CrossCheck Blog

It’s a rite of passage for many young fathers: buy a boat and take your kids out on the water to enjoy the sun and the rippling currents. Depending on their age, maybe even let them steer on occasion. And despite a difficult economy, that rite of passage seems an enduring tale.

This year’s NADA conference offered many welcome perspectives – not the least of which was that we were all in attendance again as COVID restrictions lifted. But perhaps the most significant was how increasingly important it is becoming for manufacturers and dealers alike to keep up with the electrical revolution of the automobile industry.

The 2022 NADA (National Automobile Dealership Association) conference in Las Vegas is in full swing and CrossCheck is there to offer payment solutions to dealers and customers alike. Those in attendance should visit our booth (4358W) to get in-person information on how our products and services can facilitate and complete sales.

All motorcycle manufacturers have been rejoicing as sales increased dramatically during the first half of this year, following an almost disastrous 2020. For instance, Italian manufacturer Ducati posted a 33% increase for Q1, while Harley-Davidson notched a 24% uptick for Q2.

The expected clear skies and 63-degree days make February a great time to be in Las Vegas. Beyond the great weather, 70-plus golf courses and unlimited entertainment, auto dealerships have found a more urgent reason to visit – the 2020 NADA Show. But what exactly are dealers looking for besides a mirage in the desert? The answer is a competitive edge in an industry with ever-increasing challenges. Some auto dealers bring “a shopping list” because they know exactly what to look for, but others hope to discover any type of advantage that presents itself. NADA, the National Automobile Dealers Association, is fully aware of the challenges, and has responded with four days of educational programming, a multi-venue exhibitor showcase, franchise meetings, and fun networking events. The 2020 NADA Show takes place Feb. 14 – 17, 2020 at the Las Vegas Convention Center. Those attending the tradeshow include auto industry leaders, manufacturers, exhibitors, experts, and auto dealership management.

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.

Many people prefer paying by check according to the 2016 Federal Reserve Payments Study. Checks declined by processing companies harm auto dealerships where losing a sale to just one declined check can have far-reaching consequences. For example, one declined check for a downpayment could result in the loss of three sales equalling a total of $146,000 if several values are considered (see the below infographic).

Doug Watkins is an old-school guy. He’s been in construction all of his adult life, working his way from laborer to foreman in 10 years, and eventually to the owner-operator of a small licensed construction company specializing in kitchen and bath remodels. He prefers to pay by check — especially at auto dealerships — and has never written one that has been declined at the point of sale.

In 2012, a Chicago area man plead guilty to writing twenty-four worthless checks to auto dealerships, including ones in Illinois and Wisconsin that lost over $70,000. And he's at it again. 

Although it's holiday-worthy enough to show up on the calendar, there’s not a lot to celebrate when the summer solstice hits every June 21. For the next six months, you’ll be losing one minute of daylight a day. Like a single grain of sand, those 60 seconds don’t seem like much. Then again, those grains really add up when you add them together. Read on to find out how you can get back one minute more (or more) in your day.