Financials 101 (01/12/2023 – 01/13/2023)

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.  Financials 101 Brochure

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 metrics become above-average
  • Suggestions to improve the department or location
  • Course of actions to turn around or fine-tune a department

Recommended attendees are employees who are accountable or will be accountable for financial performance in any area of the organization.

Training Date: January 12th-13th, 2023
Meeting Time: 9:00am – 5:00pm (Central Time) Two- day training
Lunch Break: 12pm – 12:30pm
*Note: Course may run longer than anticipated so be sure to schedule accordingly

U.S. Dealer Pricing:

  • $895 USD Per Student for 1-4
  • $845 USD Per Student for 5+

U.S. REGISTRATION

Canadian Dealer Pricing:

  • $925 CAD Per Student for 1-4
  • $875 CAD Per Student for 5+

CANADA REGISTRATION
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 December 29, 2022, and your fees will be refunded in full. Then, a $50 cancellation fee will apply until January 5, 2023. 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 jwilliams@westerneda.com or call Jan at 618-315-4475.

 

SKU: Financials 101-1 Category:

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.  Financials 101 Brochure

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 metrics become above-average
  • Suggestions to improve the department or location
  • Course of actions to turn around or fine-tune a department

Recommended attendees are employees who are accountable or will be accountable for financial performance in any area of the organization.

Training Date: January 12th-13th, 2023
Meeting Time: 9:00am – 5:00pm (Central Time) Two- day training
Lunch Break: 12pm – 12:30pm
*Note: Course may run longer than anticipated so be sure to schedule accordingly

U.S. Dealer Pricing:

  • $895 USD Per Student for 1-4
  • $845 USD Per Student for 5+

U.S. REGISTRATION

Canadian Dealer Pricing:

  • $925 CAD Per Student for 1-4
  • $875 CAD Per Student for 5+

CANADA REGISTRATION
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 December 29, 2022, and your fees will be refunded in full. Then, a $50 cancellation fee will apply until January 5, 2023. 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 jwilliams@westerneda.com or call Jan at 618-315-4475.

 

Details

MODULE 1:

Financials 101

January 12, 2023 9:00am - January 13, 2023 5:00pm 2023-01-12 09:00:00 2023-01-13 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 Three
  • 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
  • Floorplanning expenses
  • Salaries/commissions as a percent of Department GM
  • Salesmen pay styles- commissions, cash difference, 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 %
  • Department 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
  • Administrative salary %
  • Recovery rate
  • Billing efficiency
  • Net shop supplies
  • Gross margin %
  • Department 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 metrics become above-average
  • Suggestions to improve the department or location
  • Course of actions to turn around or fine-tune a department
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