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The story spreading through dealership break rooms across the country is becoming all too familiar. A new wave of digital payment fraud has hit the auto industry hard, with a particularly nasty scheme targeting Chinese-speaking communities through WeChat. They promise below-market prices but require a hefty 50% downpayment.
This might be a familiar scene in your dealership: your customers have just test-driven their dream car, checked all the cool features, and are living on cloud 9. Then, out come the piles of paperwork with the long-winded contract review and tedious signing process, which ruins the vibe and the positive feeling they had about your dealership.
The story spreading through dealership break rooms across the country is becoming all too familiar. A new wave of digital payment fraud has hit the auto industry hard, with a particularly nasty scheme targeting Chinese-speaking communities through WeChat. They promise below-market prices but require a hefty 50% downpayment.
While modern payment solutions historically offered businesses a competitive advantage, these innovations are no longer negotiable. They’re now an expected functionality and directly impact the profitability of your dealership. Convenience to Dealerships Consumers aren’t the only ones to benefit from more modern payment methods.
You’ll need to consider the downpayment, the value of your trade-in , and the monthly payment. Next up is checking the electronics, mechanisms, and similar components that can affect reliability, comfort, and safety. Back at the dealership, check the temperature gauge to ensure it’s running cool enough.
For vehicles placed in service January 1, 2024, or later, dealerships must submit certain time-sensitive information reports to both the buyer and the IRS. Dealers should use the IRS’s Energy Credits Online (“IRS ECO”) tool to electronically submit the required reports.
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