctant to spend legal dollars to keep their agreements on the cutting edge of the law. After all, why waste money if the CFPB is going to abolish the use of the agreements? Now that we have an industry victory for arbitration, dealers using such agreements might want to make sure their agreements reflect the latest legal developments. The “Case of the Month,” discussed below, illustrates the value of an effective arbitration agreement. FEDERAL DEVELOPMENTS CFPB’s Arbitration Rule Goes Down in Flames. On October 23, the Treasury Department released a report examining the CFPB’s arbitration rule, which would have effectively prohibited mandatory arbitration clauses in consumer financial contracts. The report determined that: • the CFPB’s rule would impose extraordinary costs by generating more than 3,000 additional class action lawsuits over the next five 28 — Independent Dealer — December 2017
years, imposing more than $500 million in additional legal defense fees, and transferring $330 million to plaintiffs’ lawyers; the CFPB’s data show that the majority of consumer class actions deliver no relief to the class members, and few consumers entitled to claim settlement funds actually do; the CFPB failed to consider whether improved arbitration disclosures would serve consumer interests better than its ban; the CFPB did not adequately assess the share of class actions that are meritless; and the CFPB did not show that its rule will improve financial institutions’ compliance with federal consumer financial laws.
without a new congressional mandate.
The report concluded that the arbitration rule did not satisfy the statutory prerequisites for banning the use of arbitration agreements under the Dodd-Frank Act.
FTC Studying Data Security The FTC recently announced a public workshop on December 12, 2017, in Washington, D.C., to discuss better ways to identify and measure consumer injuries that result from the misuse of consumers’ personal information. The FTC is seeking comment on issues including: • What are the qualitatively different types of consumer injuries from privacy and data security incidents? • What frameworks might we use to assess these different injuries, and how do we quantify injuries? • How do businesses evaluate the benefits, costs, and risks of collecting and using consumer information in light of potential injuries? and • How do consumers evaluate the benefits, costs, and risks of sharing information in light of potential injuries?
Perhaps partly in response to the Treasury Department’s criticism, on October 25, the U.S. Senate passed a joint resolution to invalidate the CFPB's rule. The late evening vote was 51-50, with the vice president breaking the tie. Despite an eleventh hour personal plea from Director Cordray to let the rule go into effect, the President signed the resolution on November 1, invalidating the rule and eliminating the CFPB’s ability to promulgate another arbitration rule
Justice Reports to Congress On September 28, the Justice Department released its annual report to Congress listing its 2016 enforcement activities involving the Equal Credit Opportunity Act, the Fair Housing Act, and the Servicemembers Civil Relief Act. By the end of 2016, the DOJ had 33 open fair lending investigations related to discrimination in mortgage lending, the sale of manufactured homes, and auto financing. The report details the
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DOJ's Servicemembers and Veterans Initiative, a pilot program through which the DOJ funds Assistant U.S. Attorney and Division trial attorney positions and designates military judge advocates to serve as Special Assistant U.S. Attorneys to support the DOJ in its SCRA enforcement efforts. The pilot program will be funded through the end of FY 2018. In addition, the report discusses settlements with several lenders for alleged violations of the SCRA, including alleged unlawful foreclosures and auto repossessions. Dealers with significant business with servicemembers should take note of this beefed-up enforcement capability. CASE OF THE MONTH Brittany White and Steven Hefter bought a new car from Charlie, Inc., d/b/a Serra Hyundai. They signed a retail buyers order, a retail installment contract, and a delivery receipt. The buyers order included an arbitration provision and a spot delivery disclosure. The RIC stated that any dispute resolution agreement the buyers signed along with the RIC also applied to the RIC. The delivery receipt included a spot delivery disclosure and stated that it was a part of the buyers order and the RIC. Serra Hyundai could not sell the contract and asked the buyers to return the car. The buyers sued Serra Hyundai for violating the Truth in Lending Act and the Equal Credit Opportunity Act, and asserted several state law claims. The buyers asked the court to rule that the contract between the buyers and Serra Hyundai entitled the buyers to keep the car. Serra Hyundai moved to compel arbitration. The court granted Serra Hyundai’s motion, concluding that the arbitration provision was valid and enforceable. The buyers argued that www.fiada.com
financing approval was a condition precedent to the existence of a binding contract. The buyers claimed that because Serra Hyundai did not sell the RIC, the agreement between the buyers and Serra Hyundai, including the arbitration provision, was void.
when Serra Hyundai delivered the car to the buyers along with the TILA disclosures. Because the RIC and the delivery receipt incorporated the arbitration provision, the arbitration agreement applied to all the buyers’ claims.
The court disagreed for two reasons. First, the court explained that, under the Federal Arbitration Act, an arbitration agreement is severable from the rest of a contract. As a result, even if the rest of the contract was void, the arbitration provision would be enforceable because the buyers did not challenge it. Second, the court noted that the arbitration provision was part of the buyers order. By its terms, the buyers order and the arbitration provision took effect
Hefter v. Charlie, Inc., 2017 U.S. Dist. LEXIS 151764 (N.D. Ala. September 19, 2017) Tom (thudson@hudco.com) and Nikki
(nmunro@hudco.com) are partners in the law firm of Hudson Cook, LLP. For information, visit www.counselorlibrary. com. Copyright CounselorLibrary. com 2017, all rights reserved. Single publication rights only, to the Association. (2/16). HC# 4848-8454-3277.
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INDUSTRY NEWS The Latest Recalls Toyota Recalls Hybrids for Fuse Issues Toyota Motor Engineering & Manufacturing is recalling 39,915 2012-15 Prius Plug-in Hybrid vehicles. The hybrid battery contains a fuse that may fracture after repeated highload driving conditions such as climbing long hills. Toyota will notify owners, and dealers will replace the EV fuse, free of charge. The recall is expected to begin Jan. 8. Toyota's number for this recall is H0R. Honda Recalls More Than 800,000 Minivans American Honda Motor Co. is recalling 806,936 2011-17 Honda Odyssey vehicles. The second row outboard seats can slide sideways to one of two positions. If a seat is placed between either of the two positions when attaching the seat to the vehicle floor, the seat will not latch properly to the seat striker, allowing the seat to tip forward unexpectedly during braking. The remedy for this recall is still under development. Honda will notify owners of the safety risk in an interim notification and provide detailed instructions for installing/positioning the second row outer seats and confirming that they are securely latched. Once a final
remedy is determined and the necessary parts are available, Honda will send a second letter to owners to have them visit a dealer to have the condition remedied, free of charge. The interim notification is expected to begin Dec. 18. Honda's number for this recall is S0G. Ford Recalls Transits for Tow Issues Ford Motor Co. is recalling 65,206 2015-17 Ford Transit vehicles equipped with a trailer tow module. Water can enter the tow modules and corrode the wiring causing issues such as rapidly flashing turn signals, loss of instrument panel display, an electrical short and possibly the deployment of seatbelt pretensioner. Ford will notify owners, and dealers will add a drainage hole in the driver's door stepwell and incorporate a fuse into the vehicle's wiring harness, free of charge. Interim notices informing owners of the safety risk and an interim repair are expected to be mailed in November. Owners will receive a second notice when the remedy becomes available. Ford's number for this recall is 17S34. Compiled by Used Car News
From the FIADA PAC
FIADA Past President and Chairman of the Board Jim Winterick, Sr. presents a PAC check to Speaker Pro Tempore Jeanette M. Nuñez at his dealership Gulfstream Motor Credit in Miami. 30 — Independent Dealer — December 2017
Mark Your Calendar for the 2018 Legislative Session The 2018 Florida Legislative Session starts early this year, with both the Florida Senate and the Florida House of Representatives convening on January 9, 2018. Be on the look-out for FIADA Dealer Alerts by email when there is breaking news coming out of Tallahassee. Don't forget to support the FIADA PAC Fund. See page 26 for details. www.fiada.com
2017-2018 FIADA EXECUTIVE COMMITTEE:
SCOTT LANIER, CMD President Credit Cars Orlando, FL 32808 (407) 295-6211
FRANK FUZY
LISA COMPAGNO
Chairman of the Board Palm Tree Auto Sales Stuart, FL (772) 288-2099
GEORGE HICKEY
STEVE MARBAIS, CMD
Regional Vice President Bond Auto Sales, Inc. Tampa, FL 33604 (813) 238-7478
Regional Vice President Marbais Enterprises, Inc. Ocoee, FL (407) 877-7422
JENAY RHOADS
PHIL RISLEY
Secretary Florida Auto Exchange Co., Inc Dunedin, FL (727)-796-2886
Treasurer Cars & Credit of Jacksonville Jacksonville, FL (904) 616-4074
BRANDI NOEGEL
JIM WINTERICK, SR.
Regional Vice President Noegel’s Auto Sales Starke, FL (904) 964-6461
Chairman of the Board Gulfstream Motor Credit Miami, FL (305) 253-2335
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Regional Vice President Century Motors of S. Fla., Inc. Pompano Beach, FL 33064 (954) 785-0369
BRAD JOEL
Senior Vice President Splish Splash Auto Sales Princeton, FL 33032 (305) 258-1191
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December 2017 — Independent Dealer — 31
MANHEIM FLORIDA ALWAYS NEARBY.
Manheim Daytona Beach 1305 Indian Lake Road Daytona Beach, FL 32124 386.255.2500 Sale: Wed 3 PM Total Resource Auction every Wed 2:30 PM Manheim Fort Lauderdale 5353 S State Road 7 Davie, FL 33314 954.791.3520 Sale: Fri 9 AM Total Resource Auction Tue 9 AM Ford Open Sale every other Fri Manheim Fort Myers 2100 Rockfill Rd Fort Myers, FL 33916 239.476.9800 Sale: Wed 4 PM Total Resource Auction every other Wed 3 PM Specialty Sale last Wed monthly 2 PM Galloway Direct Off Site Sale 2nd & 4th Tues 12 PM Manheim Jacksonville 10817 New Kings Rd Jacksonville, FL 32219 904.768.9981 Sale: Thurs 1 PM Total Resource Auction every Thurs 12:40 PM Manheim Lakeland 8025 N State Road 33 Lakeland, FL 33809 863.984.1551 Sale: Wed 2 PM Specialty RV/Boat Sale 1st Wed monthly 9 AM
Manheim Orlando 11801 W Colonial Dr Ocoee, FL 34761 Sale: Tues 9 AM Highline Exotic Sale Kicks off every 4th Tues 11 AM with Mercedes & BMW Chrysler Closed Factory Sale bi-weekly on Mon 12:30 PM GM Closed Sales bi-weekly on Mon 1 PM Nissan Infiniti Closed Sale 1st Wed monthly 9 AM Manheim Palm Beach 600 Sansbury Way West Palm Beach, FL 33411 561.790.1200 Sale: Thursday 9 AM Exotic Highline Sale every 4th Wed 9:30 AM Manheim St Pete 14950 Roosevelt Blvd Clearwater, FL 33762 727.531.7717 Sale: Thurs Weekly 2:30 PM inops Regular Sale 3 PM Manheim Tampa 401 S 50th St Tampa, FL 33619 813.247.1666 Sale: Thursday 9 AM Total Resource Auction Mon 9:30 AM at Cone Road location Ford Factory Sale every other Wed 10 AM Manheim Caribbean 1050 Carretera 865 KM 4.7 Bo. Candelaria Toa Baja, PR 00949 787.261.7300 Sale: Thurs 12 PM Salvage Sale Thurs 11 AM
32 — Independent Dealer — December 2017
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