Wake up, Buy Here, Pay Here people. It's a beautiful day. Go grab yourself another cup of joe and say hello to Jim and Michelle Rhodes on the Buy Here, Pay Here morning show. Take it away, you two. good morning hey we're back we are lovely wedding in northern new mexico and um family lots of family lots of eating oh my gosh it's so funny whenever you ha you know I don't know about you out there in listener land but when you get the whole family together and it's like I'm gonna do this meal I'm gonna do this meal I'm gonna do this meal There is so much food left over. And as we were getting everything cleaned out, it's like, there's a whole refrigerator full of food. Now what do we do? I got to do a little fishing. We had a little boys outing on Thursday. With just the guys. That was kind of like the bachelor party. yeah we'll call it the bachelor but I think that that jamie was the only one that was the that's my nephew bachelor everyone else was married and and well that's true yeah no it was uh it was not not billed as a bachelor get out or get away but it turned out kind of to be that way and it was a really incredible day of fishing we had a you know high high altitude lake and uh so it was uh the trout fishing was outstanding yes one solid fish after another and so it was a really fun day that way and great to spend some time you know I was in a boat with my nephew who's the one who got married and uh so it was really great time yep and then uh drive all the it's like a nine hour drive on the way back and brought jim's mom with us so she's here visiting has never been here before so really happy about that what do we got going on in the industry Well, we got TIADA in Texas kicks off. I forget where they're doing that this year. Last night was the... reception right that they do but today's the first full day yep so that's all happening in texas I'm seeing some stuff on social media a lot of the dealers that we know and of course industry people are there wish we could be there but it just wasn't in the cards with yeah with the wedding mexico and that whole thing and then uh of course carolina's they kick off on the first with that mastermind event I should throw on the screen don't forget if you're still uh not booked for that you still want to go to that mastermind event don't forget they create a special uh yeah so it's uh it takes care of your your ticket yep yeah so coupon code bhphms for morning show right so so yeah so that uh throw that in there and uh and be sure and attend that on august 1st and then that and then stick around for a couple days for the carolinas association event in myrtle beach so that should be a good time yeah we're excited to hear that yeah so many good things we hear of course we've had troy spring on we had tracy myers um you know we're part of that mastermind event and not really looking forward to hearing how that goes I'm sure it'll be a an outstanding day and also I saw on social media it's jimmy rambo's birthday is it jimmy jimmy rambo from spartan yeah happy birthday jimmy send him a note Yeah. Yeah. Wish him a happy birthday. And so I've already done so. Got a message out to him. But then, yeah, I think that's it, Michelle. I think the other updates I wanted to kind of and this is our big topic for the day was kind of updates. Of course, we've been away, haven't followed up with the folks, but they can look. It will be this week. I would be such a mess with everybody on the the DMS thing. You know, we covered this a few weeks ago and we were able to talk to a lot of the industry providers, DMS providers in particular. at the, uh, uh, NIDA convention, lots of, um, willingness to step in and provide that for dealers so you know what what what is that that we are speaking so that is a we're starting with um a bhph and lhph portfolio summary report yeah and I've talked about this thing on the podcast you know not necessarily with that name but we called it a white hatway portfolio summary report just because we want to be able to point dealers hey go run in your dms once it's created go run this white halfway portfolio summary report and they will be able to get a nice rundown on opening balance what was added what was subtracted and kind of a quick and closing balance yeah a quick summary on on what and it just it's one of those things that we just started there is kind of a step one let's get this for dealers yeah so this is I think you know this for me is kind of um what it's becoming more and more clear, I think for us all the time about what white hat way can be in this industry. And that's, that's something that we are being a voice on behalf of dealers saying, look, let's do this to make dealers lives easier. Let's help them get to better information. And so, so now just a quick update from the DMS providers. We, as of today, we don't have anybody that has officially created, finished it. When you do, we've told them that they, they'll be, um, on the show so they can kind of talk about it. But, uh, that there's, there's a good handful of, of providers that are, that are, um, have been willing to, that are working on it. And we've, we've touched base a few times with a few of them and they're like, yep, we're working on it. Yep. We're working on it. And part of the challenge though, is, is that, um, you know, Jim's like, these are the specific things and it needs to balance. Right. It's that's it just it needs to balance because the dealer needs to have those kind of numbers and have them balance. And are these the same numbers as what you're using in V8 that you're seeing? Well, like definitely some numbers that are in that would certainly be amongst the ones we would be bringing over because that's one of the anchor pieces of what any management performance report would include is some rundown on. And collections performance, like portfolio performance. So I've shared with everybody, this is part of the reason that we want this. And we want this for every dealer, whether they're a V8 member or not, or whether they're an NIDA member or not. We want all dealers to be able to have this information because it's one of the first elements to... monitoring portfolio performance, which is the largest asset in our business. We need to know how it's doing and we need to have apples to apples when we're in a 20 group or whatever else. We need to make sure we've got good information to compare to. So I get some of the challenges in doing that because you're actually pulling data from a few different modules in most systems. But It's possible. It just requires a little bit of engineering to, you know, pull the right things together. And that's something that, that we're asking. It's just, it is available to any dealer. You don't have to, you don't have to be our client. You don't have to be a member of VA. You don't have to be even a member of your state association. This is just something that is, is in gyms. You've been consulting and a dealer and all of that for, I mean, it's been, a 25 year about it's been 25 years now I don't know something like that it's it's more than two decades it is so it's it's stuff that when jim has been working with uh his consulting or his clients this this is the beginning this is like the foundational pieces of what he helps them put together for them to see these are the numbers and this is the stuff we that we should be looking And I created templates, which we shared on the morning show in the past, but I created a template to be able to send the dealers when we're starting to work with them or do some cashflow forecasting or whatever, I will send them a template and say, give me at least the last three months of history. 12 months is better. Like the template is built to go back 12 months. But when the numbers come back from them, they're all over the place. They don't know we're close to balance. Well, and I think that part of the challenge too is, is that, and it's, you've, you've seen this in V8 cause it's been more in mass of multiple dealers is even dealers that have been in the business for a really long time. You know, they've kind of put things together and figured out the things that, that kind of matter to them a little bit to, to watch. But there, there's, because there's such a lack of standardization in, in the industry and like training, because, you know, as far as what's important to be looking at and how you get it, you know, I know that we've seen NIADA, you know, they do their, these are the numbers and this is, But it's not something that they'll say, this is where you go and this is how you get to it. It's just they're compiling the numbers from all of the dealers that they work with in 20 groups and so then give you a global aggregate of the stuff. But Jim's been working really hard for a long time to try to – These are, these are the numbers and here's how you get it. So it's not just, not just here. Let me help. Let me give this all to you. But it's like, this is how you get it. This is how you read it. Yeah. Yeah. It definitely matters. And this is why you're going to see us persist on this. And I think, um, you know, we've shared that we're going to, as you touched on, we're going to invite, um, the DMS providers to the podcast. We've extended that. And so we extended that invitation openly to all DMS providers. Um, as many as we had information on since then we've updated and extended the, uh, Did you want to go through the list? I do. I want to do a quick update on kind of where we stand in the latest conversation with any of these. And some of these conversations really haven't gone anywhere since the conference. But of the ones that we, this is going to be a partial list, but this is certainly going to be representative of the ones that I think this list goes is of all the dealers that we have in our V8, for example. Yeah, every DMS providers is represented. Well, and so that's a great place to just kind of really focus on starting because, you know, we we want people that are bringing in their numbers for for v8 to it's they're they're good solid numbers and these and you know they're getting a good foundation for dealers anywhere I want them to have this information it's just like it's kind of like say it's not one so auto masters or ams of course everybody knows mike downey over there and so we did talk to mike downey at the conference and we have we have reached out to them since and they're like yep we're working on it yep yeah he He intends to do it. We don't have, we haven't had any dialogue from them. I don't know what their status is on that, but, but I do know that he has a intention of doing that. And we, we look forward to being able to read Mike on the broadcast once we've got that squared away and working. And then the DCS dealer controlled solutions, that's a formerly AFS, formerly DCL. They kind of changed their name because they do both leasing. So DCS is dealer controlled solutions. And they are, Oh, that was the one that we're actively working on. Yes. Um, they, we've had a couple of email, uh, exchanges with them. I know they're, they're, they expect to produce that. And I, every indication is they will be one of the first ones to, to produce that. And then, and they do just, uh, that's that you, uh, you mentioned the name, the prior name, but they're all, they're also one of the, the DMS is that does both buy here, pay here and lease your pay here too. Yep. Yep. And so we were hopeful that they'll be able to bring that together for both the lease your payer and the buyer payer side. Right now, we're primarily focused on the buyer payer side, but it really, in theory, it's going to work the same. You're just trying to reconcile the principal balance in your portfolio, which every balance sheet would have to have that, you know, an opening and closing principal balance. So So I would hope that they would be able to get to that. And then Frasier was the other one that we spoke to. I think for our Frasier users, I can tell you based on the dialogue we've had with them is we don't look for that to happen in 2024. No, yeah. They're working on some internal stuff to update the entire system. Things that we probably shouldn't announce. Yeah, but they're aware. Yeah, they shared that they've got some other priorities right now and that they're aware. So we'll see. But I would just tell your Frasier users out there that, don't look for that to happen in 2024 on that system and then dealer center is that's the folks who I I'm I'm hesitant to say the things I've heard about their relationship with west lake you know dealer center is the one that you know was certainly was originally created as a it's kind of a product from west lake but what their relationship is now I can't be sure but dealer center is um They've shown a lot of willingness to cooperate and, you know, advisory type stuff with helping them set up their buy here, pay here reports. And so we're available to do that. Just know that if you're a Dealer Center user, we've said to the folks at Dealer Center, we're available to help, you know, to formulate buy here, pay here reports. Because at this point, I've worked in buy here, pay here reports for decades. My career, which goes back to from a consulting standpoint, goes back to 2000. I was a manager dealer before that. So the history with that goes a long way back. And I would just say that we're happy to help based on what we know and kind of what pieces we would recommend get tied together. That's the latest with them. DealPack and Abcoa, I can tell you that we had meetings with DealPack. DealPack was one of the ones who stepped up and said, we're happy to participate in that. Then I did have a virtual meeting with one of the developers who they assigned to the project. And that's been, that was the Monday after the conference. And, um, and I know they were going to work on it, but I haven't heard anything since I'll be following up with them this week. Um, IDMS is, uh, that's the Solera product formerly finance express and IDMS have, uh, They introduced me to the developer who would kind of be the one to drive that, or a CSM I think is actually who they introduced me to. But I haven't heard anything back from the CSM on any of that. So I don't have any information that suggests that that's moving forward. I will say about IDMS, I currently can reconcile principal balance in the portfolio. I know which reports to tell dealers to run to build a balance. That's still not gonna be good enough. We want dealers to be able to have that in a similar report. Yeah. Weren't you just telling me this morning that one of the dealers that we have on V8 that is on IDMS, just reported that, yeah, it took me 15 minutes to pull all the stuff together that you need because it's, you know, you know where to send them and, and what to look for. And so the numbers on that were pretty easy to spend. I think we touched on this before, you know, we were trying to be at plus or minus 1%, but some of these, portfolios are so big yeah million dollar portfolio yeah we talked about that was it last week or the week before that that that one percent I think that one of the dealer that you showed was like 1.1 or something and it was still 300 000 yeah that it was like uh it's not balancing I'm not sure what those numbers are yeah what report should balance there yeah yeah this is why we're going to persist yeah this is something that can't go away we got to keep talking about this until dealers have this information. Well, and it's part of it too, is that the thread that is woven into so much of what we talk about is you can't fix what you don't measure. And so you really have to understand the moving pieces and the balance things out so that you can get a good feel for as you're tracking. It's like there was a spike. What happened that month? And let's fix the thing. And And some of that's some of it's also just identifying leakage, which doesn't have to be theft. But when you've got money that's not being identified and you don't you can't be sure, like you said, from a management standpoint, you can't be sure where it is in your business, in your operation. And so this is why we want to help dealers identify leakage and make sure because they're working so hard and taking so much risk. to do the job that they're doing. And we want to make sure that we put information in front of them. Especially in the industry with how much risk, um, businesses are doing. It's like that it, cause it's a risky business. You, you don't want to, um, you don't want to, to leave things to chance as much, you know, keeping, keeping things, um, tight and steady. of course and then the last one I didn't mention here and this is hardly all of the dms providers but these are the ones that we've either had direct dialogue with or that certainly represent most of the dealers there's probably you know dozens more dms providers out there that we're not listing here but The last one for me was the Wayne Reeves. Yeah. Uh, we talked to, um, a couple of the Reeves. Yeah. They're a very popular system in the Southeast in particular, you know, they're, um, I was thinking they were out of Florida, but I guess they're out of Georgia. Um, I'll, I'll find out somebody will correct me on that. Um, but anyway, we, yeah, we're able to meet with Jason and, um, and Pierce out there and they do express a willingness to, to try to make that happen. And so we'll continue to work with them and, And again, I'll get an update out to everybody today and just kind of ask them to give us a progress report so we can kind of keep our listeners informed about where we're at with that. And I think we'll just try to continue to educate on why this number matters. Like, why are we persisting? And also we'll talk about in the same context, what puts White Hat Way in a position to make a difference there? Because when I go out there and ask for the stuff, we're asking for it under the banner of White Hat Way. We copied our founding sponsor. I'll copy the founding sponsors again when we send the thing out, you know, for a follow up and kind of get a status report. Because this is where I think White Hat Way, and I realize this is a Monday, but listen, as I keep saying, White Hat Way is not just for Wednesdays. White Hat Way has got a lot of work to do and we're going to be, you know, continuing to kind of do that work. And so this is one of those examples. It's just that this is the first example. We have formulated and we'll, we'll touch on it a little bit on Wednesday, but we have formulated a structure that we're excited to share. We're going to work with our team first and try to figure out, you know, what's the path to get there. But I'm just going to tell you where we have, um, formulated a, um, a tool. that the industry is in this, this little piece that we're talking about here is one piece of a larger tool that can really make a huge difference. And there's a lot of other, you know, there's, there's, there are things that you've, um, built too. Um, and it's funny cause, uh, we've, we've shown different spreadsheets and things as we've gone along of, um, you know this is how this is how we track this and being able to to take it for three years and five years and see how the things work so many people are like I want the spreadsheet I want the spreadsheet and it's like well yeah so sometimes I'm confused I think when they reach out about that spreadsheet they think I can send them the master kind of cash flow forecasting spreadsheet that I built is really probably the one you're referring to and and while it is proprietary and we charge for, you know, walking them through that. The main thing is this is not really built to be user managed. It's just not, there are too many pieces that when you change one, you would have to understand how that impacts two and three. And, and it's not built in a way that it can, um, you know, do all those things without some manual participation from someone that understands deeply the numbers. And so it's not that we're trying to necessarily profit from it. We'd love to be able to make that tool available to everybody. It's just challenging because you can't, you know, would you ever get there? Perhaps it's just that they're, it's it's challenging to help people understand what why when you change lever number one you have to you have to have a way to know what that how that impacts these other pieces and so it's just yeah it takes its experience this is required in that case to really uh you know build something that's going to be reliable it's it sounds like that what do they say the analogy of a woman's brain and a man's brain a man can pull if you had a bunch of boxes on a wall a man can pull out a box and put it back and it doesn't affect any other boxes but when a woman you pull out a box there are 17 other boxes that come out with it because it's all interconnected in in how women think but these these this spreadsheet similar to that yeah It's like there's lots of pieces. Let's save that for later. It's very true. They say that it's not possible for someone to multitask and have more than one tab open at a time. That is not true for women. It's just not. It might be true for men and I understand it because there's a different way that men are from Mars, women are from Venus, all of this stuff. I'm past putting people in boxes. No, it's all good. I think it's all good. We, we can wrap up for today. I don't have anything else necessarily. Just a reminder again on that. Let me throw that, uh, Oh, yeah, if you're in the Carolinas and can head out to that, they call it a mastermind. Yeah, it's the Unfair Advantage dealer mastermind group. And we have heard such great things about it from dealer friends of ours and that it's just, it's really dealers are the ones that are, they're leading the conversations and, um, you know, they'll have some experts there, but, uh, for the most part, it's like dealers talking to other dealers about what has worked for you, what, you know, what hasn't worked for you. If you're a dealer on the fence and you're winning a few hours drive or whatever that may be, just hop on YouTube, search Troy spring on the buy here, pay your morning show. search Tracy Myers on the Buy Here, Pay Here Morning Show. And they will help you understand why it's really important for dealers to get there. They're going to see a lot of value, a lot of benefit out of that. So, and, you know, shout out. I bet you everyone's in full swing down in Texas for TIADA, first full day. Really a great conference. And we hope you all have a great conference. Learning off a lot and connect and all of that. You know, I've, the people who come to mind obviously mark jones is the former president yeah russell moore I saw he's on the board out there you got ryan winkelman who I think has probably moved away from the president I don't know ryan's role but yeah there's tyler simmons is speaking out there so yeah shout out to those folks wish we could be there to uh yeah enjoy a beverage with you and and uh Get educated, but we'll probably see you next time around. Yeah, exactly. All right. Anything else? I don't think so. That's it. Let's wrap it up. I wasn't, so there you go. Thank you so much for joining us Monday. And we know that you guys have an awful lot that's going on. and you're probably busy looking at everything that happened last week on, you know, on, in your DMSs. So, um, thank you for making us a part of your day and to be watching. We'll, we'll keep you updated on where we're at with the, with the conversation, with the reporting through DMSs and, um, If you've got something that you would like to hear us bring together, some people that are experts or whatever, feel free to reach out and comment. I didn't share the title here, but we already have our Wednesday and Friday topics. Wednesday is going to be around accounting, which you can kind of tie back into some of what we're talking about here. And then Friday, we're talking about expenses, posting of expenses. Yeah. All right. Well, have a great day, everybody. Thanks again.
