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Check Processing Made Profitable

Posted by Harrison Friedes on Wed, Sep 25, 2019 @ 09:45 AM

“I know check guarantee services are convenient, but how on earth can they be profitable?”

I’m glad you asked.

Check processing services save time and money, the guarantee factor mitigates the risk of accepting bad ones, and optional premium services can further increase sales. Together, this trifecta is the essence of “check processing made profitable” that may be summarized as follows:

  1. Check Guarantee Prevents Returned Checks
  2. Check Processing Means More Sales
  3. Check Acceptance Rates Matter
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Tags: CrossCheck, Increase Sales

How Auto Dealerships Increase Sales at Three-day Weekend Events

Posted by Joe Gargiulo on Mon, Sep 23, 2019 @ 06:45 AM

It’s Saturday morning on Memorial Day weekend. The inflatable tube man is in perpetual motion, burgers are sizzling on the outdoor grill, and the television ads have been running for days. Your auto dealership is ready for its big, big marathon holiday sales event.

You close out the preparations with a sales meeting. It’s “all hands on deck.” There are boxes of gooey donuts, pots of hot coffee, and a cadre of sharp-dressed sales people with their chins up. Your general manager delivers a pep-talk that would make the legendary Knute Rockne take notice.

Article Summary

  • Industry Stats Affecting Auto Sales
  • Down Payment ‘What Ifs’
  • Down Payment Solutions
  • What Is the Best Down Payment Solution?

Sure, you’re going to demo a lot of cars this weekend, but how many more units could you sell if the hefty cost of making a down payment was more affordable in this day and age? Here’s what you need to know.

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Tags: Auto Dealerships, Multiple Check

Brandes Elitch: Auto Industry Payments Expert

Posted by Harrison Friedes on Mon, Sep 16, 2019 @ 12:04 PM

Brandes Elitch is the director of Partner Acquisitions here at CrossCheck, Inc. Apart from that, he has years of experience being involved with the payments and automotive industries.

Elitch (on the right in the above photo) worked in cash management for a Fortune 500 company, consulted for bankcard acquirers, and has sold cash management services for major banks. He was the also the first cash manager at Charles Schwab and directed middle-market sales group at Wells Fargo.

His automotive experience includes being the owner of numerous collectible cars; attending well-known collectible car shows (e.g. Pebble Beach and Concorso Italiano); and authoring Lancia Loraymo and the Loewy Logic of Industrial Design, a comprehensive history of Raymond Loewy’s specially designed car.

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Tags: Brandes Elitch, Independent Sales Organization (ISO), Auto Dealerships

How the Glut of Off-lease Vehicles Affecting Dealerships

Posted by Brandes Elitch on Wed, Sep 11, 2019 @ 08:45 AM

Over the last few years, an interesting development has occurred in the business of selling new cars — a glut of off-lease vehicles has hit the market. Let’s take a look at what this means to dealers and consumers.

During the new vehicle sales bonanza of 2014 ­– 2016, records were set for annual sales, and surprisingly, about a third of those sales ended up as leases. By the end of 2019, an estimated 12 million low-mileage cars were coming off lease to create the glut of off-lease vehicles.

First, a recap of how leasing works. There is an up-front cash payment, and then you make a monthly payment for typically 24 or 36 months, with an option to do a buyout at the end of the lease. In theory, you are just paying for the depreciation during that time.

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Tags: Auto Dealerships, C.A.R.S.

Where to Buy Auto Parts for Modern Cars

Posted by Brandes Elitch on Mon, Sep 09, 2019 @ 07:45 AM

Owning a car is expensive. The American Automobile Association (AAA) says it costs about $8,469 if you drive an average of 15,000 miles a year. But Nerdwallet gets more granular and they calculate a typical monthly cost as follows:

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Tags: Auto Aftermarket, Auto Dealerships

6 Ways Contractors Can Save Money on Buying Building Materials

Posted by Jeson Pitt on Mon, Aug 26, 2019 @ 10:45 AM

Every construction project requires you to spend money on labor and materials. One way to generate higher business profits is by lowering the cost of building materials. It is possible to save money while buying building materials — you just need to know the right tactics to reduce overhead expenses.

Let’s look at six ways to do that.

Article Summary

  1. Buying Building Materials in Bulk or at Wholesale
  2. Buy Easy-to-Install Building Materials
  3. Choose Prefabricated or Modular Materials
  4. Have a Network of Suppliers
  5. Negotiate Free Delivery
  6. Establish Good Payment Terms
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Tags: Building Materials

Summer Las Vegas Market 2019: A Furniture Wonderland

Posted by Kyle Escamilla on Fri, Aug 23, 2019 @ 09:45 AM

The Summer Las Vegas Market (LVM) was an amazing destination for furniture dealers and interior designers. Furniture, home gifts, educational events, and great people were all part of this year’s semiannual market. LVM reported strong order writing and increased showroom traffic. Summer LVM was held July 28 – August 1.

The Las Vegas Market is the go-to furniture retailer destination where they present more than 4,300 furniture, home decor and gift outlets — more than 130 of which were new to the campus this year. Located in Nevada’s jewel city, LVM is a great place to buy furniture, learn about the industry, and have a fun filled experience.

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Tags: Home Furnishings, Las Vegas Market (LVM)

Why Is Fixed Ops Important to a New Car Franchise?

Posted by Brandes Elitch on Tue, Aug 20, 2019 @ 07:45 AM

Consumers think that selling new vehicles is the most important and profitable part of running a new car franchise, and that dealers make a lot of money on each unit sold. Yes it is important, but there is another part of the business that really pays the bills and keeps the lights on: the parts and service operation. This now comprises 49% of a dealership’s gross profit, up from 45% in 2012. You will hear this referred to as “fixed ops.” That’s a strange term; what does it mean?

Car dealers have historically called one part of the business variable and one part fixed.

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Tags: Auto Dealerships

The Shortage of Car Mechanics Can Affect Dealership Revenue

Posted by Brandes Elitch on Fri, Aug 16, 2019 @ 08:55 AM

A current study by the National Automobile Dealers Association (NADA) found that there is a serious shortage of car mechanics at dealerships, somewhere around 20,000 – 25,000 people. The trade group predicts that dealers will need another 46,000 more people by 2026. If you own or manage a dealership, this will keep you up at night, because today the parts and service area (aka “fixed ops”) comprises fully 49% of the dealership’s gross profit. It’s what keeps the lights on and pays the bills!

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Tags: Auto Dealerships, Auto Repair

CrossCheck’s Lifetime Residuals for ISOs Can Change Your Life

Posted by Brandes Elitch on Wed, Jul 31, 2019 @ 07:45 AM

CrossCheck started in the check guarantee business way back in 1983. Checks ruled at the time, and nearly every merchant accepted them at the point of sale. Back then, in fact, many merchants did not take credit cards at all. This was due, in part, to the high cost of interchange and because processing a card transaction was much more complicated than taking a check.

Merchants had to put a bulky multi-part carbon form in a knuckle-busting sliding imprinter (aka “Zip Zap machine”), and then sort out the forms and send them out for processing. There is a reason why it was called a “knuckle buster.” By comparison, taking a check was pretty easy, comfortable, and familiar to merchants, and consumers commonly wrote them for purchases at the store.

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Tags: Independent Sales Organization (ISO)