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Hey, this is Jay Rose with Total Dealer Training, helping you to “Live your Lifestyle, Guaranteed!” We're going to talk about the differences between Retail Used and Buy Here Pay Here inventory. Now there's a few different factors involving your success with inventory and some of you out there may be a combination of the two. When I say Retail, just a reminder, this is where you have outside finance companies, whether it's cash or outside finance companies, even if they're subprime finance sources. BHPH is a different inventory process and mindset versus Retail used. BHPH is where you're working or living with the customer for the next three years. So not just is the mindset's different, but here are some specific differences between the two that we will discuss.

1) Acquisition of inventory. When you're in a retail store, you want to acquire vehicles that, you know, have a high demand in your area so you can appeal to what your customers want. BHPH dealers need to make...

“One of the great responsibilities that I have is to manage my assets wisely, so that they create value.”
— Alice Walton 

"Determine what your customers need, and work backwards."
— Jeff Bezos

How you start your day matters if you want to be successful. Here are 6 items that you should be included in your morning routine. If you already have a routine, see if these can be incorporated into your current plan. If you don't have a consistent morning routine, it is time to start one now. Studies have shown that a majority of successful people have a consistent morning routine. You may add or remove other steps to your plan but the important part is that you have a plan and are implementing it. Now, let's get started.

1. Get 7-8 hours of sleep. A successful morning routing starts with a full nights rest. Science shows that a body needs 7-8 hours of sleep to be fully rested. Your entire body and mind will function better with a full nights...

"The backbone of success is hard work, determination, good planning, and perseverance.”
-- Mia Hamm

“Four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently.”
-- William A. Ward

Hey, this is Jay Rose from Total Dealer Training. I just want to speak about if you're a finance specialist, product specialist or a salesperson out there, and you're looking to be effective this coming month, there's certain things we need to do on a monthly basis. Now I'm sure you've already read our post about what we should do on a daily basis to make sure we achieve this success. Some of the monthly things that are really important are 1) Our Goals. Where are they? You know, we set a goal beginning at a month, we were tracking it every single day with our daily activities, where do we end up and looking at that? Where are we tracking? Are we doing well with our Leads, Appointments, Appointments that Showed up, Applications,...

“Never take your eyes off the cash flow because it’s the lifeblood of business.”
Sir Richard Branson

“If I had to run a company on three measures, those measures would be customer satisfaction, employee satisfaction, and cash flow.”
—Jack Welch

Hey, this is Jay Rose with Total Dealer Training. If you want to “live your lifestyle”, guaranteed, definitely make sure that you take notes and share this with others that are looking to take their career and their financial success to the next level. Now let's talk about collections. Collections has changed a lot since I first started in the business in 1989, working with collection customers. The biggest difference that I see that's really changed and needs to change in your culture or philosophy in working for customers. Old school culture has always been about the “transaction”. It was always managing the department, managing your portfolio, managing your customers. Like they're...

"Excellent firms don't believe in excellence - only in constant improvement and constant change."
Tom Peters

"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage."
Jack Welch

Hey, this is Jay Rose from Total Dealer Training. If you want to “Live your Lifestyle Guaranteed”, here's some great tips about the BDC or Business Development Process. If you're looking to increase sales or your income, this is going to be a discussion on the biggest differences between Buy Here, Pay Here and Retail purchase process. We will also discuss the “old school” way of doing it and the better way that'll get you proven results. First of all, let's just look at business development process. BDCs have been around since the 1990’s although technically we've always had them because business development or prospecting was done verbally in person. It wasn't really given that name or acronym BDC (business...

“Approach each customer with the idea of helping him or her solve a problem or achieve a goal, not of selling a product or service.” – Brian Tracy

“If your only tool is a hammer then every problem looks like a nail.” -- Abraham Maslow

Hey, this is Jay Rose from Total Dealer Training. If you want to live your lifestyle, guaranteed, you're in the right place. We're going to talk about in this post, the buying process, you might call it selling process. I call it the “Customer Purchase Process”. When a customer wants to purchase your product, it's pretty simple. They're either going to do it because they like your product. If they're in your showroom or your branch location, they already have enough interest in your product to be there or to call you. All you can do at this point is either guide them through their purchase process or screw it up which would then turn your buyer into a shopper. So either way, the important thing is when it talk...

"Success is nothing ore that a few simple disciplines, practiced every day."
-- Jim Rohn

"Winning is a habit. Unfortunately, so is losing."
-- Vince Lombardi

In Retail you may call yourself a salesperson but you should call yourself a "Product Specialist"; in Buy Here Pay Here (BHPH) or Sub-Prime, you should be calling yourself a "Finance Specialist", but we'll talk more about that later why every person in America hates & distrusts anyone with "Sales" in their title. In either case whatever your title is, there are certain things that you need to do on a daily basis to be successful. Here's just a few of them:

First, when you first get to the dealership, obviously grab your coffee, whatever you do. Then look for any messages from customers and respond to them immediately. For example; leads from last night that were assigned to you, voice messages and emails. Next, you want to make sure that you follow up any undelivered customers or appointments that didn't show up on the day...

"A man's mind, stretched by new ideas, may never return to its original dimensions."
-- Oliver Wendell Homles, Jr.

"Teachers open the door, but you must enter by yourself."
-- Chinese Proverb

New and Used Car Retail is completely different from Used Car, Buy Here Pay Here (BHPH) and Sub-Prime Dealers. I have identified 6 key areas of differentiation and will be exploring each of these in more depth in future posts.

1. Generic retail training that we've all been exposed to and some of you may actually be using right now, does not work properly. It does not address the key differences with our business compared to new and used retail training.
2. The Sub-Prime and BHPH customers have a completely different purchase process or sales process. It's all about defense and about underwriting the right customer to bring them into our portfolio, whether that's with a subprime bank or we're holding the receivable ourselves. This is not about being offensive in selling vehicles.
3. It is...