Dealers face complex challenges, from market fluctuations and margin pressures to managing risk. That’s why we deliver specialized auto industry expertise and solutions to help you succeed.
Dealer Financial Services
A dealer’s guide to succession planning
Perhaps the most important thing you can do for your dealership is to make a succession plan — and to make sure it’s up to date.
Adapting to a tight labor market
Attracting and retaining the best dealership employees is an ongoing concern and it is not getting easier in the current labor market. New strategies and tips to address critical staffing issues are highlighted in our report.
Why investing in women is really smart
Diversity of the dealership workforce drives diversity of the culture and allows any company to better address the needs of today’s consumer. The conversation about the role of women in the auto retailing industry is not a new one. But the discussion has taken on a new sense of urgency and become a mainstream topic in industry news.
Whether you are expanding or improving your business, cost-efficient capital is key. Understanding your unique strategic and operating needs is how we offer complete financing advice, solutions and support tailored to your dealership.
- Draw upon comprehensive lending solutions, including lines of credit, real estate and construction financing, acquisition financing and equipment leasing.
Floor Plan Finance
- Benefit from competitive rates for new and used vehicles, as well as the ability to minimize interest expense and the impact of changing interest rates.
Floor Plan Support
- Easily access your statements and inventory through Floor Plan Online; automate your audit technology; simplify renewals and choose custom payment options.
Strong cash flows and efficient operations help dealerships conduct business in more ways and places. That’s why our treasury management specialists and cash flow strategists take a consultative approach in helping you meet your complete transaction services needs. You also benefit from our easy-to-use, integrated CashPro® platform to manage your payments and receipts, liquidity and investments, FX, credit and trade.
- This dealership-to-consumer solution can enable you to gain efficiencies and potentially reduce costs for promotional campaigns, insurance and deposit refunds, employee incentives, or whatever type of payment you need. Learn more
- Giving your customers more ways to pay with capabilities from Bank of America Merchant Services1, along with 100% U.S.-based customer service and 24/7 toll-free technical help. Learn more
Remote Deposit Scanning
- Reduce check handling and speed up your receivables processing with electronic payments. Learn more
Your life is filled with people and pursuits you care about. You want to make the most of your wealth, so you can build, preserve, enjoy and share what you’ve earned.2 That’s why our advisors and commercial relationship managers work together closely to help support your connected priorities. In addition, building your employee benefits program can increase loyalty as you support the financial well-being of your employees, their families and your business.
- Help your employees manage daily and future finances with financial wellness programs and group banking solutions that offer preferred rates and discounts on services. Learn more
Benefit and Retirement Plans
- Address the challenges of managing a defined-benefit plan with services including investment consulting, asset management choices and actuarial consulting.
Bank of America Benefit SolutionsTM
- Establish and administer a variety of healthcare accounts, such as HSAs and FSAs, designed to save you money and give your employees more control over their healthcare expenses. Learn more
1©2018 Banc of America Merchant Services, LLC. All trademarks, service marks and trade names referenced in this material are the property of and licensed by their respective owners. Merchant Services are provided by Bank of America, N.A. and its representative Banc of America Merchant Services, LLC. Banc of America Merchant Services, LLC is not a bank, does not offer bank deposits, and its services are not guaranteed or insured by the FDIC or any other governmental agency.
2Banking products are available from Bank of America, N.A., and affiliated banks. Investment products are available from BofA Securities, Inc.
Autos: Putting the pedal-to-the-metal?
While auto sales struggled in 2022 amidst supply snarls, there’s light at the end of the tunnel.