Archive for the 'Buy Here Pay Here' Category

16
Nov
12

Nowcom’s Global Services Launches Call Center in the Philippines

Los Angeles, CA – November 16, 2012  Nowcom Corporation’s Global Services launched a new Verification Call Center in the Philippines.  The new call center is successfully implemented and starting to initiat and receive calls. According to Yvonne Fleming, Director of the Philippines call center, she expects to hire an additional 25 new employees by the end of December, 2012.  Plans for expansion into other areas are underway and are expected to be implemented in Q1 2013.

About Nowcom

Founded in 1996 and headquartered in Los Angeles, California and an office in the Philippines,  Nowcom is a leading provider of dealer management solutions, specifically catering to the independent dealer’s needs. DealerCenter.net, an all-in-one web-based dealer management software system allows the dealer full control over their sales, inventory, credit reports, insurance offering and financing. As an authorized reseller, Nowcom can grant dealerships access to all major services including credit bureaus, book services and other services popular with independent dealers. Nowcom’s staff has an extensive background in the automotive industry that prides themselves on their supreme level of customer service. Nowcom has over 11,000 active dealers using Nowcom products. Learn more about Nowcom at: http://nowcom.com/

 

16
Nov
12

Nowcom Makes “Top 100 Fastest Growing Private Companies” List

Los Angeles, CA – November 12, 2012 –  The Los Angeles Business Journal ranked Nowcom Corporation #49 on  Los Angeles County’s 100 Fastest Growing Private Companies in 2012.  All nominees received recognition at the The Fastest Growing Private Company Awards Reception on Monday November 12th at the SLS Hotel in Beverly Hills, CA .

Founded in 1996 and headquartered in Los Angeles, California, Nowcom the leading provider of dealer management solutions, specifically catering to the independent dealer’s needs. With offices in Los Angeles, CA and the Philippines, Nowcom has over 200 employees with $30M in revenues for 2011.

03
Nov
11

BHPH Marketing Spend

When it comes to marketing and advertising in the Buy Here Pay Here market, Leedom has come up with a composite benchmark of how much dealers are spending per unit sold. The average spend is estimated to be $186 per unit and what that number includes is: Radio ads, TV ads, Print ads, Referrals, Key Chains, balloons and much more. That comes out to be $67,000 per year that the average BHPH dealer is spending on marketing and advertising. Some dealers of course spend less and some more, for example a dealer in Lancaster, CA that owns a chain with 3 different locations is spending $340 per unit averaging 110 units sold putting their yearly spend at about $450,000.

To read full article in Dealer Business Journal, and see how dealers are spending their marketing dollars, please click here.

04
Aug
11

High Wholesale Prices Effecting BHPH

High wholesale prices on used-vehicles has effected all in the used car market especially the buy-here, pay-here market. The combo of finding reliable used vehicles that can actually be financed at an affordable monthly rate can be tricky. According to Manheim’s annual Used Car Market Report, BHPH dealers are often paying $2,000 more for a car than a couple of years ago. This leaves BHPH dealers with the choice of  (if they can afford the higher priced vehicle) buying it in hopes they can sell it at the higher price or adjusting the financing to lengthen the loan terms which would place them at higher risk. 

Overall the annual report found that regardless of the collections or underwriting that the BHPH dealer had or has, what separated a successful BHPH dealer from one that isn’t doing so well is the vehicles that they have in inventory. When the cars are in good condition and affordable it means less time and money the BHPH dealer has to absorb due to mechanical breakdown and issues.

To read full article in SubPrime Auto Finance News, please click here.




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