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Welcome to the January 19th, 2018 issue of Agent Entrepreneur, a monthly eMagazine dedicated to the interests and concerns of general agents and entrepreneurs in the automotive finance and insurance industry.

Agent Entrepreneur is your source for industry news and updates as well as original feature articles to keep you well-informed of best practices and trends.

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Featured Articles
What to Know Before Selling Your Agency
Avoid the most common pitfalls of mergers and acquisitions by honestly assessing your agency’s value and your own expectations for the purchase price and ongoing relationship with the buyer.

By: Doug Frey

Today is a great time to be an agent. You should be congratulated for successfully navigating a tumultuous and fast-changing industry over the last 10 years. Your agency has probably progressed from delivering products to dealers to providing training, reinsurance solutions, technology and other value-adds ... Read More »
Customer Retention and What Not to Do
Agents should be aware of recent lawsuits that prove the new standard for compliance is an airtight seal on nonpublic personal information — including their customers' nude photos.

By: Robert J. Wilson Esq.

Ask yourself whether the following fact scenario is true or false: Mrs. G and her husband come to a dealer seeking to trade two vehicles for two new cars. The dealership signed a document agreeing to add leather seats to one of the new cars. ... Read More »
Three Cs, Key Credit Determinants and Urban Legends
Agents whose dealers rely on them for compliance guidance would be wise to educate themselves on the basic tenets of credit application fraud.

By: Gil Van Over

Quickly advancing in the risk rearview mirror for a dealer is the risk of an investigation for bank fraud. As the trusted advisor to your dealer, identity theft and the risk it presents to dealers remains a very real and present danger. The threat is usually an external one. Sure, ... Read More »
Meet the Executive
An Interview with Brad Davis
AE sets the hook with Brad Davis, vice president of sales for Norman and Company Inc./Classic Products.

By: Tariq Kamal

In 2010, Brad Davis brought 12 years of experience in the mortgage and auto retail industries to Norman and Company, Inc./Classic Products, the company, started by President and Partner Norman Ferenz in 1984 and joined by his father, Vice President and Partner Gerald “Jerry” Davis, ... Read More »
Summit Updates
Vaden Brings Self-Discipline to Agent Summit
LAS VEGAS — Organizers of the upcoming Agent Summit have announced that world-renowned self-discipline expert Rory Vaden will deliver the motivational keynote address at this year’s event, which is scheduled for May 20–23, 2018, at the Venetian & Palazzo Resort Hotel Casinos in Las Vegas. ... Read More »
Agent Summit Names 2018 Advisory Board Members
LAS VEGAS — Agent Summit organizers announced the members of its 2018 advisory board. The board will set the agenda for this year’s four-day event, which will begin on May 20 at the Venetian & Palazzo Resort Hotel Casinos in Las Vegas. “For the first seven years, ... Read More »
F&I Success
Decisions, Decisions, Decisions!
The dawn of a new year is an opportunity for agents to decide where to focus your efforts, test the limits of your commitment to your agency, and raise the bar for personal and professional fulfillment.

By: Rick McCormick

With the new year upon us, everyone would like to increase their level of success and their income! In reality, we each write our own check. The amount of that check is based on the decisions we make and the actions we take on a ... Read More »
Small Business Tips
You Know Where The Future Is Headed, So Why Aren’t You There Already?
“Quick, hire some data scientists!” “Let’s fix our mobile app!” “Let’s accumulate data—we will use it later.” When facing the threat of disruption, companies usually respond with a cacophony of digital initiatives—a mixture of big bets for the future and little bets that might yield a win to report on the next quarterly earnings call. ... Read More »
Successful People Always Chase the Impossible — Here’s Why
Vince Lombardi said it best: “We will chase perfection, knowing all the while we can never attain it. But along the way, we shall catch excellence.” Successful people are always in the chase for perfection. As Lombardi knew, however, and as I’ve discovered more than once myself, what we chase is often very different from ... Read More »
Google’s Genius Productivity Hack Will Change How You Innovate
At Google X, the company’s “moonshot factory,” the mantra is “#MonkeyFirst.” The idea is that if you want to get a monkey to recite Shakespeare on a pedestal, you start by training the monkey, not building the pedestal, because training the monkey is the hard part. Anyone can build a pedestal. The problem is that ... Read More »
Communication Breakdown At Work? These 5 Hacks Transformed Our 1,000-Person Company
When my company had 20 people, communicating was easy. We were all crammed into a couple rooms at our office. If we needed to share news, we just leaned over to the person next to us or stood up and made an announcement. When there was a major sale or a big win, a slow ... Read More »
7 Ways Modest Leadership Increases Team Success
When we imagine the traits of successful leaders, whether they are managers, high level executives, CEO’s or owners of successful companies we typically view them to be strong, charismatic, enthusiastic and visionary. The one important trait often overlooked in great leaders is modesty, reports Entrepreneur. To be great, leaders need more depth than a loud ... Read More »
3 Skills Martin Luther King, Jr. Mastered to Become a Transformational Leader
The good news for leaders around the world is that there is no shortage of examples on how to be effective. Thus leaders can study the traits of leaders of both yesterday and today for sound guidance on how to handle almost any situation. Martin Luther King, Jr. is one of those shining examples. His steady leadership ... Read More »
How To Better Manage Your Meetings This Year
Meetings take up a lot of our time — and let’s just be frank, they aren’t always the most productive events. One report suggests that in the United States, a staggering 11 million meetings are held every day. Some of these meetings are held unnecessarily. Others end up creating more bad feelings than real results. ... Read More »
What Leaders Need to Know About Compliance in 2018
It’s been a whirlwind couple of months in terms of compliance and the regulatory landscape. Whether you zero in on compliance in the United States or zoom out to the global regulatory environment, a lot of conversation happened in the last few months of 2017, which hopefully will spearhead a lot of change, reports Entrepreneur. In ... Read More »
View All Small Business Tips Here
Auto Industry News
TagRail™ Launches Digital Retail Platform that Pulls Shoppers from their Livingrooms to Dealers’ Showrooms
DUBLIN, Calif. – TagRail™, the creator of DealerTag™ and the Lexus Plus CEM App, announced today the general availability of its Digital Retail Platform. It is a dealer-customizable and brandable online car-buying tool to help dealerships attract, engage, and close more online shoppers through a frictionless ... Read More »
LotLinx Names Gee Leung COO
CHICAGO — Automotive AI provider LotLinx announced Gee Leung, who has served as a trusted advisor to hundreds of digital media and technology companies over multiple decades, has joined the company as COO. Leung joins LotLinx at a pivotal time in the company’s development, as it transitions ... Read More »
F&I Express® Names Gary Peek Chief Information Officer
GRAPEVINE, Texas – Intersection Technologies Inc.- F&I Express is thrilled to announce that Gary Peek has joined the business team as Chief Information Officer. Peek will be a key contributor to the direction and planning of the strategic growth of F&I Express, including the development ... Read More »
Cox Automotive’s Future of Digital Retail Study Reveals Dealerships Remain Central to the Car Buying Experience
Cox Automotive released the findings of its Future of Digital Retail Study, with results showing that the current dealership model needs to change with consumer preferences, but that the dealership remains central to car buying. While most consumers prefer completing at least one step of ... Read More »
Judge Again Rules in Favor of Trump in Battle for Control of CFPB
WASHINGTON, D.C. — A federal judge once again sided with the White House in the battle for control of the Consumer Financial Protection Bureau, denying last Wednesday a request by CFPB Deputy Director Leandra English for a preliminary injunction to remove President Donald Trump’s appointee as ... Read More »
Chase Joins AutoFi’s Digital Retailing Platform
NEW YORK — Chase became the first national bank to join AutoFi’s digital retailing platform, the finance source announced today. AutoFi is a fintech firm that offers a digital retailing platform that connects dealers with finance sources and buyers. Under the new partnership, Chase will ... Read More »
InterActiveTel Welcomes Bounds to Director Role
HOUSTON — InterActiveTel announced that industry veteran Jeff Bounds has joined the company as its new director of business development. Bounds will use his two decades of dealership experience to explore and develop new business relationships between InterActiveTel and manufacturers, large dealer groups and partner ... Read More »
Stanton Returns to the NADA as COO
TYSONS, Va. — Michael J. Stanton Jr. has returned to the National Automobile Dealers Association (NADA) as senior vice president and chief operating officer, the trade group announced today. Stanton will work across the organization on strategic and operational issues and the development of new ... Read More »
View All Auto Industry News Here
AE Featured Companies
Please click on a company logo to get more information.
American Auto Guardian, Inc. (AAGI) American Guardian Warranty Services, Inc. Arch Insurance
AUL Best Training Day Ever Chem Etch Manufacturing
Classic Products CNA National CSO
Dealers Assurance Company (DAC) EasyCare EcoProProducts
Endurance Dealer Services Entire Car Protection (ECP) F&I Administration Solutions
F&I Express GWC Warranty Impact Group
Innovative Aftermarket Systems (IAS) Line 5 MaximTrak Technologies
Mobile Dealer Data (MDD) National Auto Care National Automotive Experts / NWAN
Old Republic Insured Automotive Services, Inc. (ORIAS) Over the Edge Portfolio
Protective Asset Protection Reahard & Associates Red Auto Dealer Services
RoadVantage Safe-Guard Products International Simoniz USA
SouthwestRe StoneEagle The Warranty Group – Resource Agent Group/ First Extended
Total Dealer Compliance United Car Care (UCC) Universal Lenders
Vanguard Dealer Services Warranty Solutions Wise F&I
 
 
 
 
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