Lioa The PYMNTS 5-In-1: April 12 Daily Data Digest
Retail sales of both new and used vehicles remain below historical levels due to inventory constraints, executives of automotive retailer AutoNation reported Thursday Oct. 27 during the companys quarterly earnings call.During the quarter ended Sept. 30, the retailers new vehicle sales were down 5% and its used vehicle sales were down 3% year over year. Industry-wide, those figures
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stanley termos ively, the company said in an investor presentation released in conjunction with the call. Some parts of the industry are at really recessionary levels 鈥?which is our new vehicle volume, AutoNation CEO Michael Manley said during the call.Manley att
stanley usa ributed this drop to continued supply chain problems and chip shortages.At the same time, AutoNation earned higher average selling prices and record Customer Financial Services CFS gross profit per vehicle retailed that more than offset the lower unit sales of both new and used vehicles.The company attributed the rise in CFS 鈥?which includes warranties, maintenance contracts and vehicle protection plans 鈥?to higher margins on protection products and increased product penetration.Demand for auto repair was up as well, with year-over-year increases in customer pay, internal reconditioning and warranty work and 13% in overall after-sales gross profit. This remains a significant area for incremental revenue and margin, which has the potential to help offset new vehicle margin declines, should that happen, and obviously help buffer t Czbl FinTech Startup Revolut Says Goodbye To Canada
For businesses, selling i
stanley cup s the lifeblood of their operation. But how well they are able to collect on payments owed can be equally important to their viability. And those-hard-to-collect payments often
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stanley us ke up time better spent focused on day-to-day and strategic issues.As PYMNTS has reported in past stories, companies have a variety of resources available to them to help in the collections process, includingspecialized software that automates manual processes to help increase cash flow. But as more and more companies arebeing pressured to extend due dates to 120 days or more, it becomes increasingly possible for buyers to experience their own financial issues over that extended time, thus making payment collection that much more difficult for sellers.So what should businesses, including small ones that often lack the resources to spend much money, much less time, on the collection process do A recentForbes article addressed the subject, bringing in the expertise of Howard Weber, a collections lawyer who has practiced law for 32 years.In the piece, Web noted that, although we are living in especially difficult times these days, all businesses generally have difficulty collecting payment. Goods and services companies tend to be affected most with complaints of defective products or that services werent properly provided.B2B adviceTo help avoid a buildup in receivables, Weber suggested that small companies require potential customers to complete a detailed application. Those
