BONUS - TIADA 2021 Expo Hall

Hey, everybody. We are here at tiada Expo Hall, 2021. Luke. We're gonna visit a couple vendors, say hi to some people, do a couple interviews, interview you the best of the best of the expo hall, right, Luke?

Yeah, it's amazing. We haven't been in an expo hall in a year and a half, it seems like. And so walking through, seeing new vendors we hadn't seen before, the first one we came to, Rapid Repos. Jessica Cumby talked to us about what your company is and how can you help dealers.

Absolutely. Thank you so much. So we are a skip tracing company, which means we usually go skip down your accounts that are 60 plus days or so. The ones that your repo guy just can't find, the ones that the GPSs are turned off, a lot of ones that are out of the state. I'm an attorney. My partner's a private investigator. So we have a pretty good success rate of finding your cars. And the best thing about us, I think, is we don't charge unless we find your car.

That's. That's a different deal. A lot of times we get charged for anything happens, so.

And it's not a contingency charge. It's a flat fee.

Cool. And so I got a question, Jessica. How can an attorney get involved with people that are car dealers? That just sounds opposite. I mean, how would you get involved in something like this?

So I've been in auto finance for several years as an attorney, general counsel and compliance. And then I started managing finance companies. And one of the things is, you know, finding the cars, returning the assets. So I got very interested in that. And my. My partner has been doing it for about 30 years or so, so we teamed up, and he's got the PI side and I've got the legal side. So if we have to, you know, get it, you know, go through any legal processes, we've got that covered as well.

So what is. What does this cost the dealer if. If y' all find it?

Yeah, if we find it, it's 350.

That's not bad compared to a $10,000 car, right?

You get your asset back.

Yep. Well, thank you.

Absolutely.

Thanks, Jessica. Rapid Repo, your website will be l show notes.

Thank you so much.

All right, guys, here we are with Amanda Sanchez of Butler and Sanchez, cpa. Amanda, give us the breakdown. What do you do for dealers? How can you help us?

Hey, everybody, this is Amanda Sanchez. I am from Butler and Sanchez, CPAs. As Jeff mentioned, I'm a firm who focuses exclusively on independent dealers, primarily buy Here, Pay Here dealers. In this industry, the tax and accounting laws are very, very complicated. It is. It's important for you to work with somebody who understands your business, speaks your language, and that's kind of where we fit in. I also run a Buy Here, Pay here Facebook group. It's called Buy here, Pay here, the boardroom. If you are on Facebook, check that out. And there's a lot of good information there, a lot of resources, A lot of dealers and vendors come in and share information with each other. And yeah, Amanda.

Amanda is really important to our industry. She is one of those vendors that cares.

And she's in the trenches.

She's in the trenches. She's on Facebook trying to help us get better and making sure that some of us dealers who think we know too much put out bad information. Right, Jeff?

Yes, we do. All the time.

All the time. So don't listen to us. Listen to someone like Amanda.

Yes. Thank you, guys. Thank you all so much for coming by and everything you guys do too.

So Amanda's website and Facebook group will be linked in the show notes. Thanks, Amanda.

Thank you guys so much.

All right, here we are with Danny of Country Hill Motors and also the creator of a thing. What's your position? What do you do?

Managing partner of vinq.

Managing partner of vinq. This guy's got a lot of hats on. I don't know which one he had on right now. Danny, what is Vinq?

So we our foundation are an inventory management, market pricing acquisition tool. So we change the way that dealers manage their inventory foundationally so that we can can get stuff online faster, better with the single purpose of increasing gross and churn. That is why we exist. But we have a really cool tool that solves the problem of acquisition by connecting dealers and private party so that dealers can buy directly from private party consumers. At scale.

That is the hardest thing to do, is at scale. You can buy ones or twos. But how successful has your dealership been at this with?

So when we started with the tool, we were buying between 30 and 50 cars a month. And that took a lot of effort, but we were never able to break that hundred a month barrier. So by connecting Facebook and Autotrader and Craigslist and Cargurus and Inbound leads, right where we're directing traffic to like a sell to page, we're now able to buy over 100 cars a month using VINQ.

Wow.

If you love data and you love numbers and you love Vinq is you must have spent $3 million developing this thing because it is absolutely more robust than my DMS and my CRM put together.

Put together for sure it is CRM for buying cars is what I equate it to.

Yeah. Ridiculous. Danny, how can people get a hold of you?

Vinq.com check it out. You can email me directly dannyealerq.com but yeah, if you just go to vinq.com check it out and check out our dealership, countryhill.com because you can actually see the tool live and in action. And if you're thinking about selling a car. Countryhill.com awesome.

Alright, thanks. Alright guys, here we are with Cassie, Director of Operations of Approve Owl. This is a vendor I have not seen at convention before. Cassie's gonna tell us what they do.

So Approve Owl digitizes the loan documentation process. Everything from uploading supporting documentation to the big differentiator is having the applicant link their bank account. So it enables the applicant to link all of their financial data, enabling a data underwriting decision instead of relying on pay stubs which may or may not be legitimate. So it enables the lender to look at all the financial data, transaction history for around 90 days depending on the bank and make a lending decision from there.

That's a problem that not only Buy here Pay here dealers deal with retail, dealers also deal with this. Do you focus on any certain type of dealer when you do this or across the board?

It really depends on the applicant flow for the dealer, what their current technology stack is and what the needs are for them. The biggest need that we have in the market that we see right now is in the buy here pay here space. Since traditionally it is a little bit less digital, a little bit more old school as far as how they do data gathering and documentation for their loans and storing. Because on the end of the process flow for approval, there's a consolidated PDF output that we can integrate into the system system so that there is a digital copy saved out for the customer profile for auditing purposes as well.

How much time is this going to save? My underwriting process and me as a dealer to get that loan approved because that's the biggest squeeze in Buy Here Pay Here is getting the documents, getting it verified and going from there. How much time does this take to be per deal?

So with our current customers we've actually seen that the time in dealership has been cut in half because with everything being digitized, it enables the customer to do all of the documentation process before they even enter the dealership. They already are engaged with the dealership before they enter. They know that they are in good standing and they're really just focused on at that point, okay, what car can I get into what fits my budget from there? So it's really just car selection, signing the paperwork and finalizing the deal and then moving on to the next qualified customer versus, you know, running to the printer, scanning in there, you know, proof of income, pay stubs, things like that. It's all done and packaged up in the sales process. Person can do what they really enjoy doing.

That's a great tool.

Awesome.

Approve owl. The link to their website will be in the show notes. Thanks, Cassie.

Thanks, guys.

Hey, we've got Emily with Lake Charles Auto Auction.

It is a independent auto auction.

Independent dealers using independent auto auctions. Emily, why should independent dealers use your auction?

We are 30 years family owned, second generation owner. We're two hours outside of Houston. We, our slogan is discover the difference. You know, we're typically, we're a six lane auction. We've got everything from front line to tax time cars. We're very flexible. You know, it's not the big conglomerate of Manheim and some of those other guys. We like to give it that family touch and feel.

So that's cool. And Lake Charles is just right off of i10, so not hard to get cars wherever they need to go. Correct?

Correct.

We can help you with transportation. Actually, in Lake Charles we do have the Big Golden Nugget and LaBerge casinos. And so if you come in on Tuesday night, you buy three cars. On Wednesday, we're gonna refund you for your stay the night before at the casino.

That's really neat.

Luke's losses, do you refund his losses at the casino?

Oh, I'm bad. I'm really bad at gambling, so don't get on that one. But how about your website and your online presence? Is it really easy to buy online from Texas?

It's very easy to buy online. There's Edge Pipeline. If you get on there, you've got auction access. Do a handshake. If you have any problems, you can give us a call and you can check us out@www.lcaa.com.

Awesome. And the link to the website will be in the show notes too. Emily, thank you.

Thank you so much, guys. It's been a great shift.

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