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Automobile Dealerships – Out of Trust Situations – Tips For the Dealer
Almost every financial institution has a fitness department. Their different names are Problem Loan Management; Loan Department; or Special Goods Department. The seller may be assigned to one of these special branches, or a member of the branch may begin to appear in a meeting with the seller’s regular bank officer.
Courts have consistently upheld the rights of creditors to form exercise groups and for those groups, within broad limits, to take reasonable steps to protect the interests of creditors.
Comparing the experience of an average salesperson and operation, to the experience of a lender, would be like pitting a high school football team against a professional team. The experts played the grandmother’s game. They have seen and heard hundreds of presentations, discussions, reasons and reasons for the seller’s problems, while the seller, who has no experience, meets the shock for the first time. Recognizing the salesperson who will probably be a neophyte, in terms of practice, the following rules are offered to the salesperson, as a seal line, to be followed throughout the exercise process:
1. Don’t confuse friendship with Business. Factories and lenders have seen and heard most of the exercise plans any salesperson can recommend. They’ve probably seen versions of each strategy that have been refined over generations by the best minds in the business. Their experience, however, cannot help the seller get better offers from the seller.
Factory workers/lenders have an obligation to their corporation and in turn to their shareholders, to get the best deal for their corporation. There is nothing wrong with that; they have a legal responsibility to their shareholders and creditors to protect them, not you.
However, they will indicate whether your exercise plan is “acceptable” or “unacceptable” to them. If the proposed plan is “unacceptable”, one of two things can happen. The seller may continue to propose plans, until they are accepted, or the manufacturer/lender may suggest an acceptable alternative.
If the company/creditor recommends a plan that is acceptable to them, that means: the exercise plan is acceptable to the company/creditor. It does not mean, and does not mean, that the manufacturer / lender will not agree to another plan, which may be more beneficial to the seller, if the seller knows what he is asking for and how to set it up.
2. Don’t confuse optimism with confidence. Optimism means expecting that the plan will work. Confidence means knowing what to do if you don’t. Never act without confidence.
3. Don’t Value Sales with the “SOT + Assets” Formula.. The odds against that strategy are about equal to not winning the lottery, unless the ante is high.
4. Don’t say “SOT”. Sometimes the seller talks about SOT (Sold Out of Trust) or OT (Out of Trust) with the manufacturer or lender, when the seller is actually SAU (Sold and Unpaid) units. Once a seller refers to a bad faith situation, it puts the company/creditor in a dangerous position. All kinds of rules will come into play, both legal and corporate rules, which can no it should work if the seller uses the phrase SAU. The factory/lender cannot read minds to know if the seller really meant SAU, instead of SOT. From the time the phrase SOT is used, the only thing the listener knows for sure is that, if there is a lawsuit and the listener is asked if the seller said SOT on such and such a date, the listener will answer “yes.” Don’t put them in that place.
5. Don’t lie. Don’t lie to yourself; do not lie to the factory; do not lie to the lender.
Salespeople, who lie to themselves about their problems, how they got there, or their ability to solve them, base their entire solution on lies and, without exception, compound and complicate the original problems.
A lie to the company/creditor will alienate the only entities that have the power to help and have the most to gain, other than the seller and the seller’s family, in finding a viable solution. When in doubt, remember what Mark Twain said: “I never hurt anything I didn’t say.” He also said that when he was ninety years old, he remembers that he was worried about many things in life, most of which never happened.
6. Don’t Be Afraid. There are many challenges in business, and lack of money is one of them. Many sellers have been there before and many sellers have survived.
Analyze the problem as if it were someone else’s problem, and write a short letter as if you were recommending another seller. The advice should be to get professional help. A storm at sea calls for experienced sailors. No one would want a crew with little experience in storms, no navigation, no charts, no radar and no one to turn to for advice. A seller with an SOT problem is in for a big storm, except it won’t go away with time. Without help, the seller’s family, friends and employees will all be affected. A marketer must make difficult decisions, or time will make them—and a marketer will not like decisions made by time.
By the time the creditor has the second meeting, referred to above, where the creditor wants the seller to sign the performance agreement, the seller must be ready to create a plan of action, to handle the custodian, the way. compensation and more.
As soon as you know that OT, your first call should be to us (or someone with experience like us) and your second call (after visiting with us, your lawyer and accountant) should be to the credit company. Telling the credit company that you have sold and outstanding units before they tell you, is important to establish a foundation for building an action plan. At the same time, the experience of Vehicle Consultants is important for the seller and the seller’s lawyer and accountant, in providing constructive advice and in planning and considering possible options.
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