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MOTOR DEALER SERVICES NEWSLETTER

Bond Rates Are - Way Down
I hope he has the right coverage and a sharp agent

Dealer in business since 2007, and earlier, remember bond prices sky rocketed in 2008. Bond rates are finally on the way down. Since summer 2012 may bond companies have much lower rates. Many dealers are paying far less than they paid a year ago. This is across the board for all credit types. When your bond is up for renewal be sure to shop. We work with multiple companies. We can help you save money.

 

 

Insurance Review

Have you hired new employees since you wrote your policy? Do you have more inventory (or less inventory) then you did when you wrote your policy? Do you have limits that are unnecessarily high? Are you doing everything reasonable to keep your premium low while maintaining the proper coverage to avoid problems? A quick insurance review can make sure that you are saving every penny possible. Call us any time for an insurance review. We can usually do it on the spot.

 

 

Flooring Companies and the Right Inventory Coverage
Don't make this simple mistake. Flooring companies typically require that you have enough coverage to cover either 50% or 66% of your credit line (varies by company.) That is the flooring company's minimum requirement. The dealer insurance companies require that 100% of your inventory is covered. If 100% of inventory is not covered the insurance companies are allowed to underpay a claim by the same percentage the inventory was underreported. See our article "Underreporting Money Saver or Suicide?" in our 2010 newsletter for a detailed explanation.

 

Is there information here that your agent didn't tell you?

Did it cost you money?

We hope not.

Written by:
Dave Hoffman - Broker / Owner
Lic. CA 0D87197 AZ 906944 NV 1100441

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