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. Hey, good morning. Happy Friday. Welcome, y'all. Yeah. We have just a couple more days until we all convene in Vegas. I wish it were all. Some. Well, some. Yeah. Yeah. Yeah. We've kind of pulled some of our... um, people that we're working with and, and it's, it's pretty split. Yeah. But I do, it doesn't look like you're going to have really strong attendance. I'm excited about that. When we talked to Jeff and all of that, it's like, it's, it looks like it's going to be a good, they're growing every year. Sure. So that's great. Yeah. And so we, uh, we always enjoy going out there and just, just for me, it's fun to just reconnect, walk through the expo hall and, you know, and catch up with the people that we haven't seen in a good while. Yeah. All that fun stuff. So, I know that, you know, we talk frequently about the importance of going to conferences. You know, we have a track that we do that's virtual, but there is a lot of value of going to a live conference. And And one thing is the expo hall, because all of you dealers out there will be able to look at kind of in a lot of ways, you know, touch and play with a lot of the new things that have been developed and new products and all of that. And that's a really great opportunity to just keep yourself on the cutting edge of all of the things that can help you be better at your dealership. But the big thing is, is the connections and being able to talk to other dealers, being able to talk to other vendors and, and, you know, get, I love sitting at lunch and just listening to conversation between people that are just meeting and new dealers, old dealers. And when I say old dealers, I mean ones that have been established dealers. Yeah. So V8, you had your meeting last night. We're taking a break for the week. Yeah, it was a pretty intense week. Turned out a couple of, you know, when those meetings fall earlier in the month, it puts a little pressure on everybody to get their data in and what have you. But it's nice to also have fresh information. We're talking about data that's off of May. It was it was we had some really great meeting. I got to say this, this PRI index that I created, it's really stirring some really PRI. Yeah. Principal repo recovery and interest. So I kind of it's it's like a it's like my own variation of a collateral recovery rate. And so I basically created something that. forecast 24 months and kind of gives a snapshot of what you look like in 24 months and what kind of cash you've yielded. And it's just created some really, you know, I told you I had a little fun with kind of throwing it on the screen and say, I think this is a representation of your business model. Tell me I'm wrong. and just sit back and let them talk. So it's fun. It's been a fun way to go out. And now that we've been, we just opened it up in January and so now we've got six months with some people and more with the people that were in the beta groups. And so the more data and the more streamed data, stringed data, it just becomes much more rich. So it's been fun to listen to you when you come upstairs after one of the meetings and It's like that was a really rich conversation. I have an update, by the way. Was it our Wednesday conversation? Yes, it was. Remember what our conversation was on Wednesday? It was all about the DMS that we were trying to get the reporting done. And at first, it was like, it's going to cost you for us to create the report. And then... We're like, well, can we do a training? And then Jim was like, I'd like to record it. And they said, no recording. And they're supposed to send us something. I asked them politely. I said, well, instead of a training, can you just send us an email that will tell us how exactly which reports and which columns to capture to reconcile receivables from, you know, across a period, a calendar month in this case. And this is day three, and I still don't have the email. So nobody's giving me any instructions. Nothing, nothing. And I'm sitting over here. We're going to keep on that. It's going to be a regular update on the morning show. This is day something. We still don't know. And I'm taking the position until I hear from them with specifics on that. I'm taking the position they really don't have anybody on the team who really either can make time to do it or knows how to do it. It's a shame. Or they just don't care. Oh, yeah, it could be that. But it was interesting because after that broadcast, we had a friend of ours that does a DMS, and it's like, was it? Is this something that... It's like, nope. We won't say the name on the morning show, but you can certainly reach out to us. If you're contemplating a software decision, reach out to us directly. I'll happily tell you the story about what our experience has been. We hope, obviously, they get that resolved on behalf of dealers. That's why we're doing it. We're going out there on behalf of dealers to try to get this stuff figured out. We're seeing it through the V8 format. It's like we've got dealers on multiple software trying to get their receivables reconciled. You know, in our report last night, we had people off by like 14 grand. In our Tuesday meeting, we had people off by hundreds of thousands of dollars. Hundreds of thousands of dollars, yeah. You know, $25 million portfolios. I mean, and that's in a month. That's just a month. That's not an annual thing. That's by the month. It's like you're off by, I think one of them was $300 million. $1,000. $350 or something. Yeah. So it's like, how many dollars are you prepared to just, Oh, move on. I'm not sure where that money went, but let's move on. So, wow. So I'm going to stay after it. So we're at day three. And you're going to get really tired and then you're going to call your DMS and say, would you please do something about this? So we don't have to hear about it anymore. That's okay. That's okay. That's okay. So we got a really important topic to get to today and we've got a guest standing by. And I just met our guest yesterday, even though you're from the same state. Yeah. And there's some really important stuff we need to talk about, including, you know, steak sandwiches. I was going to say where you get the best eggs. Yeah. So we're going to bring him on in. Yeah. Mr. Sean Richardson. Welcome. Thank you so much for joining us today. thank you for having me okay I couldn't hear you for a second there and I was like oh no we were doing all the sound tests and everything before but so yeah glad to have you here sean we uh we we got word that you were available to join this conversation and that's an important conversation I think for today we we spread the word about this um upcoming vote on monday afternoon and um Before I forget, I'm going to create an event with the location of that voting site. Yeah, we got it from Gordy yesterday. Yeah, so that those who are in attendance can know where to go to make sure they're present for that session. If they're in Vegas by 4 o'clock on Monday, we want to make sure they know where to find that room and come be a part of that. Because it promises to be something historic and it's really... It's not about the individual involved. It's about kind of the whole, what it represents for you as a used car dealer. So before we get into all that, I would ask you to relate some of what you shared with me yesterday about how you've been operating as a used car operation for 28 years in the Oklahoma City markets, right? And so talk to me about what it represents for you as far as perception of the used car industry and your perception of you as a used car dealer. Well, yes, and I'm very concerned about the optics of the situation, having somebody that's representing NIEDA with the situation that they had with payroll taxes. And, you know, they have a good explanation, and I understand how these things happen. I have some sympathy and empathy for them. I get it. At the end of the day, unfortunately, the perception of used car dealers, as we all know, is probably down there with politicians and attorneys. everything else that people have a negative perception about. And the last thing we need as an industry is anything that could help support that because we all go to work every day. We're, we're just like any other business. We want satisfied customers. We want to follow the laws. We want to follow the regulations. We want to do everything right. We want repeat business and we want to help and support our communities. And, uh, You know, there's probably no other industry that gives more money back to local communities than car dealers. And it's just a... We have to, as an industry, continue to work on the misconception that the public has about us. And we need someone that can beat the drum about the truth of this industry and the truth of the people that are working in this industry, people that have invested their whole life savings into it, all of their net worth. And I'm very proud to be a dealer. I'm very proud of our industry and we just have to continue to work on changing the misconception that the public has. Right. Well, you know, we, we found out kind of about how this was, you know, what, what was happening. And, um, originally we, uh, were told that it was only going to be the States that would be voting on it. And, um, and then at V8, uh, on Wednesday, uh, One of the V8, and I actually got permission to share and to read a letter that was sent out to all the people in the V8 group from Wednesday. And this is for one of our larger groups. And Dan Grossinger. Grovner. Grovner. Sorry, why do I always do that? Go ahead. Sorry. um he uh he brought it up in the meeting and then followed up with this email and he says um I want to read this and that's okay for those of you who are not those of you who may not be aware I am surprised by how many that don't know the president-elect of niada's wife and business partner was convicted of tax fraud two months ago Despite this, the president-elect intends to take the seat of president as elected. The only way this may change is by a vote of the states and the dealer body present. I share this information to let you know that if you will be in Vegas on Monday afternoon, you should make every effort to attend the general membership meeting at 4 p.m., Many people choose not to go to these meetings because they tend to be dry and boring. However, I suspect this meeting will be anything but that. I've confirmed that the voting process is such that each state will have a number of votes based on the state's membership. Additionally, each member in attendance will have an individual vote. So it is not solely based on the states. Your vote will count. Please make your own determination about what you would like to see happen and reach out to your state's association to ensure they vote the way that you would like. Again, please make it if you can. And then he copied a couple of articles. And one of them, is it okay if I just, yeah, I'm going to go ahead and share. This is an article that was in auto remarketing. We read auto remarketing as you know, one of the national publications. And it goes on to say, vote likely to determine the fate of NIADA president-elect after wife business partner pleads guilty to a tax charge. And it kind of goes in to explain what it is that this was about. It was about three years worth of employee federal withholdings not being deposited. Right. Um, and so, uh, you know, and these are like every quarter we're supposed to be doing this and it didn't happen for three years. And so there was this thing that happened and, um, and most everywhere you're finding the podcast this morning, I did share this article, a link to this article so folks can read it, uh, in its entirety. And I think for us this morning, we felt like it's, it's not so much to, to, to talk about the person involved. Like it's not about the individuals. And in fact, I can say that for me, um, The individual themselves, even though I've never met them, I'm grateful to them for their service that they've, you know, they've been a member of the board for many years and they've obviously contributed to the industry. Now it becomes a question of, you know, for Sean is used car dealer out there. What is, what is the best representation of Sean when he's not in the room and you have leadership and representation that is sitting with the FTC or that is sitting with the CFPB? Like, Or the IRS, because they're going to be there at the conference next week. Yeah. So it just begs the question of what is the face of the association and the membership body, Sean? And so that's kind of what we wanted to have a chance to talk about this morning. What's your feeling about the whole thing? Well, I think Michelle hit the nail on the head bringing up the IRS part. I mean, how can you have any credibility there? with them whenever your organization wasn't following the laws and regulations of the United States. I mean, I understand the story or the explanation, and I'm sure it's true. We need our best foot forward and we need somebody that there's no doubt that the IRS would take them seriously. There's no doubt that the IRS would trust them, believe them. We just can't afford any wiggle room. Yeah, that's a good point. Yeah. And I do know that the the president elect did say that they knew nothing about it. And, you know, I just I so that's that's the story is that they didn't know anything about it. And so they shouldn't be held accountable. responsible for the misstep of their wife business partner. I used a word that we use frequently and it's about optics. It's about optics because we tell our dealers and we tell people on the show, someone else's perception of you is your reality. It doesn't matter whether or not it's accurate from your boots. It's what you have to deal with. And you can walk, you know, it's, there is a, the optics, the perception of others is your reality. And, and, and when, when we're talking about someone that is the, a leader and like the main spokesperson, the main voice of our organization, the optics is, aren't exactly clean and, and it does. And, and so it's like, it doesn't matter. It doesn't matter what, you know, uh, right or wrong. Or, and, and it's the same thing as like when you get a bad review, that's your reality. Mm-hmm. And so, you know, how do you how do you deal with that? And and it just it just feels like that it's it it is it is it just as it does. We keep our our white hat way. Our mission is to help change the optics of the industry because there are a lot of great dealers out there, white hat dealers out there, out there really trying like you, Sean, trying to really. Be the good guy, serve a community that needs our help and trying to do it in the, in a smart business way, but also in a fair and kind and transparent and all of those kinds of ways. And, you know, we're, we're, it's, it just, it feels like with this happening that it just, it's like, it's punching us in the nose a few steps backwards from what we've been trying to accomplish. Potentially. Yeah, sure. So one of the things we do, Sean, is we try to spotlight with our White Hat way. We feature on our broadcast White Hat Wednesday, and we try to spotlight dealers, and we try to educate on what it looks like to be a good guy, good gal dealer who's playing a long game and focused on customer service, customer retention, the things you mentioned. So we're out there working all the time, trying to spotlight and highlight that stuff. And so we're aware that perception of the industry is a real thing, and we certainly – you know, want to make sure that we showcase where we can, those dealers who are, you know, doing things right. And I think with what this has the chance to do, uh, is to just put a little question mark where your word was wiggle room. You know, it just kind of creates a little space there that we, we would really like to avoid. And so I think this is why, you know, we had hoped to avoid having this conversation right on our podcast. You know, it's like, it's a shame to have to even have the conversation, but I think it's, um, Now we're on the doorstep of the vote. And so we just felt like at least we want to educate and make sure dealers are aware and then they can show up and cast their vote about how they feel about this. Well, originally when we found out about all of this is that we were told that only the state representatives would be voting. And so we're like, okay, we know a lot of the different state representatives and all of that. But when it was, when Dan was able to talk to different people that are in the know, and said, Yes, everyone there will have a vote too, then it becomes something that it's important that dealers not just sit back and let their representatives be their voice, but they need to be their own voice in this as well. Because It could strengthen or negate the state's voice. We don't know what's going to happen. And I think, Sean, you'll be there in Vegas, I'm guessing. Yes, I will. Good. Okay. So we, and we're members, you know, we're members through the Texas association where we'll be in the room and we expect to cast a vote. And I guess people can hear from our tone of voice. So we're going to vote, but it's not about that. We're going to, we're going to, um, urge dealers to get there, make sure they, they read up on the story, make sure they understand what's happening there and they can cast their own vote. We're not trying to tell people how to vote. We just want to be there to be a part of the process and kind of you know, witness what's going on there. And I think speak up for what they feel like is important, you know, with us, with what at Wednesday, we, we talk a lot about, you know, trust and transparency and integrity and, you know, these kinds of things are really, we're just trying to, to beat that drum as much as we can. And so here's an opportunity for us to get out there and, and really, you know, say that it does matter to us like this stuff like this matters. And this is a chance for us to step in there. and um and get our voices you know expressed so any other thoughts on that you want to want to add before we move on no I i think we've made a good point of it and um you know one of the things that I want to hit home though is is you know we're only we're only going to get back to being that eight nine hundred pound gorilla with dealer participation And everybody needs to take their vote seriously. I mean, if you want to keep the current president-elect, then vote for him. But show up and vote. And it's through our participation. And unfortunately, in most organizations, 1% of the people are doing the work for the 99%. I'm not saying you have to fly to Washington DC and do the lobbying and all that stuff. But if you do, that would be great. We could use your help. You don't have to attend monthly meetings and all that. There's other dealers that are doing that. at the convention, this is your opportunity to participate in NIDA and have a voice and also have a better understanding because there's a lot going on behind the scenes with NIDA and regulators and stuff. And they bring so much value to educating our legislators and and our regulators about what our industry does, how we serve people, how we really are the white cowboys in the community. And here's your chance if you're not already doing things like this, just a little bit of participation will go a long way. So please show up. Yeah, good. You mentioned the white hat cowboy. I got to tell you, as somebody who's originally from Western Oklahoma, you know, the, the concept of the white hat cowboy and the white hat way thing was, you know, kind of a product of that, that upbringing. And so as somebody from Oklahoma, I would ask you to just add your two cents about what, what it looks like. What it means to you. Right. To be a white hat cowboy. What does that look like? What's the persona of a white hat cowboy in the state of Oklahoma? Well, I think just for car dealers or... In general. Just in general. Just in general. What is the general perception of somebody who's a white hat cowboy? They're a protector. They, uh, they, they, they will, uh, stand up to bullies. They will stand up to, uh, they will protect people that, um, maybe can't protect themselves and support them. So, um, a lot of times that means, you know, giving money and time to your local food bank, maybe supporting, um, a school band, helping them repair and buy some equipment for the students, um, you know, helping the church to give back to the community, whether it's backpacks for kids or, or whatever. One of the things that, that I do is we, we have decided that, you know, we're going to support high school kids and we're going to support Botex and, and we're going to pour money back into our community and, And that's that's a way of being a white hat cowboy. And I'd like to remind everybody, you know, I know a lot of dealers support the high school football teams, but don't forget about the band. Don't forget about the other arts. They need support. I mean, five hundred to a thousand dollars really goes a long way. So I totally get that. Yeah. Yeah. And the girl sports too. Girl softball, girl volleyball, all the female sports, they don't get a lot of support. And anything any dealer can do in their local community to help those underfunded programs is kind of a white hat cowboy thing to do. I love it. I love being the protector. And I love that you're a servant protector, too, that you serve your community. And that is actually one of the big things that we talk about with White Hat Way is like, How are you perceived in your community? And the best way for you to be able to change those optics or to be able to be seen as an asset to your community is to serve your community. Serve, serve, serve. And it's just so important. I really appreciate that. There's a character element there that you kind of touched on, I think. um, you don't know me enough to know that I'm, I'm just a really emotional guy. My, my emotions run close to the surface. And, uh, um, I've always said about myself, especially when it's about this community that we serve. Yeah. But keep in mind, keep in mind, I've always said about myself, I don't just cry at the sad movies. I cry at the commercials for the sad movies. So like, that's, that's, that's who you're talking to. True. I can say that. It stirs some emotion in me. When I think about that, that, If you're in Western Oklahoma and you break down, your car breaks down, the person who's most likely to stop is going to be a cowboy pulling a horse trailer or whatever. They're going to stop and go for help. Yep. It's just, it's hard to quantify, but it's, if you try to put a face on or an identity on, what it looks like to have character and integrity. That's why we chose it. And that's what it represents for me. And it, you can tell it matters. It matters to me. There's, there's a lacking of that overall. And it's that it's if, if any of you out there are wondering like, what is this white hat way thing? Go to white hat way.com. And then there is a, there's a description and it's actually in, in, I think it's in that. Yeah. I know that the one for Buy Your Pay Your Nation television, we do have a tab for White Hat Way, too. And there's a picture of Jim's grandfather, who was a white hat cowboy. He handled a huge cattle ranch in eastern Oklahoma. Western. Western, sorry, Western Oklahoma. And, and it was about, it was about that, that, you know, you stop and you help and you, you know, you're there to help support your community. You're fair, you're firm. And, um, and so it, it tells the story about why we named it this and that there's a picture of his grandfather as well. Um, because that is like the persona of, of the, the farmer, um, This is just our effort to put identity around the work that you do as a dealer. It's like we're just trying to put a kind of an identity around it, something people can associate with, you know, what it means to be, just to play a long game and buy here, pay here. You know, that's where we live, obviously, in the buy here, pay here space. And so we're trying to just kind of showcase what it looks like to you know, really focus on customer service, customer retention, play a really long game and be an asset to the community. And all these kinds of things are kind of what we feel like White Hat Way represents. And we're happy to bring that to the used car industry and to bring it to NIEDA. And we're always happy to support, you know, everything that's happening over at NIEDA. And we want to do exactly this. We want to showcase dealers who are doing it the right way and who this whole perception of our used car industry matters to folks like you. It matters to us. And I think one last thing I'll throw on the screen there, Michelle, we create a hashtag some time ago. You got a little traction and we're going to, you haven't seen us really go forward with this hashtag. You will see it at the convention and you will see it. Yeah. And so hashtag JYSA. Which is join your state association. So we're just really on a campaign to try to get dealers out there. Get plugged in. If you just support the association with a small check every year, that's something. But it's just like it really supports the larger effort. And I think this whole perception piece is significant. And so we're glad you made time today to join us and kind of share the the message and the importance of what's going to happen on Monday afternoon. And we encourage people that are going to be at the Wynn Hotel in Vegas to be in that room with us. Four o'clock. At four o'clock on Monday. And we'll be posting actually what room, but I'm pretty sure that if you get there and get registered, they'll point you in the right direction if you're there on time. So, Sean, thank you again. And I hope that we can call on you sometime in the future for another topic that's a little more light. Yeah. We can talk about best practices or something. Exactly. Exactly, or something like that. Looking forward to seeing you and meeting you face-to-face next week. We will see you at the vote. Yeah, and before he goes, where's the best place in central Oklahoma to get a steak sandwich supreme? That's easy, Del Rancho. Del Rancho. It's like sandwich supreme. Every time we go through Oklahoma City, it's like, I got to go to Del Rancho. Some of the people that are with me, they get salads and whatever else. You're like, no, you don't understand. With fried okra. I've never eaten okra before I met this Oklahoma boy, ever. Fried okra's not bad. It's delicious, yeah. She wasn't a big fan of fried catfish, by the way. No. Oh, really? Yeah, she didn't love it. You know, the one that Jim was like, you got to try this. I was like, hmm. Yeah, she didn't love it. You got to dip it in ham and beans. You got to have some ham and beans and dip your catfish in that. So then you're enjoying the ham and beans and not the catfish. No, it's its own flavor. Yeah, you got it. It's like having a nice glass of wine with a good steak. It enhances the flavor of the steak kind of thing, right? Yes, it does. All right. Well, I'm going to put you backstage. If you have a minute, stick around until after we close out the show so that we can say a proper goodbye. If not, thank you again so much for joining us today. It's my pleasure. Thank you. Thank you. okay well I'm gonna take down the uh join your state don't forget to join your state association um what else anything before we wrap up anything else we look forward to seeing everybody in vegas we will be uh broadcasting in our usual time slot on monday morning so look for that as well and uh And then we've got a few topics that because of the event on Monday, we pushed back some topics. We're gonna bring back this whole thing. We've got a couple of dealers gonna come talk to us about this matter of deciding about whether to use your lifts for recon or for customer work. And so that's kind of an interesting thing that people navigate. It's been being talked about quite a bit on social media. So we've already kind of been lining up some guests for that. Let them go ahead and weigh in. Again, everybody, thank you so much for joining us. It's Friday. Enjoy your weekend and happy travels, safe travels to everyone who's going to be in Vegas. And if you see us, come and say hello. Shake your hand. We would love to meet you and to hear from you. So, all right. That's it. All right. Thanks, guys. See you Monday.
