You have no idea how many lot audits we do that reveal issues with Buyers Guides. Watch this video to learn about those issues and prevent them. Below is a transcript of the video: Now, how about those Buyer’s Guides? Those are federally mandated documents, recently updated within the last couple of years. It […]
All cars not for sale must be labeled as such. These may be vehicles that need repair, were recently repossessed, or are loner vehicles. Regardless of the reason, any vehicle on your lot that is not for sale must have a tag or sign indicating that it is not for sale. This video provides more […]
Now we’re moving on to the information most of our clients request first – the laws and regulations involving sales of vehicles to customers. But before a car can be sold to a customer, the customer will likely want to come to your lot to check it out. Did you know that there are regulations […]
The number one issue that I see with dealers relates to disclosures from the auction and disclosures to customers. This video is a must-watch, even if you haven’t seen any of the other videos yet (I hope that’s not the case). This video is extremely important as I go through auction announcements and your liability […]
Most floorplans require a personal guaranty. We already talked about what a personal guaranty is, but watch this video for an explanation specifically as it relates to floorplans and auctions. Below is a transcript of the video: Most floorplan financing options will also require a personal guarantee from a dealer. I already spoke […]
Did you check your bank account and notice that the auction had taken money out without your knowledge? Believe it or not, that happens more often than you think. Watch this video for an explanation and cautionary tale about auto drafts and bank authorizations. Below is a transcript of the video: Now we are […]
In this video, we talk about how disputes at the auction are handled. If you have ever had an issue with an auction, you’ll want to know the deadlines and rules for resolving that dispute with the auction. Below is a transcript of the video: Here is something I get a lot: a client […]
Most, if not all independent dealers get their inventory from pre-owned vehicle auctions. Some only buy from local auctions and some buy from all over the country. As a result, the auctions hold significant power over independent dealers. It is in your best interest to stay in the auction’s good graces. Watch this video to […]
Client: Steven, I just got a letter from an attorney because we messed something up. Steven: Uh oh. What happened? Client: We bought a car at auction, put it on our website, and sold it before we got the title from the auction. Now we are past the deadline to transfer title and the customer […]
Sometimes transportation of a vehicle from an auction to your lot can go awry. In this video, I tell two of my favorite stories about crazy cases involving vehicle transport. Trust me – they’re wild. Check out this short video to find out what happened. Below is a transcript of the video: Now we’re […]
