{"version":"1.0.0","episode":{"title":"#407 - 5 CRITICAL YEAR-END TASKS FOR DEALERS BEFORE 2026","url":"http://getcarcurious.com/episodes/407-5-critical-year-end-tasks-for-dealers-before-2026","audioUrl":"https://anchor.fm/s/8164a88/podcast/play/111716698/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-10-26%2F413189347-44100-2-fe899d43c59cc.mp3","description":"End of the year creeping up on you? 😅 Don't be that dealer scrambling on December 30th!In this episode, Jeff and Luke break down the 5 ESSENTIAL year-end moves every independent dealer needs to make before December 31st. From tax strategy to portfolio cleanup, these time-sensitive tips could save you hundreds of thousands.🎯 What We Cover:✅ Why you need to meet with your CPA NOW (not January)✅ Portfolio cleanup: How to rip the band-aid off and start 2026 clean✅ The inventory audit that reveals missing cars and hidden money✅ Inventory write-downs: The \"Voila Method\" that makes cars sell immediately✅ Reinsurance compliance checkup before year-end✅ Equipment depreciation strategies (rollbacks, repo trucks, and more)✅ Strategic planning: How to map out a killer 2026💡 KEY TAKEAWAY: That car sitting on your lot for 6 months? It's not a turd - there's just no money in it for your salespeople. Learn how to reset it and watch it fly off the lot.UPCOMING EVENT:📍 Collections Event with Ai - Dallas, TX - December 10Godwin Consulting Group is putting on a Collections Event in Dallas on December 10, don't miss it! http://www.godwinconsultinggroup.com/...📢 WANT MORE DEALER INSIGHTS?✅ Subscribe to the Independent Dealer Podcast💬 Drop a comment with your biggest collection challenge👍 Like this video if you're definitely NOT waiting until December 30th to do all this... right? 😅⭐ Leave us a review: www.theindependentdealer.com📧 Email us: ⁠ info@theindependentdealer.com 🔗 CONNECT WITH US:Website: www.theindependentdealer.comInstagram: @theinpendentdealerpodcast/Facebook: @theindydealerLinkedIn: @independent-dealer-180160225🙏 SPECIAL THANKS TO OUR SPONSORS:Blytzpay - Your credit card processing and text communications partner. Tell them IDP sent you to get 3 FREE months!www.blytzpay.com⁠Buckeye Risk Services - All your education and reinsurance needswww.buckeyerisk.comTaxmax - Flexibility with your tax returns⁠⁠⁠www.taxmax.com🎧 LISTEN TO ALL EPISODES:Anchor: ‪@theindependentdealer‬ Social Links:/ independentautogroup/ jlukegodwin/ sendtojeffwThe Independent Dealer Podcast is brought to you by real dealers, for real dealers. No BS. Just actionable insights from the trenches.---⚠️ DISCLAIMER: Jeff and Luke are not CPAs or tax professionals. This content is for educational purposes only and should not be considered professional tax or legal advice. Always consult with your qualified CPA or tax advisor before making financial decisions.\n"},"annotations":[{"startTime":363.0,"endTime":369.6,"type":"term","title":"buy here pay here","url":"/glossary/buy-here-pay-here-43b86cb6-6d37-43b8-8651-d31d8c273fb4","quote":"...if you are a dealer buy here pay here retail and you're doing 20 to 30 cars a month...","canonicalId":"term:buy-here-pay-here-43b86cb6-6d37-43b8-8651-d31d8c273fb4","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Buy here pay here (BHPH) is a type of car dealership that provides financing directly to customers, allowing them to purchase vehicles without going through traditional lenders. This model is often used by customers with poor credit histories who may struggle to secure financing elsewhere.","simplifiedExplanation":"Buy here pay here means you can buy a car and make payments directly to the dealership instead of a bank. It's often for people who might not have good credit."}},{"startTime":375.0,"endTime":380.1,"type":"term","title":"post-sale inspections","url":"/glossary/post-sale-inspections","quote":"...you can reinsure for your post-sale inspections you can of course set up your cpi...","canonicalId":"term:post-sale-inspections","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Post-sale inspections are evaluations conducted on a vehicle after it has been sold to ensure it meets safety and operational standards. This can help identify any issues that may need to be addressed to maintain the vehicle's reliability and safety.","simplifiedExplanation":"Post-sale inspections are checks done on a car after it's sold to make sure everything is working properly. It's a way to catch problems before they become serious."}},{"startTime":375.0,"endTime":380.1,"type":"term","title":"service contracts","url":"/glossary/service-contracts","quote":"...you can sell your service contracts you can sell your ancillary products...","canonicalId":"term:service-contracts","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A service contract, often referred to as an extended warranty, is an agreement that covers certain repairs and services for a vehicle after the manufacturer's warranty expires. This can provide peace of mind for car owners by reducing unexpected repair costs.","simplifiedExplanation":"A service contract is like an insurance policy for your car that helps pay for repairs after the original warranty runs out. It can save you money if something goes wrong."}},{"startTime":380.1,"endTime":386.6,"type":"term","title":"collateral protection insurance","url":"/glossary/collateral-protection-insurance","quote":"...you can of course set up your cpi collateral protection insurance if you're a buy here pay here customer...","canonicalId":"term:collateral-protection-insurance","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Collateral protection insurance (CPI) is a type of insurance that protects a lender's interest in a vehicle when the borrower does not maintain their own insurance. This is often used in buy here pay here dealerships to ensure the vehicle is covered in case of damage or loss.","simplifiedExplanation":"Collateral protection insurance is insurance that protects the lender's investment in a car if the borrower doesn't have their own insurance. It's important for dealerships to make sure their cars are covered."}},{"startTime":695.5,"endTime":701.0,"type":"concept","title":"builder","url":"/glossary/builder","quote":"...the cars that no one will make the hard decision on it's a builder it needs an engine the engine's too expensive...","canonicalId":"concept:builder","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A 'builder' refers to a car that requires significant work or restoration, often needing parts like an engine or transmission to be roadworthy. These cars are typically purchased by enthusiasts or mechanics who enjoy taking on restoration projects.","simplifiedExplanation":"A 'builder' is a car that needs a lot of repairs or parts to be usable again. People who like fixing cars often buy these to work on them."}},{"startTime":717.9,"endTime":723.4,"type":"term","title":"engine issue","url":"/glossary/engine-issue","quote":"...it had an engine issue and it sat in the back of my lot for almost two years...","canonicalId":"term:engine-issue","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"An 'engine issue' refers to any problem affecting the engine's performance, which can range from minor issues like a faulty sensor to major problems like a blown head gasket. These issues can prevent the car from running properly or at all.","simplifiedExplanation":"An 'engine issue' means there's something wrong with the car's engine, which can stop it from working right. It could be a small problem or something much bigger."}},{"startTime":717.9,"endTime":723.4,"type":"term","title":"repo","url":"/glossary/repo","quote":"...my buddy that had a repo in the area and he had the repo brought here to my car lot...","canonicalId":"term:repo","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"'Repo' is short for repossession, which occurs when a lender takes back a vehicle due to the owner's failure to make loan payments. Repos are often sold at auctions or through dealerships at a lower price.","simplifiedExplanation":"'Repo' means the bank or lender took back a car because the owner didn't pay for it. These cars can often be bought for less money."}},{"startTime":1002.52,"endTime":1007.2,"type":"car","title":"Dodge Ramps","url":"/cars/dodge/ram","image":"https://upload.wikimedia.org/wikipedia/commons/e/e5/1999_Dodge_Ram_Cab_2500_4x4_stakebed.jpg","quote":"...i've got this dodge ramps in out here forever this 2024 thought it would go in a dude i feel like i have a price...","canonicalId":"car:dodge:ram","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Dodge Ram is a full-size pickup truck known for its performance and capability. The 2024 model continues this legacy with modern features and technology.","simplifiedExplanation":"The Dodge Ram is a big truck that can carry heavy loads and is often used for work or towing. The 2024 version has updates to make it better and more comfortable to drive.","imageAttribution":"Mr.choppers (CC BY-SA 3.0)"}},{"startTime":1017.8,"endTime":1022.9,"type":"term","title":"days in inventory","url":"/glossary/days-in-inventory","quote":"...i need to reset the days in inventory somehow right that's what i do typically when i write these down...","canonicalId":"term:days-in-inventory","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Days in inventory refers to the number of days a vehicle has been in stock at a dealership before it is sold. A high number can indicate slow sales or overpricing.","simplifiedExplanation":"Days in inventory is how long a car has been sitting at a dealership without being sold. If a car has been there too long, it might need a price change to attract buyers."}}],"speakers":[{"id":"s1","name":"Jeff Watson","role":"host"},{"id":"s2","name":"amp; Luke Godwin","role":"host"}],"transcripts":[{"url":"http://getcarcurious.com/episodes/407-5-critical-year-end-tasks-for-dealers-before-2026/transcript.vtt","type":"text/vtt"}]}