Managing a dealership is a demanding job. Several aspects need to be taken into consideration to run the business smoothly and effectively. Using business management software such as a dealer management system (DMS) can help ease this process. Efficient DMS can assist you in effortlessly managing different aspects of your business through unified software. This includes pre-sales, sales, purchases, post-purchase, financial accounting, inventory management, CRM, human resources, and more. Read on to learn more about DMS.

What does a dealer management system do?
The main objective of a dealer management system is to ease operational tasks and enhance operational efficiency. It takes the load off of excessive paperwork by streamlining and providing a centralized location for all your important data. A good DMS will also improve communication across different departments within your organization, encouraging better business awareness for your employees.

Dealer management systems can help you with the following:

Inventory management
This is a crucial feature for dealerships with large inventories. It can help you store records in a single location and retrieve them at the click of a button. It can also help you monitor your expenses for reconditioning and flooring and provide industry-standard book values.

Customer management
Instead of looking through physical records for each of your customers, a DMS can help you store and access customer data more smartly. Some software also allows you to call or chat with your customers in real-time. These software applications are generally equipped with features that allow you to record conversations and categorize your contacts to easily follow your leads.

Accounting
DMS can help you automate all your accounting tasks, such as inventory, point of sale, and transaction costing. This will enable the quick generation of financial reports that can be shared with the rest of the team. It can also help you develop an operational budget, monitor performance, and analyze the profitability of every aspect of your business.

Service management
Your DMS can also help you organize and manage the dealership’s service schedule to help you meet deadlines. It can help you streamline the service write-up process, schedule service work to maximize billable hours, allow your team to clock in and out easily, and make repair and warranty claim handling easier.

Features to look for in a dealer management system
The goal of an effective DMS is to improve your service capabilities while offering a great experience for your customers. While all businesses do not operate in the same manner, here are some standard DMS features that every business could benefit from:

Inventory management
Integrated accounting
POS and retail management
Reporting tools and analytics
Customer relationship management (CRM)
Service scheduling and productivity tracker
Repair order and billing estimates
Deal structuring, forms, and contracting
Lead management quoting

If you are keen on a DMS that offers more, look for the following features:

Multi-location management
Embedded text messaging
Slips and storage management
Cloud hosting
Employee training
IT support
Price file updates from major manufacturers and distributors
Availability across major phone/computer operating systems
Integration with third-party solutions (such as CRM, ERP, Chatbots, RMA reporting, and smart search features)
Prices for dealership management software can vary depending on the features offered, setup fees, number of systems installed, inventory list, and other factors.

Tips for choosing the right dealer management system for your business
If you’re in the market for a new dealer management system for your company, following these tips can help:

Prioritize the list of features
Classify all the features into three categories: needs, wants, and nice-to-have. This will help you prioritize your requirements and choose a DMS that is suitable for your business.

Needs
These are the non-negotiable features that a potential DMS must have. It may include inventory, unit tracking, sales, management, scheduling, accounting, etc.

Wants
Although these are not crucial for the functioning of your business, these features can help improve efficiency and provide insights. Some common features companies want include CRM, sales pipeline management tools, automation tools, sorting, report generation, and third-party integrations.

Nice-to-have
These may be considered frill features by many. While they can help improve your experience with the DMS, you can also comfortably continue your operations without them. Some nice-to-have features include training tools, mobile functionality, internal communications, cloud-based software options, and accessible customer support.

Create a list of vendors
This can help you find the right vendor for your business. Create a list of vendors that meet your priority list. You can scour the web for businesses, speak to your friends, colleagues, and acquaintances for suggestions, check industry publications, read online review listings, or even post on a public forum. Once you have a list of potential vendors, it is time to start shortlisting.

Request a demo
Conduct a thorough vetting of your list of vendors. You can reach out to their contact person and ask for more details to make an informed decision. Request a demo session once you have shortlisted two or three potential options. A formal demo session with the vendor can help you fill any remaining gaps in your knowledge about their offering and ensure the provider meets all their claims.

Once you have finalized your vendor, it’s time to make a proposal. The ideal DMS will help you streamline and support your business as you scale it to greater heights.

Credit cards are payment devices that offer plenty of conveniences to their users. Moreover, the cards also help one make ends meet. However, using a credit card also comes with its share of problems, as unmanaged expenditures may lead to debt. Furthermore, the debt may increase with interest and fees to hundreds or thousands of dollars. Hence it’s advised to use credit cards but also employ certain tips to save money.

Tips to save money while using a credit card
In most cases, using a credit card is accompanied by budgeting. However, using a credit card to shop can help one save money. Hence, here are some tips that can be followed to help one save rather than lose a large chunk of money.

Transfer credit card balances
One of the easiest ways to save money while shopping with credit cards is to transfer the balance to another card with lower interest rates. This can help one save hundreds of dollars that may have been spent paying high interest. Furthermore, one can even take advantage of a 0% Annual Percentage Rate (APR) balance transfer offer. This may aid in paying off the credit card balance without accumulating a high rate of interest on the amount. For instance, one may save almost $400 by moving their $3000 credit card balance at 17% interest to a credit card with 0% APR for 12 months.

Pay using cashback credit cards
Cashback credit cards can be employed to aid in accumulating cash rewards on the credit card. If one uses a credit card to pay their maximum expenses, they can max out on the cash earnings rather than using it to make purchases with the most rewards. However, one must ensure they pay off their credit card balance at the end of the month. Otherwise, the interest charged on the balance may outgrow the cashback earned.

Get credit cards with gas and grocery benefits
Nowadays, prices of gas and groceries keep increasing, so one can use credit cards with grocery and gas benefits to minimize their expenditure. Some credit card companies offer generous rewards for every dollar spent at the grocery store and the gas station. So, when one does grocery shopping with these credit cards regularly, they can save enough money to help manage their household finances. Furthermore, shopping with the right credit card offers can help one earn competitive cashback rewards on essential items and save money.

Use the discount mall
Various credit card companies have a “discount mall,” or a collection of retailers across the country that partner with them to offer incredible discounts to cardholders. This may help one save money while dining out, buying movie tickets, and shopping for flowers. However, keep in mind that one must make these transactions using the credit card that the retailer has teamed up with. This process becomes easier as credit card company websites often list stores against the money the user can save on the transaction.

Collect and use the airline miles
One can also go a step beyond getting cashback points for grocery shopping. Most credit card companies offer other benefits that can help one save a lot of money in the long run. These include airline miles that can be acquired against everyday expenses. As travel is one of the major expenses in the year, one can opt for airline miles to save money on airline tickets. This can be done by using the right credit card for everyday expenses to offset traveling expenditures. Furthermore, one can even accelerate their earnings by employing travel credit cards for travel-related expenses and even use the card while traveling.

Shop on retail cardholder discount days
If one has only retail credit cards, they may lose a large portion of their hard-earned money due to the limited use and high-interest rates. However, this occasional use of the retail credit card can also be used to one’s advantage. For example, the cardholder can opt for rewards programs that offer perks such as special discount days and save money while shopping in various retail stores. Furthermore, as a tip, it’s suggested to only sign up for retail credit cards at retail stores that one frequently visits to save more money.

Opt for sign-up bonuses
Usually, when one signs up for a new credit card, they receive certain benefits or rewards as a sign-up bonus. While the cardholder may have to first use the credit card for a fixed period, the sign-up bonuses help them maximize the value of the credit card in hand. Furthermore, with the right offer, one can get up sign-up bonuses of considerable value, which then can be used for free hotel stays and even airline tickets. Moreover, meeting the credit card company’s requirements and paying off the balance may also accrue certain benefits, such as earning a bonus without paying extra interest.

Conclusion
Further, one must ensure the full payment of the credit card balance at the end of each month is made to avail of card benefits without paying exorbitant interest rates and late fees. Besides, keeping your budget and expenses in check can give you more benefits on credit card shopping.