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MARKET WATCH | BY KENNETH SHILSON
WITH 2017 IN THE REARVIEW MIRROR, WHAT’S AHEAD? Insights from 2017 BHPH Benchmarks I recently completed the BHPH benchmarks for the 20th consecutive year. My sincere thanks to NIADA and its 20 Groups, SGC CPAs, NCM 20 Groups and Subprime Analytics for the portfolio performance information they contributed. Collectively their data and the narrative make this a very informative report. In the aggregate, these statistics provide a comprehensive look at the 2017 financial and operating performance of the BHPH industry, together with important trend information. It is a reference tool for operators, capital providers and others who are interested in the subprime auto finance marketplace. Here is an overview of the 2017 results and metrics: • The deep subprime market remained highly competitive in 2017 but some of that competition declined during the second half of the year and the first quarter of 2018. • Independent operators who did not match the auto bond securitization model involving newer, more costly vehicles, longer loan terms, and higher financing amounts fared better. • Increasing sales prices and amounts financed over longer repayment terms did not appear to work successfully for those who tried it.
• Overall profitability improved in 2017 for operators who were proactive using social media and advance tax refunds, and who implemented technology to reduce their overhead costs and increase their efficiencies. • Rising interest rates and tighter capital availability forced operators to be more cash-efficient. That trend will continue in 2018 and beyond. Subprime customers are facing higher interest rates and gas prices. • The best performing business models were both profitable and cash efficient. • Bad debt losses and default rates increased as competition has diluted the overall quality of subprime customers during the past 36 months. • A new credit loss measurement standard will require operators to
increase their allowance for credit losses and reduce their equity in their future financial statements. Prudent operators should prepare now for this change before they are required to report it in their financial statements. • Although vehicle acquisition prices stabilized during 2017, good subprime inventory remains in short supply, challenging to find and expensive. • Salvage values for repossessed vehicles that could not be retailed stabilized in 2017, but remain more than 50 percent lower than their values a few years ago. • Texting has replaced emails as the best way to connect with and collect from subprime customers. They all depend on their smartphones. At the NIADA/NABD Convention and Expo in Orlando, Fla., June 18- 21, I will take a deeper dive into these
benchmarks and discuss more about what worked and what didn’t, what’s ahead and what we have learned during the past 36 months. I will also discuss which business models are the most successful today. Copies of the benchmark report will be available at the conference and in the June issue of BHPH Dealer, a supplement of Used Car Dealer magazine. The retail side of the subprime used vehicle business is declining while BHPH offers some great new profit opportunities for those with the capital and right infrastructure. If you want to make 2018 better, come to Orlando and learn how to Rewrite your Playbook and become more successful in the subprime auto finance business. Good luck and see you in Orlando! Kenneth Shilson, CPA, (ken@kenshilson.com) is president of Subprime Analytics. Subprime Analytics uses data mining to perform computerized portfolio analysis for operators and capital providers. For further information call 832-767-4759.
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INSIDE
03............................................................... BHPH Benchmarks 05..................................................................President’s Letter 06.................................57 Million Vehicles with Open Recalls 07.............................................................................CarLawyer 09.................................................NIADA Convention Preview 12.....................................................Dealer Education Classes
WHAT’S NEW
DEALER FORMS, PRINTING AND PROMOTIONS
The following businesses can provide Iowa auto dealers with dealer forms, printing and promotional items: WILSON DISTRIBUTOR SERVICE 1-800-634-0974 • www.wds-usa.com
Big and Rich Concert NIADA is pleased to announce the popular Cigars and Martinis welcome reception on the opening night of the first-ever NIADA/NABD Mega-Conference will be followed by a special concert on the terrace featuring none other than country duo Big and Rich. The concert is presented by TradeRev. Learn more about the concert, and the largest and most comprehensive education agenda in the used car industry, at www. NIADAconvention.com.
ERIKSON SOLUTIONS SERVICES, LLC 402-639-0664
ADVERTISERS INDEX
Vehicle dealers needing information on factory recalls can visit www.recalls.gov or find manufacturer toll-free numbers by going to www.autopedia.com/html/HotLinks.html and making contact with the respective automaker. Know what recalls are pending on vehicles before you purchase them and give your customers peace of mind by checking out possible recalls before you retail the vehicle. For further info please visit www.safercar.gov or www.safercar.gov/vinlookup FIND ADDITIONAL RECALL INFORMATION AT THE FOLLOWING WEBSITES: www.recalls.gov and www.autosafety.org
Manheim................................................................................11 NextGear Capital...................................................................10 vAuto.......................................................................Back Cover
OFFICE
For information on how to become a member please contact Judy Wilson. iiada@netins.net 641-755-4177
NIADA HEADQUARTERS
NATIONAL INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION WWW.NIADA.COM • WWW.NIADA.TV 2521 BROWN BLVD. • ARLINGTON, TX 76006-5203 PHONE (817) 640-3838 Street Smart is published bimonthly by the National Independent Automobile Dealers Association Services Corporation, 2521 Brown Blvd., Arlington, TX 76006-5203. Periodicals postage paid at Dallas, TX and at additional offices. POSTMASTER: Send address changes to NIADA State Publications, 2521 Brown Blvd., Arlington, TX 76006-5203. The statements and opinions expressed herein are those of the authors and do not necessarily represent the views of Street Smart or NIADA. Likewise, the appearance of advertisers, or their identification as members of NIADA, does not constitute an endorsement of the products or services featured. Copyright© 2018 by NIADA Services, Inc.
STATE MAGAZINE MGR./SALES
Troy Graff • troy@niada.com EDITORS
Jacinda Timmerman • jacinda@niada.com Andy Friedlander • andy@niada.com MAGAZINE LAYOUT
Christopher Hanley • chris@niada.com PRINTING
KNOW WHERE TO LOOK FOR RECALL INFORMATION ON VEHICLES
INVESTIGATIONS INFORMATION LINE
515-237-3050
The hours of operation are Monday through Friday, 8:30 A.M. TO 3:30 P.M. This phone line receives numerous calls so the IDOT encourages the use of our email (invbureau@iowadot.us) if the phone line is busy. The bureau investigations information line provides a way for the public to request information, ask questions or file a complaint related to investigative duties and responsibilities. This line is the primary point of contact to reach an investigator who is responsible for investigations in a specific area of the state of Iowa. To ensure accurate information is provided, the bureau investigations information line is answered by a bureau of investigation and identity protection investigator.
BOARD MEMBERS PRESIDENT
Nieman Printing
Rick Theilen
Theilen Auto Sales 10536 265th Street Clear Lake, IA 50428 641-424-3352
CHAIRMAN OF THE BOARD
Jeff Schneider
Pocahontas Sales & Service P.O. Box 66 Pocahontas, IA 50574 712-335-4470
VICE PRESIDENT
Clay Winterboer
Carroll Car Credit Co. 409 E. 6th St., Box 805 Carroll, IA 51401 712-792-0140
TREASURER
Judy Wilson, IIADA P.O. Box 337 Panora, IA 50216 641-755-4177 4
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REGIONAL REPRESENTATIVES
Douglas Livy, Jr
Quality Motors of Ames P.O. Box 7 Ames, Iowa 50010 515-290-2673
Kim Nelson
Nelson Automotive, LLC 300 Sandpiper Court P.O. Box 466 Polk City, IA 50226 515-984-9600
Jay Muller
Best Auto, Inc. 900 S. Grand Avenue Spencer, IA 51301 712-262-4581
David A. Farmer
David A. Farmer, Inc. 1613 Franklin Center Point, IA 52213 319-849-2432
Doug Wilson
Lake Country Automotive P.O. Box 341 Panora, IA 50216 641-755-3048
Marcus Hebert
CarsNow, LLC 2124 W. Broadway Council Bluffs, IA 51501 712-256-6757
Merrill Hitchcock
Merrill’s Motors 317 N. 8th Street Winterset, IA 50273 515-462-1683
ADMINISTRATIVE OFFICES
P.O. Box 337 Panora, IA 50216 Ph: 641-755-4177 Fax: 641-755-3247 Email: iiada@netins.net Toll Free: 866-962-9202
AUCTION REPRESENTATIVES
Dave LaFleur
ADESA Des Moines
Monte Delzell
Dealer’s Choice Auto Auction
Jami Schnoebelen Des Moines Auto Auction
Mark Greb
Plaza Auto Auction
ASSOCIATION NEWS |
PRESIDENT’S LETTER A Life Lesson
Fellow dealers, I hope this letter finds you all healthy, wealthy, and wise. I recently read a cool story I would like to share. A young man went to a job interview at a large investment company. He passed the initial interview and was going to meet the director for the final interview. The director was impressed with his resume and asked, “Did you receive a scholarship for college?” The young man replied, “No.” “So your father paid for it?” “Yes.” “Where does your father work?” “He is a mechanic.” The director asked the young man to show him his hands. The young man showed a pair of hands that were soft and perfect. “Have you ever helped your dad in his shop?” “Never. My parents always wanted me to study, and besides, he can do the job better than me.” “I have a request: When you go home today, wash your father’s hands and then come see me tomorrow morning.” The young man felt his chance to get the job was high. When he went home, he asked
his father if he would allow him to wash his hands. His father felt strange – happy, but with mixed feelings as he showed his hands to his son. The young man washed his father’s hands, little by little. It was the first time he noticed they were wrinkled and had so many scars. Some bruises were so painful his skin shuddered when the son touched them. This was the first time the young man recognized what it meant for this pair of hands to work every day to be able to pay for his studies. The bruises were the price his father paid for his education, his school activities and his future. After cleaning his father’s hands, the young man stood in silence and began to tidy and clean up the shop. That night, father and son talked for a long time. The next morning, the young man went to the director’s office. The director noticed the tears in the eyes of the young man. He asked, “Can you tell me what you did and what you learned yesterday at your house?” The young man replied, “I washed my father’s hands and when I finished I stayed and cleaned his shop. Now I know what it is to appreciate and recognize that without
my parents, I would not be who I am today. By helping my father, I now realize how difficult it is to do something on my own. I have come to appreciate the importance and the value in helping my family.” The director said, “This is what I look for in my people. I want to hire someone who can appreciate the help of others, a person who knows the hardship others go through to accomplish things, and a person who realizes that money is not his only goal in life. You are hired.” I hope you enjoyed this story and gained something from it. Now instead of a dumb joke, I would like to share one of my favorite quotes. “Surely to spend our time wisely would be to make the most of every minute, every second. We make a dollar and lose it, but we will only ever be losing time. We act as if we can just gather up time and save it to be used later down the track. It’s foolish not to be spending our time like we would our money if it were to run out tomorrow.” Have a great day and a prosperous year! Jeff Schneider President IIADA
ASSOCIATION NEWS |
IIADA AWARDS 14 SCHOLARSHIPS FOR 2018 Scholarships Awarded at Annual Meeting
IIADA was pleased to award 14 scholarships at the May 5th IIADA Annual Meeting. Each fall IIADA makes available scholarships for the children and grandchildren of our members and the children of our members’ employees. An independent scholarship selection committee reviews each application and decides on the amount of money given to each applicant. IIADA funds each applicant. The amount awarded is based on the information provided in the student’s application. An essay is required as well as high school or college transcripts. Thoroughness of the application is given consideration. The 2018 IIADA scholarship recipients are as follows: • Alexis Alvarez, daughter of Janet and Elias Alvarez, Alvarez Auto Sales, Des Moines, Iowa
• Carter Barkema, son of Eric and Pauline Barkema, BSA Auto Sales, Hampton, Iowa • Alexis Bohr, daughter of David and Jody Bohr, B & B Auto Sales, Decorah, Iowa • Morgan Bohr, daughter of David and Jody Bohr, B & B Auto Sales, Decorah, Iowa • Cassidy Bontrager, daughter of Gary and Julie Bontrager of Wellman. Gary is employed by Kalona Auto Used Cars and Trucks in Kalona, Iowa • Anne Buckwalter, daughter of Tom and Paula Buckwalter, Buckwalter Motors, Ltd. of Wellman, Iowa • Renee Buckwalter, daughter of Tom and Paula Buckwalter, Buckwalter Motors, Ltd., Wellman, Iowa • Elizabeth Duehr, daughter of Jim and
Sue Duehr, JD Auto Sales of Dubuque, Iowa • Joe Duehr, son of Jim and Sue Duehr, JD Auto Sales of Dubuque, Iowa • Quinton Fellinger, son of Tim and Carrie Fellinger, sponsored by Recker’s Enterprises of Hopkinton owned by Cory and Pam Recker . • McKenna Quandt, daughter of Steve and Debra Quandt, Quandt Auto Salvage of Carroll, Iowa. • Bailey Scheuermann, daughter of Tim Scheuermann, who is employed by Quandt Auto Salvage of Carroll, Iowa. • Trevor Thein, son of Todd and Terra Thein of West Branch, Iowa • Lucy Wiggins, daughter of Mike Jayne, who owns Truck City, Inc. of Des Moines, Iowa.
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INDUSTRY WATCH | BY CARFAX
57 MILLION VEHICLES IN U.S. HAVE OPEN RECALLS New Research from Carfax Millions of vehicles being acquired, retailed and serviced by dealers this year may have potentially dangerous unfixed recalls. According to Carfax, more than 57 million recalled vehicles – more than one out of every five vehicles in the U.S. – currently are in use across the country. The company’s annual research suggests the southern parts of the country are most likely to have cars with open recalls. Southern states like Texas, Mississippi, Louisiana, New Mexico, Alabama and Arizona are some of the top states with the highest open recall percentages. California, Texas, Florida, Pennsylvania and New York have the most vehicles with open recalls. “For more than two decades, Carfax has supported the manufacturers’ efforts to get recalled cars fixed,” said Carfax president Dick Raines. “Every day we help thousands of dealers identify vehicles with open recalls. We also alert millions of drivers about
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recalls on their vehicles so they can bring them to dealers to be fixed. Safety is our number one concern.” Carfax offers free services to help notify dealers and about open recalls. Carfax Advantage dealers have their inventory continuously monitored for recalls by Carfax free of charge and get regular reports identifying which vehicles have open recalls. Making this information readily available for dealers can help boost closure rates of open recalls. In addition, registering customers with myCarfax helps keep those drivers informed about recalls. For dealers with service bays, registering customers for myCarfax also comes with free benefits that help increase customer loyalty and retention. The new data also suggests that work-life balance may be a factor for some vehicle owners not knowing about a recall or getting it fixed. Light trucks and SUVs – vehicles often used by businesses and busy families – are the ones most likely to have unfixed recalls.
Recently in Vegas, Carfax checked cars for open recalls at a local DMV. They spoke to several people whose vehicles had open recalls they knew nothing about until Carfax showed them. “Carfax told me the car had an open recall. I found out that it was the driver’s airbag,” said consumer Robert V. in Redmond, Ore. “After purchasing the car it went to the local BMW dealer where it was replaced in less than an hour. I was treated royally, chatted about the car and soon was on my way. I did appreciate knowing beforehand.” Dealers can inform online shoppers about open recalls by listing their vehicles for sale on Carfax Used Car Listings. Every vehicle listed for sale on carfax.com includes the Carfax Report dealers run for each vehicle, which includes open recall information reported to Carfax and helps consumers buy with confidence. Editor’s note: Recall statistics for your area are available upon request. For more information, visit www.carfaxonline.com or call 888-788-7715.
LEGAL UPDATE | BY THOMAS B. HUDSON AND NICOLE FRUSH MUNRO
THE CARLAWYER Keeping You Informed with the Latest Governmental Issues and Activity in the Used Car Industry Here’s our monthly article on legal developments in the auto sales, finance and lease world. This month, we’re reporting on activities of the Consumer Financial Protection Bureau, the Federal Trade Commission and the courts. As usual, this month’s article features our case of the month. Buy Here-Pay Here dealers and finance companies should pay particular attention to all of this month’s activity involving debt collection. Note this column does not offer legal advice. Always check with your lawyer to learn how what we report might apply to you, or if you have questions.
This Month’s CARLAWYER Compliance Tip
If you collect payments from your auto finance customers, it is time to review and refresh all your policies, forms and procedures relating to that activity. It is clear from recent developments the CFPB and state attorneys general have debt collection abuses targeted, so you should be prepared to demonstrate your compliance efforts are what they should be. Get your counsel involved in the effort – the law has been fluid in this area recently and you’ll need some professional help.
FEDERAL DEVELOPMENTS
It’s your turn: On February 28, during a state attorneys general conference, CFPB acting director Mick Mulvaney encouraged state AGs to take the lead in enforcement as the CFPB takes a closer look at its own enforcement role. The statements followed an internal memo Mulvaney circulated stating the CFPB would no longer be “pushing the envelope” and would try to refrain from “regulation by enforcement.” Emphasizing that memo’s themes, Mulvaney also said the CFPB would prioritize enforcement where complaint volumes are highest (currently, that area is debt collection) and would focus more resources on consumer education. State AGs, such as those in Massachusetts, Pennsylvania, Virginia, New York, and Illinois,
have already been ramping up their own enforcement efforts in consumer financial protection matters. We expect the number of state civil investigative demands and enforcement actions to continue to increase. Complain, complain, complain: On March 1, the FTC released its 2017 Consumer Sentinel Network Data Book. The data book includes complaints from 2.68 million consumers, a decrease from 2016. Debt collection remained the top consumer complaint category, and complaints about identity theft and imposter scams were the second and third most common types of consumer complaints. Report card time: On March 20, the CFPB issued its annual report to Congress on the Fair Debt Collection Practices Act. The report detailed the CFPB’s and FTC’s enforcement activities, education activities, and policy initiatives conducted in 2017 related to unlawful debt collection. The agencies share enforcement responsibilities under the FDCPA and in 2012 entered into a memorandum of understanding providing for coordination of enforcement, sharing of supervisory information and consumer complaints, and collaboration on consumer education. Collection violations draw stiff penalties: On March 22, the FTC and the New York attorney general’s office announced a settlement order banning the operators of a deceptive and abusive debt collection scheme from the debt collection business and from buying or selling debt. The agencies alleged the defendants used threats and abusive language, including false threats that consumers would be arrested or sued, to collect supposed debts. The court halted the operation pending resolution of the case. The orders also prohibit the defendants
from misrepresenting financial products and services and from profiting from customers’ personal information collected as part of the challenged practices. The orders against Travell Thomas, 4 Star Resolution LLC, Profile Management Inc., International Recovery Service LLC, Check Solutions Services Inc., Check Fraud Service LLC and Fourstar Revenue Management LLC and against Maurice Sessum impose a $30 million judgment. The order against Charles Blakely III and Merchant Recovery Service, Inc. imposes an $18,789,000 judgment. Both judgments will be partly suspended upon the surrender of certain assets. Assets to be surrendered in these settlements include more than $1 million in corporate and individual assets frozen by the court. The full judgments will become due immediately if the defendants are found to have misrepresented their financial conditions. The action resulted in 14 guilty pleas from individuals involved in the scheme, including Travell Thomas and Maurice Sessum, each sentenced to more than seven years in prison. This just in: On Friday, March 23, Sen. Jerry Moran (R-KS) and 15 Republican co-sponsors introduced a joint resolution pursuant to the Congressional Review Act that would invalidate the CFPB’s 2013 auto finance guidance relating to fair lending and disparate impact. The joint resolution, if passed by the Senate and the House and signed by the president, would effectively preclude the CFPB from any rulemaking on this topic without express authorization from Congress at some later date.
CASE OF THE MONTH
Edwin Rojas bought a used car from X Motorsport, Inc. He signed a buyer’s order and a retail installment contract at the time of the sale. The buyer’s order explicitly incorporated the RIC and voided Rojas’s obligation to buy the car if his financing was not approved. Rojas drove the car off the lot the same day. Capital One, a finance company, refused to buy Rojas’s RIC. Rojas eventually returned the car and accepted a return of his down payment from XMI. He then sued XMI for violating the Truth in Lending Act, alleging the financing terms in the RIC were
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not disclosed in a “meaningful” way because the terms were conditioned upon finance company approval. Both parties moved for summary judgment. The trial court granted XMI’s motion. The federal appellate court affirmed. The court reasoned TILA was enacted to, among other things, “assure the meaningful disclosure of credit terms.” For disclosures to be “meaningful,” creditors must clearly and accurately state material terms relevant to the transaction, including the annual percentage rate of interest, the finance charge, the amount financed, the total of payments, and the total sale price. The appellate court found the RIC provided these disclosures clearly and accurately to Rojas. The appellate court rejected Rojas’s argument the TILA disclosures should have been labeled as “estimates” because they depended on a condition subsequent, i.e., financing. Relying on one of its prior decisions, the appellate court concluded a condition subsequent, such as securing financing, does not render TILA disclosures inaccurate or mere “estimates.” If the condition occurs, the disclosures provide the “set rate” for that agreement. The appellate court noted its conclusion is supported by language in TILA stating that if information disclosed “is subsequently rendered inaccurate as the result of any act, occurrence, or agreement subsequent to the delivery of the required disclosures, the inaccuracy resulting therefrom does not constitute a violation of … [TILA].” Therefore, the appellate court held the disclosures in the RIC complied with TILA. Rojas v. X Motorsport, Inc., 2018 U.S. App. LEXIS 2857 (7th Cir. (N.D. Ill.) February 6, 2018) So, there’s this month’s roundup! Stay legal, and we’ll see you next month. Tom (thudson@hudco.com) is of counsel and Nikki (nmunro@hudco.com) is a partner in the law firm of Hudson Cook, LLP. Tom has written several books and is the publisher of Spot Delivery, a monthly legal newsletter for auto dealers. He is the CEO of CounselorLibrary.com, LLC and the editor in chief of CARLAW, a monthly report of legal developments for the auto finance and leasing industry. Nikki is a contributing author to the F&I Legal Desk Book and frequently writes for Spot Delivery. For information, visit www.counselorlibrary.com. © CounselorLibrary.com 2018, all rights reserved. Single publication rights only, to the Association. (4/18). HC/4814-8603-6576v1.
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LEGISLATIVE NEWS | BY IIADA STAFF
NEWS FROM THE IOWA LEGISLATURE Legislation Update
As we prepare for this issue of Street Smart the legislature has not adjourned, so we will have to make a full report on legislative matters impacting Iowa auto dealers in the next issue. As the legislature prepares for adjournment they usually develop what is called a “standings bill” and it has not been brought forward yet. This bill can have all sorts of things in it that perhaps could not get through the legislature on their own, so we are keeping a watchful eye out for this legislation to determine if there will be anything in it that affects auto dealers. To update you on pieces of legislation we have watched this year, and attended
committee meetings upon, we share the following. SF 2047: Consignment of used motor homes and travel trailers. No floor action was taken on this bill.. SF 2037: This measure is related to minimum standard of transparency for motor vehicle window tint. This bill passed the Senate and died in the House. SSB 3139: Sunday sales of motorhomes. No floor action on this bill. HF 2050: Registration of salvage vehicles based on actual purchase price. No floor action on this bill. HF 2409: Legislation relating to
wrecked or salvaged motor vehicles. The bill would have increased the cost of repair threshold from 50 percent to 75 percent of the fair market value of the vehicle. No action was taken on this legislation. Iowa legislative sessions run for a two-year period. Proposed legislation presented in 2017 and 2018 that did not pass both the House and Senate and was not signed by the governor is considered “dead legislation.” When the 2019 legislature meets, any of the pieces of legislation not brought up for debate can be re-introduced during the 2019 session.
ACCELERATE | BY GWC WARRANTY
THE END OF THE 1-STAR REVIEW
Maintaining Your Online Reputation
Online reputation is more important today than ever before. If you take your eye off the ball for even a second, a small number of customers can have a severe impact on your online image. That’s why you need to do whatever it takes to stop 1-star reviews before they pop up online. When it comes to online reputation, sometimes the best offense is a good defense. By putting in place the right steps and procedures, you can simultaneously prevent bad reviews while also potentially turning these negative experiences into positive ones.
YOU CAN’T HELP CUSTOMERS YOU NEVER HEAR FROM
A bad review could catch you by surprise. You sold a car and it was uneventful, but before you know it that customer is leaving a stain on your online reputation. It’s frustrating for you since the customer never voiced their issues to you, but there is something you can do. Give all your customers a chance to come to you first with their complaints or issues. This requires regular follow up on your
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part. Whether it’s by phone, email or oldfashioned direct mail, checking in with your customers will help you get a chance to proactively address any issues that come up.
ARTFULLY CRAFT YOUR ASK
If you’re plugged into your online reputation, you’re likely doing something to ask your customers for reviews. Sometimes it’s in person and other times it could be with email or text messages. Whatever you do, having an electronic method for customers to leave negative feedback will help you capture these issues before they turn into online complaints. If you ask electronically, start with a question about whether the customer had a positive experience. If they had a poor experience, direct the customer somewhere he or she can vent to you. If it’s positive, continue them on the way to leaving a positive review.
RESPOND TO THE NEGATIVE
Sometimes, poor reviews will slip through the cracks. When they do, respond quickly
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and personally, apologizing for the poor experience and providing a way for the customer to contact you. If you can identify the customer based on the review, you can also reach out directly to the customer. It’s a delicate situation, but try to identify what went wrong for the customer and see if there is anything you can do to resolve the situation. You may even be surprised by a customer revising their negative review into a positive review once you’ve shown how much you care about their experience.
OUTRUN THE BAD REVIEWS
Above all else, the best way to limit the impact of 1-star reviews is to outweigh these stories with the positive ones that tell the true story of your business. It’s no secret that upset customers are more likely to leave a review than happy ones, so it’s incredibly important to ask as many customers as possible for reviews. By building a consistent process for asking for reviews, you’ll land enough positive to improve or maintain your positive online image.
ASSOCIATION NEWS | BY ANDY FRIEDLANDER
For the past several years, NIADA has worked hard to top itself when it comes to the annual NIADA Convention and Expo.
While it hasn’t been easy, that goal has been met. Attendance has risen for each of the past five conventions, with the past two setting alltime records in that category. The 2017 event had more attendees, more exhibitors and more education sessions on more topics than any in the convention’s 71-year history. Clearing such a high bar takes extreme measures. And so, NIADA has gone mega. That’s mega as in MegaConference – for the first time ever, a showcase for the combined resources of NIADA and the National Alliance of Buy Here-Pay Here Dealers, which was acquired by NIADA in December. The acquisition was the impetus for merging NABD’s traditional May conference into NIADA’s Convention in June, which will create what is expected to be the largest event in the used car industry, one that will provide unmatched resources for independent dealers and allow you to Rewrite the Playbook for success. That event – the NIADANABD Mega-Conference, officially known as the 72nd NIADA Convention and Expo – is coming up June 18-21. After nine years in Las Vegas, it’s moving for 2018 to a brandnew venue, the luxurious Rosen Shingle Creek Resort in Orlando, Fla. So what exactly is a MegaConference? It is some 60 education sessions, the most ever for an NIADA event, covering every aspect of independent dealership operations in five distinct educational tracks – Retail, BHPH, Legal and Regulatory, CPO and an allnew Digital Marketing track. It is sessions exploring new developments and best practices in inventory acquisition, sales, marketing and advertising, F&I, collections, technology, social
NIADA GOES MEGA NABD Joins NIADA Convention and Expo to Create the Used Car Industry’s Largest Event – the Mega-Conference
media, cybersecurity and so much more, led by the industry’s best and brightest experts – including NIADA’s own Justin Osburn. It is the top-of-the-line BHPH-specific training attendees of NABD conferences have come to expect over the years, featuring NABD founders Ken Shilson and Ingram Walters, NIADA BHPH gurus Chuck Bonanno, David Brotherton and Mark Dubois, and many more of the Buy Here-Pay Here world’s top minds. It is Wednesday afternoon’s Financing Fair, a chance for you to meet one-on-one with a variety of finance companies to discuss your specific problems – and to find solutions. It is the new Marketplace Keynote Series, offering the insights of some of the industry’s most prominent leaders, thinkers, innovators
and disruptors about where the used car market is now and where it’s headed, as well as cutting-edge ideas on how you can take advantage of those conditions. It is by far the largest Expo Hall in NIADA Convention history, featuring more than 210 exhibitors offering the latest state-of-the-art products and services to help keep you ahead of the pack in today’s ultra-competitive used vehicle market. It is the boundless enthusiasm of keynote speaker Dick Vitale, appearing courtesy of CARFAX. Known to basketball fans for his energy, wit and colorful descriptions of players and plays, Dickie V’s entertaining message of overcoming life’s challenges and obstacles is nothing short of “awesome, baby!” He’ll speak Tuesday afternoon and will meet attendees at the CARFAX
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booth during the Expo Hall’s Grand Opening Reception that evening. And, of course, it is the traditions that have become an essential part of the NIADA Convention and Expo, beginning with the popular Cigars and Martinis welcome reception Monday night, featuring a tailgate party theme. We’ll honor the industry’s best at Wednesday night’s National Leadership Awards banquet – including Crystal Eagle membership awards, the CPO Dealer of the Year the NABD BHPH Hall of Fame’s latest inductee and the NIADA & Cox Automotive Community Service Award – leading up to the climactic announcement of the National Quality Dealer of the Year on Thursday night. And we’ll close the event in style with a rocking After Party featuring live music. Your chance to go mega by attending the NIADA-NABD Mega-Conference is here now. You can register online at www.niadaconvention.com. And don’t miss out on group discount opportunities for additional attendees from your dealership. Due to the immense interest in this event, NIADA is offering five options for accommodations. Because the Rosen Shingle Creek is sold out, NIADA has secured a block of rooms at four nearby hotels – with transportation to and from the Convention venue provided. Don’t miss out on this great opportunity. Register and make your travel plans now. For more information about the 2018 NIADA Convention and Expo, visit www.niadaconvention.com or www.bhphinfo.com, or call 800-682-3837.
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F&I MATTERS | BY SCOTT BATES, CPA
COLLECTIONS The Key is Relationship Collections best practices are designed to increase the number of payments received on every contract – increasing cash flow and potentially increasing sales from referrals. A shut-off box on a car is no substitute for good collections practices. You are also discouraged from making field calls, as it can violate CFPB rules – not to mention be potentially dangerous. The key is to make your payment a top priority in the mind of the customer – specifically because customers trust and perceive your dealership is willing to work with them to find a solution. Nothing can really motivate a customer to pay for a car except a strong relationship. This approach is harder than billing and repossession. It takes a different mindset among your collections and service staff, but it can be efficient if you establish a positive rapport and understanding from the beginning of the transaction. Your process and paperwork should be consistent and clean every time, no matter who is closing the deal. Emphasize that you expect payments on or before the agreed due dates. If you can, set up an electronic funds transfer with customers around their payroll time. You can’t require it, but you can make it attractive by offering a discount. Outline the process of what will happen if they can’t pay on time. If the car malfunctions or if they need to refigure the payment terms due to a change in circumstances, talk through those situations, too. Establish a clear process for communicating, which in some cases may be opt-in text messaging. You can now use SMS for automatic payment reminders, service reminders and late payment notices. In any and every case, keep the lines of communication open. Follow up with a check-in call. Congratulate customers on their purchase 10
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and ask them if they have any questions. Make it clear your team is there to help so their first contact with you is positive, rather than a delinquency call. Provide clear contact information for customers to reach their “account rep.” A strong closing process with full disclosure followed by a welcome checkin call reduces the need to chase down payments, and also increases the number of payments made. This won’t happen on every transaction. There will still be cases of repossession, but dealers can reduce the chances. A full inventory of cars is not what you want. Deal with service issues quickly. One of the biggest reasons customers stop making payments is that the car has a problem. Make it clear during the closing process that any issues with the car will be handled, whether through a limited warranty or service call. Depending on the issue and timing, work out how the customer will participate in paying for the service. Calculate the cost of the repair against the benefit of more monthly payments, and often the benefit is on the side of more monthly payments and a happy customer willing to refer your dealership to friends and family. Keep in mind that your inventory is not your biggest asset – your portfolio is the golden egg. Accounts need to be worked every day by collections. Don’t just wait for the phone to ring. A 30-day past due notice equals four to six missed payments. If you have 100 accounts, a good rule of thumb is to have four collections staff and one part-timer in the wings to pitch in when necessary. Scott Bates, CPA, is a partner in the audit practice and leads Cornwell Jackson’s Business Services Department, which includes a dedicated team for outsourced accounting, bookkeeping and payroll services. Contact Scott at scott. bates@cornwelljackson.com or 972-202-8000.
DEALER EDUCATION CLASSES
5 HOUR DEALER EDUCATION CLASSES:
MONDAY, JULY 16, 2018
DEALER 101: UNDER THE HOOD DEALER 102: TURBOCHARGED DEALER DETAILS DEALER 103: A MAJOR TUNE UP – BUY HERE-PAY HERE OPERATIONS
DMACC Southridge Center – Des Moines, Iowa Dealer 101: Under the Hood Dealer 102: Turbocharged Dealer Details
Dealer selects which class you would like to attend. Any class will qualify for your license renewal.
WEDNESDAY, JULY 25 AND THURSDAY, JULY 26, 2018
Des Moines Area Community College –
Northeast Iowa Community College – Go to the IIADA website for the full schedule – Calmar www.iowaiada.com – or to the website of the Calmar, Iowa college where you would like to take your 5 hour Dealer 101: Under the Hood class for more information. Dealer 102: Turbocharged Dealer Details FRIDAY, JUNE 8, 2018
THURSDAY, AUGUST 2
Iowa Western Community College Council Bluffs, Iowa Dealer 101: Under the Hood
AND FRIDAY, AUGUST 3, 2018
Scott Community College – Davenport, Iowa Urban Campus – Downtown – New Location Dealer 102: Turbocharged Dealer Details Dealer 103: A Major Tune Up – Buy HerePay Here Operations
FRIDAY, JUNE 15, 2018
Des Moines Area Community College – DMACC Southridge Center – Des Moines, Iowa THURSDAY, AUGUST 16 Dealer 101: Under the Hood AND FRIDAY, AUGUST 17, 2018 Dealer 102: Turbocharged Dealer Details North Iowa Area Community College – NIACC – Mason City, Iowa THURSDAY, JUNE 21, 2018 Dealer 101: Under the Hood Kirkwood Community College Dealer 102: Turbocharged Dealer Details Cedar Rapids, Iowa Dealer 103: A Major Tuneup – Buy Here Dealer 103: A Major Tune Up – Buy Here-Pay Pay Here Operations Here Operations Dealer 102: Turbocharged Dealer Details THURSDAY, AUGUST 23
AND FRIDAY, AUGUST 24, 2018
FRIDAY, JULY 13, 2018
Hawkeye Community College Cedar Falls, Iowa Dealer 103: A Major Tune Up – Buy Here-Pay Here Operations
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Southeastern Community College – Burlington, Iowa Dealer 101: Under the Hood Dealer 102: Turbocharged Dealer Details Dealer 103: A Major Tune Up – Buy HerePay Here Operations
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MIDWEST AUTO AUCTION DIRECTORY
ASSOCIATION NEWS |
135 AUTO AUCTION
4716 S. Santa Fe Street Wichita, Kansas 67216 316-351-5001 Dealer Consignment Sale Thursdays at 9:00 a.m. Free Breakfast, Free Car Wash
ADESA DES MOINES
1800 Gateway Drive Grimes, IA 50111 (515) 986-1200 Fax: (515) 986-1201 www.adesa.com General Manager: Jeff Lisle Fleet/Lease Manager: Lesa DeRoy Consignment Sale every Tuesday at 9:30 a.m. Fleet/Lease Sale Tuesday 10:30 a.m.
ADESA KANSAS CITY
15511 Adesa Drive Belton, Missouri 64012 (816) 525-1100 (800) 950-2350 Fax: (816) 525-4714 General Manager: Kevin Rhoads Tuesday 9:30 a.m.
ADESA MINNEAPOLIS
18270 Territorial Road Dayton, MN 55369 763-428-8777 763-428-8701 General Manager: Jay Fahrendorff Sale: Tuesday, 10 a.m. www.adesa.com
ADESA SIOUX FALLS
46893 271st Street P.O. Box 218 Tea, SD 57064 (605) 368-5364 Fax: (605) 368-2808 General Manager: Bob Holm Wednesday Sale 10:00 a.m. IAAI SALVAGE SALE EVERY OTHER WEDNESDAY – 8:30 A.M.
ADESA ST. LOUIS
7858 Highway 61-67 Barnhart, Missouri 63012 636-475-9311
ADESA WISCONSIN
W 10415 State Road 33 Portage, WI 53901 608-742-8245 608-742-4415 (f) Tony Manwarren, general manager Sale: Thursday, 9:30 a.m. www.adesa.com
CARMAX AUCTION – DES MOINES
10315 Hickman Road Urbandale, Iowa To Register: 888-804-6604 In House Auction – Every other Monday 9:30 A.M.
DEALERS CHOICE AUTO AUCTION, INC.
503 South Wapello Road Mediapolis, Iowa 52637 319-394-3510 (888) 771-6810 319-394-3511 (fax) www.dcaa.com President: Monte Delzell Nationwide Transportation: EZ Auto Shippers Steve Miller: 866-310-5936 Sale Every Tuesday – 6:00 p.m.
DES MOINES AUTO AUCTION 1530 S.E. McKinley Road Des Moines, Iowa 50320 (515) 285-8911 Fax: (515)256-9161 FRIDAY AT 9:30 A.M. Todd Givant, General Manager
GREATER QUAD CITY AUTO AUCTION
4015 78th Avenue Milan, Il 61264 (309) 787-6300 Fax: (309) 787-4541 Tuesday 10 a.m. – Thursday – 6 p.m. General Manager: Larry Anderson
GREATER ROCKFORD AUTO AUCTION
5937 Sandy Hollow Road Rockford, Il 61109 (815) 874-7800 (800) 830-4722 Fax: (815) 874-1325 General Manager: Chad Anderson Wednesday 10 A.m.
KCI AUTO AUCTION
11101 N. Congress Kansas City, MO 816-502-3318 816-801-8565 (f) Doug Doll Consignment Sale: Thursday, 9:30 a.m. www.kciaa.com
LINCOLN AUTO AUCTION, LTD 11909 US HWY 6 Waverly, Nebraska 68462 402-475-5500 www.lincolnautoauction.com Ryan Durst, Vice President Weds. 10:00 a.m.
MANHEIM ARENA ILLINOIS 200 West Old Chicago Drive Bolingbrook, Il 60440 (630) 759-3800 (630) 759-9668 General Manager: John Olejniczak Dealer Sales Manager: Louis Palermo Tuesday 9 a.m.
MANHEIM CHICAGO
20401 COX AVENUE MATTESON, ILLINOIS 60443 815-806-4222 Mike Cesta, General Manager
MANHEIM KANSAS CITY
3901 North Skiles Road Kansas City, MO 64161 (800) 247-7163 Fax: (816) 452-2393 General Manager: Victor Ferlaino Wednesday 9:30 a.m.
MANHEIM MILWAUKEE
561 South Highway 41 - 27th Street Caledonia, WI 53108 (262) 835-4436 (800) 662-2947 Fax: (262) 835-2684 General Manager: Dennis Worthy Dealer Sales Manager: Kimberly Schure Wednesay 9 a.m.
MANHEIM MINNEAPOLIS
8001 Jefferson Highway Maple Grove, MN 55369-4924 (763) 425-7653 (800) 622-7653 Fax: (763) 493-0310 www.manheim.com General Manager: Tom Saldutte Assistant General Manager: Felix Hernandez Commercial Accounts Manager: Jennifer Etnier Open Sale Sale every Wednesday; 9am Ford Credit, 9:30 TD Auto Finance, Select Lane and Fleet/Lease/Rental Groups, 9:45am Dealer Consignment. Ford Factory Sale bi-weekly Wednesdays at 12 Noon; Fiat Chrysler Factory Sale bi-weekly Wednesdays at 12 Noon Total Resource Auction/Insurance Sale weekly, Tuesdays at 1:00pm.
MANHEIM NORTHSTAR MINNESOTA
4908 Valley Industrial Blvd. North Shakopee, MN 55379 (952) 445-5544 (888) 445-2277 Fax: (952) 445-6773 General Manager: Scott Maybee Assistant General Manager: Jon Eisenmann Commercial Accounts Manager: Rod Dubbe Open Sale Thursdays at 9am Total Resource Auction/Insurance Sale Thursdays at 1pm Specialty Sale (Heavy Truck/Equipment/ Powersports) every 2nd and 4th Thursday at 12:30pm $4k and Under Sale: Last Wednesday of the Month at 3pm
MANHEIM OMAHA
9201 S. 144th Street Exit 440 off of I-80 Omaha, NE 68138 (402) 896-8000 (800) 218-4192 Fax: (402) 896-6758 General Manager: Steve Robinson Assist. Gen Manager: Korey Grell Thursday 9:30am.
MANHEIM ST. LOUIS
13813 St Charles Rock Road Bridgeton, MO 63044 (314) 739-1300 (800) 533-5414 Fax: (314) 298-3347 General Manager: Jason Blake
MID-STATE AUTO AUCTION 100 Bach Ave. New York Mills, MN 218-385-3777 218-385-3232 (f) Rob Thompson, president Sale: Friday, 10 a.m. www.msaanym.com
NEBRASKA AUTO AUCTION, INC. 7500 N. 56th Lincoln, Nebraska 68514 402-466-8477 Contact: Mark Cooley Tuesday at 10:00 a.m. www.nebraskaautoauction.com
PLAZA AUTO AUCTION, INC. 320 Highway 30 West P.O. Box 147 Mt. Vernon, IA 52314 (319) 895-6232 Fax: (319) 895-6727 www.plazaaa.com Owner: Mark Greb Office Manager: Debbie Welsh Sales Manager: Becky McGinty Consignment Sale every Wednesday at 6:30pm. Fleet/Lease/Repo Sale Wednesday at 7pm.
TRI-STATE AUTO AUCTION Jct. Highway 11 & 80 P.O. Box 735 Cuba City, WI 53807 (608) 744-2020 (608) 744-3418 (800) 356-0625 Fax: (608) 744-7425 Owners/Managers: Gerald and Helen Brogley Thursday 6:30 p.m.
APPROVED MEMBER BENEFIT PROVIDERS ADVANCED BUSINESS PRODUCTS, INC.
Printing, Promotional Products, & Wearables Contact: Scott Jayne PO Box 71547 Des Moines, IA 50325 Phone: 515-225-6343 Toll Free: 888-464-2274 Fax: 515-225-6510 Toll Free Fax: 877-987-3514 Website: www.go4abpi.com
ASSOCIATIONS MARKETING GROUP INC Health Insurance Jesse and Lee Patton 1112 Maple Street West Des Moines, Iowa 50265 Toll Free: 800-798-6772 Phone: 515-270-8178 Fax: 515-270-0398 E-mail: leepatton@amgi-dsm.com
AUTO OWNERS INSURANCE
8% DISCOUNT TO ALL IIADA MEMBERS
AUTOJINI.COM
Websites for Dealers Contact: Syed Azam 310 Main Street Ste 201 Ames, IA 50010 Phone: 515-232-2024 E-mail: syed@octadyne.com Website: www.autojini.com
CITIZENS COMMUNITY CREDIT UNION
2012-1ST AVENUE SOUTH FORT DODGE, IOWA 50501 Phone: 515-955-5524, Ext. 202 Fax: 515-955-8241
CU DIRECT (CUDL)
Contact: Paul Bejarno, Area Account Representative Phone: 515-988-0521 Email: paul.bejarno@cudirect.com Website: www.cudirect.com 2855 E. Guasti Road, Suite 500 Ontario, CA 91761
DIAMOND OIL COMPANY
Lubricants, Diesel Fuel, Propane & DEF Contact: Jason Heiden 702 S.E. Raccoon Street Des Moines, Iowa 50309 Email: jheiden@diamondoilco.com www.diamondoilco.com
ERIKSON SOLUTIONS SERVICES, LLC
F & I Compliance & Sales Training Alpha Warranty Services Classic Essential GAP – Norman & Co. Frazer Computing Rep Motorsport Dealer Solutions www.motorsport-dealer-solutions.com Contact: Scott Erikson 15210 Castelar Circle Omaha, Nebraska 68144 P: 402-639-0664 F: 402-697-4937 eriksons@aol.com
FOLLOW-UP PLUS
“Customers for Life” Repeat Sales, Referrals & Customer Loyalty Contact: Terry & Sue Newell P.O. Box 294 Carthage IL 62321 Ph: 217-357-9032 Fax: 217-357-9076 E-mail: tlnewell@frontienet.net
FRAZER
Dealer Management Software 6196 US Highway 11, PO Box 569 Canton, NY 13617 Phone: 888-963-5369 Fax: 888-963-3366 Website: www.Frazer.com Email: info@Frazer.com
GLOBE ACCEPTANCE INC
Sub-prime Lender Contact: Beth Dieter P.O. Box 65400 West Des Moines, Iowa 50265 Phone: 515-225-9067 globeaccepts@globeacceptance.com Website: www.GlobeAcceptance.com
GREATER IOWA CREDIT UNION 1630 22nd Street West Des Moines, Iowa 50266-1407 Jason Kolar, Dealer Direct Manager Ph: 515-954-1666 F: 515-956-6966 jkolar@greateriowacu.org
INNOVATIVE DEALER SERVICES, INC.
Dealer Software Management Systems P.O. Box 23189 Shawnee, Kansas 66283 913-312-7344 – Ext. 11 Fax: 810-821-1718 Website: innovativedealer.com Terry Webb twebb@innovativedealer.com
PREFERRED WARRANTIES, INC. 200 Pinebrook Place P.O. Box 278 Orwigsburg, PA 17961 Website: www.warrantys.com Iowa contact: Larry Bohlen Cell: 515-322-6397 Fax: 1-877-233-0298 Email: lbohlen@warrantys.com
PROSOURCE FINANCE
We Do F & I for You 2540 106TH Street, Suite 202 Urbandale, Iowa 50322 800-795-1765 jeff@prosourcefinance.com website: www.ProSourceFinance.net
S & C AUTOMOTIVE, INC.
NIADA CPO Program & Training, F&I Products, Reinsurance Formation, Appearance Protection, Spray-on Bedliners, Accessory Installation 3828 70th Street Urbandale, Iowa 50322 P -515-276-9622 Fax: 515-276-8472 Contact: Doug Eckhart doug.eckhart@scautomotive.net Website: www.scautoia.com
THE CYCLONE AGENCY
F&I Training, Sales Training, Service Contracts Rob Miller and Chris Hochstein 515 N Jefferson Way Ste H Indianola, IA 50125 Phone: 515-962-0099 or 515-962-0100 Fax: 515-961-8400 Rob: 515-205-5900 cell Chris: 515-205-5800 cell E-mail: cyclone@thecycloneagency.com Website: www.thecycloneagency.com
U DRIVE ACCEPTANCE CORPORATION
An Iowa Sub-Prime Finance Company P.O. BOX 3107 Sioux City, Iowa 51102 Jeremy Bennett Office: 712-258-0269 jeremy@udriveac.com
UNIVERSITY OF IOWA COMMUNITY CREDIT UNION
Doug White, Indirect Lending Manager 319-248-5855 dwhite@uiccu.org P.O. Box 800 North Liberty, IA 52317
VERIDIAN CREDIT UNION 1827 Ansborough Avenue P.O. Box 6000 Waterloo, Iowa 50704-6000 800-235-3228 Kara Van Wert –Tony McKillip
WILSON DISTRIBUTOR SERVICE Car Brite Products Forms, Detail Supplies, Equipment & More Jason & Lisa Goody 105 N McCoy Mt. Pleasant IA 52641 Phone: 800-634-0974 Fax: 319-385-2927 E-mail: jasonwds@lisco.com Website: www.wds-usa.com
REYNOLDS & REYNOLDS INC.
Dealer Bonds Long Term Care Insurance Various types of insurance Contact: Dean M Clark 300 Walnut Street Ste 200 Des Moines IA 50309 Phone: 515-243-1724 Toll Free: 800-767-1724 Fax: 515-243-6664 E-mail: d.m.clark@reynolds-reynolds.com
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IIADA and NIADA Membership Protect your business through IIADA and NIADA’s legislative monitoring efforts at the state and federal level FREE publications – Street Smart and Used Car Dealer magazine Certified Master Dealer Program through NIADA/ Northwood University Garage insurance; health and other types of insurance Retirement program; prescription drug savings Conventions, trade shows and dealer training meetings and seminars Discounts on credit card processing
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8% Discount on Auto Owners Insurance for IIADA members Dealer Awards Scholarships for your children/grandchildren and your employee children $2000 in auction fee discounts from Midwest auto auctions – IIADA Auto Auction Coupon Card Lodging, car rental and restaurant discounts NIADA-TV – 24/7 Telephone assistance to IIADA members and updates on rules, law and regulation IIADA Newsletter