adkjznd.info

Way back in 1971, C.P. Snow wrote about technology in the New York Times. He said, “Technology… is a queer thing. It brings you great gifts with one hand, and it stabs you in the back with the other.”Many dealers are voicing that sentiment these days. Far too few have done anything about it. Some have learned to use computer software with skill. They use the apps on iPhones, iPads, and Blackberries. They have created an effective Web site. They use Facebook and Twitter and LinkedIn for social networking. For others, these are merely words and technologies that test their ability to conduct both business and their private lives. Dealers, already feeling the brunt of the two-plus year recession and massive changes in the car industry, are becoming increasingly concerned about their ability to not only keep up, but to even remain in the playing field.Why should dealers bother with such things? Isn’t the old way good enough? Nope!Customers who always shopped on the lot are now shopping on the Internet before they take a step toward a dealership. They’ve researched every model in their price range and with the features they want. They’ve read a dozen articles about how to get the best deal. They’ve become more savvy than many sales people hired by dealerships; they know their credit score; they know where they can find the best price on insurance, window tinting, undercoating, you name it. Everything once sold to them by a finance officer from the menu is for sale on the Internet.Are you one of the dealerships where handwringing has become a daily pastime? Have you taken a close look at your bottom line? Have you noticed what would happen to your finance portfolio if you removed your sub-vent rated and nonprime customers? Have the numbers of your prime-financing customers dwindled to an all-time low? Perhaps you haven’t seen the drop in your captive financing yet, but beware, it’s coming just as surely as the first snowstorm.Snow was right, back in 1971! The Internet can either become a beacon for drawing in more satisfied customers to your dealership and vastly increase your bottom line, or it can stab you in the back. It can be your best friend or your worst enemy. How?Statistics show that 80% of car customers go online before they make the decision to buy and before they come to your dealership. What are they researching? Brands, models, features and, most of all, prices. Most of all, prices. The majority of Americans in today’s economy are deeply concerned about their budget. They have a fixed amount to spend on a car payment and all the other expenses involved in owning it. The vehicle they choose must fit within that fixed figure. They cannot afford to buy on whim or to make a careless mistake. They won’t take the chance of being bamboozled into buying things they don’t want, don’t need, and can’t afford by a fast-talking sales or finance mangerWhere do these savvy customers get their information? One of their first sources is Edmunds, the friendly consumer-shopping guide. Edmunds has never been and still isn’t the dealer’s friend. Edmunds does whatever is necessary to achieve the sale on vehicles and products from the Internet shopper… and then refers these buyer to specific retailers to obtain a fee! Banks. Finance companies. Insurance companies. You name it.Don’t let them get a strangle hold on your customers! If you haven’t already checked this article on Edmunds.com, perhaps you should do so right now!Confessions of an Auto Finance Manager In the Back Rooms of America’s Car Dealerships By Philip Reed, Senior Consumer Advice Editor and Nick JamesIntroduction”Congratulations, you’re getting a great deal!” the car salesman says, pumping your hand. “Let’s sign the paperwork and you’ll be on your way in your new car!”At first you’re relieved – the negotiating is over. But then the salesman walks you down a back hallway to a stark, cramped office with “Finance and Insurance” on the door. Inside, a man in a suit sits behind the desk. He greets you with a faint smile on his face. An hour later you walk out in a daze: The whole deal was reworked, your monthly payment soared and you bought products you didn’t really want.What happened to your great deal?You just got hit by the “F&I Man,” also called the finance officer. He waits in the back of every dealership for unsuspecting customers so he can increase the profit for the dealership and boost his commission.In this four-part series, written by veteran auto finance manager Nick James, you will learn the F&I man’s tricks and how to avoid them. When you’re done, you’ll be ready to safely navigate this crucial part of the car buying process, and the F&I man will never work his “magic” on you again.- The Editors at Edmunds.comAre you still ushering your customers into the office of your “F&I Man”? No? You have a Web site? You update it once a month? You have a tech-savvy employee who checks your e-mail messages every morning? BUT… how would you answer these questions?When your potential customers come to your Web site, what resources do you have available to steer them away from online financing? Do you have a quick reference guide for their buying the vehicle that fits their budget and your financing terms? Is the information presented in a complete, forthright and friendly manner? Does it enlist confidence and trust? Will readers feel they’d get a no-nonsense financing deal from you?If these online customers make a call to ask a few questions, does your finance manager answer them, or resort to the former game of “I can only reveal those options when you come in for an interview”? Does he or she become discouraged by the process of reviewing transactions over the phone? Does your Internet manager have direct access to your finance manager at all times; avoid posting rates and product pricing on your Web site; work well with your sales and finance departments? Have you utilized the I-chat technology now readily available to instantly answer your customers’ finance questions? How many phone calls to your finance department go unanswered on a daily basis? How are online customer calls being handled in your F&I office?Reducing your finance penetration will not only effect the overall performance of your dealership, but will negatively effective your reinsurance investment. If your customers are financing with someone else, they could also be buying their other products. Take a long and serious look at the insurance products you sell, the agent who works with you, and the changes that must be made to keep you competitive with the technology available to all your customers. You must remain competitive in products offered, their quality, and their prices. Should you be considering a new partner?What new and creative processes are you providing your current and potential customers within your Web site? Have you considered presenting your menu as a virtual finance manager? Do you have WebEx with a preloaded menu available for review with your customers whether they are onsite in your finance office or sitting in the comfort of their home? Why not?An upfront sales approach is the best way to reestablish a thriving business in today’s technological world. Teenagers and college students are facile in the use of every conceivable tool involving the information highway. They are your future customers. They will find Edmunds and every comparable site and use the information to their advantage. Provide them with a dozen reasons to buy their vehicle and products from your dealership. Ensure them that financing their dream car with you is the only sensible choice.Although computer use and Internet technology has been around for several decades, it has taken a giant leap in recent years as more and more consumers realize they can save themselves time and money by letting their fingers do the walking. Another great American journalist, Sydney J. Harris, who wrote for the Chicago Daily News and later the Chicago Sun-Times, died in the late 80s; but, he was savvy about where technology would take us. He said, “The real danger is not that computers will begin to think like men, but that men will begin to think like computers.”We’ve reached that point. Where in the world is your finance penetration? It’s time to find out! Do it… today.

Business loans and finance for a business just may have gotten good again? The pursuit of credit and funding of cash flow solutions for your business often seems like an eternal challenge, even in the best of times, let alone any industry or economic crisis. Let’s dig in.

Since the 2008 financial crisis there’s been a lot of change in finance options from lenders for corporate loans. Canadian business owners and financial managers have excess from everything from peer-to-peer company loans, varied alternative finance solutions, as well of course as the traditional financing offered by Canadian chartered banks.

Those online business loans referenced above are popular and arose out of the merchant cash advance programs in the United States. Loans are based on a percentage of your annual sales, typically in the 15-20% range. The loans are certainly expensive but are viewed as easy to obtain by many small businesses, including retailers who sell on a cash or credit card basis.

Depending on your firm’s circumstances and your ability to truly understand the different choices available to firms searching for SME COMMERCIAL FINANCE options. Those small to medium sized companies ( the definition of ‘ small business ‘ certainly varies as to what is small – often defined as businesses with less than 500 employees! )

How then do we create our road map for external financing techniques and solutions? A simpler way to look at it is to categorize these different financing options under:

Debt / Loans

Asset Based Financing

Alternative Hybrid type solutions

Many top experts maintain that the alternative financing solutions currently available to your firm, in fact are on par with Canadian chartered bank financing when it comes to a full spectrum of funding. The alternative lender is typically a private commercial finance company with a niche in one of the various asset finance areas

If there is one significant trend that’s ‘ sticking ‘it’s Asset Based Finance. The ability of firms to obtain funding via assets such as accounts receivable, inventory and fixed assets with no major emphasis on balance sheet structure and profits and cash flow ( those three elements drive bank financing approval in no small measure ) is the key to success in ABL ( Asset Based Lending ).

Factoring, aka ‘ Receivable Finance ‘ is the other huge driver in trade finance in Canada. In some cases, it’s the only way for firms to be able to sell and finance clients in other geographies/countries.

The rise of ‘ online finance ‘ also can’t be diminished. Whether it’s accessing ‘ crowdfunding’ or sourcing working capital term loans, the technological pace continues at what seems a feverish pace. One only has to read a business daily such as the Globe & Mail or Financial Post to understand the challenge of small business accessing business capital.

Business owners/financial mgrs often find their company at a ‘ turning point ‘ in their history – that time when financing is needed or opportunities and risks can’t be taken. While putting or getting new equity in the business is often impossible, the reality is that the majority of businesses with SME commercial finance needs aren’t, shall we say, ‘ suited’ to this type of funding and capital raising. Business loan interest rates vary with non-traditional financing but offer more flexibility and ease of access to capital.

We’re also the first to remind clients that they should not forget govt solutions in business capital. Two of the best programs are the GovernmentSmall Business Loan Canada (maximum availability = $ 1,000,000.00) as well as the SR&ED program which allows business owners to recapture R&D capital costs. Sred credits can also be financed once they are filed.

Those latter two finance alternatives are often very well suited to business start up loans. We should not forget that asset finance, often called ‘ ABL ‘ by those Bay Street guys, can even be used as a loan to buy a business.

If you’re looking to get the right balance of liquidity and risk coupled with the flexibility to grow your business seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of business finance success who can assist you with your funding needs.

US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent

Twitter Facebook Linkedin
US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.

Source: Comex

Nasdaq Top Gainers and Losers

Source: Nasdaq

Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.