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In past blog posts we have mentioned that our car dealership, Approved Auto Sales, is a member of a Twenty Group industry consulting group.  As a member of a Twenty Group we report all kinds of car lot data ranging from sales and collection figures to inventory turnover and personnel expense.  Our data is then compared to the data turned in by the other nineteen members who make up the Twenty Group.  This statistical analysis, or benchmarking, allows us to see how our dealership is operating compared to other well run dealerships across the country.

In our consulting group’s monthly magazine, The Dealer Business Journal, I came across an article spelling out the importance of benchmarking.  The article goes on to make the point that merely collecting an array of statistics each month is not enough. . . it boils down to what you do with the data.  Do you act on it by implementing policies and procedures that move your business in the right direction?  Or, do you just make excuses?  The article I speak of really hit on the importance of not making excuses and I thought it was worth sharing.

Taken from the article:

“Resolve to separate yourself from your emotional attachment with your business.  This will always be a difficult task.  The dealer’s tendency is to defend weakness and to make exceptions for poor performance because most will identify themselves personally with their dealerships.  How many times have you heard or said, “my market is different” or “my customers are different.”  Is this a valid point or merely an excuse tendered to soothe your ego?  It is imperative that you do not formulate excuses for your deficiencies.  Dealers must realize that the dealership is an entity unto itself and must be analyzed objectively.  How would you critique your benchmark data if you did not know it was yours?  Isn’t that the most honest and objective assessment you can make?

Although the article speaks of dealerships I think it touches on most all in business and life in general.  It is easy to be critical of others but it is most beneficial to be critical of ourselves.

I hope you have a great week! — Luke

“It is better to offer no excuse than a bad one.”  George Washington

Luke and I had a productive meeting with Josh Mabus of Mabus Agency in Tupelo last Friday.  Josh and his staff have played a significant role in many of the branding and marketing strategies we have implemented over the last year.  Our meeting Friday focused on a couple of projects we have been working on for several months.  We hope to have an announcement of one of these projects at our next managers meeting in May.  Much of the work we do with Mabus Agency is centered around investing in our company to position us for long term growth.  I look forward to seeing results of these projects in the near future!

Have a great week….Louis

“An investment in knowledge pays the best interest.” – Benjamin Franklin

“People are like dirt. They can either nourish you and help you grow as a person or they can stunt your growth and make you wilt and die.” -Plato

I was in Jackson last night attending dinner when great news for our industry came from the capitol building.  A bill concerning the sale of liened vehicles to scrap dealers passed both sides of the legislature with overwhelming support.  How does this affect our industry?  Well, if you have ever had a customer borrow money on a vehicle and then immediately go and sell the vehicle, without title, to a scrap dealer this new law will allow for serious criminal repurcussions.

In the past, many less than legitimate scrap dealers would knowingly purchase vehicles without titles and crush them immediately leaving little paperwork on the transaction.  When confronted with what they were doing many of these illegitimate scrap dealers would just smile knowing there were very few legal options for the lienholders to pursue.  Again, this new law changes all of that.

The Mississippi Title Pledge Association took a leading role in getting this bill passed but it had support from other industries as well.  Most notably, it was supported by the recyclers association which is made up of the legitimate scrap dealers who operate in a professional and honest manner.  This law just makes it much more difficult for the “underground” scrap dealers to operate with no fear of the law. — Luke

“If one does not know to which port one is sailing, no wind is favorable.”  Louis Seneca 

Going the extra mile, having a can do attitude, and being professional at all times are all desired characteristics that have been mentioned on this blog from time to time.  I would like to thank Melissa Whitehead from Simple Pawn & Jewelry for exhibiting all of these characteristics.  Melissa has stepped up during some difficult times and displayed commitment and leadership.  Thank you for the great job and we appreciate everything you do!

I do not love a man who is zealous for nothing

Oliver Goldsmith

-Louis

Although Easter is not technically the start of spring many people view it as the “unofficial” beginning of the springtime season.  I thought a few quotes on the beauty of spring would help to brighten your day.  —  Luke

ps — I have found that when reading quotes it is best to read each one twice before moving to the next one.  See what you think!

“Behold my friends, the spring is come; the earth has gladly received the embraces of the sun, and we shall soon see the results of their love!”  Sitting Bull

“Spring is nature’s way of saying “Let’s Party!”  Robin Williams

“No winter last forever; no spring skips its turn.”  Hal Borland

“The day the Lord created hope was probably the same day he created spring.”  Bern Williams

“April has put a spirit of youth in everything.”  William Shakespeare

“If we had not winter, the spring would not be so pleasant; if we did not sometimes taste adversity, prosperity would not be so welcome.”  Anne Bradstreet

“You can cut all the flowers but you cannot keep spring from coming.”  Pablo Neruda

“Spring is when you feel like whistling. . . even with a shoe full of slush.”  Doug Larson

April Fools’ Day is celebrated in many countries on April 1 every year. Sometimes referred to as All Fools’ Day, April 1 is widely recognized as a day when people play practical jokes on each other.  In honor of April Fool’s Day, I thought some “fool”ish quotes would be in order:

April 1.  This is the day upon which we are reminded of what we are on the other three hundred and sixty-four.  ~Mark Twain

He who is born a fool is never cured.  ~Proverb

Let us be thankful for the fools.  But for them the rest of us could not succeed.  ~Mark Twain

You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.  ~Abraham Lincoln

The trouble with practical jokes is that very often they get elected.  ~Will Rogers

A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools.  ~Douglas Adams

Isn’t it appropriate that the month of the tax begins with April Fool’s Day and ends with cries of “May Day!

Rachel

The way to be nothing is to do nothing.

-Hugo Grotius

To read without reflecting is like  eating without digesting.

-Edmund Burke

Not failure, but low aim is crime.

-James Russell Lowell

Beaten paths are for beaten men.

Eric A. Johnston

Have a great day–Louis

An old English proverb simply states “Some tasks may be accomplished more easily by two (or more) people working together than by one working alone.”  I found this to be very true over the past couple of weeks and wanted to thank two very special people for this:  Stephanie Strable and Laken Graham.

Stephanie accompanied me on a recent audit.  Her knowledge of the daily work that is done at our Money Matters stores was a tremendous asset.  She would continue going through files while I researched an issue or vice versa.  We worked as a team and the day was very productive. I want to thank her for her hard work and dedication!

Laken and I spent an extensive amount of time working on reconciling and updating reports generated from their new software at Approved.  We printed countless numbers of reports and calculated and re-calculated during the week.  I enjoyed working with her so much as we solved each issue together.  Her knowledge of the business is vast and a great resource for me!

So, yes the old English proverb is true- two heads are better than one!!

Rachel

I spent last Friday and Saturday on set of a new commercial we are filming for US Gold and Silver Brokers.  Mabus Agency, who also filmed our Approved Auto commercials, was in charge of the filming.  The 30 second commercial will have several paid actors and actresses starring in it.  Janna Tolar was kind enough to also offer her talents for the store employee.  I look forward to being able to share the final product with you!

Have a great Tuesday….Louis

One of the first quarter goals for the management team is to improve company wide communication.  As many of you know, one avenue we have used to accomplish this goal is our monthly conference calls.  Although the calls have been an effective way to share information, they have not flowed as smoothly as I would like.

I  attended a  presentations skills class yesterday in Franklin, TN and was given several tips on ways to make conference calls more effective.  We are also setting up a “trial run” this morning to make sure we have all of the log in issues and technical glitches solved before our call next week.  I look for next week’s call to be the most successful to date.  I would welcome any suggestions or topics you would like to see covered on future conference calls.

The road to success is always under construction.

-Lily Tomlin    

Hope you have a great Wednesday….Louis