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, everybody. Hey, good morning, friends from the backyard of my mother's home in Oklahoma. Happy to... Finally be connected. I set the broadcast time wrong when I set up the event this morning, so it's a little bit strange. We're not broadcasting to LinkedIn. We'll catch LinkedIn up later, but happy to be connected live at our usual time slot. Just updates since our last broadcast. We've not been on the air for the last couple of weeks. Obviously, we had the conference two weeks ago, and It was a wild ride. We were home for just a few days and got the word that my mother's health was in jeopardy. And so we hopped on a plane and came on out to Oklahoma and been here for, she was hospitalized for five nights, had a lot of prayers from all over the place. And she is recovering. She's not completely well yet, but it just really disrupted our schedule. So we haven't been able to broadcast recently, but we're back and get back in a rhythm here. But a lot of folks been patiently waiting on this and that from us. And so we've, we've, uh, we've been enjoying a lot of, um, let's just say interest and, um, adoption of our VA dealer group since the conference. And so we've been, uh, you know, signing up, uh, dealers, we've got dealers bringing other dealers and it's been, uh, it's been a really interesting period. It just happened at a time when we were. Yeah. And it's, it's been kind of strange cause we've, um, if we're not on the air, we usually run a rerun and it's just, we, it's not, our mind has not been on the, the podcast. So, um, thank you for all your patience. We really appreciate that. Um, We are grateful for those that were concerned. And yes, those are real dogs barking in the background. Those are real doves that you hear. The dove in western Oklahoma. Yeah, I got to last night. Jim took me storm chasing. They had a storm that was coming through and you could see the lightning up behind it. And there were a few. He's like, that one's trying to turn into a tornado because we're in the panhandle of Oklahoma. And it is terrible. Yeah, just the later stages of tornado season. Yeah, there were some pretty wicked storms. I'll post the short video in the comments so you can see it. I had to show it on the show today, but we'll we'll get it out there so you can see it. It was quite impressive light show. And as I told Michelle, we, we actually ran out to the edge of town, which is not a long drive in this small town. He's like, as we were driving back, he goes, well, we've gone from one end of town to the other. And I was like, man, I'm, uh, I was not raised in a small town. I graduated high school here with about a hundred and forty kids. It gives you this feel for the size of the town, probably a little bigger than that now. But, but I told Michelle, as we went for a short walk at bedtime and, uh, Just got outside and told her I've seen plenty of thunderstorms, but I've never seen one where the moon was kind of peeking in and out of the clouds from behind the thunderstorm. It was really fantastic. We have a full moon. What's today? Tomorrow is a full moon. Yeah. So we got out there and had a chance to see that and got some video and had just kind of a fun experience before bedtime. And now just kind of catching up back in the groove with meetings this week and glad to be, have the flexibility and be available to my mother as she recovers from, you know, hospital stay and kind of a scare related to her, her blood oxygen levels. And, uh, she was in pretty bad shape when we arrived last Tuesday. Yeah. And, uh, so glad to be available and she's, she's on the mend doing better. But again, we appreciate the thoughts and prayers and we appreciate the patience for many of you have been waiting for us to, uh, you know, get reconnected on some of these, uh, uh, you know, client meetings. And we've had, of course, B eight adoption to, uh, to, uh, catch up on and, and a lot of just important emails. So today's conversation is really around an agreement that we signed yesterday. You'll hear more about that in the coming days and weeks. It is basically, to me, it's the latest reflection of how collaboration that White Hat Way is inviting folks to has a chance to really move the needle with respect to just the opportunities that exist around collaboration and I'll use the word standardization. I usually stay away from that word. But you are going to see us announce in the coming days the latest request of the DMS providers that White Hat Way is going to be putting out there. And the thing I would say around this this morning, Michelle, is that White Hat Way is not so we don't believe that. Jim and Michelle alone, you know, move the needle on a lot of this stuff. Certainly we have a platform and a voice around these things. And we feel like we've earned a lot of trust of the dealers because we work week in and week out on their behalf. And what that allows us to do is to lead these conversations, bring these conversations to the topic or to the forefront on behalf of dealers. And I think the most important thing that I would ask everyone to think about in that regard is the opportunity that exists around adding your voice. When we go forward and ask these things on behalf of dealers, we're going to ask, you know, all the folks, association level dealers, certainly vendors, add your voice to these requests that we're making of, you know, right now it's DMS providers. It'll eventually be others because we, we are working to create a unifying platform around some of these kinds of things. And, and, You hear me stop short of the word standardization because I just think it seems unlikely to me that you would ever get broad standardization across the entire industry. But certainly when you can get the top DMS providers to step forward and create certain kind of standard comparable solutions, then now you have a chance to provide really meaningful information to data. In the data realm currently is where we're talking about and really provide meaningful information to dealers. One of the things that you'll hear us talk about, we've been out there socializing on social media before the conference. We will be making our next request of DMS providers around sort of a drop down list at the charge off for how to categorize the reason for charge offs. And this will be the next one that we're taking on. Jim posted something about that on Buyer-Payer Success. If you're on that, just look for the survey. Is it a post? Actually, it was just a post. Jim put all the things that he remembered and could think of that would be a good reason or a reason for a charge-off. and then there were a few that were added that were um very helpful and so if just take a look at that and um add a thumbs up if it looks great or if there's something that we can add to it let us know because the we we say all of the time that what you don't measure you really can't, you can't manage it. It's you, you're going off of guesses. And until we really start to collect data and measure things, can we, can we really come up with good solutions that, that hit those, those those things for right now it's charge offs, but there's other stuff that's coming too. So, so there's, The collaboration is the way we get there. So having more comparable data. So obviously for us in V eight dealer groups, we see it all the time where I want you to imagine the day that we can sit in a V eight dealer group or dealers can sit in their dealer twenty group and be able to see the side by side analysis associated with, you know, so and so had X number of charge offs and they show sixty five percent of their charge offs were mechanical, where the rest of the group average is forty percent. As a simple example is a way to Now we start to get down to some information that in twenty twenty five, it just baffles me that we don't have more comparable information around this. And so this is just the next step of analysis. And of course, I'm an analytical person, but I think this is really more about, you know, this is something that will benefit far more dealers that aren't necessarily part of our circle. And so this is part of what Atway is doing and working to lead in that conversation and invite everybody in the industry is welcome to be part of this conversation. We want you to add your voices and let's kind of unify around this idea of creating better, analysis right now is kind of what we're focused on. And so right now, you'll see us be doing that with this DMS provider that we just inked a deal with them yesterday. And that's basically a year of sponsorship of Yatway. And that means that they're aligned with the mission that we're on and that part of that understanding is a high degree of collaboration. So they will be leaning in on a lot of these initiatives that we're taking on. And so at least that DMS will have a lot of the solutions that we're asking of the industry. And we'll be announcing who that is once everything is complete with the agreements. Sure. Yeah, we're we're you know, we're we're looking forward to to bringing more things like this. And when we talk about collaboration, it's it isn't just with other vendors in the space. It's with dealers as well. Dealers that are willing to step in. Dealers that are willing to to add their voice to to customers. the things that we're working towards measuring. And it's interesting because one of my things that I notice all the time is that we collect a lot of data through our CRMs. We, we like in the CRMs, it's like, why did you lose the sale? And so in our, that's collecting that kind of data because a lot of dealers place the importance on the sales side and it is important, but it's even more important to understand why those sales don't stick. Why, why that doesn't stick. And And like I said, there are CRMs, and I'm not sure about DMSs, that measure that. And it's just baffling why we're not measuring why we're charging off. Yeah. And to credit Ken Shulson, I don't want to call him the grandfather of Buy Here, Pay Here, but maybe we can call him our wise uncle of Buy Here, Pay Here. Shout out to Ken Shulson, who I remember saying, you know, at some of these events years ago, a couple of things around, you know, that we can't, the measurement part of this is like, Ken used to talk about a couple of things. Obviously the thing that we've talked about most recently about doubling your charge ops and that analysis, but he just has quoted a lot of things over the years around this very subject about, you know, being able to measure, you know, certain elements. And I think this is an effort to you'll create more of those things so that we do have the opportunity to identify what we can about the reason for charge off, because we do have a longer relationship with a customer. And as Ken used to always say, it's like, it's not, and buy here, pay here, it's not about selling cars, it's about keeping them sold, right? So it's about, so this is why the measurement of why did we lose customers, right? And why did we fail to So we begin to identify and break down and have more statistical analysis around that kind of thing. And we can get there, folks. We're just going to have to kind of unify our voices around these kind of things and verify that the things that White Hat Way is asking on behalf of dealers are, in fact, things that... Okay. I think that we're back on. So yeah, we should be. Yeah. All right. Good. So we ran a little snag. Michelle's laptop just died and my other device was not having an audio connection. So we, you couldn't hear us. So we're back and we'll wrap up. Didn't have a lot more to add on a Wednesday. You'll see us back here on Friday with much more information, but I would just say, look for us to continue to collaborate on the, Various things. You want to kill that streamer there? The banner? Yeah, I can. Got it. Yeah. So, yeah, I think that's you guys heard what we're working to get done. But I would say the big thing I would try to drive home today is please, when you see us go out there and make the request on behalf of dealers. then if you share that belief that that's an important value add for dealers, then speak up and say, so add, add your voice to the, to the threads and to let the folks in the industry know that this is important. And, you know, I can say, Michelle, I've been doing this a long time. We've at the conference, we bump into people and, And this can be true of all providers and you can say, you know, Jim and Michelle are providers too. So I just, I just hear things maybe differently than some. And I, sometimes I meet a provider and they talk to me about lots of things. And I'm thinking of one particular conversation I had that obviously won't name who it was, but they, they rattled off all the things that they do. And I sat there listening and thinking, well, you just explained to me all the things that you do that are good for you. I didn't hear a lot of anything that is good for the dealer users. Right. And so I think this is part of what I think, you know, as a business, we have to show that we're tuned in to the folks that we serve. Right. And that we are, are recognizing that we want to provide solutions that are of high value to, to dealers. And this is why you're going to hear us continue to beat the drum of collaboration. And, you know, integrations and cooperation because whatever's going to be good for the dealers is going to be, you know, I believe when a DMS or any other provider can step forward and show that they have solutions that are mindful of the needs of the dealers. then I think they're going to win more business, right? It's just the nature of how a lot of that works. And, you know, collaboration also, it kind of goes beyond that. There's a spirit of collaboration that we aim to really inject a lot of energy behind. And that's between vendors, that's between dealers and vendors, and that's between dealers and dealers. You know, there is a... It's an interesting thing to observe, but almost a fear with dealers and with vendors amongst themselves to work with each other. And there is so much good that can happen from collaboration. Everyone, you know... you don't have to be everything to everyone. And to, you know, people hold things so close to their chest, all their cards, and it's a fear of losing something in the process. But the more you step into sharing things, the stronger your position becomes. And I think, too, just in the world of vendor, vendor, let's just say, dear friend and who's part of the team ken yang is stepping out of becoming a dealer and becoming and he's working with uh coaching and does an awful lot of coaching right now on um inventory and all that but he has been sharing so much on social media about his story about his why about you know who he is and and that's part of it too is that I I feel super privileged with him and with Meg as well as a dealer and a vendor and that this collaboration of being able to let's work together to create something that is going to benefit ourselves and More importantly, others, the dealers, the other vendors. And so the more we can step into that collaboration, when we talk about that, it's not just about vendors. It's about dealer to dealer. It's about dealer to vendor. It's about vendor to vendor. It's about business to consumer. It's about person to person. And so we just really, that is one of the things with White Hat Way is this working together for the betterment of all. Right. And so we just really encourage you to look in your day to how can I collaborate? How can I help others become better? How can I help my my vendors? Am I part of collaboration is also being really honest about what's working and what's not. And, you know, we you know, you think about. uh just recently well when we work with a business a lot of times you get a survey you get a thing that says hey how did we do we need to be honest with each other and and because no one can get better unless we are honest with each other and we don't have to to be honest in a way that's that's pointing fingers and harsh and all of that, but just saying, here are the good things you did. Here are the things that need work on. And you just need to be aware. Jim's always been really great about that. And it's not, it's we know because we get reviews and more people are willing to say the nasty things than the good things. And so we, you know, we, we as business owners encourage our happy reviews. consumers to post or do a review of some kind and give us five stars or whatever. But that is also part of collaboration is like being honest about the things that they're doing well, the things that you would like to see improvement, things you'd like to see added to that and sharing and sharing those in an uplifting and positive manner. And I watch dealers moving from one vendor to the next and they just get fed up and then move and the vendor doesn't know why they just lost someone. And so it's really important if, if there is something that is not working, that we're, that we become as vocal as we can about the things that need to, that, that we would like to see fixed, be patient because sometimes those fixes, especially, and you know, this, they, they're not immediate. They, they may not be exactly what it is that, that you are looking for. You know, we deal with this with our, our, with our dealers deal with this with their consumers every day. But that is part of a spirit of collaboration as well. So we just really encourage you to share, to help, to work together. And we can do those things in a positive way. We've been taught in our culture, in our society, if you don't have anything nice to say, don't say anything at all. That doesn't help people grow. And so we have we have an opportunity to just really be working together to create a better experience for everyone. Right. And I would just say, you know, what we're really talking about when I use the word collaboration, I'm talking about industry wide collaboration. I'm not talking about collaboration within a small group to, you know, gain competitive advantage. because while that may be good for the vendor partners in question, I'm really talking about what's good for the industry, what's good for the dealer users of the products. And so this is why when we look at the industry and we watch about collaboration and part of what Michelle's talking about, about dealers having to move from one system to another, it's been part of our conversations recently in social media and elsewhere around what happens if I move from one DMS to another What happens with my integrations around payment processing? Who owns my data? Yeah, and whatever other kind of related services that are going to be, you know, what do we play nice with? Can I still use my, you know, XYZ if I move to a different DMS or whatever? You know, in this case, we're talking about DMS a lot, but. it really is going to be relevant across the industry and different kind of providers. So we're just really trying to raise the conversation and working to raise awareness around the opportunities that exist in collaboration. And so look for us to continue to beat that drum and invite people to join us in something that's very inclusive, And it's good for the dealer users because they have a difficult job to do and we want to do anything we can to make that easier for them. Yeah, and it doesn't have to be this is the way it is, is that we really can, as we bring our voices together and we work together, then others that are not as collaborative will see. And it may help shift that position a little bit about being really in a spirit of collaboration. And yeah, that's- It's a nice opportunity. There are plenty of good things that can be done. We're taking on the small things first and we're asking- And we're available to support those things that we're requesting. So, you know, it's certainly something that we believe will be good for the dealer users, even the dealer users that aren't on a system that we have direct experience with or direct connections to through our dealer community. But it's something that we feel like can certainly benefit the dealers going forward. And look, twenty twenty four was a rough year in charge off. It looks like twenty twenty five may be stabilizing, but we all as an industry should have better data to make better decisions. And this is a part of what we're focused on now. And and so, again, you'll hear more about the collaboration that we inked yesterday and kind of that agreement. And you'll start to see the names of those folks. And I think you'll see what collaboration can look like. Yeah. And so we look forward to demonstrating that and inviting others to join in that collaboration. yeah we're really grateful for you and um and how you've been very supportive and have let us know it's just it feels really good when people say hey where'd you guys go or um so thank you for that and and you know if there's there's things that we can help with part of our efforts in collaboration with dealers and with vendors is that we bring a lot of information every day about what's happening here and what's happening there and, and, you know, what numbers that we're seeing and things like that, because the more we help our neighbor, the stronger we become too. They become all ships rise. That, that's, that, that seems kind of cliche, but it is very, very, very true. We're a small industry. We see it time and time again, how small this industry is. So I think collaboration is going to help us all. So we should wrap up again. Thanks for the thoughts and prayers from my mother. We're not used to seeing her move slowly. And so this was definitely a departure. And so we're, she runs circles around me and she makes me tired. Yeah. Lately. She's definitely slowed. And now we do just some really great healthcare. We, we're getting some answers and she's on the mend. So thanks again. We really appreciate it. All right. Let me pull up a couple of things here really quick. It's when, when I'm not on my home computer, it gets kind of a. Yeah. Yeah. It looks different. You're gone for a couple of days. Everybody. Thank you. We will see you on Friday. All right. Have a great day. Thank you.
