#298 - Do You Know What Time It Is?

You are listening to the Independent Dealer.

Podcast with hosts Luke Godwin and Jeff Watson.

Hello and welcome to the Independent Dealer Podcast, brought to you this week by Buckeye Dealership Consulting. Luke, I noticed you had a really fancy watch on there. Do you mind being a sweetheart? Tell me what time it is.

It is tax time, baby.

It's tax time.

It's Jeff. It's Jeff Watson's favorite time of the year.

He loves Tax Max.

And we're here to talk about a little tax Max situation. You ready, Jeff?

Yeah. We've got Mr. Byron from Honest Autos out of Florida, and of course, Mr. Bill. Bill. I think Bill would probably argue that it's always tax time, right, Bill?

It's always tax time.

His wife, his watch right there.

Bill is. Out of all the vendors, Bill, and don't take this your own way. You are the most enthusiastic about your product out of any, any vendor I've ever seen. Like in the middle of the summer at a convention, you want to talk about tax season, and I just think it's so great. I. I love being around you.

We think.

Thank you for the partnership, Bill.

Now, I appreciate it. I'm a, I'm a fan. If I was a dealer, I use it and I don't know, I like what I do so well.

That's good.

That's good.

That is true. Byron, introduce yourself to the podcast community. Where are you located? Kind of the size and scope of your dealership, and then maybe tell us your experience using Tax Max. I think you're kind of similar to me. Been on it for a while, and it's kind of ingrained in your dealership. Yeah.

Yeah. Super glad to be here, guys. Big fan of the pod. First and foremost, my store is Honest Autos. We're located in Lake County, Florida. We're about an hour north of Orlando, kind of Leesburg, the Villages area. We've been with tax Max probably seven to eight years now. Six. Seven years at least. So we've been with the program for a long time. And just like, you know, Bill, you guys said, Bill wishes it was tax time year round. I think us dealers always do, too. And this is a way to kind of, you know, take your tax season from a one month season to a three or a four month season, which is what I discovered about, you know, five, six years ago, you know, seven years ago when we got involved with the program. So we, we run it every year. My sales staff is always amped up about it. It was like, boss, when, when are we starting tax filing? When Are we starting tax filing? Because it enables them to go out, get a much bigger down payment, you know, put together better deals for me that I get to desk. So big fan of tax max.

So are you, are you using it for buy here, pay here and for retail deals?

I do. We use it on both. Yep, absolutely.

So give us a kind of an idea. What's your typical, like a typical sales month for you, like unit wise?

Dollar wise, we do between 500 to 600 cars a year. So that's 40, 40 to 50 units a month on average. My ACV on, you know, on a buy here, pay here car is probably 7, $500. You know, it's come up significantly like all of us, but I really sell everything. We span the gamut. We've got a really unique market here. So I sell stuff from, you know, $4,000 up to $94,000, frankly, not, not often. But you know, we have a lot of retirees and, and you know, boomers that are not, you know, income driven buyers at this point in their life. And so we're kind of unique in our market. We, we really are a true hybrid model. We do about 50 outside finance, 50 in house.

I think that that came up on the, on the Facebook page the other day. Could you do both Jeff and, and apparently Byron figured out the special sauce.

Yeah, I do it too. I mean, I don't go that high. I don't have a 2022 Corvette sitting on my lot like Byron does. But you know, when you're sitting in those communities where price doesn't really matter, but you also have all the people in the neighborhood that support those communities. Right. So you probably have a lot of folks that kind of like with me in a retirement community, you have a lot of people with cash in the bank account and you have a lot of people that are there just helping them. So Byron, when you say you do about 40amonth, I want to know what percentage of sales during tax time or using the tax max product, you know, would you say is a boost because it's all percentages, right? You could say, hey, I do 40 tax max deals every season. But if you're doing 400 car sales a month, that's really not much of a, doesn't really move the needle. But if you're doing 20amonth and all of a sudden you're getting a 20% boost in tax time, that's a big deal. So give it to us kind of in percentages. What would you say it adds to your sales?

Yeah, I'D say It's probably a 15, 15%, maybe 20% depending on the month. You know, it's a little heavier. When the tax money hits, you get some late filings that like a deluge that comes in, you get. And then right when those W2s hit on the early filing program in January, we kind of, you know, really ramp it up at the beginning. And my thought process on this is I just want to take people out of market early. So if I can sell you a car in the first or second week of January and then be guaranteed or tax return in March or April or whenever the IRS is determines they're going to release funds this year, that's great. I've got new inventory in stock that 60 days down the road. So it used to be I was kind of sitting on my hands waiting for that money to hit the first know week of March. And I, I kind of view it now as I can sell 10 or 12 cars a month in maybe December, January and February. That are all tax deals before the season really gets here.

That's, I've noticed that. And, and Bill, I'm gonna, I'm gonna try to get my, my staff involved this year and get it going. But if I could, my January's have, have gone down over the past, you know, seven, eight years and if I could somehow pick those up. Because not only do you pick up the customers early and take them out of the market, you're also able to still buy cars in January at a, at a decent price. So that's, that's, I love that you are able to, to, to use that as an advantage in January. Is, is that what you see as well, take them out, replace that inventory early before prices go, go haywire?

Yeah, 100%. We, we all, we all know it's tough in April to go out and buy cars. Right. And we all face the same challenges. And once that money hits the know, nationwide inventory gets real tight. So yes, absolutely, try to, try to replenish the inventory beforehand. And it's, it's a multiple, you know, win on multiple fronts.

Yeah. So what I want to do is give a quick reference to folks. We won't get too far into the depths of the program, the fourth quarter, the first quarter stuff. So you guys know, you can go back and reference previous episodes like 191, 205, and Bill Will really explain the program. But before we get into what's going on new and I want to get Bill to tell us about what's going to be happening coming this year, first off, for our retail dealers, Byron, how are you using the tax max program for retail sales? Because that seems like most people hear tax max and they just think, oh, that's just a buy here, pay here product.

Yeah, it's definitely less typical. But at the same time, it's. It still works. People bank on that, getting that, you know, windfall of money. So perhaps it's a, you know, it happens on a cash sale, maybe a 6, $7,000 cash card. Somebody says, hey, I want to buy this. It's the same way you'd push out a 90 days, same as cash deal on your lot right now. For some of you guys that do that, that's something we do. You know, if you can pay the full balance in 90 days, we'll 0% interest it. So it's just a way to get them driving. Maybe their car blew up in December or January. They got to buy something now. And, you know, they're a cash buyer once they get that income tax money. But you have to wait for a little bit of that. You know, those funds come in.

Yeah, Bill, talk to us about that. Where do you see this helping retail dealers and then maybe give us your outlook for this upcoming, you know, quote unquot quote tax season. I think a lot of people have gotten soured thinking like, oh, there's no more tax time. No one's getting tax returns, blah, blah, blah, blah. Well, you hear that every single year. How do you see that panning out?

So on the retail side, it's just like Byron was saying that, you know, January could get soft, but if you use a tax program, marketing program, you can pick up those buyers in January using their a refund advance on their tax return. So, you know, whether you're retail, buy here, pay here, franchise lease here, pay here, down payment still the number one issue, especially as this economy is starting to get a little sour. It's definitely taken some time to deteriorate slowly, but that's what the benefits for retail. Just like anybody else, you can access that down payment and pull those customers out of the market in January before that money really hits in March and April.

Bill, let me make that point. If you're a retail dealer and you're listening, you think, wait, I can't roll a deal in January with a deferred down payment. My lender does not allow that. What you use is tax Max's refund advance. So you file for them. They might be getting a $5,000 return, but they get an advance of 2 grand based on the advance program. So that is cash you get today.

Yep.

And it is not recourseable. Correct. It is not recursable to the dealer. So that $2,000 comes in. They have actually $2,000 down today. Your lender won't have a problem with that.

Correct. I'm glad you said that too, because the number one question with a retail dealer is that, well, I get a refund advance on January 6th of $2,000. There's my down payment. I roll the car that it's financed. And what happens when the IRS doesn't release the refund in March or April? Well, nothing happens once the refund advance is printed and approved. There's no recourse to the dealers, honestly, no recourse to the customer. So it's just a win win for retail. It's a no risk program. There's not one reason why you shouldn't use it. Unless all your cars you sell are over a hundred thousand dollars a year. Not a year, but like price.

Bill, are we going to see the size of tax returns this coming year that have been back in the day before COVID all those kinds of things? How are we? How do you see it panning out this year? Hey, guys, real quick while you're listening to this episode, obviously we know this is a advertisement for Tax Max. Guys, the reason we let Bill and these guys come on here and do a podcast that is very vendor specific is because they support the industry. As Luke talks about in this episode, Bill is a guy who is passionate about tax returns, passionate about independent dealers. He goes above and beyond to help everyone. So when he comes to us and say, hey, I want to promote Tax Max through the podcast. It helps my dealership. I've used it for a decade. Luke has used it on and off for a couple of years. Anyways, so while you listen to this episode, go to taxmax.com, sign yourself up, get started, start getting educated, and use our code VIP. You get 40% off the VIP package when you use code VIP.

Yep. Get it done, y'. All. It's. It is a game changer if you use it the right way. And as we always talk, you have to train your staff, you have to advertise it. If you do those two things, you'll see great success with this program.

Actually, you kind of earlier that people have a sour taste season. People got really spoiled with COVID I think on the podcast in 20, 2020 or 2021, it's all kind of a blur, unfortunately, but we had projected refunds as high as $20,000. That did happen. You know, we had someone who made 30,000 for the year, had four kids, and the refund was 32,000. So dealers got a little spoiled. Customers got a little spoiled. But we're going back to, you know, pre Covid. So let's say 2018, 2019. The average refund back then was around $5,000. I'm projecting the average refund this year to be $6,000. So it's still higher than pre Covid. I got to look for the first time last week at the earned income credit tables. They're raising the earned income credit by 7%. So I guess they're kind of going with, you know, adjusting for inflation. So I saw for someone with three kids, the earned income credit, $7,400. They have three kids, 2,000 a child, that's 6,000, you know, that's $13,000 refund. Still, for someone who makes $30,000 a year with three kids, that's still a big deal. But we're projecting the average to be six.

That is. I mean, that's still a lot of money. Especially, I mean, retail are buy here, down payment. That's, you know, that's a lot of money. What we've noticed over the years is that, you know, 20 years ago, I think used car dealers knew how to get tax money, right? And we were probably taking a vast majority of the tax money coming in. But what you've seen is industries, other industries really get involved and, and get this tax money. So it's important to have a program in place to make sure you're. You're getting it before these other industries. Right, Bill.

And, and that's a strong point. We had literally had a mattress company sign up with us yesterday. We have pawn shops, we have title pawn, trying to collect on past due accounts using the tax max program. If you're a dealership using the tax max program, when the money's released, the money goes to the dealership first. So, Luke, like you said, you want to make sure the money doesn't go to the customer's hands. A big challenge. Also, I talked to a dealership not too long ago. They said they used to send their customers down the street to H and R block. They'd get that $6,000 refund. They'd put it in their pocket. The dealer still didn't know how much the refund was. So you're back to square one negotiating. Can I get 500 down? I need 600 down. If you're the other dealer, like Byron, who Gets the refund check of $5,000. Well, Byron knows he has $5,000 to negotiate with because it's in his hands.

Yeah, that's a big deal.

It's 100% different coming at it from the other side because you're now you're going from 5,000 down. And the customer's, oh, well, I need a thousand for this Bill, and I need 500 for this bill instead of the other way around where we're trying to go from zero up to five. Right. So, Byron, let's talk about. Will you explain to us how you're using it in your dealership? Like what the process is to make sure that your sales team actually utilizes the program. And then Bill's going to talk to us about some changes and some new interesting stuff that they're doing.

Yeah, I think this is a really important point because you've got to have buy in from the team. Everyone's got to be on the same page from the people in the office that are having to collect the W2s and do the paperwork and the sales team as well. But we handle it really kind of like we handle tax season. You know, we prior to. To having tax max, you know, when a customer on the lot typically gives an objection on down payment, you know, the first question my guys ask is, hey, do you usually get any money back during tax time? And if that answer is, if they, you know, if they started out and said, hey, I only got 300 bucks for a down payment or 500 for a down payment, they say, yeah, tax time, I get three, four, five thousand bucks back. We say, great. We have a program where I understand it's December 28th right now or January 3rd, but you can file your taxes today with us, get an advance on that money and put a part of that down payment down. And we let the customer know, hey, you control the tax refund. It's just like going to H and R block or another place to file, going to do all the paperwork here. The check is going to get cut to you in your name. We're going to cut it for you. And just like Bill just mentioned, you know, you do have. We're sitting there going through the return with them, so we see the exact amount, say, hey, Mr. Customer, you're going to get 5,800 bucks back for that Lexus you were just looking at in the lot. We're going to need $3,000 of that to put down today, and the rest of it goes back to you in your pocket. And you can go you know, buy that furniture you wanted or take care of those other bills and expenses. And that's the, the method that we use. And it really sells itself. It's, it's not difficult.

And we're, we're all about training here. Jeff and Byron, when do you, when do you start training? You know, we have a weekly sales train here. Have you put together this procedure and do you start training now or when do you see it's most effective to start doing that?

Yeah, as we push in towards the end of the year, we kind of let everybody know this is coming. And, and as you said, we won't get into the minutiae of how the program works. But the fourth quarter program is different than the first quarter program. They have to be handled slightly differently. So we kind of push it out to some of our, our, you know, current customers and people we're familiar with. First. There's a little, the earlier you do it there, you know, it's a little, a little more risky because you don't quite have W2s. You don't have some of the things you need. And my first couple years, I didn't even do the fourth quarter program. It's something you kind of have to get comfortable with and work yourself into. So it all starts right about, you know, we're, it's November 1st today. Right. We kind of start talking about it right now and feeling our way into it in December, then January. It's, it's full bore, man. If you can get us a W2 down here, we're going to file and we're going to get you driving today.

Yeah, that's great.

Yeah. So, Bill, I want to talk to you about the new programs, but just real quick to touch on that fourth quarter situation. It. I push fourth quarter pretty strongly here with my current customer base. Right. Because I want to be able to incentivize them to, to trade in and upgrade a little bit sooner. Right. And these are customers where I would probably do the trade in anyways. I would get them into another car just to restart that loan, regardless. Now, if I can get a two or $3,000, you know, soft commitment or hard commitment from their tax returns today, great. And if that thing pans out in tax time, awesome. If it doesn't pan out for some reason, they're still great customers. They still made me six or seven payments on that car. I'm just going to go ahead and refinance it and tuck that down payment that deferred down back into the loan because they're good customers. I'm just trying to give them an excuse to trade in a little bit earlier than they maybe would have. So that's again getting into the details of that. But Bill, when we talk about procedures and getting salesmen to follow through on this, you guys have a new product. So talk to us about this file and drive that's new this year.

And actually I want to go back 30 seconds if it's okay about the fourth quarter program. Yeah, their deal, you said it perfectly. Their deals you're doing anyway so you don't change your underwriting. So for example, if you're willing to sell the car, you might as well ask for that tax money because you're rolling the deal anyway. That's the cool thing. What I want to emphasize is that a big check makes a bad customer still bad and don't do the deal. So I kind of wanted to touch on that. And one new thing we're doing with the fourth quarter program in our regular payment program as we partner with secureclose, we now have a tax max secure close avatar for the fourth quarter which it's a two minute video what explains to the customer what the special tax season payment is, what the benefits are to them, what their obligations are and that the refund is an estimate and what they need to do to. To satisfy making that special tax season payment.

So that's cool. Is that, do we have to be a secure close customer or is that hosted by you guys?

We partner with secure close and that's between us and secure Close taking care of that obligation. Inside the tax max programs, there's links to do the avatar. You do not have to be a secure close customer. So we just rolled this out, I think literally only two weeks ago. We may not even let you know about it yet.

Hey guys, Promolen, it's, it's getting to be tax time like we're talking about. You got to have cash to get the deals done this year you want to get done. If you don't have the cash, I promise you what will happen after about the second week of February. Third week of February, you won't have any inventory to sell. So to be prepared, make sure you have cash. And primaland is the place to go to get it done.

Yeah. And I text you this last week, I don't know if it's everybody but man, my bank account has gotten scarily low. We've had some good months of sales. I've been trying to ramp up inventory and then you start getting hit with all those end of year bills, you know, property tax, income tax. I don't even want to talk about that. I don't know, I'll pay that sometime, who knows. But so it is a cash crunch, you know, And I started looking at that like, oh man, I got to make sure do I have a line of credit I can tap into come January, February when I really need. If I'm planning on having a successful tax time, you got to have that cash. So again, guys, the guys at Primal End, talk to them now. Get things going.

Yeah, so our new file and drive program, kind of as Byron had said that, you know, you need employee buy in and with, you know, Covid, a lot of dealerships have kind of gotten really lean and mean with their staff and they don't have as much time to dedicate time to do paperwork and stuff like that. So we created our new file and drive campaign. That's where a dealership can put a button on their website for basically customers to file their taxes directly. With tax max, the dealership no longer has to do any of the work. It's paperless and the customer will sign with their finger on their phone, take pictures of their W2s with their phone and submit it to us. And one thing, we did a test pilot last year on a decent sized dealership group. One thing we've realized is that there's a lot of traffic on your dealership websites from midnight to 5 o'clock in the morning, while people are having their favorite cocktail of choice at 3 o' clock in the morning, they're looking at your inventory on your on your websites and they're clicking on the file and drive button and file their taxes at 3 o' clock in the morning from their living room.

That should create no problems.

It's honestly, it's great. The process of the Customer takes them 10 minutes. They don't have to go to a brick and mortar store and wait three hours. They don't have to wait till the dealership opens to come in. What we found out on that beta test was that we came in at 8 o' clock in the morning. We'd have a few hundred tax returns sitting in the queue. We process the returns and by one o' clock that same day, money was ready and consumers were showing up at the dealership that the con, the dealership never met before. It's all done through their website. They show up and say, hey, I want that red car. And by the way, you have my refund check. Let's do business.

That's pretty awesome. The one thing I've struggled with over the past three years, Bill, I've discussed this with you, is that we had gotten really low on employees and we were paying them a lot more, but we had a lot less of them. And, you know, it's. This was a drawback for me, and this is probably a drawback for smaller dealers as well, is that you just don't have enough people to cover it. And I. This sounds like this will take the place of someone handling this stuff.

Yeah. And during the beta test, we found out the average dealership sold an extra 15 to 20 cars using this program. The cool thing about the File and Drive campaign, with a button on your website, you're just promoting your website so you can put it on Facebook. Any social media campaigns, if you do TV QR code on your TV commercial, send them to the File Drive campaign, texting campaigns, email. And then one dealer said to me the other day, says, well, what if they just show up in my lock? Well, send them to your website or have a poster in your store, say, scan the QR code, go to a website, they can file while they're sitting in your lobby, they can go home and file, they can go to lunch. I mean, it's really simple.

I mean, I'd hate for customers just to show up at my lot.

It's funny because with cash in a pocket, all is all done through your website. Your website is your new showroom. Right. You know, in the, in the, in the past, you had the, you know, the feed hit the street and they'd visit five to six dealerships in person. Now they're visiting five to six dealerships online. They're finding exactly the car they want, they're looking at the dealership's reviews, and that's how they're deciding to do business. So you don't really know exactly who's on your site. Now, another unintended consequence that we did, that we found out using the File and Drive campaign, is that when they start the process, if they bounce off the process and say, you know what? I'm uncomfortable at sending my W2s at 3 o' clock in the morning through my phone, we capture their name, their email address and their cell phone number. Dealerships can run a daily report to see who is on their website and now use that as lead generation. And the cool part is it's leads generated from the dealer's website, not some third party.

Yeah. And that to me, seems like the. Probably the. One of the key pieces is being able to follow up on the process because we all know that getting anyone to kind of go through all the steps is hard. Even when we're filing in person, people fall through. They don't have the right documents. They got to go gather them, whatever. So, yeah, being able to see who hit our website, who initiated the process, and then to be able to step in and say, hey, you're just one step away. You know, let's get these final things done and get you get your refund filed, you know that that's still going to be a crucial piece, even if they're handling 90% of it themselves. Hey, real quick, you all know Buc Guy is a great sponsor of the podcast and has been for a long time. Get your reinsurance company set up now.

We're.

We're dab in the middle of fourth quarter. You can get it established before January. You still have time to call the guys and get your company set up again.

Since we're talking about taxes in this episode, Jeff, this is a good way, a honest way. The right way to help reduce that tax burden is to set up a reinsurance company and work the process exactly like Buckeye tells you. It will save you money this year in taxes, next year in taxes. And it also builds wealth. We talk. We hadn't talked about that in a while, but a really great way to do it is that way.

It is Duke. And you talk about how you're. You're like, well, I'm going to save taxes. But then you talk to me about your CPI income and the cash you're making from cpi. I was like, those are going to balance each other out because you're.

And I'm fine, but I'm fine with that.

You're killing it with cpi. So, yeah, yeah, I guess that CPI money actually can pay your income tax burden.

That's right. The CPI money. And this is what people forget. You know, a lot of these things, a lot of these programs we do is buy here, pay here stores, sucks up cash. Right? But CPI is a. Is a product that these people are paying up front, is cash, real cash coming in to your business that goes into your reinsurance company that you can take out to use for cash for your business, whether paying taxes or buying some new real estate, which we're going to be looking at doing here soon because of the money we're making or Corvette, whatever, or our Porsches, whatever. But it's, but it's really, really. It's real cash.

So think about that.

Yeah, think about that.

And Jeff, you still have access to your dashboard like you did in the past. So the file and drive button has your dealership ID embedded in that button. So when they file, you still can log in every morning to see the status of every tax return that's being done. You just may go like, oh, my gosh, Mickey Mouse, Donald Duck. Who are these people? I never met them before. And you see all this activity in your account and yes, you can follow up because we have their. Their name, their email address, and their phone number, maybe.

That'd be my question. And this might be too technical for this conversation, but will it tag out someone who is like, customer initiated as opposed to dealership initiated?

We're actually working on that.

Okay. I wouldn't want to miss those. I would see someone's name and be like, oh, that must have been my salesman that started that last night, Whereas nobody really started it. And all of a sudden, that lead falls through the cracks because they're not in our CRM. Yeah, it'd be really interesting to see, like, hey, this is a customer initiated. You need to follow up on this. Put them in your CRM and. And keep them going.

Hey, one thing we are working on is that developing that path, and we're actually trying to work to get it into to different CRMs as well.

Yeah.

Quick question for both Jeff and Byron. Do y' all get any pushback from customers? Like, well, I've been, you know, I've been following it with Joe Blow Tax Advantage down the street. You ever get pushback from. From customers and have to explain what's going on?

I certainly. I'll go ahead and take the wheel there. Yeah, I certainly do. It happens for sure. People, you know, there's a. There's a cost to changing what you know or doing something different. Right. So some people just want to stick with what they're familiar with. I think one thing that we found that can ease their mind is say, hey, it doesn't hurt for us to run an estimator today. You have your W2 on you, and, you know, when you can print out a sheet of paper, it says, hey, you're going to get $6,200 with us, or you're going to get $6,200. Whether you got agent or block. That kind of, you know, allays some of those fears and lets them say, all right, it's the same thing. You know, it's just a. It's a commodity to me. I'm getting the money from somewhere. It doesn't matter where it's coming from.

Yeah.

That's. That's the biggest thing you want to let them know. Hey, I mean, 90 of our people have very simple tax returns, right? They have one W. Two, maybe one from the spouse and a couple of kids. It's all straightforward for the most part. Oh, well, he gets me way more money. Well, then he's probably doing something that's not right.

And you are going to be on.

The hook for it.

Yeah.

Because this is what. This is what Tax Max says, and they've done millions. It's not just Joe Schmo filing your taxes in his basement.

So.

Yes. And then the other selling point is. That's great. Is Joe Schmo gonna advance you the $3,000 so you can drive out of here today? No, he's not. But guess what? If we file with Tax Mex, you can take this car right now. Right. So that's the other kind of unique selling point of. I get it. You like them. He's your friend, your uncle, your neighbor. But you file with us, you get a car.

That's right.

Cool.

Anything else, Bill? Parting words of wisdom for folks that are listening.

I guess dealers know that even in the website assets, we provide all the digital assets. We partnered with Big Time Advertising and Vehicles Network, so they kind of developed all the creative. One thing we saw in the past was that dealers love the program, but they don't know how to advertise it very well. We've seen different variations, so we figured we'd kind of step up to the plate and create all those assets, and we're just going to give it to the dealers. You know, when you sign up with us, there's no extra charge for, for this help. And we want to make sure that it's advertised and promoted correctly.

Yeah, that's. That's a big thing. And I'll just put in my two cents. We get the yard signs, we put the banner on the side of our building. We do the Facebook posts, we do the Instagram post. We have it on our website. Our salesmen talk about it with everyone. We do the mass texting. Like, we push the tax thing because essentially it's cash flow. It's cash positioned right. So to get an extra 50 or 60 grand for a dealership of my size is really a big deal. Right. And that trickles in January, February, March, as I get these refund advances. That's really, really helps cash flow at a time where cash flow is super tight during those months.

And also if you're using, if you're using something like Neo like Jeff and I use, it could be the difference in getting somebody from C to a B or B to an A. You know, getting that little extra down payment goes a long way to qualifying somebody every once in a while.

Cool.

Bill. Anything else?

It's real cash. It's not accounting numbers. It's not like this new number is going to show up on your income statement, but it doesn't show up in your bank account. It really shows up in your bank account. Yep.

Yeah, I love printing checks. I send Luke those pictures every single tax time when I've got five or six checks across my desk on one of those funding days. And yeah, that's a good one, guys. Byron, Bill, thanks so much for being here with us. This is, this has been informational. I'm excited, man. You know, daylight savings time is this weekend and that's, that's a little exciting to pick up that hour of sleep. But man, I'll tell you what this is, this is way more exciting. Yeah.

Glad to be here.

One last. I'm sorry, go ahead, Byron, just say.

That, you know, glad to be here. Thanks, thanks for having us on and yeah, let's, let's have a great tax season. Good start to 2024.

And Jeff, one thing I forgot to mention is basically with the economy getting a little rough and customers struggling to make their payments, obviously tax time is great to collect on those past due accounts, so it's not just for new sales.

Yeah, that is huge. So definitely, guys, go back and reference episode 191205 and I think there's a couple, couple from 2021 as well. We get into that in depth how to use this as a collections tool. So thanks guys. Appreciate you being here. Take care.

Appreciate it very much. Thank you guys. Thanks, Byron.

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