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Welcome to the September 6th, 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
How to Harness the Surging Ancillary Market
A lively panel discussion on the profit and service-retention potential of ancillary F&I products ended the first full day of this year’s Agent Summit on a high note.

By: Tariq Kamal

At 3:30 p.m. on Monday, May 21, attendees of Agent Summit 2018 crowded into a packed ballroom at the Venetian & Palazzo Resort Hotel Casinos in Las Vegas for “The Surging Ancillary Market.” The highly anticipated panel discussion was led by Ron Reahard, president of ... Read More »
Pre-Sale Planning For the Private Client
Is your agency for sale? Learn how to maximize your return by addressing privacy, asset protection, value maximization, income tax minimization, estate tax minimization, and succession planning upfront.

By: James Duggan

Is it time? Is it finally time? Has the time come for you … to sell? It is true that it is a great time to sell your business from a valuation perspective. Multiples are up and cash is plentiful. But regardless of whether it ... Read More »
Sharpen Your Success Skills
Top sales trainer explains why agents need ‘selling skills’ to sell and ‘success skills’ to succeed.

By: Joe Verde

No matter what profession you’re in, success skills are your foundational skills — the skills that drive your success. Whether you’re running an automotive agency, a farm, or a golf course, you have to keep track of what you do, you have to set clear ... Read More »
Your Agency Is Phish Food
Online scammers would like nothing more than to tap into your agency’s valuable data stores, and the only thing between you and them is your dedication to cybersecurity.

By: Robert Wilson

For ice cream aficionados, “Phish Food” is the familiar name of a Ben and Jerry’s ice cream flavor which includes chocolate ice cream with gooey marshmallow swirls, caramel swirls, and fudge fish. Phish itself is a “jam band” featuring many different genres of music with ... Read More »
Summit Updates
David Lewis to Keynote Industry Summit 2018
ORLANDO, Fla. — Organizers of the annual Industry Summitannounced that famed dealership trainer David Lewis will deliver the keynote address at the upcoming 2018 event, set for Oct. 8–10 at the Caribe Royale Orlando in Orlando, Fla. Lewis will deliver his speech at 9:10 a.m. on Wednesday, Oct. ... Read More »
‘Ask Frenchy’ to Win a Free Trip to Industry Summit
ORLANDO, Fla. — Organizers of the annual Industry Summitannounced that IAS will once again sponsor “Ask Frenchy,” a competition that will include five finalists personally selected by Eric “Frenchy” Mélon, the company’s president of sales and veteran F&I trainer. The event will be held Oct. 8–10, 2018, at the ... Read More »
O’Loughlin to Deliver Post-CFPB Keynote at Compliance Summit
ORLANDO, Fla. — Organizers of the annual Industry Summit announced that attorney and former dealer regulator Terrence J. “Terry” O’Loughlin will deliver the keynote address for the Compliance Summit portion of the event, which will be held Oct. 8–10 at the Caribe Royale Orlando in Orlando, Fla. ... Read More »
F&I Success
The Three Musts of Every Agency Visit
Agents can’t afford to waste a single dealership visit. Top trainer lists three essential goals you must complete before you leave the store.

By: Rick McCormick

There are three things that must happen every time an agent or their representative visits a dealership. If these three things do not happen then we have done one of the most unproductive things possible: wasted their time. We value the time of everyone we ... Read More »
The Agent’s Most Valuable Asset
To maintain and grow your agency’s dealership clientele, refocus your training program on sending the right message to customers and adding to every F&I manager’s skillset.

By: Rick McCormick

The field of competition for the business of the dealership has never been more crowded. The ability to separate your agency from others will rarely be accomplished simply by working to provide products with unique features or even a better price to the dealer. Car ... Read More »
Hot Tips
Breaking Down a Monthly Payment to a Daily Payment
John Tabar of UDS with this week's tip!

Today I want to talk to you about a simple close that can help you when the customer has interest in multiple products, but they think the cost is more than they are comfortable with. ...

Watch the Tip Here »
AE HOT TIPS
An Introduction Can Make or Break You
John Tabar of UDS with this week's tip!

I was at a wedding recently. The father of the bride was a good friend and he was introducing my wife and I to people we didn’t know. This gentleman walked up to my friend to say hello. ...

Watch the Tip Here »
AE HOT TIPS
 
Small Business Tips
5 Pieces of Career-Changing Advice From Navy Fighter Pilots
Imagine you are hurtling toward a 300-foot floating runway traveling over 150 miles per hour. That’s a daily reality for America’s Navy fighter pilots, an elite group of personnel who have adopted tried and true ways of working to ensure success, reports Entrepreneur. Only the smartest, strongest-willed people pass the crucible to become Navy fighter pilots. Aviation cadets ... Read More »
This One Ingredient Will Increase Your Success And Happiness At Work
When you think of enhancing your success at work, you might instantly focus on enrolling in a new professional development course or learning a new skill – or perhaps you’ll hunt for a time management app that will help you increase your productivity. But there is one often overlooked but wildly valuable action you should ... Read More »
3 Tricks to Get People to Actually Listen to Your Presentations
Few things conjure up a feeling of dread quite like the anticipation of a lengthy PowerPoint presentation. Professionals spend an average of 40 percent of their workday in meetings, many of which include a presenter painfully reading straight from a slide deck. Seventy-one percent of people report that the meetings they attend are a waste ... Read More »
How to Keep Your Customers From Dumping You
I have had the same mobile (cell phone) company in the U.K. for around 25 years. However, I am about to leave them–and they don’t know it. With my imminent departure on the horizon, I wondered how do organizations avoid customer defection? It turns out that customers usually indicate they are going to leave, and ... Read More »
How To Handle Young Talent In Your Business: A Lesson From The NFL
The other day I was listening to sports radio and the hosts were arguing about what to do with New York Jets rookie quarterback Sam Darnold. Do you throw him in the fire, giving him the starting job from game one of his rookie year? Do you give the job to an experienced older player ... Read More »
10 Powerful Attributes of Insanely Successful People
There’s something about successful people that sets them apart from everyone else: they have learned to draw on their natural abilities, traits and attributes to achieve their dreams. Successful people approach situations differently from the rest of us. They frame challenges in a different way than most people. They have developed skills and traits that will carry ... Read More »
Companies Throw Years of Effort and Marketing Dollars Down the Drain By Doing This 1 Thing Poorly
There’s lots of talk among business leaders about metrics such as customer lifetime value and return on investment (ROI). In many instances, rarely does a new initiative see the light of day if it doesn’t contribute positively to these markers, reports Inc. Even those these metrics tend to be practical ways to manage your bottom line, they are not the ... Read More »
A Counterintuitive Approach To Beat Burnout — Connect Not Disconnect
Entrepreneurs seek success at the cost of getting sucked into working 12 to16-hour days (with the majority of the hours connected to their phone and computers). They find themselves in a daily whirlwind of back-to-back meetings and projects, while sacrificing self-care, reports Forbes. This is the quickest way to find yourself burned out. The term burnout was ... Read More »
View All Small Business Tips Here
Auto Industry News
Two NY Dealers to Cease ‘Bogus’ Etch Sales
ALBANY, N.Y. — The directors of Victory Suzuki of the Bronx and Victory Mitsubishi of Larchmont have agreed to a court order with the office of Barbara D. Underwood, attorney general of the State of New York. The order, which follows a December lawsuit that charged the ... Read More »
Pa. Dealer Agrees to Pay $2.1 Million to End Prosecution Into Bank Fraud Scheme
ERIE, Pa. — A Chevrolet dealership there has agreed to pay a $1.4 million fine and more than $737,000 in restitution to various financial institutions for falsifying loan documents in hundreds of transactions over a six-year period, the U.S. Attorney’s Office for the Western District ... Read More »
AG Coalition: CFPB Has ‘No Authority to Overrule’ High Court’s ECOA Interpretation
WASHINGTON, D.C. — A coalition of 14 state attorneys general called on the Consumer Financial Protection Bureau to continue protecting the rights of consumers against credit discrimination under the Equal Credit Opportunity Act (ECOA) — a sign that the fight over dealer participation might not ... Read More »
Jumpstart Partners With iSeeCars
SAN FRANCISCO — Jumpstart Automotive Media, a leading media, insights, and marketing solutions company, today announced an exclusive ad sales representation agreement with iSeeCars as its newest publishing partner. iSeeCars is billed as a rapidly expanding car-shopping marketplace with broad coverage of more than 4 ... Read More »
Calif. Dealers Score Partial Victory With Passage of Dealer Protection Bil
SACRAMENTO, Calif. — In the final hours of the state’s 2018 legislative session, the California Legislature passed a wide-ranging bill aimed at strengthening and updating California’s new motor vehicle franchise laws. Its passage wasn’t a complete victory for the California New Car Dealers Association (CNCDA), ... Read More »
Retail Expert Joseph Najar Joins Portfolio Sales Team
LAKE FOREST, Calif. – Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has announced that Joseph F. Najar has taken a position as Reinsurance Specialist on the national sales team. The position requires working closely with dealer principals on business strategy ... Read More »
VisionMenu Integrates With Dominion DMS
FT. WAYNE, Ind. — VisionMenu announced integration with Dominion DMS, allowing Dominion dealers to pull information into the F&I menu maker’s suite of software selling solutions. “This integration allows Dominion Dealers to more easily use the VisionMenu suite of products,” said Ron Martin, president ... Read More »
Auto/Mate Integrates DMS with ProMax
ALBANY, N.Y. — Auto/Mate Dealership Systems has integrated its dealership management system with ProMax, a leading supplier of retail automotive CRM/ILM, desking, credit, and compliance software. Executives said dealers using both Auto/Mate and ProMax solutions will benefit from the enhanced sales, lead, marketing and productivity ... 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. AUL
Chem Etch Manufacturing Classic Products CNA National
Dealers Assurance Company (DAC) EasyCare EcoProProducts
Endurance Dealer Services Entire Car Protection (ECP) F&I Administration Solutions
GWC Warranty Innovative Aftermarket Systems (IAS) Line 5
MaximTrak Technologies National Auto Care National Automotive Experts / NWAN
Old Republic Insured Automotive Services, Inc. (ORIAS) Over the Edge Portfolio
Protective Asset Protection Reahard & Associates RoadVantage
Simoniz USA SouthwestRe StoneEagle
Universal Lenders ValueShield Vanguard Dealer Services
Warranty Solutions Wise F&I  
 
 
 
 
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