There hasn’t been a better time since 2010 to be in the BHPH space, and right now, is the perfect time to learn more about the Buy-Here, Pay-Here (BHPH) model.
NIADA is offering its BHPH New Dealer Academy training Feb. 22-23 in Dallas.
When money is inexpensive and consumer debt is low, third-party lenders dip into the deep subprime market where our BHPH dealers live. This past year has seen a steep rise in the cost of funds and consumer debt. Without the stimulus money in the households, charge-offs are increasing across the board. Third-party subprime lenders feeling the effects of squeezing margins are exiting the deep subprime space, opening up the top tier BHPH customer.
In the industry’s fastest-growing segment, BHPH dealers bankroll lending for customers rather than using a third party. Dealers can make a lot of money in BHPH, while also providing a much-needed service to consumers who otherwise would not be able to purchase a car.
Whether you are a retail dealer looking to expand your business to deep subprime consumers, an entrepreneur looking for your next business venture, or a company that offers solutions to subprime dealers, the BHPH Dealer Academy offers something for all.
During this comprehensive two-day, in-person workshop, you will learn highly effective strategies for marketing, sales, deal structure, underwriting, collections and asset management. It is designed to help dealers start and grow an in-house finance program the right way.
NIADA’s BHPH New Dealer Academy is an immersive class focused on the key drivers of operating a successful BHPH business.
“The information for these dealers and members will jumpstart or help them grow their business. With Ben Goodman’s and my combined 60-plus years in the business, everyone will walk away with a wealth of knowledge.”
Bill Elizondo, Senior 20 Group Moderator
“The information for these dealers and members will jumpstart or help them grow their business. With Ben Goodman’s and my combined 60-plus years in the business, everyone will walk away with a wealth of knowledge,” said Bill Elizondo, Senior 20 Group Moderator.
In addition to new dealers, this course is a high-level overview for companies — local accounting firms and garage liability companies who wish to understand the dynamics between the dealership and the related finance company; software providers, especially service module and CRM companies who currently serve retail but would like to get better at BHPH; and marketing agencies — that would like to learn more about the business and the BHPH customer.
“We have vendor partners who are more geared toward retail but would like to learn about BHPH. This is a great class for them,” said Ben Goodman, Senior 20 Group Moderator. “While you can’t learn everything about BHPH in two days, this is a great high-level overview of the key components of this very lucrative business model.”
To learn about the BHPH New Dealer Academy, visit NIADA.com/BHPH.
If you have any questions about this training or other dealer education, email janet@niada.com.
