Financials 101- Regina, SK
Designed to help employees understand basic financial metrics and how to use them effectively to grow your business

High performing dealerships have employees who understand financial metrics and how they impact their organization. Employees who understand the components of a metric and how to use them to improve the metric, significantly impact efficiency, support growth and create long-term profitability.

Our Financials 101 course is specifically designed to help dealership employees understand basic financial metrics and how to use them effectively to grow your business. It also puts employees on a path to success by providing them the understanding to fulfill their role more effectively.

What We Offer
One day program designed specifically for all dealership employees. Financials 101 is for new and experienced executive and mid-level managers, departmental leads and any front-line dealership employee.

How You Benefit
Dealership employees will learn how to use basic financial metrics to increase dealership and departmental efficiency and maximize organizational profit potential. In this course, students will review case studies for practical usage to:

  • Identify underperforming dealership metrics
  • Analysis of all department metrics in how they mix and lead to net income
  • How are the above-average metrics being above average
  • Suggestions to improve the department or location
  • Course of actions to turn around or fine-tune a department

Financials 101 dates and locations:

February 18, 2020
Regina, SK
Meeting Location TBD

Meeting Time: 9:00am – 5:00pm
Lunch is included

Pricing:

  • $450 Per Student for 1-4
  • $425 Per Student for 5 to 8
  • $400 Per Student for 9+
REGISTER

REGISTRATION POLICY & FEES
Advance registration is requested
A registration fee is required for EACH PERSON who attends. REGISTRATION POLICY: If you find you cannot attend the training after sending your paid registration, notify us by February 4, 2020, and your fees will be refunded in full. Then, a $50 cancellation fee will apply until February 11, 2020. After that, no refunds will be issued for cancellation. You may substitute without penalty. To substitute or cancel, please submit your request in writing to WEDA, email edueck@westerneda.com or call Erin at 800-762-5616.

 

SKU: CA-CR-F101-1-1-1 Categories: ,

Description

High performing dealerships have employees who understand financial metrics and how they impact their organization. Employees who understand the components of a metric and how to use them to improve the metric, significantly impact efficiency, support growth and create long-term profitability.

Our Financials 101 course is specifically designed to help dealership employees understand basic financial metrics and how to use them effectively to grow your business. It also puts employees on a path to success by providing them the understanding to fulfill their role more effectively.

What We Offer
One day program designed specifically for all dealership employees. Financials 101 is for new and experienced executive and mid-level managers, departmental leads and any front-line dealership employee.

How You Benefit
Dealership employees will learn how to use basic financial metrics to increase dealership and departmental efficiency and maximize organizational profit potential. In this course, students will review case studies for practical usage to:

  • Identify underperforming dealership metrics
  • Analysis of all department metrics in how they mix and lead to net income
  • How are the above-average metrics being above average
  • Suggestions to improve the department or location
  • Course of actions to turn around or fine-tune a department

Financials 101 dates and locations:

February 18, 2020
Regina, SK
Meeting Location TBD

Meeting Time: 9:00am – 5:00pm
Lunch is included

Pricing:

  • $450 Per Student for 1-4
  • $425 Per Student for 5 to 8
  • $400 Per Student for 9+
REGISTER

REGISTRATION POLICY & FEES
Advance registration is requested
A registration fee is required for EACH PERSON who attends. REGISTRATION POLICY: If you find you cannot attend the training after sending your paid registration, notify us by February 4, 2020, and your fees will be refunded in full. Then, a $50 cancellation fee will apply until February 11, 2020. After that, no refunds will be issued for cancellation. You may substitute without penalty. To substitute or cancel, please submit your request in writing to WEDA, email edueck@westerneda.com or call Erin at 800-762-5616.

 

Details

MODULE 1:

Financials 101

February 18, 2020 9:00am - February 18, 2020 5:00pm 2020-02-18 09:00:00 2020-02-18 17:00:00 America/Chicago Financials 101 Location Dealer Institute info@dealerinstitute.org General Old School - New School 
  • ART of reports
  • Managing by reports
Difference between balance sheet and income statement
  • Reasons to monitor both
Income Statement
  • Other names
  • What is on an income statement
  • Relationship between balance sheet and income statement
Dupont
  • Whole store and by department
  • Return on Sales- Net Income- Net Profit Margin
  • Asset Turnover
  • What works on Dupont models?
  • When it does not work
Gross Margin
  • Gross margin versus Markup
  • Gross margin = Available Income
Dealership Metrics- The Big 3
  • Store Sales Mix
  • Parts & Service Absorption
  • Expense Metric
Metrics by Wholegoods Department      Wholegoods Dupont Model & Metrics
  • Sales Mix
  • Wholegoods mix- new, used, shortlines
  • Cost of Sale
  • Used Inventory as a % of R12 New/Used Sales
  • Inventory Turnover
  • Aging Equipment
  • Advertising
  • Floor Planning Expenses
  • Salaries/commissions as a percent of Dept. GM
  • Salesmen pay styles- commissions, cash diff, salary
  • Expenses
  • Gross Margin
  • Net Income
Metrics by Part Department                            Parts Dupont Model & Metrics
  • Parts sales mix %
  • YTD growth rate %
  • Inventory turn, True Turn
  • No turn 24 mos.
  • Parts to Labor Ratio
  • Salaries/margin %
  • Net parts freight
  • Gross margin %
  • Dept. expense %, Imputed costs
  • Parts absorption %
  • Department Net income %
Metrics by Service Department            Service Dupont Model & Metrics
  • Service Sales Mix %
  • YTD Growth Rate %
  • Wage Multiple
  • Parts/Labor Ratio
  • Admin. Salary %
  • Recovery Rate
  • Billing Efficiency
  • Net Shop Supplies
  • Gross Margin %
  • Dept. Expense %
  • Service Absorption %
  • Department Net Income %

Capital Usage

  • Identify underperforming dealership metrics
  • Analysis of all department metrics in how they mix and lead to net income
  • How are the above-average metrics being above average?
  • Suggestions to improve the department or location
  • Course of actions to turn around or fine-tune a department

Instructors

Kelly Mathison
Kelly has almost 30 years’ experience in the agricultural equipment industry. He started his career as a sales representative during the high interest crunch of the 1980’s He then spent 10 years in sales and marketing with the distributor and wholesale manufacturer, Flexi Coil, covering Canada, Australia and the U.S. In 1996 he became a partner in a single store John Deere Dealership in Brandon, Manitoba. Over the next 12 years, it grew from 1 store to 7 when they eventually merged with Enns Brothers in 2008. Over the years, he gained experience as a Sales Manager, Aftermarket Manager, General Manager and Group Marketing Manager. In 2011, Kelly sold his partnership interest and took a contract as Group Product Support Manager with Chesterfield Australia, one of the country’s largest John Deere Dealer groups.

In 2014, Kelly launched a consulting and training company, Kayzen Management, and in 2015 joined Western Equipment Dealers Association’s Dealer Institute as a consultant and trainer.

Kelly brings his unique, real life experience and time-tested best practice solutions to a wide scope of dealership issues. His philosophy of “continuous improvement” can be applied over all dealership departments.

Dealer Institute provides solutions and resources for growing your business and people and improving operational and financial efficiencies. You now have expanded access to a variety of affordable training programs and consulting services that can be delivered in a way that works best for you.