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. Surprise! Happy Wednesday. Yeah. They didn't know you weren't going to be here. Oh, they didn't? Oh, okay. I'm here. Yeah, Michelle's here. Yeah. I may have to... You know, bug out a little bit early. I've got some stuff happening in town. Yeah. So I thought we prepared an episode with thinking that Michelle wasn't going to be here. But now she's here and that's wonderful. And we will still talk about the thing. So happy Wednesday, everybody. Glad to see you from our. basement studio in Utah and got quite a bit of stuff to update on. First of all, we got our first group meeting for the month of August on Thursday night. So we've got that happening. That group is for 100 to 500 dealers. And if I heard from you today, we got two seats available in that group. So And then we have a second group that's also that size, but I'd love to hear from some dealers who want to sit in with those groups. By the way, the testimonial videos are coming out. Oh, my gosh. So good. So great. So I've got Chris Donnelly out of Texas, Anthony Wall out of New York, Vic Everett, California, Casey Leidecker, North Carolina, Seth Merrifield out of Alabama, and Robert Hernandez just came in yesterday from Texas, so... Uh, we're going to be cycling those through and kind of hear directly from dealers on how their experience has been, but the videos are so good and special shout out to scope X pro. Oh my goodness. Yeah. They're doing a really nice job putting that stuff together. So we appreciate them. And, and, um, Also, just an update on the white hat certification thing. You know, I put out a poll. It was my own mistake. It got taken down because I put some links in. Yeah, so I'll probably just do a poll, a survey instead on that so we can get feedback from dealers who... can help us better know how to, which pieces of the business they think they would like to have the training in, or think dealers would be best served, dealers in that manner. There's a lot on the horizon in regards to White Hat Way. We are working on a certification program, and once a dealer has gone through that, Then there is a marketing and other big pieces that are big parts of White Hat Way that are not dealer marketing. This is White Hat Way dealer or White Hat Way marketing pointing customers to dealers. So that is something that we are working on. And we're starting with just getting the... topics and the you know the main heading points for the white hat way certification right um and I'm going to want to talk to vendors and especially lenders you know and dealers on this to make sure I've got all the pieces that they think about then so yeah we're working on uh the first iteration of the the kind of the outline of that yeah curriculum so yeah it's gonna be good it'll be great it's it's gonna really be good stuff so shall we jump into our topic absolutely we were supposed to talk about more about camping and jim didn't think I was going to be here so he's like I'm going to hold on that and then I found out that my appointment I don't have to leave until 9 30. so I was like I will be joining so today is uh on the story about 30 out sixes and we had a long conversation about this yeah uh you know like four or five days ago Yeah, so maybe it just helped to have our audience understand. We're not here to talk to you about hunting and guns. No, we're not here to talk about guns. There's a tie-in, but it's probably appropriate to give folks a little bit of understanding of my background. Like I grew up on a farm and ranch. Hunting was a way of life. Oh, my gosh. I watched movies as a kid. He went hunting. Like after school, drop the book bag, grab your stuff, go out, do the thing, and come back for supper and homework. My brother and I used to go hunting before we did our homework. Like that's kind of the way that I grew up. So it's, um, so I grew up around firearms. I was more, I was more of a hunting person than I was a firearm specialist. However, I did in the, in the thing that people talk about in entrepreneurship, like I, I try to make my passion into a business and I did, I was, I was a partner in a business when I was 24 years old. It was a pawn shop and sporting goods store and did that for about five and a half years. And then i opened my own sporting goods store uh that didn't have a pawn shop attached and that was a whole different experience there's a I think I've touched on that in the morning show in the past but the the key part of this is that you know when you grow up hunting and you you're around hunters and they bring different firearms and this sort of thing then one of the things that happened in the kind of the tire kicking contact context is that We would have people come into the gun shop who just, you know, Saturday afternoon hobbyists or whatever, and they're in there buying a little bit of ammo, but they like talking, hunting, and guns. And inevitably, we would have some hunter who would say, you know, something. Before you go into that, okay, let's just, when you're listening to this story, there's a parallel in here to talk and buy here, pay here. Okay, so go ahead. Yeah. So, you know, you'd have these hunters that would come around or gun enthusiasts more. And so they would come around. These are typically older generation folks, right, that you would generally speak to. You know, and I hear it now today with different people that I talk to. It's the same kind of conversation. Yeah. go ahead and I almost you know I'm pretty easy going person like I almost never pushed back on this but you would have people um kind of take this position well well 30-06 is the best rifle ever created like that's only gone any person ever needs and I would listen to that and I think I don't think that's true I don't think that's really you know that's not that they have their favorite The one that they might have used when they were younger or the one that they have and so they know how to use it and it does everything that they need it to do. Yeah. And I think that's the part that is kind of related to our business. And you can see where we're going to get to in terms of, and in the description of the show, I talked about how this relates to buy, hear, pay your business models, because you'll meet people who say, this is the way to run your business. And obviously you and I see it on social media threads all the time. People chime in and say, do it this way. This is the way to do it. Oh, wait, there's more information that we need in order. Because for me as a coach over the years, you meet people and you know, obviously you have a model or structure that you might recommend, but the first thing to learn is what is their objective with the business? Like, and this goes back to the gun thing is like when you say 30 out of six, well, It's not the best choice if you're doing this, if you're doing this type of hunting or you're doing, you know, whatever else it might be. And so, you know, maybe they're just arguing it's the most versatile. Well, that's fine, except that may not be what that person's doing. And the next person. Yeah. If you're going to Alaska on a moose hunt, then maybe it's not versatility you're going for. Maybe it's something that's very precise to your particular objective. And so this is kind of where it ties in for me with our buy here, pay here business, because we hear people across the industry, and this is true of dealers, vendors, you know, lots of people who kind of step in with an opinion about something. And a lot of people are naturally married to their business model. Well, and it, you know, especially it works and it works for them. And so, you know, the assumption is, is I've got it figured out because it's working. And so this is the way that it, that it should be done. And, and, uh, in, in the terms of buy here, pay here. And even with the guns, it's like, that's a great opinion and it's working for you. And it's, and it's that, that's great. There are lots of other opinions and way of doing things. And I do like, I do appreciate, because we see this all the time on social media. It's like, this is the way, this is the way, you know, this is bad, this is good. This is, you know, this is the only option. This is, and it's, you know, I even see it like when someone says, hey, who should I go to for X? And it's like, here, here, here. It's the same thing as the 30 at six. It's the exact same thing. The 30-06 may not work for everybody. Yeah, and we see this in particular around DMS, right? Correct. People have their DMS. That's the biggest conversation. Or GPS is another one that we see all the time. People say, you should use this DMS, or you should use this whatever product. Or so-and-so for the win, or whatever. And it's like there's lots of options. And not every person, not every dealer... is the perfect fit for this DMS. Or this DMS is not the perfect fit for this dealer. Or whatever product it is. Or whatever it is, yeah. So that's kind of the... Or just even like how you underwrite. Or how you vet... potential client or how you hire someone or what your pay plan is or, you know, all of the things. All those pieces. I think it's just how you, so, so you think about how we respond on social media when we, so the lens that I look through when I see people say, you should go with this software. And I think, how many other softwares are you familiar with? Like when I hear that person say that. That's the key, yeah. Well, it's like, yeah, it's like back to this 30-06 person. Have you really, have you experienced these others? Do you really understand the difference between, and why are there, you know, dozens of different rifle calibers available? Because they serve different purposes. And so the same thing with the DMS, they're kind of tailored to do different things and some do certain things well. And so you kind of have to, You know, I always am cautious about answering questions with questions. But sometimes when we're meeting somebody for the first time, I have to do that. I have to ask them questions in order to be able to answer what it is that they're looking for. Because they don't know when they ask the question what the gamut is that's available. And I think especially in our buy-here-pay-here business, if we just talk about business models for a minute... There are at least two distinct categories of business models in my view. I see two approaches. One is very focused on equity and building and growth, and the other is focused on cash flow. And you can even break that into near-term cash flow and mid-term cash flow. kind of how quickly do we need to start generating some positive cash and so there's just so many different things to consider when it comes to offering advice and I think um you know like I say social media is kind of an exaggerated example and look people are busy they're going to give somebody a sentence or two and an answer right and so it's like it's not unexpected Yes. And the danger is, is that the person asking the question is, you know, this this is they're looking for answers. And so it's it is, you know, I one thing I've recognized about you is when someone asks a question, you just kind of sit back and watch. And then if certain ways of doing something or certain vendors or whatever aren't mentioned, that you'll pop in there and say, hey, before you make a decision, consider this or this. And you want to look at these. And, you know, that's the thing that the challenge is, is because this is such a specialized, you know, everyone, you get to choose. It's like this most fiercely independent entrepreneurs, like you've said so many times. And so one size is not ever going to fit all. It's not. And I think, and somebody said, you know, in one of the threads, and I appreciate that they said it, like, none of the DMSs are perfect. No, yeah. They don't scratch every itch. Well, that's just one example, but yes. Yeah. yeah so I think um so on all these things you think about and we're working with a number of people right now boy in the last year especially like since december I so many people I've talked to that are in the middle of a software switch they're moving to a new software and shopping software and looking at new dms and I think So what that tells you is that they chose something and then they either outgrew it or they weren't satisfied with things in some way. And so I think there's just a lot of elements to consider. And I think you can't know. There's going to be decisions you're going to make later that you didn't have any information at the time. But I think it's why I think it's important to give people a broader look at what the options are. This is going to be true of business models. It's going to be true of software so that they can make a judgment for themselves. And I said it in some of the stuff we've been talking about recently. I just find that dealers sometimes... don't get credit for their intellect it's like they're capable of making good business decisions when they have enough information that's the key though when they have enough information and and you know when when a dealer is um is uh looking for a shift or a change or just starting or whatever I i know I can go from example of or from experience that when we coach a lot of dealers into the business, and when we always, always, always, when we're making introductions, because that's one of the things that is probably one of the most valuable pieces of getting someone started is making introductions to different providers. And the very, very first one is always the DMS. Because so much of the rest of it is interconnected and all that, and that you never give one. You give three or more, depending on what their goals are. And then you make these warm introductions to people at the DMS, And so, and then, you know, if need be, you can sit there through the demo with them. Usually, we don't need to, but it's just like, we'll come back and ask questions, and then they make their own decision. But a lot of times, you know, they'll say, which one do you prefer? And just, again, it depends on what your goals are. So, So me being, let's just, you know, I'm just someone in the audience and I'm not, because I'm not the subject matter expert, that would be you, is that there is a lot of value in looking at multiple options, doing the demos, taking some time. Because when you go from like, I'm here and I'm unhappy and enough, it's like a popularity contest or something with other options. And then they're like, well, the one that got the most, I'm gonna go with them. But maybe there's something else that's different that will fit what you need to do better. And so I would suggest strongly I strongly suggest that before you make big decisions like that, that you talk to people that know multiple, multiple platforms. Or familiar. Or familiar, because I mean, it's like GPS, same thing. Reinsurance, same thing. I can go down a payment processor, same thing. There's so many different things. and that it's a really good idea if you wanna make a very educated decision, is that you talk to someone who has been in the bowels of all of them, if you can, or someone that has experienced multiple or get a lot of different viewpoints, and then go and experience it yourself and see what feels right for you. Like, oh, I get this. Because some of the softwares that I've seen really, whatever softwares, I mean, because there's a gamut, they are more appealing to someone who, is really analytical. And then there's others that are really appealing for someone that just wants it like dumbed down as much as you possibly can. And so it just really depends. And not one size doesn't always fit all. Yeah, that's kind of where I was going from the rifle standpoint. It's like, you know, I think if you're going prairie dog hunting in Wyoming, then, you know, yeah, .30-06 is a versatile rifle. For my .30-06 fans, it's not that .30-06 is not a versatile rifle. Of course, it's very versatile. You want to know how much I know about guns? Tell me. I thought a .30-06 was a handgun. Okay. That would be the most dangerous handgun. So I would not ask me because I'd be like, I don't know, the big one? Yeah. That shoots lots of things that go poof. Yeah. No, it's not a handgun. But the point really is they're built to serve a certain purpose, right? Yes. So if you're talking to a dealer who's looking for a software, we have to first understand what's most important to you. And if they say it's accounting... then you're going to want to look at these, you know, based on the accounting preference. But it just, I think that's the thing. And I think especially where it comes to whether it's dealers, vendors, salespeople in this industry, it's like, we have to take a moment to find out for sure. And it's, it's kind of one-on-one with sales is like, Let's listen to what it is that the person is really... What are the hot button things? Like what is most important to you that this thing fulfill? Instead of just selling them this one most versatile thing and it doesn't check the most important box for them and now they're unhappy. And so, you know, we just... Because, oh my goodness, especially with DMSs, that is just not, we've talked to plenty of dealers that have done a DMS switch. And, you know, usually when we counsel or coach people through just starting, it's like, It may seem like a lot right now or whatever, but if you can do this or do this or do this, based on your goals, this is going to see you through all of the things. And of any provider switch in this industry... that is the hard that is the one that that it's like dealers are we're not doing anything but this for the next yeah it's it's better than it used to be but I do have one dealer I spoke to yesterday who's in that situation where they're just not they're just kind of tunnel vision on getting there has to be there's so much yeah yeah I would say I don't want to scare people like it's it's It's better than it was when I got in the business 20 years ago. The migrations or conversions to a new software, that process has improved. I think it's another thing that's going to be different with every provider as far as how effectively. Well, we have heard horror stories from one and not so bad on the next. So you have to just be aware. But I think, yeah, for today, my main emphasis was just to say, let's first recognize before we answer somebody's questions about, you know, there are different business models. We see it in V8. You can have a V8 meeting with eight dealers and they've all got different strategies and different, are they adapting their strategies now that they meet other dealers? Perhaps, we're definitely seeing some of that. But my point is, These are businesses that have been around for decades, and they're all kind of pursuing different strategies, and they all can work for them. And so it's like to say this is the strategy for you. This is the way I would recommend it. And I think we just also need to – some of us – raise our voice around certain things and think, and I just hear it through a lens of, well, what other experience do you have outside of this? You have the experience with this business model in this particular market as an example. And it's the only business model you've ever been familiar with. And it works for you. Wonderful. Which is fantastic. But it doesn't mean it's the right model for this next person. And so that's the part that I think we, you know, as coaches, I certainly adapt to that and try to make sure that people... that we hear from them what it is they're really trying to accomplish because there's all different ways to be successful in the buy here pay here segment and there's you know a number of different software solutions that might satisfy you know what it is that you're really looking for so it's not uh I just think you know are there some that are versatile sure will they serve the things that are most important to you gotta gotta ask the questions to find out what is most important to you and then we'll we'll begin to start to figure that out but but yeah and I think in the meantime we we always just try to introduce people to at least three and um and let them go decide and same thing with business models lay it all out you know I just emailed to somebody if they found our material and I have this business model comparison thing it's just a simple little tool that helps people decide you know what's most important to you do you want a high priced car and a more equity focused driven model or you know all these kind of things you can make decisions because we're just trying to help people understand the impact of those early decisions and so I think we just let's let's be a little more cautious out there on social media when we're advising dealers and and you know helping them make its selection about certain things because this stuff is important like it's um it's let's don't send them on a hunt with the wrong rifle you know yeah let's just don't oh yeah let's don't do that so can I um possum yeah which possum okay for those of you that are new to michelle um everybody's heard the expression squirrel squirrel that's a completely different thing possum is it's related that's what we decided to label it so yeah I've heard this story and I'm just curious When your mom was shooting at snakes on top of your fence in Oklahoma, what kind of gun was she using? That was a .22 rifle. That was a .22 rifle? Yeah. Because, yeah, Jim's like, I remember this time. And it's like, boom, boom, boom. My brother and I woke up to gunshots inside the house. What the heck? And we both rushed to the top of the stairs. We're teenagers, late teens. And my little tiny mother. His mother is like 90 pounds wet. Yeah. I mean, she's just little. Her own rifle, by the way. She's got her own rifle leaning out the front door of the house. And she's shooting a snake that is totally harmless in the top of the fence. She doesn't like snakes. She does not like snakes. I get that. But she could have woken one of us up. But I mean, I know your mom and your mom's like, I can do this myself. I don't need anybody's help. I can do this. It's a very memorable story. It is a very memorable story, but yeah, yeah, it's awesome. So, um, 22, not a 30 at six, you know, so it would have been awful. Yeah. So like if you need to shoot a snake, um, Off of your, it was probably cinder block fence. Spanish tile. Spanish tile fence. A .22 is probably your best bet. But, you know, who knows? A BB gun probably would have worked. BB gun might have done the trick. I'll tell you, she didn't shoot the snake. She shot up the tile is all she did. But she got a lot of something out. I mean, you know, I'm like, sometimes, you know, it's like a punching bag or whatever. It's like, I've got some things I need to get out and I just hate that snake. Yeah, yeah, she exercised a little bit. She did, she did. So, moral of the story is not every gun fits every situation. Or not, yes. And so, you know, be open. Be open to what other people are using or whatever. But when you're offering a suggestion about this is the only way to go, is recognize that that necessarily isn't true. There's so much that depends on what the business model, what their goals, what their objectives are, all of that. to what decision someone should make. I think the simplest way I could say it, there's lots of ways to get there and buy your pair. You just have to first know where somebody's going. Where are you going? Like, what are you, what are you trying to accomplish here? And you can better advise. Yeah, absolutely. So, all right. I am, it looks like I've got where this is a, this is great because I've got plenty of time to get on the road. I've got to be down to Salt Lake University, Utah and Good. When you're not here, this is the part where you wrap up the show. This is the part that I fumble every time. So I'm glad you're here. Well, hey, everybody. Thank you for joining us on a White Hat Wednesday. We really appreciate your support. And if there's anything that we can do to help. feel free to reach out, give us a call, um, texts, all of that. Um, you know, you can find us through all the social media channels and all of that. And we'd be happy to, to help you or introduce you or whatever it is that, that you need some help with. And, um, yeah, have a great rest of your week. We'll be back on Friday. Not sure what the topic's going to be, but you know, give us a suggestion. We'd be happy to help you. All right, everybody have a great day. Thanks again so much.
