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Do you own or manage a buy here pay here (BHPH) dealership? The right BHPH software package can help you manage your payment processes, customer contacts and inventory. Learn how the right software can simplify the management of your dealership.
As a BHPH dealer, you provide a valuable service to the public that regular dealerships can't. Your business is fast-paced and constantly moving. You need a software solution that can keep up.
According to Investopedia, 20% of Americans have a credit score below 600, and 22% have scores between 600 and 699. In most cases, that won't qualify them for conventional auto loans, which typically require a score of 720 or higher.
Since more than 80% of car buyers rely on loans, that leaves a lot of borrowers out in the cold. Frustrated by rejection after rejection, these borrowers can find a warm welcome at a BHPH lot. They get the chance to buy the vehicle they need when everyone else has turned them down.
A BHPH is a good option for these customers.
The dealership offers a wide selection of good used cars.
Dealers handle all the paperwork and financing on site.
Payments are easy with flexible, convenient payment terms.
Customers can avoid embarrassing credit turn downs.
Your dealership processes a sizeable amount of paperwork. The typical car dealership needs to hold data about every car in its inventory, vehicle histories, loan documents, current customers and their loan status, legal and tax documentation, collection and repossession attempts and more.
You also need to track your employees. How are your sales reps performing? Do you have an on-site repair shop? How is it doing in terms of money and customer relations? With the right buy here pay here software, you get access to detailed reports at the touch of a button.
You know you need software to manage your business. How do you know you're choosing the right one? You can listen to a lot of sales pitches, but there are three things that should top your list. Choose software that:
Is easy to learn and use.
Works with the systems you have.
Simplifies your payment and accounting functions.
The world's best software is useless if you or your employees find it difficult to use. Your best choice is a software that is easy to learn and use.
What makes a software easy to use? It should be simple, well-organized and reliable.
It should have:
A straightforward system that's easy to understand.
Intuitive, user-friendly interfaces.
Simple, virus-free download and installation.
Seamless integration with your existing programs.
Regular updates that keep it current and secure.
No need for additional third-party software to operate.
UX and UI are terms that measure how easy a particular software platform is to use. UX refers to user experience. It measures how enjoyable the platform is for people who use it. If the platform has engaging content and is easy to navigate, you can say it has high UX.
The term UI refers to user interface. Some technology experts use the term GUI for graphical user interface. The terms are interchangeable. They both refer to graphics and layout that are engaging and easy to use.
A software system should make your accounting functions easy. Here are six good reasons to get buy here pay here software that works with your existing programs.
You should be able to look up a customer and quickly find their payment history, late fees, contact activity and other payment information. The right system allows you to email your customers about payments, office hours and other important information.
You should be able to set up recurring payments, attach late fees, process repossessions and collate your write-off numbers. Some people make large cash deposits or pay for their cars in cash. Be prepared with a system that can fill out and print an IRS form 8300 on the spot.
Are you tired of constantly having to enter the same accounting and payment information over and over? Your employees are probably equally tired of it. Having to enter data from other sources leads to mistakes and wastes a lot of time. A standalone accounting system forces you to do just that. An integrated system saves you time and money.
When you want an accurate, up-to-the-minute assessment of your business, you can get it any time with integrated accounting software. As your employees make sales and record them, you'll get a running count of your profits. You'll also get a good picture of your expenses as the software tracks missed payments, repair costs, commissions and other items.
With an integrated accounting system, your employees can process debit and credit card payments without having to go to a separate payment page. Instead of wasting time going back and forth between a customer's information page and the payment page, you can process payments instantly at the touch of a button.
An integrated software system can automatically calculate the commissions you owe your sales reps. The software can do this with automatic job pricing. Instead of haggling with your employees, you can get a complete, simple report that spells out the commissions.
Flexible payments are integral to a BHPH. Your customers need the flexibility of weekly, biweekly or monthly payments. Your software system should be able to calculate payments under all these schedules, at various interest levels and with certain cash down payments. You just enter that information to prepare a payment schedule for your customer.
What else should a good BHPH dealership software package include? Consider adding these features for a custom system targeted to your needs.
VIN decoder: A VIN (vehicle identification number) decoder automatically gives you the year, make, model and ownership history of any VIN It will also alert you if you enter the numbers incorrectly.
Vehicle notes: Easily retrieve the options, features and other details about any car in your inventory. When the customer asks a question, you'll have that information instantly. You should also be able to enter your own notes about the car.
Showroom and lot management: Keep track of your inventory and keep it safe with software that integrates with your security systems, GPS tracking and other features.
Customer relations management: Customer relations management (CRM) is more than just a business buzzword. Software that makes things easy for your customers leads to repeat business, referrals and positive reviews. A fully integrated software platform allows you to instantly print state and federal forms including online title and registration paperwork, buyer's guides and owner manuals.
Your BHPH (Buy here pay here) dealership is busy, and you don't have time to look at a bunch of different software programs. You want to know you're choosing one complete software package that you and your employees will find easy to use. You want software that integrates seamlessly with your existing software to make it easy to manage your inventory, your payment systems and your customer relations.
At Chetu, we specialize in developing software that provides specific solutions to businesses. We develop fast, simple and seamless software packages. We understand the specific challenges you face, and we provide solutions that work for you. Contact us today to learn what we can do for your dealership with custom buy here pay here software.
Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.
Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.
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