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Newsletter 2012

Bond Rates Are Down – Way Down

Dealers in business since 2007, and earlier, remember bond prices skyrocketed in 2008. Bond rates are finally on the way down. Since summer 2012 may bond companies have much lower rates. Many dealers are paying far less than they paid a year ago. This is across the board for all credit types. When your bond is up for renewal be sure to shop. We work with multiple companies. We can help you save money.

 

I hope he had the right coverage and a sharp agent


Personal Vehicles on a Dealer Policy

Many dealers save a lot of money by covering their personal cars on their dealer policy. Doing it right is critical. If done wrong there is no coverage. Vehicles can be covered as inventory if they are owned outright (no lienholder) by the owner of the business insured. Non-inventory vehicles are listed on the policy by VIN number as “scheduled vehicles” / “not held for sale.” For corporations and LLCs all vehicles not titled to the corporation / LLC are listed as scheduled vehicles.

Flooring Companies – Using Someone Else’s Money to Make Money

Have you ever thought about using a “flooring line?” Flooring companies have many different plans. I talked to Arin Buffington (951-334-0106)of AFC recently and found out about programs I didn’t know about. In addition to standard flooring lines for car dealers AFC also has: a short term flat rate / no interest plan to bridge the gap between purchase and resale. A 120 day Salvage / branded title line that can include towing fees to your location. A powersports line that will even finance powersports trades and an RV line that goes up to 180 days


Is there information here that your agent didn't tell you?      Did it cost you money?      We hope not.

 

Written by: Dave Hoffman
Broker/Owner