Speaking of Jay's F&I Compliance
Training CD....
Great presentation but a little long
for a bunch of dealers to sit
through. This information is
exactly what the dealer needs AND
MUST know about. They also need to
understand that ignorance of the law
is no excuse and will still be held
liable. And no, controllers do not
have spare time to handle all of
these issues as well, at least not
your controller.
All
of the information contained in this
presentation is not going away
anytime soon if ever.
We
MUST:
* Change the way we do business
* Take the do not call list
seriously (even though it would be
rare for us to violate)
* Take the GLB act VERY seriously as
this can bankrupt us quicker than
anything
I have ever seen.
* Most dealers are unaware of the
Patriot Act or its implications.
* Not to mention all the reg Z for
F&I, payment packing issues, etc…
The GLB ACT: Maximum Penalty is
$11,000 per violation per day since
violation started (for many that
will be May, 2003)
2 years of one violation = 730 days
times $11,000 per day =
$8,030,000.00 in potential fines.
Even if it gets reduced to 10%, that
is still $803,000.00
Do
the math – we would be out of
business in a single day. I
strongly feel that our group,
including the (all) locations, can
afford one person to oversee many of
the issues in this presentation.
-
From a Corporate Controller-Midwest
Dealer Group to the General Manager
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This
is the most powerful tool that I’ve
ever seen. After trying to sort out
all the issues that are required to
comply, I had given up. This CD
makes it easy for me and my
employees to understand the new
laws, regulations and
interpretations. My only question
is, what took you so long?
-
southern California GM Dealer
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After my F&I Manager attended your
Houston workshop, I was shocked by
how much I (we) didn’t know about
compliance. Your CD is now part of
our dealership training process.
-
Houston area Ford Dealer
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"Jay
helped our Company through a difficult
transition. I have great respect
for him....he is a real pro."
- Jo
Kinsel - Kinsel Motors, Beaumont, TX
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"Jay
brings expertise in a way that all
employees respond, unlike other
know-it-all Consultants."
- Gary
Huffman - Palmer Auto Group,
Indianapolis, IN
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"Jay
moved the needle in every Department,
returning us to profitability."
-
Ron Mills - Mills Ford, Anaheim, CA
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"Being
a National Sales Trainer myself, Jay is
one of the most experienced in the
business...you should be working with
Jay."
-
Jack Simmons - National Dealer Trainer,
Autotrader.com
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"In
over 25 years of working with car
dealers, Jay is extremely knowledgeable
and his determination is incredible."
-
William L. Needler - Attorney, North
Carolina & Illinois
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"I've
been working with Jay Prassel since 1997
and it's one of the best decisions I've
ever made."
-
Mario Luther - Luther Ford, Indiana, PA
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"I walked
into our nice little double wide trailer
that is functioning as our sales offices,
courtesy Hurricane Ike, about 8:15 this
morning and a guy we delivered last night
was there to get his car washed. Since he
was here before anyone else he had made
himself comfortable inside with a cup of
coffee and patiently waiting for someone to
show up. The first thing he asked me wasn't
when he could get his truck washed or when
his salesman would be in it was if I thought
he did the right thing buying a new Ford
truck and not that Toyota parked about 100
yards away. It only took a second to notice
our local paper sitting in his lap and right
there on the front page is another of those
huge articles that would lead anyone to
believe that American car companies are all
but finished. After assuring him that we
would be here to service him till the wheels
fell off his truck I showed him a quote from
another paper that was emailed to me. Here
is what it said:
"Auto
Dealers have been going out of business in
droves, and those who remain are adopting
survival tactics. The intent is not only to
lure customers, but to slash costs, motivate
sales forces and bring more business to
service departments…Part of the downturn is
cyclical, since strong car sales never
continue indefinitely, and the war has
depressed sales by about a third. But
Marketing Consultants, Auto Executives and
even the dealer groups contend that
automotive retailing is undergoing
fundamental changes..."
Sound
familiar? Then I showed him the date. It's
hard to believe that this article wasn't
written in reference to the current economy,
but rather for a market 18 years ago. The
article originally ran in a February, 1991
issue of the New York Times. However, the
points being discussed greatly resemble
those which we currently face today. So
what does that mean? The person that sent
the email thinks we should see it as a light
at the end of the tunnel and I agree. I
shared the story of the old man and read the
quote to all my people this morning and
reminded them that some of us were in this
business in 1991 when this downturn happened
and some, well just you old dudes, were here
for three or four more turbulent times in
the past 50 years and we became stronger
each time. We take the bull by the horns
and somehow always turn adversity into
something positive. We have veteran sales
people, the best managers and a dealer that
has made it through every one of these tough
times. On top of that now we have Jay
Prassel! What more could we ask for?
Okay, okay, a fresh marketing plan from Ford
instead of the same old crap year after year
would be nice but I can’t control that! I
am going to hit my customer base with
another direct mail campaign because I know
for a fact that it brought me people that
want to buy here and I am going to follow
that up with an email blast to 25,000 people
that have never bought from me. I will let
you know how it goes! Have a great
day!
PS-
Remember the old man? I saw him about an
hour later looking over his freshly cleaned
2009 F150 waiting to have his picture taken
for his calendar. I went and brought him in
my office, opened him an E-Trade account and
transferred 100 shares of ford stock into
his new account. I showed him how to check
on his stock and told him now he not only
owned another Ford truck but he also owned a
part of Ford. I am quite sure that on a day
that Ford stock hit $1.27 a share he just
might be the only person on earth that was
happy about owning some!
James McNutt
- Kinsel Ford, Beaumont, TX