Archive Page 2

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.

11
May
12

Nowcom Reaches Milestone with 10,000 Subscribed Dealers

Nowcom Reaches Milestone with 10,000 Subscribed Dealers

Growth expected to continue amid employee growth and new features for DealerCenter.net

Los Angeles, CA May 3, 2012 – Nowcom, whose goal is to bring every service the independent dealer needs to one site, today announces that it has passed the 10,000 dealer mark. Nowcom currently offers 13 products on DealerCenter.net, to its dealers, all of which are fully integrated into the site. “Our objective is to continue to increase our dealer base, as well as our product penetration per dealer. To achieve this, we will continue to add new and innovative products to DealerCenter and also increase our sales force” says Rufus Hankey, President of Nowcom.

Nowcom’s revenue from its dealer base has reached $1.3MM per month, which represent about a third of its total revenue. The key to this success resides in the symbiotic relationship that Nowcom and Westlake Financial Services share in their approach to the market. “Both our companies owe much of their success to the fact that they share the common goal of providing the dealer a smooth, automated, and integrated experience in DealerCenter. As a result Nowcom benefits from the 271 Westlake sales reps that drive dealers to DealerCenter for one purpose, while Westlake benefits from Nowcom’s 17 sales reps that assist in training dealers to use DealerCenter for other purposes”, says Rufus.

As a result of its overall success, Nowcom has just increased its number of employees from 95 at the end of 2011, to 160 employees by the end of April of this year. The lion’s share of that is for the purpose of increasing Nowcom’s R&D capacity. “We always have more IT projects in the queue than there are developers to execute them. This will certainly accelerate our innovation and delivery to the marketplace”, says Jay Kamdar, EVP of Nowcom.

About Nowcom

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. DealerCenter.net, an all-in-one dealer management software system that 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. Learn more about Nowcom at: www.Nowcom.com

11
Jan
12

Nowcom Announces Renewed Partnership with NIADA for 2012

Los Angeles, CA – January 10, 2012 – Nowcom, a leading provider of dealer management solutions, announced today that they have renewed their partnership with the National Independent Automobile Dealers Association (NIADA) as a Gold National Corporate Partner for the second year in a row.

Nowcom has worked with the NIADA since 2005. They became a Preferred Partner in 2009, a Bronze Corporate Partner in 2010 and began as Gold National Corporate Partner in 2011. The NIADA Member Services partners with industry leaders that offer excellent services to help their members grow their business, protect their assets and enhance their profitability.

The NIADA Member Services National Corporate Partner Program was formed in 2010 in order to provide their members with an extensive, highly vetted roster of partners they could rely on to provide a broad portfolio of services they utilize on a daily basis. Through discounted affinity agreements NIADA Member Services now offers numerous member benefit services. For those dealers with neither the time nor staff to conduct thorough supplier evaluations, NIADA members look to NIADA Member Services for outstanding partner recommendations and discounts.

About NIADA

Founded in 1946 the National Independent Automobile Dealers Association has represented quality independent automobile dealers for over 65 years. NIADA is here to assist its members in becoming more successful within the used motor vehicle industry. Through membership in NIADA, you join with over 20,000 other professional auto dealers who share your dream of financial prosperity for your business. NIADA is your legislative advocate – protecting your business interests. The association consistently brings you industry education, valuable information, services and benefits designed to prepare members for an ever-changing marketplace. The simple and better way to keep pace in the used motor vehicle industry is to join NIADA. . .a highly respected organization dedicated to your success! Learn more about NIADA at: http://www.niada.com/

About Nowcom

Founded in 1996 and headquartered in Los Angeles, California, 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 9,000 active dealers using Nowcom products. Learn more about Nowcom at: http://nowcom.com/

09
Dec
11

BHPH Business, Not All Bad News. . .

Negative publicity for the Buy Here, Pay Here business lately in a couple of California newspapers. The scrutiny of the Buy Here, Pay Here business is nothing new but some industry experts are chiming in to let all know that there are lots of positive points to the Buy Here, Pay Here business. Counsel for the National Independent Automobile Dealers Association (NIADA) said, buy-here, pay-here plays a vital role in getting people back to work and keeping them employed and “if you want to get the economy growing, people need access to affordable transportation”. So it’s not all bad news for those in the Buy Here, Pay Here business and most importantly for those that need to, are able to take advantage of it. Experian Automotive analysis found that, “buy-here, pay-here attracted better vehicles and better customers than many believe.” And, “only 8 percent of the cars in the buy-here, pay-here deals Experian looked at had major issues reported in AutoCheck vehicle history reports”.

To read the full article in Used Car New, please click here.

06
Dec
11

According to KBB, Used- Vehicles Prices Going Up in 2012

According to Kelley Blue Book, they are telling customers that if they plan or need to buy a used car soon to do it before the end of the year. KBB is expecting used car prices to rise 4-6% at the start of the coming year, so it looks like the best time to buy would be now. Overall the car market has really cooled down, especially since new car inventories are getting back to normal levels. KBB says we will see an expected decline in the 4th quarter but projections show values going back up in 1st quarter of 2012.

The end of this year has seen 5 consecutive months where used-vehicle prices have dropped with October values dropping 2.6% overall. Since June of this year prices have dropped 10% and fuel-efficient vehicles have seen an even bigger drop of 20%, but this decline won’t carry over into 2012.

To read more in F&I Magazine, please click here.

02
Dec
11

BHPH & Payment Assurance Devices

Payment assurance technology is there to make the job of Buy Here Pay Here dealers easier. . .ideally. A payment assurance device can be an essential part in improving collections for a dealer as well as managing inventory and if it comes down to it, make it easier to repossess a vehicle. At this year’s National Alliance of Buy Here, Pay Here conference Ken Shilson shared results of a study that found that “80 percent of the respondents said the devices lower the risk of default which allows them to sell higher value vehicles with less risk.” Having said that, the device can do these things if and when it is used properly and by properly meaning that the customer knows it is being used. Some dealers will have a GPS device on a customers car but fail to let the customer know. By not disclosing that a vehicle has a GPS device, the dealership is at risk of being sued which a dealership in Florida realized when they failed to tell a customer about the GPS on his car.

To read more about this in Used Car News, please click here.

22
Nov
11

New Certified Master Dealer Program

The Certified Master Dealers (CMD) program is bringing together the National Independent Automobile Dealers Association (NIADA) and the National Alliance of Buy-Here, Pay-Here Dealers (NABD) for a new training program. This new program was designed specifically to address the special needs of dealers and individuals that run in-house financing. The NIADA and NABD are currently working on the content of the classes and getting input from dealers as well. Topics on the agenda so far include compliance and financial management.

The CMD program was developed in 2001 and requires an intensive 3-day course along with 12 hours of continuing education over the following 3 years. It was developed to assist dealers in growing and running a profitable business.

To read more on CMD’s program, please click here.




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