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Jared Hamilton
From: Jared Hamilton
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Bryant Gibby

Bryant Gibby Used car manager

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Finalizing the previous month quicker

    We have been attempting to reduce the amount of days that it takes to finalize our previous month and get the monthly statement done. We are trying to get it to 5 days or less.  Our store normally takes 10 days or so to close out the month, so we are quite a ways away from the goal. The reason it takes us so long to close out the month is that it takes F & I until the 3rd of the month to finish up all deals. It then takes the accounting office a few days to post & cap all the deals. Finally, it takes our controller and GM about 2 days to do the statement. It is usually the 10th-11th of the following month until we see the statement from the previous month.

 

     I feel like we take way too long to close out the previous month and I know there is quite a bit of area to improve. One thing we are big about, is not having to many deals that rollover from the previous month. Do we need to stop caring about the rollovers and start setting some deadlines? I would love to know what works for other stores. What is your guys' thoughts? Do your stores have a process for closing out the month? Or do other stores even care about it?

Ron Henson
Hey Bryant, This was a biggie for me. I always believed that if you spend too much time working on the previous month, the next month gets away from you. Put deadlines in place. During the month deals shouldn't be in F&I longer than 48 hrs. That way, the only deals they are working at month end are the ones sold the prior day and that day. When a deal is in F&I longer than 48 hours, diminished commissions start to kick in. Have month end parties and bring in dinner for Admin personnel to "Stay until it's done." I always had the month closed and the statement submitted to the OEM by the 3rd, many times by the 2nd. It can be done, but it takes a dialed in process and a lot of teamwork.
Jeremy Lewis
When I was in the store sales had a day and a half from the last day of the month to get all the deals to the accounting office, now if the last day fell on a Saturday then they had til Tuesday at noon. One other thing to look at is there a problem with process in the DMS are they using an system that makes things harder than it should be.

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