performance of your portfolio including principal payments, delinquency, charge offs, recovered loss and several other key indicators of your collection efforts. The next step is to be able to demonstrate how your portfolio has performed compared to other portfolios of similar size across the country.
One of the smartest ways to monitor your Buy Here Pay Here business and understand how your business is performing is to join a Performance Group, commonly referred to as “20 Groups”. Performance groups are comprised of non-competing BHPH dealerships from around the country that participate in a monthly webinar hosted by a professional moderator. Member dealers exchange ideas, best practices and innovative thinking to achieve greater profitability in their business. Participants in these groups focus on specific business issues that are unique to the cash intensive requirements of a BHPH operation.
Devoting just an hour each month to analyze your business results not only makes sense, it should be a business priority. The Buy Here Pay Here business is a complex business, and it requires close monitoring of your business results if you want to avoid serious consequences that result from working too hard IN your business, and not spending enough time working ON your business.
Remember to invest in yourself, by taking the time to educate yourself on the many changes taking place in the BHPH business. The most effective way to do this is to join a Performance Group. Most importantly, remember the networking opportunity that get with other dealers across the country by joining a Performance Group. You may find the time you spend working ON your business may result in less time working IN your business!
By Mark Dubois
President
Dealer Performance and Consulting, LLC
Phone: 941-729-2357
Web site: