When it comes to effective marketing, staying connected with your customers is key. Think about your favorite stores like Dick’s Sporting Goods, Valvoline, and Starbucks—they send you updates via email or text about new products, sales, events, or even freebies. Just the other day, Starbucks emailed me about their “Free reusable straw” day, offering a limited-edition straw.

They can reach me because they have my correct email address, phone number, and maybe even my address. This allows them to send info that keeps me engaged and coming back. And if it ever gets to be too much, I can always opt out of those messages.

Now, you might not be diving into email or text marketing just yet – but think about the future. Gathering this info now means when you’re ready, you’ll have a solid base of contacts to start with. Imagine having 5,000 customers on file—based on industry averages, about 10% will likely engage with your emails. That’s 500 potential opens. But if only 10% of those 5,000 have accurate contact details, you’re down to just 50 opens.

So, what should you be collecting from your customers at every touchpoint?

• Correct First and Last Name
• Full Address
• Email Address
• Cell Phone Number
• Home Phone (if applicable)
• Birthdate

These details are crucial for building a robust marketing strategy. It’s a numbers game, really. You already have the customer base—why not simply ask for their email and phone numbers? It’s the first step towards keeping them in the loop and coming back for more.

Collect that customer information and set the stage for effective marketing!

The post Unlock the Power of Customer Information for Effective Marketing appeared first on Lightspeed DMS.

At Lightspeed, we pride ourselves on empowering dealerships with the tools they need to succeed. We’re thrilled to congratulate the winners of the Ducati North America 2023 Sales Awards. These dealerships have shown exceptional performance, dedication, and a passion for delivering unparalleled experiences to Ducati enthusiasts.

Ducati North America 2023 Sales Award Winners:

• Northeast Region, Top Sales Volume: Ducati New York – New York, NY
• Southeast Region, Top Sales Volume: Ducati Miami – Miami, FL
• Southwest Region, Top Sales Volume: Ducati Newport Beach– Costa Mesa, CA
• South Central Region, Top Sales Volume: Advanced Motorsports Ducati Dallas – Dallas, TX
• Northwest Region, Top Sales Volume: MotoCorsa – Portland, OR
• Midwest Region, Top Sales Volume: Ducati Detroit – Birmingham, MI
• Mid-Atlantic Region, Top Sales Volume: Motorcycles of Charlotte – Charlotte, NC
• México, Top Sales Volume: DLG Moto Art – México, DF
• Canada, Top Sales Volume: Motos Illimitées Ducati Montréal – Montréal, QC
• North America, Top Sales Volume: Ducati Newport Beach – Costa Mesa, CA
• Top Growth Award: Ducati Tampa Bay – Tampa, FL

Among the distinguished winners, we are particularly proud to highlight that 9 out of the 11 award recipients use Lightspeed to manage their business operations.  

Is this a coincidence? We think not.

The Lightspeed Advantage

Lightspeed Dealer Management Solution is designed to streamline dealership operations, enhance customer experiences, and drive business growth. Here’s why so many top-performing dealerships choose Lightspeed:

1. Comprehensive Management: From inventory control to customer relationship management to service and accounting – Lightspeed provides a holistic solution covering all dealership management aspects.
2. Efficiency and Accuracy: Our system ensures efficient and accurate data handling, reducing the administrative burden and allowing dealerships to focus on what they do best—selling and servicing motorcycles.
3. Real-time Insights: With real-time data and analytics, dealerships can make informed decisions quickly, staying ahead of market trends and customer demands.
4. Customer Satisfaction: Lightspeed CRM helps dealerships provide a seamless and satisfying customer experience, fostering loyalty and repeat business.

A Testament to Success

The success of these award-winning dealerships is a testament to the power of combining exceptional business acumen with advanced management solutions. We are honored to be a part of their journey and are committed to supporting their continued success.

Congratulations once again to all the Ducati North America 2023 Sales Award winners! Your hard work and dedication set the standard for excellence in the industry. We look forward to celebrating more milestones with you in the future.

The post Celebrating Excellence appeared first on Lightspeed DMS.

Welcome to “An Insider’s Guide to Lightspeed,” a new blog series designed to help our dealers unlock the full potential of the Lightspeed dealer management solution. In each installment, we’ll highlight lesser-known features that can transform how you use Lightspeed, making you say, “Whoa! Lightspeed Does That?!” Today, we’re diving into System Alerts, a powerful tool to help you work more efficiently and stay on top of critical tasks.

Alert Prerequisites

Before you can start using System Alerts, make sure you’ve met these prerequisites:

• Email Alerts: Ensure your dealership email configuration is set up in System – Lists – Communication Accounts to enable email notifications.
• Text Alerts: Your dealership must have text communication enabled and a store account for text notifications.
• Mobile Alerts: Users need a mobile device with the LightspeedEVO+ app installed.

Enabling Your Alerts

To enable System Alerts, your user security profile must have System Alerts enabled in the System menu access. Here’s how to set up your alerts:

Setting Up Your Alerts

1. Navigate to System Alerts: Go to the System – System Alerts menu.
2. Enable Alerts: In each section, check the box next to the alert types you wish to receive. The available alerts are determined by your security profile. You cannot set alerts for functions you cannot access. When you select an alert, detailed settings are displayed. You can click the drop-down arrow to the right at any time to display settings without changing the alert selection.
3. Amount Limits: For AP Check and GL Account Balance alerts, enter the amount beyond which an alert should be triggered.
4. Severity: Assign a severity level to the alert, which determines the color displayed: low (green), medium (yellow), or high (red).
5. Notify Method: Choose how you’d like to receive notifications. Options include pop-up notifications in Lightspeed, email, or text (if your dealership has enabled texting). Some alerts, such as follow-up reminders, can also display on the user’s mobile device. Notifications will be sent to the email address or cell phone entered in the user security record.

Note: Ensure your dealership email configuration is set up in System – Lists – Communication Accounts to enable email notifications. Text communication must be enabled and your dealership must have a store account for text notifications.

By taking advantage of System Alerts, you can stay informed and proactive, ensuring that you never miss critical updates or tasks. Start using System Alerts today to streamline your workflow and enhance your dealership’s efficiency.

Available Alerts
The available alerts are displayed on the System Alerts page only if you have security access to the corresponding function.  Available alerts include:

AP Check

• An AP amount is more than $X.xx
• An AP check payment is made

CRM Lead – Inventory Match Alert to Request in Lead
Available only if the dealership is licensed for CRM.  

• Salespersons can choose to receive alerts for customer units and/or Inventory units matching a requested unit when one arrives in the dealership.  You can specify the number of criteria that must match in order to show the alert. Make sure your email is current in your user security record if using Notify by Email.
• A major unit record matching one of your leads is added to the system.

Click to Pay – Click to Pay payment received for Repair Order

Follow Up – Available only if the dealership is licensed for CRM.  
There are two types of alerts for follow-ups:

Follow up reminder:  Schedule alerts for pending follow-ups.  You can select how long before the follow-up is due and set the alert to show as a popup on the desktop or mobile device as well as sending a text or email reminder.  (Must have LightspeedEVO+ app installed for mobile alerts.) 
Customer Has Arrived:  There are several “customer has arrived” follow-up alerts.  These alert the CRM Follow-Up owner when the status of an appointment is changed to Showed.

• Customer has arrived  

• Part Invoice Customer has arrived  
• Rental Reservation Customer has arrived
• Repair Order Customer has arrived
• Sales Deal customer has arrived

GL Account

• A GL account balance goes above $X.xx
• A GL account balance goes below $X.xx

Major Unit – A new major unit record is added to inventory

OEM Import – Notify when a new OEM unit invoice comes available.

Online Estimate – Notify when a service estimate is created from a web service request lead, such as the Polaris Ride Ready integration.

Online Lead – It will send a notification to a salesperson that is assigned a lead and to any user that is subscribed to the Online Lead system alert.

Parts Inventory – A part cost amount is greater than the active price

Parts Invoice

• A lost sale occurs on a parts invoice                                                                   
• Any line on the parts invoice has a cost greater than the price
• Invoice discount is more than X%

 
Repair Order

• A repair order was completed
• Changes were made to service jobs for a sold major unit:  If you have enabled the preference to enable deal adjustments after finalizing you can receive an alert for deal adjustments when additions or changes are made to a sold unit.  
• A new job added by Tech (via the mobile app)
• A labor line being checked as complete or unchecked from being complete (via the mobile app).

Salesperson Assignment – Salesperson Assignment Changed  

Workstation – The system alert for a new workstation added is a management and security feature that enables dealer personnel to get an alert when a new workstation is accesses the system.

The post An Insider’s Guide to Lightspeed: appeared first on Lightspeed DMS.

Thank you to MRAA (Marine Retailers Association of the Americas), for including an article from Lightspeed’s Chris Kulaga in their Boat Buying Strategies for 2025 feature.

As the marine industry continues to evolve, your dealership has already seen new opportunities and challenges in 2024. Along with being able to adapt, your team must maintain your primary goal to provide customers with high-quality boats while efficiently managing your inventory. This article outlines essential strategies for acquiring and managing 2024 and 2025 boat inventory, ensuring profitability and maintaining operational excellence.

In today’s competitive market, marine dealers must adopt a proactive approach in order to thrive. By addressing critical challenges in inventory management and utilizing advanced tools, dealers can enhance their operations and profitability.

With average unit margins tapering off for the industry, it is even more important to review your individual brand and even model margins using reports from your dealer management system (DMS) or Lightspeed.

Key Challenges and Strategic Solutions

CHALLENGE 1: Maximizing Profits When Acquiring Used Boats

Making informed decisions when buying used boats is crucial for maximizing profits. Today’s marketplace requires your trained service team technicians to do inspections of all trade-in vessels. It requires due diligence on your part and helps you better integrate trade guide valuations and customer photos and unit descriptions within your process:

• Black Book
• JD Power
• NPA

Action Steps:

1. Assess the Right Value: Use trained technician boat inspections and industry guides to determine actual cash value for pre-owned boats.
2. Fair Trade-Ins: Ensure fair trade-in values to attract more customers.
3. Price Competitively: Set competitive prices to move inventory efficiently. Realize some customers, in particular those who bought during the height of the Pandemic, may be upside down owing more than what their boat is worth.

CHALLENGE 2: Enhancing New Inventory Management

Managing new inventory requires strategic ordering, effective selling strategies and a deep understanding of the market:

• New Model Year Ordering: Analyze inventory turns year-over-year to make informed decisions.
• Industry Benchmarks & Reporting: Utilize comprehensive monthly reports from Industry Partners & Benchmark Reports. These reports provide insights into national competitor pricing and performance data, helping you make informed decisions for better performance and profitability. Keep in mind to cross check your data to understand where you can accept lower margins on certain vessels.
  • For Lightspeed Dealers, this is available via Lightspeed Industry Benchmarks.
• Custom Reports: Utilize tailored reports to evaluate the true cost of makes and models sold, considering factors like invoice price, transportation, freight, PDI (Pre-Delivery Inspection) and age.
• Inventory Aging: Track inventory aging using reports. Re-evaluate units that hit 90-day increments in aging to adjust selling prices and incorporate more comprehensive marketing strategies.

Action Steps:

1. Estimate Demand: Order the right quantities based on demand forecast estimates.
2. Utilize Custom Reports and Benchmark Data: Cross-check your data. Balance low-margin models with high sales against high-margin models with fewer sales for informed decisions.
3. Track Inventory Aging: Identify trends and adjust strategies accordingly.
4. Re-evaluate Aging Units: Adjust prices and marketing efforts for units at 90-day increments.
5. Balance Availability and Cost-Efficiency: Find the optimal balance to ensure profitability.

CHALLENGE 3: Effective Floor Plan Management

Effective floor plan management minimizes costs and maximizes turnover:

• Free Flooring Programs: Take advantage of programs that offer free flooring for a limited time.
• Interest and Curtailment Management: Monitor and manage interest rates and curtailment schedules to avoid unnecessary expenses.
• Sell the Right Unit First: Prioritize selling units with higher flooring costs or longer age to maintain profitability.

Action Steps:

• Utilize Free Flooring Programs. Reduce costs with available programs and consider transferring units nearing the end of the free floorplan to lower-interest lenders.
• Monitor Financial Terms. Have your sales staff closely manage all aspects of the sale to avoid high interest rates and penalties.
• Strategically Sell Units. Prioritize selling higher-cost and older units first.

CHALLENGE 4: Enhancing Operational Efficiency with a DMS

A Dealer Management Solution (DMS) is indispensable for consolidating all inventory and financial information. By ensuring you have a strong DMS, this enhanced reporting capability enables dealers to track trade-ins, new inventory orders, floor plan details and cost analysis with precision. One of the other benefits of having a DMS is that all transactions can flow seamlessly to your financial statements. And at the end of the day, it’s what your P&L has to say that can really help you determine how to measure your profitability.

With industry unit margins declining, it’s vital to review individual brand and model margins using DMS reports or tools like Lightspeed. Below is market data we’ve pulled that illustrates these trends:

Action Steps:

1. Implement a Robust DMS: Centralize all operational data.
2. Generate Detailed Reports: Use the DMS to create detailed reports for informed decision-making.
3. Leverage Historical Data: Predict trends and optimize inventory management using historical data.

Current inflation rates are driving up the cost of new boats, making strategic planning and inventory management critical. Adapting to these market dynamics is essential for profitability in 2025. Accurately forecast demand, use custom reports and benchmark data for informed decisions, and track inventory aging to adjust prices and marketing efforts promptly. Additionally, take advantage of free flooring programs and prioritize selling higher-cost and older units to manage finances effectively.

By focusing on these strategies, you can thrive in this economic environment. Embrace available tools and insights to guide your dealership toward sustained profitability and operational excellence.

The post Boat Buying & Inventory Management Strategies appeared first on Lightspeed DMS.

Hello RV enthusiasts! I’m Jeremy Johnson, senior manager of OEM & Business Development at Lightspeed Dealer Management Solutions, and I’m excited to invite you to tune into the latest episode of the SupplySide Showcase podcast hosted by RV Business. This episode is packed with valuable insights on the latest innovations and updates in dealer management systems that Lightspeed offers. Whether you’re a dealer looking to streamline your operations or simply curious about how advanced technology can revolutionize the RV industry, this podcast is a must-listen.

In our discussion, we delve into how Lightspeed is enhancing dealer efficiency and customer satisfaction through our cutting-edge management systems. We explore the benefits of our latest software solutions, designed to address the unique challenges faced by RV dealerships. You’ll hear firsthand how our solutions can help you manage your inventory, sales, and customer service more effectively, ultimately driving your business growth and improving customer experiences.

Join Rick Kessler, Chris Cieto (both of RV Business), and myself for an engaging conversation that covers everything from industry trends to practical tips for leveraging dealer management software. This episode is not just informative but also a great resource for anyone involved in the RV industry looking to stay ahead of the curve. Don’t miss out on this opportunity to gain valuable knowledge and insights that can help propel your business forward. Tune in now to the SupplySide Showcase from RV Business!

The post RV Business SupplySide Showcase Podcast appeared first on Lightspeed DMS.

In life, the adage “you learn something new every day” rings true. But, as my experience with Lightspeed taught me, this learning comes with a caveat: you must be paying attention.

In November 1995, I encountered Lightspeed Unix for the first time. It was a revelation, akin to stepping into a “Star Wars” universe, for me, as a young 20-year-old just being exposed to software and computers in any meaningful way for the first time.

Over the course of the next 16 years, I worked for three different dealerships in the Salt Lake City area. In 2005, I went through the conversion process from Unix to NXT at one of the three stores. A couple of years later. I went to work for the third (of three) stores, still on the Unix platform only to convert to NXT once more a year later.

In March of 2011, I joined the customer support department with the Lightspeed organization. Over the next 13 years I supported and watched Unix be retired. I supported, trained on, and watched NXT be retired. I supported, trained on, and now consult with Lightspeed EVO only to see it simply “evolve” into a product labeled as “Lightspeed.”

The Key to Learning: Paying Attention

The reason I’m sharing this brief history of Bryan and Lightspeed is to emphasize the point of this article. I can easily say that over the course of the nearly 30 years that I have worked with and for Lightspeed, I have learned something NEW every… single… day. For those keeping count, that’s roughly 10,900 things learned over 30 years!

Reflecting on my journey, I realized that the essence of learning lies in paying attention. With Lightspeed, it’s easy to get comfortable and overlook new features or details. But, as I discovered, staying attentive is crucial.

Discovering Hidden Features: The NPA Integration

Recently, I was collaborating with National Powersport Auctions on a webinar featuring integrations between NPA and Lightspeed. During this collaboration I was pointed to a button found on any Major Unit record in Lightspeed. This button has existed there for years. It’s existed in plain sight and though it stared me in the face every single day, I didn’t see it.

The button I am referring to allows you to send any Major Unit in your Sales Inventory to the National Powersports Auction. Why on earth would you want to do this? Well, imagine you have a unit or units in you inventory that you have not been able to sell. You’re paying interest on them, and they are depreciating as they collect dust on your showroom. Wouldn’t you rather send that inventory to auction where you can recoup your investment and stop bleeding money each month?

Navigate to the Value Guide tab on any Major Unit Inventory record and note the button on the bottom left side of the screen labeled: “Consign to NPA.” Yes, I know, you never saw that button before (neither had I). Press that button, enter the applicable details on the pop-up window and voila, your old, tired Major Unit is sent off to auction where it will be exposed to thousands of potential buyers!

Wanna know more about National Powersport Auctions and Lightspeed integration? Then take a moment to watch our on-demand webinar:  Smarter Ways to Manage Inventory and Maximize Profits

Empowering Users: An Insider’s Guide to Lightspeed

This revelation prompted the Lightspeed Blog Team to launch a new series: “An Insider’s Guide to Lightspeed.” Through this series, we aim to shed light on the untapped potential and hidden features within Lightspeed, making you exclaim, “Whoa! Lightspeed Does That?!”

As we embark on this journey, stay tuned for our next installment of “An Insider’s Guide to Lightspeed.” Together, we’ll uncover more hidden gems and unlock the full potential of Lightspeed.

The post Unveiling An Insider’s Guide to Lightspeed appeared first on Lightspeed DMS.

In today’s fast-paced world, seamless communication is vital for running a successful dealership. With the Lightspeed Texting Solution, dealerships can streamline their communication processes, enhance customer engagement, and drive more sales. Here’s why an integrated texting solution is critical for your dealership and how Lightspeed Texting can transform your operations.

Boost Efficiency and Customer Satisfaction

With Lightspeed Texting, you can significantly enhance your dealership’s efficiency. Consider these statistics:

• 89% of consumers prefer interacting via text messaging rather than phone calls.
• 98% of all text messages are opened, with 95% read within 3 minutes.
• 96% of consumers find phone calls disruptive.
• 78% of US consumers say text messaging is the fastest way to reach them for important updates and purchases.

Engage with Customers the Way They Prefer

In the digital age, customer preferences are evolving. Text messaging is now a preferred method of communication for many. Here’s how Lightspeed Texting aligns with these preferences:

• Real-Time Communication: Customers are more likely to respond quickly to text messages, leading to faster approvals and reduced waiting times in service bays.
• Convenience: Americans check their phones an average of over 200 times a day, making text messaging the most convenient way to reach them.
• Enhanced Customer Experience: Send photos and videos of units, provide timely updates, and allow customers to communicate comfortably in real time.

By leveraging these preferences, Lightspeed Texting enables you to communicate more effectively with your customers. Here’s how dealerships are using it:

• Schedule Appointments, Automated Reminders, and Status Updates: Keep your customers informed about their appointments and service status without overwhelming phone calls.
• Quick Information Sharing: Send essential details such as business hours, maps, and pickup notifications efficiently.
• Targeted Reminders: Send out warranty and maintenance reminders to keep customers engaged and coming back.
• Service Tech Videos: Provide visual explanations of required services, enhancing transparency and trust with videos.
• eSignatures for Approvals: Speed up service approvals and invoicing with electronic signatures.

Enhance Communication and Cash Flow

Lightspeed Texting is not just about sending messages; it’s about integrating communication seamlessly into your dealership’s workflow. Here’s how you can make the most of it:

• 2-Way Communication: Utilize the Lightspeed desktop and mobile app for real-time communication, sending pictures, videos, and more.
• Click-to-Pay Features: Improve your cash flow by enabling easy payments across service, sales, rentals, and parts departments.
• Automation: Automate follow-up chains in service and sales to keep your customers engaged without manual intervention. From automated thank-you messages to service reminders, keep your customers engaged with minimal effort.
• Integration with Lightspeed CRM: Turn text messages into powerful sales drivers by integrating with your CRM to automate and personalize communication further.

The Importance of an Integrated Texting Solution

Dealerships face unique challenges that can hinder their efficiency and customer satisfaction. During peak seasons, phones are constantly ringing with repetitive inquiries, service bays are congested awaiting customer approvals, and staff are bogged down with phone tag and voicemails. The competitive nature of the industry makes differentiation crucial, yet acquiring new leads remains a persistent challenge. Lightspeed Texting offers a comprehensive solution to these issues.

Conclusion

The Lightspeed Texting Solution is an essential tool for modern dealerships looking to improve communication, enhance customer satisfaction, and boost efficiency. By integrating this powerful solution, your dealership can stay ahead of the competition, streamline operations, and drive more sales. Embrace the future of dealership communication with Lightspeed Texting and transform how you engage with your customers. Stay connected, stay efficient, and drive success with Lightspeed Texting.

For more information on how Lightspeed Texting can benefit your dealership, click here.

The post The Power and Benefits of the Lightspeed Texting Solution for Your Dealership appeared first on Lightspeed DMS.

Choosing the right Dealer Management Solution (DMS) can feel like a daunting task, especially when you’re juggling the day-to-day demands of running a dealership. With countless options available, each promising to be the best, it’s easy to feel overwhelmed. That’s why we’ve compiled insights from thousands of dealers across various industries to help streamline the decision-making process and ensure you select the DMS that best fits your needs.

While many dealers might focus on reputation, basic functionality, and cost when selecting a DMS, there are at least ten crucial criteria that deserve careful consideration. Each of these factors plays a pivotal role in ensuring the system not only meets your immediate needs but also supports your long-term goals.

Implementing a dealer management system is a significant investment of time, money, and effort. To ensure success, it’s essential to involve a cross-functional team—including the Dealer Principal or General Manager, department managers, and the accountant—in the evaluation and selection process. This collaborative approach fosters buy-in and enhances the likelihood of successful adoption.

10 Criteria to Consider:

1. Functionality

Start by outlining the necessary functionality for each department based on your dealership type. Smaller dealers might need less functionality depth, while larger ones may require advanced integration capabilities. Assess whether the software offers the required breadth and depth of functionality, a clean and intuitive user interface, seamless module integration to avoid redundant data entry, and overall enhancement of dealership efficiency.

2. Implementation

A well-executed implementation process is critical. Ensure the vendor outlines the implementation process clearly, including key milestones and assigned responsibilities. Check if they can provide a detailed step-by-step checklist and have adequate resources to execute the implementation promptly. Assess the experience level of the implementation team and ensure your data is clean and ready for migration.

3. Training

Comprehensive training is essential for effective use of a DMS. Establish a plan for both initial and ongoing training. Inquire about the recommended training duration, available support programs (onsite sessions, classroom training, or computer-based modules), and associated costs. Also, consider options for extended training and any incentives for training completion.

4. Support

Evaluate the vendor’s support options, such as toll-free lines, web-based support, or email assistance. Check the customer support team’s expertise in areas like accounting, parts, and hardware, and whether they offer support during business hours that align with your operations. Assess the availability of live support and average hold times, as well as the provision of after-hours support for urgent issues.

5. Services

Look for vendors that offer additional services such as advanced training, consulting, data analysis, and provision of office forms and supplies. Inquire about their ability to provide a comprehensive understanding of your dealership’s performance and facilitate comparisons with similar dealerships in different regions.

6. Technology

Understand the technology behind the vendor’s solution. Evaluate the stability, performance, and cost-effectiveness of the platform and architecture. Consider the system’s stability, speed, and support for modern databases to ensure it meets your dealership’s needs.

7. Vendor

Assess the vendor’s financial stability and market presence. Investigate their operating history, market share, update frequency, and the number of developers dedicated to the product. Evaluate their adaptability to emerging trends and overall reliability.

8. Timing

Establish a realistic timeline for the project, including key milestones such as vendor evaluation, selection, and project completion. Ensure the vendor can align with your timeline and that internal staff are available for the implementation process. Consider the best time for implementation based on your dealership’s schedule and seasonal fluctuations.

9. Compatibility

Evaluate the professionalism and courtesy of the vendor’s team. Consider how engaged customers are in influencing future product functionality and how effectively the vendor listens to feedback. Ensure the vendor collaborates with top industry partners and offers seamless integration with your dealership’s OEMs.

10. Cost

Assess the total cost of implementation, including expenses for software, hardware, database configuration, maintenance, support, and training. Consider the software’s long-term impact on profitability and whether it offers room for upgrades and expansion. Ensure it aligns with your current operations and supports future growth.

So, How Do You Select a DMS?

Choosing the right DMS is a critical decision that can significantly impact your dealership’s efficiency and profitability. By carefully considering these ten criteria, you can ensure that you select a solution that not only meets your immediate needs but also supports your long-term goals. Remember, the right DMS should streamline your operations, enhance productivity, and ultimately drive your dealership’s success. For more guidance and insights, explore the resources available on our Lightspeed website or contact our team for personalized assistance.

By Josh Ferrell, Jenifer Guinn and Logan DeFelice

The post 10 Things to Consider When Evaluating a Dealer Management Solution (DMS) appeared first on Lightspeed DMS.

Hey there! If you work at a fun shop that sells powersports, boats, RVs, trailers, golf cars, or outdoor tools, listen up! It’s time to get tech-savvy. The days of relying solely on paper and pencil or even just an Excel spreadsheet are disappearing as fast as technology changes how dealerships work. Leveraging tech can streamline your shop’s processes, boost your profits, and enhance your overall awesomeness.

Despite the fast growth of technology, many dealerships are still behind in using it. A lot of them rely on old methods, which can be slow and lead to mistakes. This delay in using new technology means they miss out on chances to improve customer experiences, make processes smoother, and increase profits. Using modern dealership software and digital tools is important for these businesses to stay competitive and meet their customers’ changing needs.

Here are a few things to ponder:

Making Things Easier: Remember those boring tasks like organizing stuff or filling out forms? Well, there’s dealership software (like LightSpeed) that can do them faster and with fewer mistakes. Plus, with tools for electronic signatures, your customers’ experience gets better, and you save money on paper. And guess what? Technology can even make your team more mobile and complete transactions while in front of the customers on the floor or out in the yard. This mobility also leads to an increase in closing rates.

Being Super Nice to Customers: People like it when things are easy. So, with tech, you can make shopping super easy for them. Your team can communicate better, using email, texting, and video, so customers feel valued and understood. It’s like magic but not really.

Using Smart Ideas: Did you know computers can tell us what people like to buy? Yep! With cool tools, we can see what’s popular and what we need more of. It’s like having a super-smart friend helping us make good choices. You won’t waste space on inventory that doesn’t sell. Or you can be reminded to follow up with that customer who might be ready for an upgrade.

Telling Everyone You’re Awesome: Have you seen ads on the internet? That’s how lots of people find cool stuff to buy. With technology, you can show off your shop online, on your website, and on social media. That’s where people look first. More eyes on your shop means more customers!

Getting More Money: Here’s the best part – using technology can help your dealership make more money! When you work faster, make shopping easier, and know what people want, you sell more stuff. And that means more money for fun things.

So, let’s get tech-savvy! With cool tools and ideas, you can make things easier, impress your customers, and make lots of money. Let’s make your shop the coolest one around with the power of technology!

The post Let’s Get Techie: appeared first on Lightspeed DMS.

Month-End Close

One of the critical junctures in accounting operations is the month-end close. Identifying common issues and overlooked processes during this phase can significantly enhance efficiency. Whether it’s reconciliations, accruals, or reporting discrepancies, addressing these challenges head-on ensures a smoother financial close.

Steps to Achieve a 5-Day Close

Gone are the days of prolonged month-end closes. Today, businesses strive for a five-day close, a testament to their operational agility. Understanding actionable steps to transition from a year-end to a 30-day month-end, and finally to a 5-day close, empowers accounting departments to operate with precision and timeliness.

Job Title and Experience Misconceptions

Within the realm of accounting, job titles often carry misconceptions regarding responsibilities and expertise. Distinguishing between roles such as CFO, Controller, Bookkeeper, A/R or A/P Clerk, Office Manager, and Data Entry Professional is vital. Each role contributes uniquely to the financial ecosystem, and clarifying these distinctions fosters better collaboration and resource allocation.

Financial Statement Overview

Financial statements serve as the compass guiding business decisions. Understanding essential statements like the Trial Balance, Balance Sheet, Profit & Loss Statement, DOC Report, Dealer Financial Statement, and Cash Flow Statement is indispensable. A brief overview of these statements equips stakeholders with the insights needed to interpret financial data accurately.

Evaluating an accounting department’s success is not merely an exercise in assessment but a proactive approach to bolstering organizational efficiency and fiscal integrity. By addressing month-end challenges, striving for quicker closes, clarifying job roles, and grasping the essence of financial statements, businesses pave the way for sustained growth and prosperity.

For more information, check out the Lightspeed + Accounting Guys webinar on Evaluating the Success of Your Accounting Department.

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