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Automobile Dealerships – Out of Trust Situations – Tips For the Dealer
Almost every financial institution has an exercise department. Their names are as varied as the Troubled Debt Administration; Central Credit Department; or special assets department. The dealer may be assigned to one of these special departments or a member of the department may appear in the meeting with a regular employee of the dealer’s bank.
Courts have consistently upheld the rights of lenders to have exercise groups and to have those groups take affirmative action within broad parameters to protect the interests of lenders.
Matching the average dealer’s experience to the business experience, to the lender’s experience, will be like matching a high school football team to a professional team. Professionals have played hundreds of times. They have seen and heard hundreds of presentations, arguments, excuses and reasons for the dealer’s problems, while the inexperienced dealer is going through the trauma for the first time. Realizing that the dealer will likely be a neophyte, in terms of practice, the dealer is given the following rules to follow as a plumb line throughout the practice process:
1. Don’t confuse friendship with business. Factories and lenders have seen and heard most of the exercise plans that any dealer can offer. Probably have seen versions of each plan perfected by some of the best minds in the business over the generations. However, their experience cannot help the dealer to get the best profit for the seller.
Company/creditor employees have a duty to their corporation, and in turn to its shareholders, to obtain the best possible deal for their corporation. There is nothing wrong with that; they have a duty to their shareholders and creditors to protect them, not you.
However, they indicate whether the exercise plan is “acceptable” or “unacceptable” for them. If the proposed plan is “unacceptable”, one of two things can happen. The dealer can offer the plans until the plan is accepted, or the company/lender can offer an acceptable alternative.
If the company/creditor offers a plan acceptable to them, this means: the exercise plan is acceptable to the company/creditor. This does not and should not mean that the factory/lender will not approve any other scheme that may be more beneficial to the dealer. if the seller knows what to ask for and how to structure it.
2. Don’t confuse optimism with confidence. Optimism means expecting a plan to work. Confidence means knowing what to do if it isn’t. Never act without confidence.
3. Don’t value the dealer based on the “SOT + Assets” formula. The probability of executing this plan is almost the same as the probability of winning the lottery, except that the former is higher.
4. Don’t say “SOT”.. Sometimes a dealer will talk to a company or lender regarding SOT (sold out of trust) or OT (out of trust) when the dealer has SAU (sold and outstanding) units. When a dealer refers to a credit situation, it puts the business/lender at a disadvantage. Then all sorts of rules come into play, both legal and company rules no If the dealer uses the phrase SAU, it should be valid. The factory/lender cannot read minds to know that the dealer actually means SAU instead of SOT. Since the phrase SOT is used, the only thing the listener knows for sure is that if there is a legal claim, and the listener is asked if the dealer said he was SOT on such and such a date, the listener will answer yes. . Don’t leave them in this situation.
5. Don’t lie. Don’t lie to yourself; do not lie to the factory; do not lie to the lender.
Dealers who lie to themselves about their problems, how they got there, or their ability to solve them, are basing their entire solution on a lie and, without exception, are compounding and compounding the original problem.
Lying to the company/lender alienates the only entities other than the dealer and the dealer’s family who have both the ability to help and the most to gain from finding a workable solution. When in doubt, remember what Mark Twain said: “I’ve never been offended by anything I didn’t say.” He also said that when he was ninety, he remembered worrying about many things in life, most of which never happened.
6. Don’t panic. There are many problems in business and lack of cash is one of them. Numerous dealers have been there before and numerous dealers have survived.
Analyze the problem as if it were someone else’s problem and compose a short letter as if you were advising another dealer. The advice should be to get professional help. A storm at sea calls for experienced sailors. No one wants to have a crew with little experience in storms, with no navigation, no charts, no radar, and no one to turn to for advice. The dealer is in for a huge SOT problem, except it doesn’t go away over time. Without help, family, friends, and dealership employees all suffer. A dealer has to make tough decisions, or time will make them, and a dealer doesn’t like decisions made by time.
When the lender has the second meeting mentioned above, where the lender wants the dealer to sign the work agreement, the dealer should be ready to structure the work plan, the relationship with the retainer, the method. about payment etc.
As soon as you know you are an OT, your first call should be to us (or someone as experienced as us) and your second call (after a visit with us, your attorney, and your accountant) should be to the loan company. Telling the credit company before they tell you that the units sold and unpaid is important to establish a baseline on which to develop a performance plan. At the same time, the expertise of automotive consultants for the dealer and the dealer’s attorney and accountant is important in providing constructive suggestions and planning and recognizing real options.
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