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SALES defines profitability, but COLLECTIONS determine profitability
Finance and Inventory front ends or BHPH tools which spent their time focusing on the sales aspect of the business, with limited or no focus on the collections process, maybe a mere payments module. Although sales are required, effective collections is a MUST, which is also echoed by top industry experts.
- "The buy-here, pay-here business is the finance and collection business "
Mr. Chris Leedom President of Leedom and Associates,
Chairman/Founder: National Special Finance and BHPH Conference,Leading industry trainer and consultant
- "buy here, pay here is NOT about selling cars......but instead about collecting and managing subprime installment contract portfolios"
Kenneth B. Shilson, CPA Managing Director, Shilson & Associates, P.C.,
Founder of the National Alliance of BHPH Dealers (NABD)
Mr. Chuck Bonanno, Partner, Leedom and Associates, LLC.
Executive Conference Moderator of BHPH/ Automotive Finance Twenty Groups.Nationally
recognized speaker, author, Industry trainer and consultant.
► Let me begin by saying this is a fantastic software and well worth many times more money that we paid. The head honcho came in yesterday and He is also convinced of two other facts. 1) LIMS saved this company from being sued because the previous system allowed us to overcharge customers and 2) Dealers were ripping us off by decreasing the finance charge in order to lower the monthly payment. The future looks bright for this company and LIMS is the major provider.
Finance Company, Florida
► "We highly recommend the use of the LIMS software provided by SeaTip Software Systems. Without a doubt, our delinquencies are lower with the use of LIMS and the reporting capabilities are beyond our greatest expectations. Your product has made a huge impact on the profitability of our business."
Finance Company, Texas
► Just Printing statements for the month now! Everything seems to be running/printing smoothly. I have to compliment you and your development team. You have done an excellent job at understanding my needs, providing the solution and continued customer support. I have never had this kind of response in my 30+ years around computers.
Dealership, New York
► "Prior to LIMS, we had a very manual system for only a couple hundred loans. Our fear was the cost of moving to computers, computer programs and time lost trying to learn a complicated system. What we found out was we were up and running in less than a week and after a month we found that our productivity increased dramatically."
Dealership, Maine
► "I have postponed getting a new system for a year knowing the pain it would be to move to that system. BUT, you held my hand, we decided and you were right. In three days, with a temporary helper, we moved everything across and was up and running. So why did I wait so long."
Finance/Dealership, California
► "One word, BALANCED. I don't think we have ever balanced our books. Now I KNOW where we stand"
Finance Company, Illinois
► "We are small so I basically do it all. Collections was always a pain. I wanted to sell cars, you know, the fun side of the business. Over the years I have had at least 3 different systems, and various other processes for collections. Now I have the tools to sort data the way I want, be able to focus on what needs focusing, and the information to find the people I need to find. Now I have time to create more business and get back to what I like doing, selling cars."
And OUR favorite
► "I hate it. It tells me what to do, when to do it. I hardly get to make a decision. It is just like being at home."
Finance/Dealership, California
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