the Front Row - April 2022

the

FRONT ROW The official publication of the Washington State Independent Auto Dealers Association

April 2022

Putting Capital to Work for your Dealership

Is the Economy Over Inflated?

EXECUTIVE DIRECTOR:

A Breach of Concern WSIADA PRESIDENT

Re: Inventory Shortages

PLUS

Is Disorganization Getting in the Way of Your Success?

THE FRONT ROW | WSIADA.COM APRIL 2022 | 1

MEETING YOU WHERE YOU ARE

MAG MOTORSPORTS | MAG RV SALES

magauctions.com

@mcconkeyauctiongroup

CONTENTS APR 2022

the

FRONT ROW

2 CALENDAR OF EVENTS

The official magazine of the

WASHINGTON STATE INDEPENDENT AUTO DEALERS ASSOCIATION WSIADA.COM 707 Auburn Way South | Auburn, WA 98002 T: 253-735-0267 | F: 253-804-0844

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staff@wsiada.com | WSIADA.COM EXECUTIVE BOARD Wasim Azzam, Board President-Elect All Right Auto Sales | President@wsiada.com Position Available, Board Vice-President

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VPresident@wsiada.com J.T. Curry, Board Secretary Motors Northwest | Secretary@wsiada.com

Emil Scarsella, Board Treasurer Town & Country Auto Sales | Treasurer@wsiada.com

PRESIDENT-ELECT’S MESSAGE: INVENTORY SHORTAGES

I think it is fair to say that car dealers should continue to be prepared and understand that the inventory shortage problem is not going to go away soon.

EXECUTIVE DIRECTOR’S MESSAGE: A BREACH OF CONCERN

SUPPORT YOUR SUPPORT TEAMS From my dealership 10

experience and observations from my current seat, good processes and good people are the pinnacles of success.

It was a different sort of news coming out of Olympia that has me writing this month’s article.

CHAPTER PRESIDENTS

12

WSIADA UPDATES

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KEYBANK ECONOMIC PERSPECTIVES: IS THE ECONOMY OVER INFLATED?

Blake Walker – North Cascade Walker Motor Works | NoCascade@wsiada.com Badie Darwazeh – North Sound Seattle Auto Haus | NoSound@wsiada.com David Magarrell – South Sound (Elect) Auto Sales Consultants, LLC | SoSound@wsiada.com Open Position – Vancouver Vancouver@wsiada.com Open Position – Yakima Yakima@wsiada.com Rhonda Coffin – Tri-Cities

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USA Auto Sales, Inc | Tri-Cities@wsiada.com Open Position – Spokane

Spokane@wsiada.com AT-LARGE BOARD Randy Fletcher, Board President (Emeritus)

ELECTRIC VEHICLES TAKE BIGGER SLICE OF AUTOMOTIVE LENDING IN Q4

The electric-vehicle share of auto financing roughly doubled in fourth-quarter 2021, compared with a year earlier.

In-N-Out Auto Sales AJ Hamedian, Board President (Emeritus) Excellent Choice Auto Sales, LLC

Major global central banks have long regarded a two percent inflation target as the sacred metric that drives economic policy. But how did we get here? And how should businesses respond?

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Ken Williamson, Board President (Emeritus) John’s Auto Mart, LLC WSIADA STAFF

There are many reasons for disorganization including perfectionism, indecision, fear, lack of skills, or mental health conditions.

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SERVICE PROVIDER DIRECTORY

18

READ & RESPOND QUIZ

Brian Dansel, Executive Director Rick Olson, Education Manager Mila Froman, Membership Manager PRODUCTION EDITOR Professional Mojo Copyright 2022 WSIADA

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PUTTING CAPITAL TO WORK FOR YOUR DEALERSHIP

As a business owner, the most important questions you face each day are how to best utilize capital to operate and grow your dealership,

IS DISORGANIZATION GETTING IN THE WAY OF YOUR SUCCESS?

THE FRONT ROW | WSIADA.COM APRIL 2022 | 1

q PRESIDENT-ELECT MESSAGE

RE: Inventory Shortages

BY WASIM AZZAM, WSIADA BOARD PRESIDENT-ELECT annual production capacity is expected to expand from about 2M to over 3M.

Carvana, known for its multi-story vending machines, is the fastest growing online used car dealer in the United States. Based in Arizona, the company went public in April 2017. In 2020, Carvana sold 244,000 vehicles and posted an annual revenue of almost $5.6 billion. As of January 2022, Carvana was the fastest to sell one million vehicles online and the fastest used car retailer ever to sell over 400,000 vehicles in one year.

Preowned car dealers all over the country have already for the past two years been struggling trying to find good inventory to satisfy their lots because of the shortage caused by the pandemic, but things are about to get worse. Carvana is already in the process of acquiring ADESA, the second largest wholesale vehicle auction solutions in the US with its 56 locations.

The proposed transaction will provide significant infrastructure and team to expand, enhance Carvana’s customer offering with a broader selection of vehicles, and the ability to buy and sell at lower prices.

Experts say that 78% of U.S. population will be within one hundred miles of a Carvana inspection and reconditioning center once ADESA’s 56 U.S. sites are fully built within Carvana’s production network. That means customers will have access to more vehicles with faster delivery times than ever before.

Also, with full utilization of ADESA reconditioning operations, Carvana’s

2 | THE FRONT ROW | WSIADA.COM APRIL 2022

In 2019, about 39.4 million used vehicles were sold in the U.S, and in 2021 that number increased to 40.9 million; therefore, Carvana alone will have about 7-8 % of the used car market share. If we add CarMax and AutoNation (for example), the number will be much higher, meaning used car dealers will be facing even tougher challenges finding inventory.

More competition amongst dealers of all sizes and more demand for used cars but not enough inventory for everyone will for sure drive prices up.

People may ask why the computer chip shortage is there? The answer is that auto manufacturers canceled semiconductor orders in the initial stages of the coronavirus pandemic. When the economy started to improve, getting access to those materials proved exceedingly difficult because they were already allocated to consumer electronics by chip suppliers.

Unfortunately, analysts predict inventory may not return to pre-pandemic levels until 2023. Many chip suppliers are located overseas, and it has not been easy for the U.S. to build more semiconductors domestically. While there are efforts by the government to get this to happen, it will take time. On January 25th, the U.S. Commerce Department reported that median inventory for semiconductor chips had fallen to just a 5 days’ supply, compared to 40 days before the pandemic. Major semiconductor companies do not expect the situation to go away within the next 6 months.

I think it is fair to say that car dealers should continue to be prepared and understand that the inventory shortage problem is not going to go away soon or at least before the end of 2022. n

EVENTS CALENDAR ANNUAL CONVENTION June 13 – 15th

Campbell’s Resort at Lake Chelan 104 W Woodin Avenue Chelan 98816

TITLE WORKSHOPS

(Virtual Meetings) April 20 – 9:00am-12:00pm wsiada.com/title/April2022 May 18 – 9:00am-12:00pm wsiada.com/title/May2022

CHAPTER MEETINGS

April 5 – South Sound 7:30am – 10:00am Griot’s Garage 3333 S 38th St. Tacoma 98409 April 12 – North Sound 7:00pm – 10:00pm Courtyard Seattle-Kirkland 11215 NE 124th St. Kirkland 98034 April 13 – North Cascade 7:30am – 10:00am Drager’s International 1645 Walton Dr. Burlington 98223 April 19 – Spokane 6:00pm – 9:00pm Hilton Garden Inn 9015 W Highway 2 Spokane 99224

HARNESS THE POWER OF OUR DMS PLATFORM

© 2021 Lobel Financial. All rights reserved. Member NIADA.

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Prompt ACH Funding

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REGISTER NOW AT NIADACONVENTION.COM THE FRONT ROW | WSIADA.COM APRIL 2022 | 3

q EXECUTIVE DIRECTOR MESSAGE

A Breach of Concern

BY BRIAN DANSEL, EXECUTIVE DIRECTOR While it is near the end of the legislative session, and as we continue to monitor the final remaining votes this year, it was a different sort of news coming out of Olympia that has me concerned enough to write about it for this month’s article. As I am sure you are aware, the Department of Licensing came forward a few weeks back to announce that they had been hacked. According to the Seattle Times—the potential breach, which the Department of Licensing made public Feb. 3, may have affected personal data from people and companies in 23 professional and business categories, ranging from auctioneers to real estate agents to funeral directors.

The potential breach remains under investigation by the state Office of Cybersecurity, the state Attorney General’s Office and a third-party cybersecurity firm, CrowdStrike, Department of Licensing officials said. It’s still unclear whether licensees’ personal data was actually stolen or simply was exposed to possible theft, Department of Licensing officials said Monday. The agency also doesn’t yet know exactly how many licensees may have been affected and has yet to determine whether the potential breach occurred within the agency, in the database, or in some other part of the data system.

While auto dealers wasn’t a confirmed category of licensee that was breached, many of the service type licenses (notaries for example) were compromised. If you offer services that you think may fall under a category that was compromised, please visit the Department of Licensing immediately. You can find this information atdol.wa.gov/outage. n

BECOME A MEMBER, ACCESS THOU$ANDS IN BENEFITS! » Extraordinary Savings with Vendor & Auction Discounts » Dealer Services & Licensing Assistance » Service Provider Directory » Legal & Regulatory Compliance Training » Networking Events » National & Local Lobbying for Dealers » Print & Digital Trade Publications » Timely Dealer News Updates » NIADA Membership Give Mila a call today! 253-735-0267

Discover the power of WSIADA membership!

4 | THE FRONT ROW | WSIADA.COM APRIL 2022

q MEMBERSHIP DEPARTMENT

“What does the membership give me?”

BY MILA FROMAN, WSIADA MEMBERSHIP MANAGER This is the most common question that we receive when discussing membership with dealers. With the current benefits, you can take advantage of savings for your dealership supplies when shopping with us (10% member discount), and when you are at the auctions (our new savings program).

You also get invoicing options, discounts on WSIADA events, and legal support. I can list them all, but you don’t want to just read the menu; you want to see the entrée.

Our main purpose at WSIADA is to support independent dealers and ensure that your dealership has an outlet for questions, concerns, and education to help grow your business into a strong and healthy one.

Whether it’s to use our Dealer Hotline to ask a simple question or asking to consult our legal support for a difficult situation, the Association is here for its members.

For a time there, we were collectively struggling when businesses had to close due to the pandemic. Unfortunately, we have seen several dealerships, both non-member and members alike, unable to bounce back and forced to shut down for good.

Before the pandemic, I had been tasked with our dealer membership program for several months, and the main thing I wanted to work on were our benefits.

Many of our longtime members have seen our benefits become stagnant for several years and we are attempting to beef them up sooner rather than later. There’s been express interest from some of our dealer members for more discounts, healthcare, and increased presence in the legislature – and these are just a few ideas!

So, my question to you, whether you are a member of the association or not: What benefits would YOU like to see and use?

If you have ideas or suggestions, you can contact us at membership@wsiada.com and we can get the ball rolling. n

Electric Vehicles Take Bigger Slice of Automotive Lending in Q4

BY JIM HENRY, WARD’S AUTO

“

The EV share of loan and lease originations in the fourth quarter was about 4.6%, vs.

2.3% in like-2020.

Even with the increase, the Tesla brand still dominates the segment.

The electric-vehicle share of auto financing roughly doubled in fourth-quarter 2021, compared with a year earlier, as EV offerings expand among the more mainstream brands and into more product segments, Experian Automotive says.

“The share got doubled year-over-year. Of course, that’s with a broader variety of vehicles and a bit more affordable price point,” says Melinda Zabritski, Experian Automotive senior director of automotive financial solutions.

The EV share of loan and lease originations in the fourth quarter was about 4.6%, vs. 2.3% in like-2020.

Even with the increase, the Tesla brand still dominates the segment, and the average price point remains high for EVs, Zabritski tells Wards.

According to Experian, the average loan monthly payment for an EV in the fourth quarter was $744, up slightly from $738 a year ago. However, the trend for the last few years is toward lower payments on EVs. In fourth-quarter 2017, the average monthly payment for an EV was $977.

Average lease payments for EVs shows the opposite trend. At only $281 four years ago, lease payments averaged $688 in Q4 2021, almost as much as the overall average loan payment. This probably reflects lower lease incentives, Zabritski says.

For the industry as a whole, the average new-vehicle monthly loan payment was $644 in Q4, up from $579 a year ago.

“With supply and demand what it is, incentives are kind of not needed,” she says. “Leasing is down overall.”

For the overall U.S. market, leasing accounts for 23.8% of new-vehicle originations in the fourth quarter, down from 27.7% a year ago. For EVs, leasing fell to a 27.7% share in Q4, down from 31.8% a year ago, Experian says.

Three Tesla models accounted for more than 75% of EV loans and leases in the fourth quarter: the Model 3, at 36.6%; the Model Y at 34.2%; and the Model S, at 5.3%.

The Ford Mustang Mach-E, at 6%, and the Volkswagen ID.4, at 3.4%, account for the rest of the Top 5 mostfinanced EVs, Experian says. n THE FRONT ROW | WSIADA.COM APRIL 2022 | 5

COVER STORY

Putting Capital to Work for your Dealership

BY JOE O’BRIEN, SVP SALES AND MARKETING, KINETIC ADVANTAGE As a business owner, the most important questions you face each day are how to best utilize capital to operate and grow your dealership, and more importantly, whether you have sufficient working capital to achieve your growth objectives. The key difference between dealerships who experience little to no growth versus those whose growth surpasses that of their market is the way successful dealers put capital to work for them, as well as the different types of capital they utilize. A dealership’s ability to tap into additional sources of capital can provide them with the ability and flexibility to grow their business without restraints and restrictions of limited capital access.

Smart dealerships will often use their own capital for smaller dollar items such as monthly expenses, benefits, etc., and then choose to utilize other sources of capital for larger dollar items.

What are some different types of capital that dealerships can tap into to propel growth? There are several options available to dealerships that provide varying levels of flexibility, including small business loans, revolving lines of credit, home equity loans, equipment leasing, floor plans, and private investors. These options, and a dealership’s ability to qualify for them, can vary depending on several factors, such as time in business, personal credit, business plan, home equity and commercial real estate equity, personal net worth, current balance sheet and P&L along with working capital.

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Revolving lines of credit, home and commercial equity loans, and equipment leasing are typically a more involved process that may include review of business plans, business financial performance, personal credit of dealership principals, working capital, property appraisals and current business creditors. Typically, equipment leases, small business loans and floorplan lines of credit will be the easiest capital for dealerships to be approved for.

appearance of your dealership is another great idea. Perhaps a fresh coat of paint on the building or a newly paved lot? Maybe an updated showroom or office area to make it more appealing? What about adding additional locations to tap into other areas of your market?

Simply stated, it can provide you additional flexibility to increase your dealership’s revenue and bottom line. How can it achieve this? Additional capital can allow you to: improve the in-person and digital appearance of your dealership, provide you with the ability to acquire more inventory, hire additional team members, add locations, increase advertising and marketing, invest in new technology to create efficiencies while improving your customer acquisition process, and be more aggressive in your pursuit of new business.

Today’s customers are very savvy and perform more research online than ever before. A great way to attract new customers to your dealership is through creative advertising and marketing; however, it can be very costly. Dealers will often push advertising and marketing to the side because of costs. A successful marketing campaign requires a solid budget and, sometimes, outside assistance.

Small dealerships often neglect this aspect of their business to use their budget in other areas of their business. However, marketing is an essential part of growth, and a successful marketing campaign can increase sales in a short amount of time. Whether your dealership needs a website, social media promotion or mailer campaigns, having access to more capital creates an opportunity for you to grow through marketing.

To capture prospective customers attention, dealers need to separate themselves from the competition. What are some things that dealers can do to attract more customers? Since you cannot sell what you don’t have, and customers are more likely to visit a full lot than one that is sparse, having a larger inventory is a great place to start. Updating the

An important, and often challenging, way to increase productivity and function of a dealership is to update or acquire new equipment or technology. Updated equipment and technology can help streamline a dealership’s operations and create efficiencies. It can be difficult for some dealerships to acquire these assets, as new equipment and technology can be

Why is putting capital to work for your dealership so important?

“

A dealership’s ability to tap into additional sources of capital can provide them with the ability and flexibility to grow their business without restraints and restrictions of limited capital access.

very expensive. While a dealership may be profitable, it may not have the working capital at hand to spend on expensive equipment that can depreciate over time.

This is an area where utilizing additional capital can be very beneficial.

Are there products or services that your dealership could sell to increase your bottom line? New products/services

are a great way to increase interest and traffic for a dealership, especially if others in the area do not provide it. Perhaps you could create tire and wheel packages or add a service department. Would increasing products/service require an increase in staff, new equipment, or an expansion of the dealership location? Dealerships often realize there is a demand for an additional product/service that they could provide, but they aren’t willing to cut into current budgets to add it. Utilizing other sources of capital could be a great way to pursue these new opportunities.

Have you thought about adding another location for your dealership or pursuing different niches within your market? Adding another location

or venturing into a new niche market can be very costly for a dealer. The upfront costs alone often prevent dealers from expanding. With that said, the profitability of a dealership can increase substantially from such a move. Investing in expansion using your own capital will tie up your ability to use those funds to continue your existing growth. On the contrary, utilizing short-term financing can prevent a dealer from cutting into current costs and further increase their customer base.

Having the right inventory on hand is crucial for a dealership’s success; however, acquiring inventory is the single largest expense for a dealership. A dealer’s ability to maximize their inventory may only be limited by the capital they have on hand to procure it. Dealers need the

ability to acquire units from multiple sources, including auctions, privateparties, trade-ins, consumer loan payoffs, and dealer-to-dealer purchases. Many dealers are not able to take advantage of all these available options due to limited or restricted capital. Additional capital would allow a dealer to maximize their inventory acquisition strategy and, in turn, produce more sales.

For profitable dealerships, adding debt can seem counter intuitive, but there are several ways in which expanding your capital resources can provide your dealership with opportunity to expand beyond your current growth plans.

Utilizing additional capital resources can be the catalyst your dealership needs to increase overall profitability and propel larger long-term growth. Knowing the right capital to utilize and how to best deploy that capital is the key to putting capital to work for your dealership. n THE FRONT ROW | WSIADA.COM APRIL 2022 | 7

AUCTION LISTINGS n ADESA SEATTLE adesa.com/seattle Tuesday: Consignment, 9:30AM Alternate Tuesday: Specialty, 8:30AM Thursday Night: InOp Sale, 4:45PM n ADESA PORTLAND adesa.com/portland Thursday: Consult website n BIDBUY DEALER AUCTIONS (844) 505-1555 bidbuydealer.com Weekly Thursday Auctions 8:00AM to 3:00PM and previews Tuesday and Wednesdays 12:00PM to 3:00PM n COPART copart.com Times vary: Consult website n CTM UNLIMITED ctmunlimitedauction.com See website for auction dates and times. n DAA NORTHWEST magauctions.com/daanw Weekly auctions: Thursdays, 9:00AM Monthly promotional event auctions: Wednesday, 2:00PM & Thursday, 9:00AM

n DAA NORTHWEST (CONTINUED) Monthly MotorSports auctions: Thursdays, 11:00AM (Lane 8) Monthly RV auctions: 11:00AM (Lane 8) Heavy Metal auctions, 8:30AM as scheduled (Lane 8) NOTE: MotorSports, RV and Heavy Metal auction For dates, visit: daanwmotorsports.com

n IAA - INSURANCE AUTO AUCTIONS SPOKANE iaai.com (509) 891-2388 See website for dates and times.

n DAA SEATTLE magauctions.com/daasea Friday: Dealer and Fleet/Lease, 9:00AM Alternate Friday: Heavy Metal,* 9:00AM (Lane 8) Monthly GSA Public Auctions, 1:00PM *Mechanically-challenged/cosmetically damaged/non-running inventory

n MANHEIM PORTLAND manheim.com/locations/PAA/events Tuesday: Open Sale, 9:00AM

n EHLI AUTO AUCTIONS ehliauctions.com Last weekend of every month n IAA - INSURANCE AUTO AUCTIONS SEATTLE iaai.com See website for dates and times.

Download the WSIADA App!

Online shopping, e-news, alerts and more!

In a desire to be more accessible to dealers and maintain a footing in the ever expanding digital age, WSIADA has its own mobile app for dealerships to utilize features that the Association has available. The app is for members and nonmembers. It’s free and easily downloadable through your smartphone app store. Options that are available: • • • •

Dealer Alerts Events Calendar Online Store Smart Dealer Auction Discounts

• • • •

the Front Row Magazine Dealer Auction Schedules Sponsor Contact Information and much much more

IT’S FREE from these app stores: For More Information Contact: WASHINGTON STATE INDEPENDENT AUTO DEALERS ASSOCIATION 253-735-0267 | staff@wsiada.com | WSIADA.COM 8 | THE FRONT ROW | WSIADA.COM APRIL 2022

n KAMAN kamanauctions.com Thursday, Noon

n MANHEIM SEATTLE manheim.com/locations/SSAA/events Monday: OVE Event Sales; Foothills Toyota Mobile Sale, 1:00PM in Burlington, WA Wednesday: General Sale Weekly, 9:00AM All sale dates and times are subject to change. Please verify with the Auction or manheim.com.

SAVE the DATE CHELAN, WA

October 3-4, 2022* CAMPBELL’S RESORT AT LAKE CHELAN

104 W Woodin Avenue, 98816

WSIADA 2022 Convention

Breakfast, lunch and dinner are included each day with registration. The last full day features events at local businesses for entertainment, which may include golf tournaments, horse riding, and more! Families are welcome to join. Save the date and look for more details soon! *Date subject to change

Financial solutions that maximize success and minimize worry.

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TODAY

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THE FRONT ROW | WSIADA.COM APRIL 2022 | 9

FEATURE

Support Your Support Teams

BY ANTHONY GREENHALGH, DIRECTOR OF MARKETING AND SALES AT RAPID RECON From the age of 16, I have been a guy who grew up in auto dealerships. I’ve held 11 positions over 29 years — 24 working for the same dealer and the last five for a reconditioning company. I’ve held many positions in a dealership, from office clerk to director. When I thought I had experienced it all, I was pleasantly surprised with new challenges every new day.

From my dealership experience and observations from my current seat, good processes and good people are the pinnacles of success.

I argue these two points here: • Dealerships everywhere miss the mark when it comes to their non-revenueproducing employees • When support teams ask for something, the importance of getting that “ask” handled quickly is much greater than you

Hit the Mark

A successful business is built on a solid foundation: a foundation supported by non-revenue-producing personnel. holding costs until that $80,000 is in your bank.

dealer’s left holding the expense instead of the bank.

Equip for Efficiency

I’m not here to preach about spending less on people or arguing you should save yourself into a bigger net profit. It’s more about efficiency and how dealerships everywhere miss the mark when ignoring or minimizing the value of non-revenueproducing employees to your dealership’s (and your) success.

You have taken an hourly employee off their task. There’s only one of them (AP support), but they support 11 of you, including department heads. That means this holdup is also delaying 11 people because a fiveminute task isn’t getting done, which quickly turns into an hour of inefficiency.

I was a department head before I realized I was the problem. Arrogance is expensive, and you can quote me on that. When your support team asks for something, the importance of getting it done quickly is much greater than you.

When your support team asks for something it’s because they need it to complete a more significant task. Holding a payable is just a small part of cutting a check, finalizing a car deal, and getting a vehicle titled. You have a $250 bill on your desk, but it’s holding up $80,000. Plus, your dealer is still covering

I talk efficiency every day, but it’s usually related to service, parts, body shop, and sales. Business office efficiency rarely comes up, but it’s just as vital, if not more so, from a financial standpoint as vehicle holding costs and contracts in transit. Inefficiency here adds up to big money when the

We, literally, have people paid by the minute carrying out tasks that take time. Rather than asking someone to work harder, think about what we can do as department heads to help them work smarter by eliminating things that slow them down. Making minor adjustments can easily justify a $500

I am no stranger to personnel expense.

Fifty-two percent of my annual gross as a dealership manager went to personnel, making it the most expensive line on the financial statement.

10 | THE FRONT ROW | WSIADA.COM APRIL 2022

Let’s talk tools, specifically technology hardware. I visit many dealerships, and too often, the business office is stacked with hand-me-down computer equipment plagued with slow, inadequate processors and low memory. That gigantic copy, scan, and print machine you require team members to share is stuck in a corner room away from desks. Reread those last two sentences, and if you don’t cringe, I believe you’re comfortable with wasting money.

investment in hardware and could keep you from having to add that extra headcount. A $10-per-hour-employee that is 10% more efficient will cover your $500 investment in 2.8 months.

multiple tools in our business, i.e., CDK, vAuto, Rapid Recon, banking, desking tools, etc. The minimum hardware requirement will let them down the moment they do more than clock in.

Two ideas: • Cut down their number of trips around the office by installing a small all-in-one printer, copy, scan machine at each users’ desks. You can purchase these for around $100, and highyield aftermarket replacement toner cartridges are available from Amazon for $30. But remember, some brands have reconfigured their firmware to reject aftermarket cartridges. A multitask machine like described in use at each desk will reduce multiple trips and eliminate the unproductive “walk” and “copier talk” time between team members who huddle there.

• Build, buy, or upgrade hardware in computers that exceed the minimum requirements to run your DMS. Have at least two monitors per workstation.

Our team members almost always run

Now that hardware is upgraded and other efficiency changes made, it’s wise to focus on the softer upgrades that inspire.

A Good RX Respect support people.

I once brought an accounts team member to tears because I was frustrated that she didn’t understand me. I reacted poorly, and not that she wasn’t capable of understanding, but I wasn’t explaining it in a manner she could understand. I had way more information than she did, and I made her feel inferior when I told her, “it’s not that hard.” It wasn’t that hard for me because I had the knowledge and the right tools. I was expecting her to hit a baseball out of the park with a spaghetti noodle. The problem was me and how I was explaining it. Note:

If all your support team is frustrating you, search the mirror for the solution.

Be kind.

Let them know you care. A thank you, an occasional treat, and responding positively to someone having a bad day goes a long way. Besides making me feel better because I wanted to be a better guy, subtle acts of kindness made my job easier. But I’m not saying you now have a hall pass to be disingenuous. Your team members aren’t naïve, and they’ll see right through your fake actions. Everyone in the dealership behaves and performs to the level set by management. A little attention and kindness paid to those rarely in the limelight will, as the great motivational writer and speaker Dale Carnegie taught generations, “how to win friends and influence people.”

A successful business is a built on a solid foundation supported by non-revenueproducing personnel. Give them the leadership, communications, efficiency tools, and respect they deserve. n

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THE FRONT ROW | WSIADA.COM APRIL 2022 | 11

WSIADA UPDATES

WSIADA FAQs HOW LONG IS THE MEMBERSHIP GOOD FOR? Each membership is always one calendar year (example January 2021 to January 2022) for each dealership.

HOW LONG IS THE NEW DEALER EDUCATION VALID?

FINAL PHASE OF NEW CRM

We are in the final phase of updating our Customer Relationship System (CRM) to allow for our dealers to gain more access to the WSIADA. This has been a long time coming for the past few years. Dealers have called into the association and asked, “What’s my login for the website?” and we have been unable to provide that for them.

We are confident that in late March, early April, testing will be completed, and we will be able to go live so dealers will be able to access their login portal on WSIADA.com.

There will be a great deal of new options for dealers: • Ability to login and update business contact information such as addresses, emails and phone numbers, staffing, etc.

• Ability to pay any open invoices, membership dues, etc.

• Autopay set up for membership renewals or sign up for monthly membership • Register for an event without multiple steps and information • Subscribe to mailing lists specifically

• •

for a purpose such as Title Workshop, Chapter Meetings, Upcoming Education, etc.

Notification of license renewal via email as well as by mail Member specific benefits such as Job Boards to help your search for a position at your dealership

There are some other features under development are coming with this new access portal. Some will still be Membership specific options, but we are welcoming thoughts on what we can include with this new system for dealers.

If your email is in our system, you will receive notification to login for the first time using your first and last name plus your email on record. Many dealerships have “shared” emails instead of individual emails that we will want to update soon.

For members, this login will be different from your Vendor Savings or existing web store accounts, but you will be able to access the logins through the new portal. n

GET DISCOUNTS WITH PREFERRED PROVIDERS » SEE, PAGE 17 12 | THE FRONT ROW | WSIADA.COM APRIL 2022

The certificate you receive at the end of class will be good for one year only. We recommend you update the certificate before it expires if you have not opened your business at that time. If your certificate has expired more than three months, you will be required to retake the course in its entirety.

HOW MANY CHAPTERS ARE THERE? There are currently seven active chapters in WSIADA.: Vancouver, Tri-Cities, Yakima, Spokane, South Sound, North Sound and North Cascade Chapters. Eventually we would like to reactivate Peninsula Chapter when there is sufficient interest in the region again.

HOW MANY HOURS A YEAR DO WE HAVE TO COMPLETE FOR CONTINUING EDUCATION? Five hours is required by the State of Washington for your dealership renewal under RCW 46.70.079 Section 1b.

DO YOU TAKE CASH? We are not set up for cash transactions.

We only accept Debit/Credit Cards on our webstore or checks at our retail locations.

FOR MORE: wsiada.com/faqs

THE FRONT ROW | WSIADA.COM APRIL 2022 | 13

KEY PRIVATE BANK ECONOMIC PERSPECTIVES:

Is the Economy Over Inflated?

Major global central banks have long regarded a two percent inflation target as the guiding principle that drives economic policy. That’s true far and wide, from the Bank of Japan to Sweden’s central bank. And in the United States, former Federal Reserve Chair Ben Bernanke was so committed to a two percent inflation target, he enshrined it in official fed policy in 2012. But a decade later, we live in a world that Bernanke could have never predicted. In 2022, the economy is weathering a global pandemic that is becoming endemic, a military crisis in the Ukraine, soaring fossil fuel prices and an

14 | THE FRONT ROW | WSIADA.COM APRIL 2022

inflation rate that as of January 2022 stood at seven percent.

Of all those factors, an inflation rate that hasn’t been seen since the early 1980s is key to why the Federal Reserve has signaled its plans for a series of interest rate hikes beginning in the spring of 2022. And those hikes are sure to have a distinct economic impact to both consumers and businesses that rely on loans to help them purchase bigticket items like cars and furniture. But how did we get here? And how should businesses respond?

“Two years ago, the [Federal Reserve] felt they had to do all they could to ensure that when we went into lockdown because of COVID the economy would stay face up,” explains Key Private Bank’s Chief Investment Officer George Mateyo. The tactic was stimulus. Interest rates were lowered to zero while money was pumped into the American monetary system. At the same time the federal government was also aggressively directing stimulus to consumers to the tune of trillions of dollars.

“So, all of this money showed up in bank accounts of people sitting at home with

“

“Human ingenuity points to long-term growth. Yes, things may slow down but there are going to be very positive tailwinds in the long term.

So long as your own finances and balance sheets are in order, it’s not a bad time to be thinking long-term.

not much to do,” he adds. “They decided it was time to get a new deck or buy a new barbecue or sofa.”

The upshot of the stimulus was that spending took off in the second half of 2020. But as spending increased, companies were also struggling with pandemic labor shortages and shutdowns, again attributable to COVID. There were also shipping delays and supply issues creating a significant mismatch between supply and demand.

“That’s a classic economics 101 recipe for inflation,” Mateyo says.

Despite the fact the inflationary pressures were building, the Federal Reserve opted to maintain stimulus into 2021.

“The idea is to take the punchbowl away from the party,” Mateyo explains. And the Federal Reserve plans to do just that with a series of interest rate hikes. “Interest rates increase the cost of money,” he continues.

“As the cost of money goes up people are likely to borrow less. And historically that’s served as a suppressant to growth.”

On the surface, rate hikes would seem to be a real barrier for middle market companies that rely on financing to help consumers buy goods. But Mateyo says that’s not necessarily so. For instance, supply chain shortages have caused inventory issues for car dealerships, some of which need to place customers on waiting lists. And for goods like furniture, the wait time for a new sofa has increased significantly.

“To some extent, demand might come down, but demand has been so extended that it might be time to catch our breath and see production catch up,” Mateyo notes. “We want to see some normalcy. It’s a tricky balancing act because inflation can tip over to into recession.”

Finding balance is not easy. There’s a great deal of uncertainty on a tightrope, which is why forecasts of what Federal Reserve rate might look like vary wildly. At the end of 2021, the prevailing thought was that there would be two or three interest rate increases in 2022. But now, some analysts predict anywhere from four to eight incremental rate hikes over the course of the year.

Importantly, those forecasts came before the Russian incursion into Ukraine, creating even more economic uncertainty as oil prices soar even higher. Add that to global sanctions on a major country and Mateyo says it’s possible that economic activity might slow.

“The fog of war has made everyone’s crystal ball cloudy,” he notes.

So, what are business owners to do in uncertain times? Mateyo says that in general it’s time to be disciplined with inventory. But beyond that, business owners can also take a long-term view and seek out opportunities. “You could look at acquisitions, or other business lines you might want to start,” he says. “But you need to know that we’ll get through this. We have before. Business can still prosper. “Human ingenuity points to long-term growth,” he continues. “Yes, things may slow down but there are very positive tailwinds that take shape over the long term. So long as your own finances and balance sheets are in order, it’s not a bad time to be thinking long-term.” n Looking for more insights?

For more information regarding economic perspectives readers can join a panel moderated by Jeff Wenham, Head of Liquidity and Portfolio Management at KeyBank for a live-streamed discussion on April 21st at 11:00 a.m. PST. Visit key.com/ epwebinar to register.

To learn more, contact Ryan Ames: 206-3436852 or Ryan.M.Ames@key.com Banking products and services are offered by KeyBank National Association. Any opinions, projections or recommendations contained herein are subject to change without notice and are not intended as individual investment advice. This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice. Investment products are: NOT FDIC INSURED* NOT BANK GUARANTEED* MAY LOSE VALUE * NOT A DEPOSIT* NOT INSURED BY ANY STATE OR FEDERAL AGENCY ©2022 KeyCorp® All Rights Reserved.

KeyBank is Member FDIC. 220304-1491178 THE FRONT ROW | WSIADA.COM APRIL 2022 | 15

insurance feature

Is Disorganization Getting in the Way of Your Success?

BY TODD SHEPARD, FOUNDER OF SHEPARD & SHEPARD INSURANCE SOLUTIONS There are many reasons for disorganization including perfectionism, indecision, fear, lack of skills, or mental health conditions.

What are the symptoms of disorganization? Not surprisingly, the disorganized majority may not even realize they are disorganized. They believe they are just super-busy or suffer from bouts of bad luck. If the following feels a bit too familiar don’t beat yourself up. I’ll be providing a few tips to help later.

• Are you often late for appointments?

• Do you find yourself running into surprise deadlines? (What? It’s our anniversary already?)

• Do you often run out of office or cleaning supplies causing unplanned trips to the store or finding ways to substitute? (paper towels are not toilet paper, a stapler is not a hammer, black tape is not a band-aid) • Do you find you never have enough time to get to the important tasks? (procrastination) • Does it seem you are bringing in money selling cars yet find yourself short of cash?

• Do you seem to misplace items such as your keys, wallet or need to reprint the same documents because the ones you already printed disappeared?

• Is your email inbox overflowing with unanswered mail?

• Do people tell you your voicemail is full or that they left messages you don’t recall receiving?

• Do you hesitate to take a risk even though everything is lined up because the thought of adding one more uncertainty to your life makes you uncomfortable?

If you can identify with some (or all) of the above it’s a pretty sure bet you may be suffering from disorganization and it

16 | THE FRONT ROW | WSIADA.COM APRIL 2022

is likely causing stress in the important areas of your life such as family, friends, personal relaxation, productivity, and profitability. The good news is, as with many things, once you are aware of the problem, the fix is easy.

Here are a few tips to help resolve the most common symptoms of disorganization: LACK OF FOCUS - Albert Einstein once said, “use paper to write thing down, our brains are to think!” Al was known to be a pretty smart guy in his time, and he realized that even the brightest among us lack the mental bandwidth to remember everything.

It causes what’s called brain clutter and gets in the way of productivity.

Devote 5-10 minutes each morning to download all the things you need to accomplish onto paper. You may be amazed at how much less confusing and achievable your written list becomes when it’s not bumping against all the other thoughts in your head.

PROCRASTINATION – usually caused by attacking smaller or even unnecessary tasks because they seem easier, fear of the unknown, and the mistaken belief that you will get to it later (hint: you won’t). To eliminate procrastination, I recommend the Eisenhower Matrix.

Take a piece of paper and draw a line down and another across creating four boxes (dealers may find this familiar.

I call it the 4-Square of organization).

Label each box as follows; Do (important today), Delegate (assign to someone else), Defer (schedule it as a ‘Do’ on a specified future date) and Delete (stuff that doesn’t matter or has no benefit).

Now start filling in the boxes. Commit to this each morning or complete it at the end of each day so you have a plan the

next morning. Your focus should then be on accomplishing the ‘Do’ box each day.

PERFECTIONISM – nothing is ever perfect so if you refuse to move forward, insisting that everything needs to be completed to perfection first, it causes a bottleneck in your day-to-day business and it costs you time and money! Striving for perfection causes indecision, anxiety, and wastes time that could be better spent on more beneficial and profitable tasks. Perfectionism may be the result of a personality trait, fear of judgment, or concern over the disapproval from others. Try to become more aware of this tendency and remind yourself that your business cares about one thing, making money! Realize that usually done well is more profitable than waiting for a task to be done perfectly and to stop worrying about what others think. Most are focused on themselves anyway.

REALIZE THAT ORGANIZATION IS A LEARNED SKILL. Anxiety is caused when someone lacks skills.

Don’t believe me? Try to remember the first time you got behind the wheel of a car or the first customer you greeted as a new salesperson. Sweaty palms, tensed shoulders. What seems so simple now was a big deal way back because you lacked the experience and the skills. Organizational skills are the same way. Once you learn and practice these skills, allowing them to become habits, organization will become second nature. Yes, at first glance implementing these tools seems like adding just one more thing to your growing list, I get it. Just remember that nobody ever decided to get organized after they become successful. Make the commitment to yourself and your business and you’ll enjoy the benefits of organization in no time. n

SERVICE PROVIDER DIRECTORY WSIADA service providers are best in class.

We invite you to explore their services and please mention that you saw their listing in the Front Row magazine.

Accounting & Tax Services

RH2 | Rekdal Hopkins Howard (425) 658-1400 rh2cpas.com

Auctions

ACV Auctions (800) 553-4070 acvauctions.com

Adesa Portland

(503) 492-9200 www.adesa.com/portland

Adesa Seattle

(253) 735-1600 adesa.com/seattle

Bidbuy Dealer Auctions (844) 505-1555 bidbuydealer.com

Copart Auto Auction (253) 847-8300 copart.com

Insurance Auto Auction (IAA) Spokane (509) 891-2388 iaai.com

Kaman Auctions (425) 640-5111 kamanauctions.com

MAG Auctions Spokane (509) 244-4500 magauctions.com/daanw

MAG Auctions Seattle (253) 737-2200 magauctions.com/daasea

Manheim Portland (503) 286-3000 manheim.com

Manheim Seattle

(206) 762-1600 manheim.com Learn more on inside back cover

Yarbro Auctioneers

CTM Unlimited Auctions

(509) 765-6869 yarbro.com

Ehli Auctions

Benefits & Health Insurance

(877) 396-5808 ctmunlimitedauction.com (253) 572-0990 ehliauctions.com

Insurance Auto Auction (IAA) Seattle (206) 658-6900 iaai.com

Washington Retail Association (360) 943-9198 waretailservices.com

Bonds and Commercial Insurance

Kinetic Advantage

(253) 964-7070 business.farmers.com/karen-dunn

Legal Services

Farmers - Karen Dunn Insurance Agency

Shepard & Shepard Insurance Solutions

(833) 310-1610 kineticadvantage.com Learn more on page 9

Davies Pearson, P.C. (253) 620-1500 dpearson.com

Lending

(855) 396-0488 shepquote.com Learn more on page 13

Lobel Financial Corp.

Dealer Mgmt Systems Carousel Software (509) 926-8848 carouselsw.com

(503) 653-8000 lobelfinancial.com Learn more on page 3

Nationwide Northwest (206) 259-0203 nac-loans.com

Digital Marketing 321 Ignition

(888) 725-7637 321ignition.com

Reliable Credit Association (253) 240-1818 reliablecredit.com

Merchant Services

Keybank Merchant Services

Selly Automotive

(800) 537-6571 key.com/small-business/services/ merchant-services

(650) 409-2526 sellyautomotive.com

& Service Finance and Insurance Parts AutoZone Dynamic Dealer Services, Inc (208) 818-6931 dynamicdealerservices.com

(866) 727-5317 sc53@autozone.com Learn more on page 11

Southwest Dealer Services

Vehicle Services

(206) 571-3068 swds.net

Floor Plan Companies

PRco

(800) 388-7726 prcousa.com

AFC

(253) 333-0300 afcdealer.com

THE FRONT ROW | WSIADA.COM APRIL 2022 | 17

READ & RESPOND APRIL 2022 The WSIADA READ AND RESPOND quiz allows the reader to earn one hour of continuing education credit toward the dealership’s required annual renewal. Payment options are available for members of the association and non-members also for notification to the Washington State Department of Licensing. A passing grade will be granted for scores of 80% or greater. If a passing grade is not granted, the reader may retake the quiz.

SEND YOUR COMPLETED QUIZ TO WSIADA [Mail: 707 Auburn Way South, Auburn, WA 98002 or Fax: 253-804-0844 or Email: education@wsiada.com] Please be advised that the information contained in WSIADA’s the Front Row is, to the best of our knowledge, current and correct. However, we caution readers not to use the information provided to them as final authority. Its purpose is to be a guide. Any legal advice should be regarded as general information. It is strongly recommended that one contact an attorney for counsel regarding specific circumstances. Some articles may express opinions and/or suggestions for best practices. Likewise, the appearance of advertisers or their identification as members of WSIADA, does not constitute an endorsement of the products or services featured. q I have read and understand the disclaimer above.

Dealership Name

Motor Vehicle Dealer No.

Date

Quiz Taker’s Name Signature Email Position Business Phone Fax CIRCLE THE CORRECT ANSWER.

1) Devoting 5-10 minutes each morning to make a list of things you may need to accomplish is a helpful way to not feel this.

A: Rushed B: Disorganized C: Procrastinating D: Bad luck

5) Small business loans, floor plans, private investors are some of the options for a dealership to receive this for their operations?

A: Debt B: Capital C: Revenue D: Employees

2) Acquiring units for a dealership’s inventory can include which option?

A: Private-parties B: Auctions C: Trade-Ins D: Dealer-to-dealer purchases

6) Subtle acts of kindness can include a thank you, responding positively to someone and what else?

A: A trip to Disneyland B: Paid time off C: An occasional treat D: A new car

3) Electric-vehicle share of auto financing roughly tripled in fourth-quarter 2021?

A: TRUE B: FALSE

7) Updating equipment and technology can help streamline a dealership’s operation to create efficiencies.

A: TRUE B: FALSE

4) Learning, practicing and creating habits will create this learned skill.

A: Time Management B: Multitasking C: Productivity D: Organization 18 | THE FRONT ROW | WSIADA.COM APRIL 2022

8) How many Tesla Electric Vehicles accounted for more than 75% of EV loans?

A: 4 B: 3 C: 2 D: 1 9) Dealers will often push advertising and marketing to the side because of time?

A: TRUE B: F ALSE 10) The state Office of Cybersecurity, state Attorney General’s Office and which third-party cybersecurity firm are currently investigating the Department of Licensing data breach of February 2022.

A: Palo Alto Networks B: SentinelOne C: Zscaler D: Crowdstrike

The Washington State Independent Auto Dealers Association was created by Independent auto dealers for Independent auto dealers in the state of Washington since 1953.

·

DEALER HOTLINE*

·

1-YEAR NIADA MEMBERSHIP INCLUDED

·

LEGAL SUPPORT THROUGH WSIADA PARTNER LAW FIRM

·

SUBSCRIPTION TO THE FRONT ROW MAGAZINE

·

PROTECTION BY WSIADA’S ADVOCATE IN OLYMPIA

·

EXCLUSIVE LEGISLATIVE UPDATES

INCLUDED

·

CONTINUING EDUCATION SPECIFIC TO WASHINGTON STATE L AW

·

COMPLIANCE TRAINING

·

DEALER PRODUCTIVITY TRAINING

·

DISCOUNTED EDUCATION-RELATED SEMINARS

·

CHAPTER PRESIDENT

·

CHAPTER SECRETARY

·

STATE TREASURER

·

STATE VICE PRESIDENT(S)

·

STATE PRESIDENT

·

10% DISCOUNT ON PRODUCTS IN STORE AND ONLINE

·

ANNUAL 10% DISCOUNT ON FRAMES OR INSERTS

·

INVOICE OPTION AVAILABLE**

·

OVER $3,000 IN AUCTION DISCOUNTS AT PARTNERED AUCTIONS: - ACV AUCTIONS - MAG AUCTIONS (DAA NW & SEATTLE) - MANHEIM (SEATTLE & PORTLAND) - KAMAN - CTM UNLIMITED

·

MAC RUDDELL SCHOLARSHIP

·

E-NEWSLETTERS

MEMBERSHIP PAYMENT TYPE: $450 ANNUAL CHARGE (PAYABLE BY DEBIT/CREDIT CARD OR COMPANY CHECK) $42/MONTHLY (12-MONTH CONTRACT/CREDIT CARD ONLY)

CONTINUING EDUCATION OPTIONS AND PRICE DIFFERENCE: EDUCATION

MEMBER COST

NON-MEMBER

Chapter Mee�ng + 2 quizzes (5 hours)

Included in membership

$75

2 Chapter Mee�ngs (5 hours)

Included in membership

$100

Con�nuing Educa�on (5 hours)

Included in membership

$150

$125

$175

To Be Announced

To Be Announced

Title Workshop (3 hours) Annual WSIADA Conven�on (5 hours)

*RECENT DEALER ADVICE RESULTED IN $5,000 SAVINGS ON ONE DEALER TRANSACTION **CONTINUING EDUCATION FEES ARE EXCLUDED FROM INVOICING OPTION

THE FRONT ROW | WSIADA.COM APRIL 2022 | 19

Take Care of Business – On the Go

Get in on the action with the new personalized Manheim app.

Make faster and smarter decisions in the world’s largest wholesale automotive marketplace.

You’ve been asking for these new and enhanced features, and we’re delivering: •

New native home screen with clean, modern design

•

Digital run lists for all Manheim locations

•

Condition reports

•

Powerful VIN scan that knows the status of your vehicle and where it’s located

•

Personalized experience based on where you transact

•

Valuation tools to help you get the right price for a vehicle

•

Recommended vehicles based on your buying history

•

ID “if bid” or “no sale” opportunities

•

Auction updates

•

New search features to save you time

253.872.6800 | 19711 77th Avenue S., Kent, WA 98032 | @manheimseattle

THE FRONT ROW | WSIADA.COM APRIL 2022 | 21

WASHINGTON STATE INDEPENDENT AUTO DEALERS ASSOCIATION WSIADA.com 707 Auburn Way South Auburn, WA 98002

WSIADA TITLE WORKSHOP $125 MEMBER // $175 NON-MEMBER

This Workshop is designed to give dealers an in-depth understanding of the business practices, state/federal requirements, and forms needed to complete a transaction.

This course offers 3 hours toward Continuing Education requirements and allows attendees to ask the instructor individual and dealership-specific questions. Any employee of a dealership may take this course. Continuing Education hours are issued to the dealership, not to individuals attending.

The curriculum for this workshop includes, but is not limited to: • How to transfer a title properly in Washington State • Avoiding common dealer errors including how to detect and avoid fraud.

• How to use e-Permitting, Contracted Plate Search, and other state systems accurately.

• Proper procedures on processing Consignments, Trade-In’s and Private purchases.

• Tips on how to avoid costly penalties with efficiency and organization skills.

FREE TITLE CLERK STAMP WITH REGISTRATION! ($40 VALUE)

You may register and pay online. You’ll receive an email confirmation after your registration is complete. Registration is available until 2:00PM the day before the class. In-person registrations on the day of the class are not accepted.

HOSTED IN CONJUCTION WITH

REGISTER AT WSIADA.COM/EDUCATION/TITLE-WORKSHOP