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Virtual Conference Education Offered Live Q&A
- By: Jeff Martin
- On: 09/03/2020 12:19:59
- In: Texas Posts
- Comments: 0
“Our education lineup was fantastic, but I was most excited about the interaction between our attendees and presenters,”...
“Our education lineup was fantastic, but I was most excited about the interaction between our attendees and presenters,” said TIADA Executive Director Jeff Martin. In this week's blog, take a look at a few questions dealers had during the Q & A's following the sessions at this year's conference:
Session: Ad Copy Cures: Set a Positive Tone in Advertising Post-Pandemic
A: It is less about the number of cars you are selling as it is about the size of the population in your area. Everything in Facebook operates like an auction, so if you are in a smaller market you can make your Facebook advertising dollar stretch a little further.
Session: TxDMV is Here to Help
A: There are some instances when you can add a supplemental license if you are in the same city. However, in this instance you would need to apply for a separate license since the location will be in a different city.
Session: Remote Sales, Internet Sales, Appointment Only & Curbside Delivery – Know the Legal Minefields
A: I wish that were true, but there is no magic bullet. A three-day rescission, or any rescission, will not allow you to bypass the FTC rules, language that must go into the contract and oral disclosures.
Session: The Accelerated Future of Car Shopping and Buying
A: I understand some of the concepts we discussed are way out there or may not fit the size of your staff and your technology, but consumers are looking for some way to shop on their own terms. I would start with leveraging your current staff to determine what you can do in your day-to-day operation. It may just be as simple as allowing your sales staff to text with customers. Start slow and add tools or features as they logistically make sense for your dealership.
Session: Going Back to Basics – Keeping Your Dealership Accounting Records Clean
A: The biggest thing I see currently that is not being reported properly—and I had to make a couple of adjustments for dealers—is how to record that loan. A lot of people have just automatically placed that loan proceeds and recorded that as income, and that is not the case. You have not gone through the process of the forgiveness loan application. So, what we have been doing is having dealers set up an actual loan balance account under general ledgers. Set up two accounts: a cash account, depending on if you have segregated or you have separate account that you put those proceeds in and you are tracking what you are spending that money on. And then also, set up a liability, like what we talked about before. A line of credit, loan from SBA or wherever you got those funds from. Once you go through the loan forgiveness process you can decide how you want to allocate those dollars, after you visit with your accountant or CPA.
Looking For More Dealer Education? TIADA Conference Education Recordings Are Now Available
Dealer Registrants: If you attended the conference, you can access the breakout session recordings now through November 16, 2020 for free. Simply:
1. Log In with your TIADA Membership Credentials
2. Click On 'Sessions On Demand', and
3. Select Your Favorite Breakout Sessions To Start Viewing!
2. Click On 'Sessions On Demand', and
3. Select Your Favorite Breakout Sessions To Start Viewing!
Didn't make it to the Conference?
As a TIADA dealer member, you can gain full access to the recordings for only $250. Purchase here >
For questions, please email: conferenceregistration@txiada.org or contact TIADA at: 512.244..6060.
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