DealerTrack Blog » Web-Based DMS

How to Prepare the Factory Financial for 2010 in DealerTrack DMS

admin — Thu, 11 Feb 2010 06:00:59 +0000

Your Account Routing will automatically transfer over from the previous year. However, you will need to re-enter your memo fields and employee counts for the new year in DealerTrack’s automotive dealer management system (DMS). In addition, if you have added accounts to your General Ledger that are not valid factory accounts, you will need to route them to the financial.

For a complete guide, take the following link: https://www.arkona.com/website_09/support/wiki/index.php/Year_End_Process_FAQs#How_Do_I_Prepare_the_Factory_Financial_for_the_New_Year.3F

What Changes Have Been Made The 2010 Factory Financials?

admin — Tue, 09 Feb 2010 06:00:53 +0000

The DealerTrack Dealer Management System DCS team has worked extensively with the manufacturers to accommodate any changes required for the 2010 Factory Financial statements. All OEM manufacturers have approved the statements, ensuring that the formatting and account mapping prepared by the DMS DCS team meet the factory standards.

To see the changes made to your 2010 Factory Financials in DealerTrack DMS, please take the following link:

https://www.arkona.com/website_09/support/wiki/index.php/Factory_Financial_Changes

What Resources are Available to help Print 1099 Forms in DealerTrack’s web based DMS

admin — Tue, 02 Feb 2010 06:00:57 +0000

The DealerTrack DMS Training Department has developed a series of 1099 Frequently Asked Questions. Topics include printing, entering DBAs, alignment and printer loading, and correcting inaccuracies or omissions.

Please take the following link to view the 1099 FAQs: https://www.arkona.com/website_09/support/wiki/index.php/Year_End_Process_FAQs#1099

Find out How Asbury Automotive Increased Profits with Less Revenue

admin — Mon, 16 Nov 2009 06:00:08 +0000

Asbury Automotive Group announced on October 29, 2009 that they were able to increase earnings by 39% in the 3rd quarter even though revenues dropped by 12%. Charles Oglesby, CEO, said, “This improved financial performance reflects what we believe is a temporary boost from the government’s Cash for Clunkers program, combined with the benefits of the dramatic expense reductions we have achieved over the past year.” More specifically, Craig Monaghan, CFO, stated that “We have delivered over $100 million of SG&A (Selling, General, and Administration) expense reductions”.

As with many dealers, Asbury saw a temporary boost from the Cash for Clunkers program, however, revenues still dropped by 12%. Common business logic suggests that to increase profits with less revenue you have to decrease your costs. Many dealers are now asking, how did Asbury Automotive reduce their costs?
Asbury’s Earnings Call and Press Release outline several cost reducing methods including relocating their headquarters, decreasing their corporate staff, and switching their DMS to DealerTrack’s Web-Based Software-as-a-Service (SaaS) DMS solution. Switching your DMS to a Web-Based solution is a cost reduction strategy that just about any dealership can implement. A Web-Based DMS can save a dealership thousands in monthly IT costs by eliminating expensive servers, costly upgrades, and hidden fees often associated with other systems.

According to Craig Monaghan, CFO, Asbury is 59% complete with the conversion of their stores to the DealerTrack DMS. Their goal is to complete the DMS conversion by next summer. Monaghan stated that he is very pleased with the “tremendous progress” that Asbury has made with their cost reduction strategies. More specifically, he is thrilled with the “speed and quality of implementation” that has been achieved.