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You'd be surprised what's lurking in car dealership accounting records and financials. I've written and spoken about this a lot and nothing really seems to change that much. I’ve seen the same mistakes repeated again and again, with little progress toward improvement. While some dealers and general managers are aware of the issues and work to address them, for every one that does, there are …
Continue Reading about Car Dealership Accounting “Worst Practices” That Jeopardize Profitability →
Early in my career, I opened a Nissan dealership in Rosemead, California with just the owner and a small team of six others. The location had been shut down for a year before we took over. That’s where I truly learned the ins and outs of the car business, working every role in the dealership (except technician). Our location was far from ideal—so much so that it was ironic our name was “Freeway …
Continue Reading about A Blimp, a Dealership, and Lessons in Financial Stewardship →
With every passing week, I'm witness to a growing number of dealerships whose expenses have been creeping upward. It's often a topic of conversation, and after the past few years of volatile sales, some bad habits are back. One of the most dangerous habits is neglecting to conduct a monthly review of dealership expenses and where they come in as a percentage of gross profit. What caused this …
Continue Reading about A Simple Dealership Expense Control Tactic to Avoid Scary Surprises →
This week is a short week (Labor Day), and corporate taxes are due, so I thought I’d share a quick story with you that was inspired by the Rolls Royce SUV. If you’re not a car person, you may not even know such a thing exists. Indeed, when I saw it for the first time, I got a little worried for our culture because, while this amazing vehicle is highly-desired in certain parts of the world, it …
Continue Reading about Short Week Musings: When Luxury Meets Utility →
