How to Stop Chasing Cash Every Day

By Steve Lane

Some deal­ers are col­lect­ing receiv­ables as if they were still in the horse and bug­gy era. But today we live in a “tweet and text” world.

Fail­ure to col­lect vehi­cle receiv­ables quick­ly leaves many deal­ers in the frus­trat­ing and uncom­fort­able posi­tion of chas­ing cash every day.

Deal­ers need to col­lect at Inter­net speed. Here’s how:

  • Elim­i­nate delayed or reject­ed con­tracts in tran­sit. They can cre­ate a cash flow prob­lem almost overnight.
  • Your first step is to get the con­tract right the first time.
  • Typ­i­cal­ly, con­tracts are reject­ed because of sim­ple mis­takes such as fail­ure to pro­vide sig­na­tures, a copy of the driver’s license, proof of insur­ance, or proof of income.
  • Make sure to include all the nec­es­sary information—correctly—and then, use e-con­tract­ing soft­ware to send the con­tract elec­tron­i­cal­ly. You can be paid in 24 hours or less.

E-con­tract­ing isn’t new. But it’s much improved since it first came to mar­ket years ago. It’s been per­fect­ed and mod­i­fied and enhanced to the point that the deal­ers using it have a great advan­tage. E-con­tract­ing can fix your cash flow prob­lem.

Instruc­tor Steve Lane teach­es Finan­cial Man­age­ment in week 1 of 6 in the pro­gram. Reach him at [email protected] or vis­it to down­load the sched­ule and appli­ca­tions for all pro­grams.

To find out how your dealership‘s com­pen­sa­tion stacks up to the com­pe­ti­tion, par­tic­i­pate in the 2013 Deal­er­ship Work­force Study. Par­tic­i­pa­tion is open only to NADA and ATD mem­bers, and the par­tic­i­pa­tion win­dow clos­es April 30. Go to now.

 

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