ALMOST BRAND NEW

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ALMOST BRAND NEW

Postby mikeg.8209 » Sun Jan 04, 2015 11:12 pm

1ST day as a member, 25yrs in biz, 6 months with retail lot and now want to begin BHPH. So where do I start? Compliance, DMS, ( I have one currently do I add a separate one for BHPH? ), RFC?, ......I want to start ASAP, But not at the risk of costly mistakes. I've heard of boot camps, but are they for existing dealers ? Don't want to be sold something, do want to learn from the pros
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Re: ALMOST BRAND NEW

Postby localmotors1.7065 » Mon Jan 05, 2015 1:07 am

Congratulations. Buy here pay here is not for everyone but if you are willing to do it correctly it can be very rewarding. I find that the NABD is a great source for info and they have a great conference i would start there. We have been in business for 24yrs and carry our own contracts> John w pinckard local motors inc.
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Re: ALMOST BRAND NEW

Postby combs.3602 » Tue Jan 06, 2015 7:51 pm

Hi Mike - I also congratulate you ! :) Where is your store ? Like John said 'BHPH isn't for everyone'.I have been in business since 1973,have had 10 BHPH stores in 2 states,85 employees, with nearly 10 mil in receivables.I am now down to two large BHPH stores.You 1st need to understand the cash requirements.BHPH conference is probably a good start,although I have never attended one.I believe you can attend all of the conferences you want but if you don't have the cash, it won't help.If you look up one of my posts early on it will describe the cash needed to start.The two biggest cash draws will be inventory purchase and income tax payment.You will also find posts on creating your own RFC(related finance company)to help reduce the tax liability.Don't think for a moment that the RFC will save you.It will Help but eventually you will pay the tax, or have a repo.If you cant find it ,post back and I will write the BHPH theory again.Read my post on 'Are There any True BHPH Dealers out There'. Dennis Combs combscarcorral.com Boise/Nampa,Idaho
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Re: ALMOST BRAND NEW

Postby mikeg.8209 » Tue Jan 06, 2015 10:21 pm

localmotors1.7065 wrote:Congratulations. Buy here pay here is not for everyone but if you are willing to do it correctly it can be very rewarding. I find that the NABD is a great source for info and they have a great conference i would start there. We have been in business for 24yrs and carry our own contracts> John w pinckard local motors inc.

Thanks John, I look forward to getting as much info as possible, from where ever possible..Knowledge is power ( I hope )
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Re: ALMOST BRAND NEW

Postby mikeg.8209 » Tue Jan 06, 2015 10:34 pm

combs.3602 wrote:Hi Mike - I also congratulate you ! :) Where is your store ? Like John said 'BHPH isn't for everyone'.I have been in business since 1973,have had 10 BHPH stores in 2 states,85 employees, with nearly 10 mil in receivables.I am now down to two large BHPH stores.You 1st need to understand the cash requirements.BHPH conference is probably a good start,although I have never attended one.I believe you can attend all of the conferences you want but if you don't have the cash, it won't help.If you look up one of my posts early on it will describe the cash needed to start.The two biggest cash draws will be inventory purchase and income tax payment.You will also find posts on creating your own RFC(related finance company)to help reduce the tax liability.Don't think for a moment that the RFC will save you.It will Help but eventually you will pay the tax, or have a repo.If you cant find it ,post back and I will write the BHPH theory again.Read my post on 'Are There any True BHPH Dealers out There'. Dennis Combs combscarcorral.com Boise/Nampa,Idaho


Dennis....Very much appreciate you taking the time to respond. My store is in Maryland, I will absolutely check out your posts and all else I can find. I am anxious to get started, but understand the importance of not jumping in too quick or too mis-informed. I hope to reach out again after I read up some more. Thanks Again...Hopefully I can play it forward someday. Mike Mikeguido13@gmail.com
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