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According to consumer surveys, most consumers plan to use their refunds to pay off bills, lower debt, and grow their nest eggs. According to an Edward Jones survey, 52% of participants said they would use their refunds to pay their credit cards, loans and household bills. Around 30% of consumers said they were going to save the money. Close to 10% said they planned to spend the money on personal items like clothing, entertainment and dining.
Consumers who spend their refund checks tend to buy from certain industries. Over 10% of consumers surveyed by the National Retail Federation in 2013 said they intended to use their refunds for travel — good news for airlines. Around 6% of tax payers planned to spend their refunds on home improvement projects, leading to an increase in sales at big box retailers like Home Depot. Close to 14% of consumers planned to put their refund windfall toward electronics such as tablets, laptops, smart phone and other gadgets.
But among the biggest sales increases seen during tax season happen at car dealerships — especially BHPH dealerships. In fact, some dealerships say that 45% of their total used car sales happen between February and April. In other words, tax season. This spike demand is enough to drive car prices up, which means the risk of delinquency, can also go up for dealers who sell to buyers with credit challenges.
If you're cashing in on the tax-season rush, make sure your dealership is protected. One effective way to reduce risk is to invest in the right GPS vehicle tracking system. More than a vehicle locator, your GPS asset tracking system should help you improve your efficiencies and productivity so that you can spend more time selling more cars. Then, once you’ve sold those cars, your GPS vehicle tracking system should connect you to the instant information you need to reduce delinquencies, defaults, and your risk.
GoldStar CMS does just that, allowing you to focus your time; energies and staff on selling more cars to customers who enter your dealership armed with refund checks and ready to buy. With a host of easy-to-use web-based tools, GoldStar CMS automates time-consuming and error-prone tasks such as VIN decoding and input, as well as STIPs verification. It also simplifies your life with group commands that eliminate redundant requests, and the intuitive Dashboard puts key vehicle data a single click a way. Which means your people will spend less time in front of their computers and more time on the floor selling cars.
With the industry’s only 99.9% Performance Guarantee ensuring system uptime, and the best-selling Talon GPS device with CDMA wireless technology, GoldStar CMS will also keep you connected to your vehicles once they leave your lot — even in remote and rural areas. Dramatically reducing the risks and costs associated with repossessions and recovery.
So make sure your tax season rush and bottom line are a surefire success. To learn how GoldStar CMS can help your dealership, visit GoldStarGPS.com.
Vice President of Field Sales, ASG