Tag Archive | "administration"

PALS 2016 Registration Open


LAS VEGAS — Organizers of the annual P&A Leadership Summit have announced that registrationis now open for the 2016 event, which is scheduled for Aug. 30–31 at Paris Las Vegas.

“Heading into our fourth year, P&A Leadership Summit already feels like an institution,” said David Gesualdo, show chair and publisher of P&A magazine. “Each year, we welcome our core group of leading executives and the next wave of up-and-coming thought leaders. We can hardly wait for the 2016 event to begin.”

P&A Leadership Summit launched in 2013, replacing the Vehicle Service Contracts Administrators Conference (VSCAC) with an event designed to meet the needs of high-level executives in the F&I product provider and administration segment. The event’s agenda is built by an advisory boardcomprised of executives representing many of the industry’s leading providers and administrators.

Registration for PALS 2016 is open now. Attendees who register by July 29, 2016 will save $100. To inquire about sponsorship and exhibition opportunities, contact David Gesualdo via email hidden; JavaScript is required or at 727-947-4027.

Posted in Auto Industry News, Summit UpdatesComments (0)

10 Tips to Start a Small Business from Nothing


Hiscox, the small business insurer, recently released a new digital docu-series, Courageous Leaders, in partnership with Vox Media.

The series features video interviews with successful entrepreneurs who provide insight into how they found the courage to succeed in business.

The series features entrepreneurs like Foursquare’s Co-founder/CEO Dennis Crowley, Thrillist Co-founder/CEO Ben Lerer and Interior Designer/TV personality Ross Cassidy.

A common denominator of many of these entrepreneurs was that they started their small business, quite literally, from nothing but a dream. Hunter Hoffmann, head of communications for Hiscox, recently spoke with Small Business Trends to outline tips on how to start a small business with limited resources, reports Small Business Trends.

Dont Quit Your Day Job … Yet

One way to start a small business and get it off the ground while minimizing financial risks is to keep your day job until your business is large and steady enough.

While there’s certainly a romance to the story of the daring entrepreneur who goes it alone, there’s also much to be said for continuing to receive a paycheck, especially if you are married and have children. This means you will be burning the candle at both ends, but it can be done with good time management.

For example, if you work at the office from 9 to 5, you will need to block out time each day. Maybe 8-10 p.m. every night is the best time for you. Or, if you are a morning person, getting up at dawn and working for a few years is the way to go. It is all about managing time and keeping your stress level low.

Spend Less

Find ways to cut costs wherever you can. Many small business founders mix their fledgling business effort into their daily life, so they often seek to cut corners in terms of both household and business expenses. But a lot of entrepreneurs save a lot of money using new online DIY solutions, such as Wix.com, as well as by using sites such as Crowdsource and Elance to find supplementary talent you can virtually hire at competitive rates.

One way to help you determine where you should find outsourced support is by following this maxim: Focus on doing what you know how to do and let others handle the other stuff.

Also, don’t forget to attend the right networking events, ones somehow related to your business. You should attend as many of these events as you possibly can. You will meet people who may turn out to be instrumental to your success, all while enjoying the free food and drink offered at these occasions.

Find Angels

Praying and a belief in a higher power certainly won’t hurt your efforts to debut your business. However, here we refer not to winged seraphs, but rather investors looking for projects to fund. Utilize your connections to help get funding from angel investors, affluent individuals who seek to provide capital specifically for business start-ups. Many times you will find investors who were once in your shoes and can also offer advice in addition to funding.

As with so much else in life, to realize success here is like playing a numbers game: The more people you talk to the better your chances of finding someone who can help or introduce you to someone who can help.

In preparing for meetings with these potential investors, it’s important to know your business inside and out. One good method of doing this is to have a friend poke holes in your business plan. This will help you to better weather the storm, meaning you’ll be able to better handle difficult questions under pressure, an ability true leaders need to have.

Look to the Masses

Crowdfunding has grown increasingly popular. It’s also a great solution for entrepreneurs who need to fund their dream.

The rule of thumb here tends to be: the quirkier ideas perform the best. (Remember, one successful Kickstarter project had to do with the perfect egg salad sandwich recipe.)

If your business involves a novel product or an online service, you should definitely look into this.

The main caveat to keep in mind regarding crowdfunding when you start a small business is: always remember, there’s the potential for you to commit faux pas that make you obligated to return the money.

Go to the Bank When You Don’t Need To

Going to the bank when you are penniless puts you in a vulnerable position; it’s better to get the paperwork done early so you can commence building important relationships well in advance of when you’ll need to leverage them.

Also, don’t climb out on a financial limb until you have to. Monthly payments will always be due and they won’t change based on how much revenue your business earns, or fails to earn, for that month.

Make Your Business Your Baby

You’re the one who is ultimately responsible for making sure everything about your business is taken care of. No one else can do it. Just as new parents quickly realize that their newborn baby is in charge of the household, so too should new business owners realize the same about their business.

You wouldn’t trust someone else to care and feed your baby — consider your business in the same light. If there’s a problem, don’t complain because no one else cares. Just focus on figuring out how to fix the problem.

Schedule Some Off Time to Avoid Burning Out 

When you start a small business, it usually proves to be an all-encompassing endeavor. You won’t punch out at 5 p.m. as do those holding corporate positions. Instead, you will find yourself working all hours in the day and night. You certainly won’t have a wealth of spare time anymore.

That is why it is so important that you schedule some off time — to avoid burning yourself out. Whether it’s an afternoon at the beach or a whole weekend away, you need to have breaks in your work cycle. Time away will let you recharge and often gives you a renewed perspective on the big picture that you won’t get while stuck in the weeds and grinding away.

Dot Your Is and Cross Your Ts

Watching your concept come to life is one of the most exciting things about starting a new business. But you need to take care of some basics, too.

For example, make sure you’re withholding the correct taxes for your business and your employees, and always sign on for the necessary insurance. Small businesses should look into both professional liability and general liability insurance and, if you have employees, workers comp is required everywhere but Texas.

Make Your Startup Official 

When you start a small business, you must make sure you protect yourself by making your business a registered legal entity.

Creating a separation between yourself and your business helps limit your liability in case anything goes wrong. You may want to seek out your accountant’s or lawyer’s advice regarding what type of entity would be best for your situation.

Follow the Money 

Every business starts out with what is considered to be a great concept, either of a product or a service that, the small business owner believes, people will die to purchase.

But the market quickly tells you what works and what doesn’t, and you need to be able to pivot quickly to follow the money, not wait at a place where you think it is going to show up. Remember, many of the world’s biggest companies evolved in quite radical ways — with some no longer even slightly resembling what they originally debuted as. Twitter, for example, started out as a podcasting service.

The lesson here is: Focus on what works and don’t be too proud to shelve ideas that fall flat.

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Ex-Obama Car Czar Blasts House Leader, Rejected Dealers over Lobbying


WASHINGTON – A former Obama administration official takes potshots in his new book at House Majority Leader Steny Hoyer, a fellow Democrat who led congressional efforts to reinstate dealerships terminated by General Motors and Chrysler, reported Automotive News.

Steven Rattner, who headed the administration’s auto task force that shepherded GM and Chrysler through bankruptcy, also takes aim at dealers Jack Fitzgerald and Tamara Darvish.

The Maryland dealers are two of the three leaders of the Committee to Restore Dealer Rights, a group of rejected GM and Chrysler dealers that joined forces with Hoyer to help get a dealer-arbitration law enacted last year.

“When Congress did try to intervene, as with auto dealer closures, the result was an enormous, pointless distraction for the two companies at a critical time,” says Rattner in his book, Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry. The book went on sale Monday.

Following numerous meetings with Fitzgerald and Darvish last year, Hoyer teamed up with Rep. Chris Van Hollen, D-Md., to draft and steer the dealer-arbitration bill through the House.

It was passed by the Senate a few days later and signed by President Obama in December.

Rattner expresses particular pique with Hoyer, whose district is in Maryland, for lobbying him on Fitzgerald’s and Darvish’s behalf.

“I was mystified that the House majority leader chose to devote so much time to this,” Rattner writes. Hoyer, the No. 2 Democrat in the House, “wasted so much time browbeating the task force about a couple of Maryland car dealers,” he says.

A Hoyer spokeswoman defended the lawmaker’s actions.

He “worked hard to ensure that there was a fair process in place, which was needed after dealers were closed and tens of thousands of jobs were cut amid serious questions about the true economic benefit,” Hoyer spokeswoman Katie Grant said.

She cited a July report by an independent government auditor that faulted the auto task force for seeking dealer cuts at a time of economic hardship and without rigorous analysis of their impact on the automakers.

Referring to the dealer arbitrations, Grant said the audit “confirmed (Hoyer’s) belief that such a process was necessary.”

During arbitration, GM reversed course on more than 700 of the 2,000 dealerships targeted for closure during its bankruptcy proceeding last year. These stores were offered letters of intent by the company after Ed Whitacre became CEO.

Chrysler stood by its decision to close 789 stores during bankruptcy and battled dealers in arbitration. Only 29 of these shuttered stores are on track for reinstatement.

Posted in Auto Industry NewsComments (0)