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. morning everyone welcome welcome we're happy to have you yep and uh we got another uh wednesday in utah with some schizophrenic weather which means it was raining now it's snowy yeah no it's soon it'll be raining again and then you know in a couple days it'll be shoveling snow again so well luckily it's been um the snow has been staying up in the mountains so it's kind of fun we live up We call it, it's like the bench. And so we're up and we can, you know, we usually get snow where everyone in the valley is not. And it's just kind of fun when it gets clear and you can see this line of snow that goes all around the valley. It's fun. I really enjoy it. Yeah. It's been nice. It's been a little milder, you know, and cold. Not as much rain, but yeah. Yeah. We got some announcements. Let's get our upcoming events started. lined out we got friday this coming friday the 23rd we got amanda butler sanchez joining to uh talk about uh the power of delegation power of delegation amanda's been going through a bit of a shift um uh with her business and and all of that and it's just it was kind of fun to to catch up with her a little bit and talk a little bit about that and so I asked her after we had the conversation, I was like, do you, how do you feel about coming on the morning show? And she's like, yes, because it really, I think that it, you know, those of you who are listeners that know Amanda, you know, she's just, she's just always just working and doing her stuff. And, and so it's just, it's, it's a beautiful thing that as a friend that I've, I've, been able to see happen. And it'll be interesting. You probably will be able to talk about in that context, there's bound to be a tie-in to the pumpkin plan, the book that they introduced us to. And I think there's bound to be some tie-ins there in terms of So I'm looking forward to having Amanda. And we had Hugo last week, last Friday. So we're keeping it Butler Sanchez on Fridays. Butler Sanchez Fridays. And then coming up on the 6th of March, we have Attorney Allison Harrison out of Ohio is going to join us to talk about. uh truth in advertising so that's been that's coming up um some in Facebook and some of the Facebook groups we're hearing conversations around you know advertising price versus down payment and I'm just keenly aware that yeah it's a good idea it's just we got to be super careful with truth and advertising when we start advertising what they call triggering terms so Allison is coming on the 6th of March to talk to us about triggering I also um I I watched a the a webinar from ignite and um it was around this too so um after we're we're done with this if if y'all can get a get a hold of the the uh webinar there too yeah it was a really good one am I thinking about this one it's like yeah we can all make compliance mistakes this one's pretty visible it's like out there and in most cases it's like documented it stays there and it seems like there's I i think niada just is just did or is about ready to do a webinar on this same kind of topic as well. So there's a lot of stuff that's out there about this. And I think one of the reasons why is because it's tax season, people are like in this frenzy and it's like more and more and more and more and more. And what can we do to get people in and more and more and more and advertise because people got money, they want to spend it and I want to spend it with me. And so we get a little sloppy. Yeah. Well, yeah, people get in a hurry. And frankly, it's a lot of misinformation, lack of knowledge. Like I can say, you're talking about webinars. I've been seeing webinars on truth and advertising and magazines or whatever since I was a dealer in the early 2000s. I mean, it's been around forever. many years it's just that dealers in our space are more susceptible to it it's the same thing basically on triggering terms is when you when you start talking about financing terms like um down payment or uh payment amount then you're you're implying that the conversations around financing and when we do that we have to fully disclose so there's some we'll talk to allison on again on march 6th that's a wednesday so we'll we'll have her come and join us for that conversation And then the webinar, the White Hat Way webinar, first one for the season is March 15th. And that will be an evening webinar. It'll be at 730 Eastern. So put it on your calendar. We'll be getting a bunch of stuff out about that this week. Maybe my date is wrong about what? The 15th is what day of the week? It's a Thursday. Okay. So maybe my date is wrong about Allison's. But the topic is going to be team culture about retaining and, you know, engaging a good team. And, you know, that we I a lot of conversations we've been having recently, that seems to be a something that a lot of people are. either struggling with or it's like I'm trying to improve. And so we have a few people that are gonna be coming and talking about this and dealers that have a lot of success in being able to create a great culture. And I'm thinking that I'm going to add a vendor perspective as well for the vendor teams. Because this is kind of a universal topic. It's not specific to buy here, pay here, but it's specific to running a business with a team. Sure. And how do you do that? And how do you keep them? How do you keep them? So it's all part of it. conversation. So great. So shall we jump into our topic? I think that's a great idea. Yeah. And I will beg a little patience with our listeners today, because I think this thread, this conversation is an interesting one. It's a challenging one for us to be able to kind of express the pieces that were important in this situation, but really something going on there. I don't know. So, sorry, I've got a little device distraction. But so, so the conversation today is really around this idea of the power of creating trust in groups. So you can extend that to whatever size group you want. Yeah. Well, and I know just from, you know, we, we talk an awful lot about dealer 20 groups and the, the, the, the, how and talking with members that have been members of a dealer 20 group that it there becomes a camaraderie um and uh and you know you're able to uh to kind of go a little deeper a lot of times in in not only friendship but in um some of the whys and it like yeah not why but Why? And yeah, it's so. Yeah. So I think the thing about this in this context is we've been working through some stuff in the V8 groups, right? This is a new format. And so we're figuring out, excuse me, some of the challenges of managing groups and some of the stuff that NCM and now NIAD have been dealing with for a long time. But in the context of a V8 group, we're kind of pioneering some stuff over there. And as we've done it, I've come across some things that are, I'll call them opportunities, like they're just some things that are things to be aware of. And when we create this level of trust, which is largely created through transparency and commitment, I mean, we're asking all the dealers to pledge and everybody who comes in and signs a VA agreement, is pledging confidentiality right so they're pledging confidentiality at that point they assume that it's being you know within their group but one of the interesting things that's been happening as you know with me personally uh moderating the meetings at this stage is I'm finding there's tremendous opportunity in being able to share information from one group to another and while we haven't specifically addressed that we are now because this is something that it's it's part of the benefit that we have here is being able to share information and speak freely you know across those platforms but to do that you have to create some level of trust so one of the ways I'm doing that is I'm going back to all of the members of all the groups now and adding a we'll call it a supplemental confidentiality agreement and I'm just basically asking everybody in all the groups to say do you have any objection to us sharing your information with the other groups who have also pledged yeah I mean if they choose that's totally okay but we'll be surprised you want to come back it's been interesting to see how um that overall I think that dealers want to help other dealers and that they want to be able to um What kind of things can benefit someone that's going through something you've been through in the past or whatever? And it's pretty cool because we obviously, the groups that are brand new, there's not an awful lot there. from experience, maybe, you know, supplemental, uh, research and all of that, um, adding things, but, but from experience, um, it's just been really, it's been really cool to be able to see, um, to see the conversation start and then being that, and knowing that, you know, maybe this conversation that's in this group would help the new group that, um, or this, this conversation in the advanced group will help the, the mid-sized or the new you know the ones that that's like what are the questions that they are having and and maybe I should and the other group has already done it and it's like let's let's talk about how it's worked and it's it's pretty um it's it's kind of like along this theme of how are we creating um a ecosystem of like dealers that can talk to each other too Yeah. And I think for me as a coach moderator here, like one of the things that I'm aware of and, you know, we talk about it, like, for example, this morning, I will tell you a story about a dealer that's one of our in one of our groups that is a dealer in the Northeast who's experiencing a really sudden shift in their volume. Yeah. and there's a really great lesson in that and so it's to me it's both real-time stories like real-time case studies and it's it's kind of done in a in a um in a real world environment so we're getting fresh information and we're able to go share and in that case it's really It's a microcosm sort of conversation about a bigger conversation around cash flow and business models. And so why wouldn't all the groups want to be part of that? So this is really just kind of my own way to navigate within the groups. And again, we can discuss it without getting specific, but I think it. It creates an opportunity for us when we can be transparent within the groups, got to pledge some confidentiality. And now we can bring those case studies to all the groups and everybody can see kind of what's happening and the benefit. It was kind of, it was cool this morning because Jim was on a phone conversation with this dealer and just, you know, asking, Hey, do you mind if I, if I share this information? And it's like, no, not a problem. And Jim asked the question, how many of these are tax time purchases? Right. And he was able to identify how many and it's a very small amount. And and so it's like, OK, this that there is. there are some interesting things there that might be able to help other dealers. Yeah. So for context, this is a dealer who's newer, you know, a hundred plus accounts, you know, been kind of started out dabbling in buy here, pay here. And we started working with them and they've kind of been stepping some things up and making some operational changes to facilitate some growth. And they're usually in the range of seven to 12 sales a month has kind of been their volume. And in fairness up to now, it's kind of been a, almost a secondary business for them now they're they've on our recommendation they got a second sales location where they can really devote some uh attention to a buyer payer model and and it's taken off they're on pace this month to do 30. and so it's like that's a sudden shift and they're they're dealing with all the stuff so there are challenges certainly associated with that pivot so we certainly want to be able to lean on the other members as mentors and and talk through some of that But I think the part that I was most interested in is the case study, because you've got other dealers over here who are holding out for a larger down payment or whatever, and they're not doing any volume. So is this the why of you think that the volume has shifted so much? Is it because of down payments? We can't say, I mean, I don't know all the pieces yet. I mean, there's stuff still to learn. Certainly having dedicated locations, one thing. I don't know exactly what this dealer has done with their marketing to drive all this traffic and leads, but they have approved using a sophisticated underwriting system. I was able to verify this morning. We're not compromising underwriting. We're still underwriting in the same way and we're doing business. And so that's all good. I think my main purpose here in this conversation is it's an example of a conversation that You know, when that dealer pledges confidentiality and says, I agree to not share anything from inside this group outside or outside all the groups, then if everybody will pledge that, then the level of trust. And I put in the description of the show, it's like now we have a group of people that are trusting of the others and who are also trustworthy. okay so now it facilitates an opportunity even across the groups so that's what I'm saying we have an opportunity to do here and speak freely like use names use case studies show the numbers take them inside the actual thing and be able to have people see the benefit and I think for me this is a really rich conversation around cash flow and business models it's like you know these people people change their business models or choose business models based on certain things and I think Each one has its advantages. But in this case, we get to go inside the math, do the studies. Another thing that I look forward to bringing back to the morning show soon, and we can also take it inside the groups. Again, if we get to a place where we pledge confidentiality, reaffirm confidentiality and take it to another level. I just completed with a dealer kind of the first phase or two of a 400 charge off study. know charge off over the course of years yeah yeah yeah so it's basically looking at their history of charge-offs and we looked at 400 uh charge-offs and there's tremendous lessons in that right and so we want to be able to share those kind of things with the other groups and so again when we get to the place where yeah I'm happy to contribute my lessons and what what has learned from my data and my experience I'm happy to share that with the other group members including the ones that are not a part of my home group, then that's that's the part that kind of was had me energized around this whole opportunity when we create a trusting environment. And I can't help but think about I'm sure with you that I was part of a and I guess I'm still part of an organization that had a a. It was an entrepreneurship circle, right? And it was not car centric. It was just entrepreneurs who love to create and build and all of that. Yeah, I came in contact with that group here in Utah, and I think it really served me well. I met a lot of really brilliant people and all that stuff. But I think the big takeaway in all that is the culture of that particular group was such that if you came into that group as a visitor and you didn't fit the mold that was kind of curated and established in terms of the culture and identity of the group. Well, what was that culture and identity of the group? Well, that particular culture was really around being a giver. Like if I show up as an entrepreneur, I need to be prepared to give of my expertize and my my experience and my my resources, talents, connections give to the other members of the group. And I can just tell you in that particular group, if that wasn't your mindset, you still you weren't invited. Yeah. You just didn't belong. It wasn't a good fit. So there's in that case, it was about givers versus takers. But the point is the same. It's like when you create that culture and that you have that identity, then I think dealers are going to recognize when somebody is not upholding, you know, so, so dealers are going to need to pledge to, I, they agree to it and they pledge to uphold the practices, you know, that you know, that we're implementing there. and it doesn't have to be full on like our appendix w has a long list of all the things that we're asking people or that we're pledging when we sign an appendix w all the things that we're pledging the dealers of va group don't have to pledge all of those things but they certainly have to demonstrate that they're committed to being trustworthy and maintaining confidentiality And when we succeed in creating that environment, then we just can really open the doors and start helping. Appendix W, if you're interested, is if you go to whitehatway.com, it is the code of conduct. And we actually have created a supplemental sheet that goes into any contracts that we sign that we pledge that code of conduct. And so it's called Appendix W. I also think that. you know, there's a lesson to be learned here too, in our teams as well. Cause it's just, you know, it's groups and, and that it's, it's it's, it's an important thing to, for team members, as well as the groups in this to feel like there's a level of trust because, you know, and I'm going to take it. I know we're talking about the, like the VA groups and where we're starting to see this, this culture emerge and, you know, and opportunities it's, it's also, it can, it can dovetail into like what we're talking about with the webinar and the culture and all of that is that trust is a culture element. And, and when we, when we, um, create a place of trust, it, it really helps foster more trust and more conversation. And I think that we've all experienced being in a group where there's a fragment of distrust and how that can grow quickly. But we talked with Melanie, I think it was Melanie Goldman or something about the black cloud. And it's like, if you got one of those, gone. So that you can maintain this environment of that. But trust is, I mean, it's... Who doesn't want to associate with people that you trust? And when you can start to build those levels of trust, and that's one of the things that I, you know, this, the V8 is a, it's something that we're just beginning to build. And, you know, I see from conversations about 20 groups that have been around for a really long time and the level of trust that starts to develop too, and the conversations that can be had. And, and I just, I'm really enjoying it's, you know, on a monthly basis and just hearing the, Hey, how did you, Hey, what, what did you, Hey, is that real? I mean, Hey, what's, what's this about? Hey. And it's, and it's bringing dealers together. that wouldn't normally like, you may not be able to have that kind of a conversation in a social media platform, but you can in this small little ecosystem of, you know, let's, let's share some of the things that are the, the KPIs and the running drivers. And then, you know, you see a number and then you watch the questions just start. And so that level of trust in just starting to ask the questions and then, Hey, can I connect with you here? And, And that and that it's been a beautiful thing to witness as Jim is like stepping away because he's like right now the holder of the conversations for all of the groups. And he's like, that would be really beneficial to this group to have a conversation around this. And, and the, you know, we're just, uh, that's kind of where this conversation stemmed from. It's like, how do we create within all of V8 this, this, um, this culture of understanding, even if it's not your group that you can trust that the information will be held in confidentiality and in a respectful and, um, uh, you know, in a truthful manner and, and shared for, cause I mean, it is, it's, I think what we're trying to create with this is just dealers helping dealers. It's not just connecting over a beer, but it's about dealers helping dealers and connecting and, you know, trying to improve by creating some, um, just this culture of, of yeah, I, I, I trust, I trust that your numbers are right. I trust that you're, you know, that you're not, you're not, The reason they can trust the numbers, right? Because I'm validated. I'm going to validate. And I've been telling our members in the month, come March, if I don't have a way to validate numbers, you won't have a seat in the group. And I can tell anybody else out there that's contemplating a group, if you don't let us validate your numbers, we won't have one. One of my fellow 20 group members many years ago said, you know, these groups sometimes can just be a liar's club. That's because it's a way to submit. data, you know, people can stretch their numbers and make themselves look better on paper than they really are. And we're just not going to have that environment with VA. So I've made it clear to everybody. It's pretty raw. Yeah. Yeah. And the numbers. And our numbers are pretty simple, straightforward. But I'm just saying, if we can't validate numbers, you're just not going to be able that the numbers that we're looking at are legitimate numbers and are sourced from the DMS to make sure that we're accurate and are comparing Apple's data. Because people give up their time, right? They give up their time to show up and do this, and they're making sometimes business judgments and decisions based on this. create in terms of a level of trust in the data. And then the other thing is just going to be trust. If we can maintain confidentiality, if we find that people are breaching confidentiality, obviously they'll be out as well. So that's something that, you know, this is where we have to create that environment. And I'm committed to it. We're just committed to make sure that dealers can speak freely. And we look forward to the opportunity as well as some of these conversations grow and we see it really help other dealers within V8. of being able to take that to the morning show or think, you know, if, if, if it's things that it's like, this is stuff that will help everyone. And, um, you know, how can we, how can we, uh, how can we help, uh, all dealers to, to get better in certain. aspects of, of their business. And it's, it's like I said, it's been a really fun thing to observe thus far. Sure. And what's happening in the groups. Well, let's just recap quickly. We can wrap up there. I think Friday, this coming Friday, Amanda, the power of delegation. And then on March 6th, we got Alison Harrison coming. I'll double check that date, but let everybody know when that's actually going to happen. But my memory is that that's the sixth. And then March 15th is the webinar on the, retaining and engaging talent. And it's going to be about team cultures and and, you know, how we can help to foster just an environment that people, you know, you hear dealers every once in a while that are like, yeah, I haven't had my team is ten plus years in with me. And then you've got others that it's like I'm losing people. It's like I'm, you know, and and I'm trying to hire and it's just it's really hard. And And so, you know, how do you, if you get good talent, how do you keep them? How do you keep them engaged? Yeah, for sure. Yeah. Let's wrap up there and let folks get back to their Wednesday. But yeah, we appreciate you tuning in. And just remember, you can find all these Wednesday episodes over on YouTube. You can certainly subscribe to the channel when you're over there. But all of our content ends up over on YouTube. Except those paid. There's a couple of paid events. Yeah, that'll be on Nation Television. Our nation. BHPH. Institute. Institute.com. Thank you. .com. More coffee? I do need some more coffee. Have a great rest of your day, and we'll see you on Friday. Thanks so much for joining us, everybody. Thanks.
