The BHPH Morning Show

Earlier this week, Sam Epstein posed the following question in the private BHPH Success Facebook group: "If you had to restart today how much levered free capital do you think you would need for a high likelihood of success and low likelihood of failure? Assume average expenses in an average metro area. $250k, $500k, $1 million, $2 million? For this example you could use leverage but obviously the...

In BHPH & LHPH, it happens too often. When a customer experiences a major setback with the collateral - wreck (insured or not), major mechanical problem, even theft - both dealer and customer are left in a difficult spot. In this Friday episode, we'll offer some important tips on negotiating a suitable "deficiency resolution" and ways to save the customer even when the car is lost. Find the BH...

We're business advisors. As such, we don't take coaching lightly. Now, on the day after the NFL's "final four" games, we'll talk about the coach speak, Instagram's meant-to-be-inspirational memes, etc. We'll talk about how coaching is different than cheerleading and armchair quarterbacking. We may even share some bad advice stories. On this episode, we'll do our best to help differentiate between...

Last week's Ohio client, Phil Klima, shared what a mentor emphasized to him early in his life of entrepreneurship. Paraphrased, it's that business operators would be well-served to pay for speed. Others have said as much to us in different ways. While we've always said it is a mistake to move too fast in BHPH & LHPH, this idea of "velocity" deserves some oxygen. Find the BHPH Morning Show on V...

Before these two young dealers ever heard of White Hat Way, they made a simple decision - to do the right thing and make a difference where they could. In watching them conduct business, we've seen them step up again and again to be good neighbors. They truly care about their customers, their teams and the communities they serve. At White Hat Way, we are pleased to recognize this year's recipients...

Phil Klima dabbled in Buy Here Pay Here in the past. Now, he is making BHPH a significant part of his financial future. On the final day of our setup & training visit, Phil joins to talk about how he may (or may not) view the business of in-house financing differently. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on YouTube, LinkedIn and Facebook every...

It's much more than a phrase. What can/will White Hat Way mean for dealers in BHPH/LHPH (and other industries) as it unfolds? On the heels of a recent blog post on the subject, we'll take listeners on a journey into the hearts and minds of those who will make up the community in the not-so-distant future. Bring your imagination and join us! Find the BHPH Morning Show on Video (Live or Archived) Fi...

Most every Buy Here Pay Here DMS will accommodate side notes. For any not familiar, side notes are like "extra" personal loans made by the dealer or finance company/lienholder, most commonly associated with repairs to the collateral. But should dealers be making loans of this type? What are some alternatives? Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on...

Brent Carmichael, widely-respected 20-group moderator with NCM Associates, returns - this time to talk overhead in Buy Here Pay Here. He and his dealer groups use multiple metrics to analyze overhead. How much is too much? What is the benchmark? On the Friday broadcast, we'll break down the most relevant numbers. Don't miss this one! Find the BHPH Morning Show on Video (Live or Archived) Find the...

It's time. Dealers deserve more and better solutions for things like data management and analytics, peer groups, etc. On this White Hat Wednesday, we'll share some of the feedback we've received in recent months and how WHW is playing a leadership role in kickstarting solutions. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on YouTube, LinkedIn and Facebook...

Some capital providers and lenders will require a business plan in order to provide funding. Private investors and potential partners will surely expect to see one. But, where is the best place to start? In this Monday episode, we'll reveal the best place we've found! It's affordable and much easier! Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on YouTube,...

For portfolio performance, there's a problem with leaning too heavily on Collateral Recovery Rate (CRR), at least in a BHPH world where simple interest is most common. In today's episode, we'll break down the CRR formula (again) and compare it to results from a longer-term roll-forward. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on YouTube, LinkedIn and...

Texas' IADA Executive Director John Frullo joins this White Hat Wednesday on the week that Jim's article on "The Truth About Trust" is scheduled for release in the Association's Texas Dealer Magazine. Other friends of White Hat Way will also add to the conversation including Tim Byrd (WHW Founding Sponsor), Karen Kane Barnett (WHW Ambassador), Nebraska dealer Candice Price, Mid Atlantic Executive...

From our vantage point, 2024 looks to be a year of prosperity in the Buy Here Pay Here (BHPH) and Lease Here Pay Here (LHPH) segment of auto financing. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on YouTube, LinkedIn and Facebook every Mon, Wed, & Fri at 11am eastern where we (Jim and Michelle Rhoads along with featured guests) talk #buyherepayhere #b...

There are years that are uneventful - humdrum. Not 2023, at least not for us! It has been a year of setbacks, epiphanies, progress, team-building, breakthroughs, and many firsts! As we think about our year, we can't help but think bout the many business owners we work with who have faced or are now facing similar journeys. The lessons we've learned this year can be useful to many who are slugging...

In this brief, Christmas-day episode, we announce our gift to Buy Here Pay Here (BHPH) and Lease Here Pay Here (LHPH) dealers. [Spoiler Alert: It's a VETTED and PRIVATE Facebook group for Dealer Principals Only. No vendors, managers, etc. As we explain on video, it's meant to serve as a platform allowing dealers to speak only to other dealers. Invitations will be going out after the broadcast and...

In Santa hats, we briefly announced on Christmas day the (vetted and private) Principals-only Facebook Group as our gift to dealers. The group is active and the dealer-to-dealer dialog has begun! In this White Hat Wednesday episode, we'll further explain why we believe White Hat Way can serve as a good "gatekeeper" for such an undertaking and how dealers can benefit from having a place to speak fr...

For some dealers in Buy Here Pay Here (BHPH) and Lease Here Pay Here (LHPH), repairs as a condition of the sales and post-sale "goodwill" repairs can be a big drain on the bank account. In this Friday episode, we'll offer some tips on how to limit the spending in those areas. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE on YouTube, LinkedIn and Facebook ev...

It's an interesting line we walk in the Buy Here Pay Here business. Naturally, most dealers want to help their customers. Some struggle to close the flood gates once they've been opened. In this White Hat Wednesday episode, we'll offer ways to maintain that delicate balance between customer service and cash management, all while continuing to be viewed as that "good guy" or "good gal" in the commu...

Guest Fred Lennartz joins to discuss his recent article in NIADA's BHPH Dealer magazine on the ways artificial intelligence (AI) has, is, and will impact the used car industry. We explore the ways that BHPH dealers can expect to enjoy efficiencies and and other benefits from harnessing these powerful new tools. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LIVE...

Brent Carmichael, the well-traveled 20-group moderator, consultant and trainer, joins to share his perspective on recent development in the industries of Buy Here Pay Here (BHPH) and Lease Here Pay Here (LHPH). After 15+ years with NCM Associates, Brent's expertise is unquestioned. Join this Monday broadcast at 11 EST to ask your questions of the guy who has been moderating multiple BHPH dealer gr...

d live 3 hours ago What collectors say (and HOW they say it) can be the difference between getting payment commitments and, well, something much worse. Expert coach Maggie Pugesek with C&M Coaching returns to recap actual collector calls and offer tips for making a better connection enjoying more "customer success. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Sh...

]Note from Co-host Jim Rhoads: I failed to mention during this live broadcast that dealers who offer leasing do NOT experience the same impact from sales tax and income tax. For clarification, please contact me directly at jim@whitehatway.com] Versus retail, we know prices have to be higher in the Buy Here Pay Here (and LHPH) sector. Clearly, there is more risk. In this Monday episode, we will unc...

What numbers should BHPH and LHPH dealers watch and expect when it comes to lead conversion and closing ratios? What are some ways to improve results and win more sales? Two Buy Here Pay Here dealers, Casey Litaker (NC) and Nathan Syme (AL), join to share their experience and the challenges they've encountered in tracking and managing lead flow. Find the BHPH Morning Show on Video (Live or Archive...

As we know in finance, a lead or prospect is not the same thing as an applicant. In this White Hat Wednesday episode , we'll review recent Facebook poll results and offer an approach that can result in more and better sales. We'll also differentiate between applicant qualifications and "approvable" deal structure. Find the BHPH Morning Show on Video (Live or Archived) Find the BHPH Morning Show LI...