As year-end approaches, many dealers fall into the same trap: waiting too long to tackle financial housekeeping. In this episode of Dealer Driven, experts Sharlene Croteau and Heather Westman share what dealers should be doing now to finish the year strong and set up for a smoother start in January.
One of the biggest mistakes is ignoring the numbers until the fall. Westman explains that waiting until October to clean up work-in-process (WIP) schedules or review fixed assets leaves little time to correct problems. Instead, she and Croteau recommend steady, month-to-month processes that prevent year-end surprises altogether.
They also examine two areas that can make or break profitability: aging inventory and receivables. Whether it’s used cars gathering dust on the lot, obsolete parts piling up on the shelves, or receivables that managers stopped tracking, the longer you wait, the bigger the hit in December. Their advice: review often, hold managers accountable, and make small course corrections all year.
Another hot topic is floorplan expense. With higher interest rates, carrying excess inventory is more costly than ever. Dealers need to evaluate stock with precision—knowing which vehicles to sell, which to wholesale, and whether pricing really reflects the market.
But this isn’t just an accounting exercise. Croteau stresses the importance of involving department managers early—sharing financial information, setting realistic goals, and creating accountability across the team. Transparent forecasting, she says, should begin in late summer so that by September, a real business plan is already taking shape.
The episode wraps with some overlooked “profit leaks,” like redundant vendor contracts, auto-renewals, and expenses buried in the wrong departments. A little housekeeping here can free up thousands of dollars.
So what’s the one thing you should do right now? Build trust with your team, review the balance sheet with your GM and controller, and shine a light on receivables and inventory before they become year-end headaches.
Listen to this episode of Dealer Driven and take control of your year-end financial strategy.
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