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Continuing their efforts in bringing education and networking opportunities to the industry, the Illinois Limousine and Bus Association (ILLBA) hosted their third Coffee With ILLBA membership meeting via Zoom on Tuesday, October 13. Approximately 50 members and guests took part in the event, which featured a presentation on preparing for a third round of deferrals.
Following opening remarks from ILLBA President Tracy Raimer of Windy City Limousine & Bus and Executive Director/Secretary/Treasurer Paula DeBiasi of Chicago Coachworks, Chris Norlin of Nationwide Bus Sales introduced guest speakers Kent Schindler and Edward Kaye from the law firm of Schindler Kaye. The pair provided an overview of how operators can prepare themselves when negotiating with banks to further defer loan payments. Using a sample P&L statement, Kaye detailed how to create a financial story for a business, including forecasting for the future. For those facing the possibility that their banks will not offer further deferment, Kaye gave a brief overview of Subchapter V Bankruptcy, which overs a “speedy and inexpensive filing that keeps you in control of your business.”
After the presentation, Chauffeur Driven Publisher Chris Weiss spoke a bit about the upcoming CD/NLA Virtual, which will largely focus on resetting and diversifying your business post-pandemic. During a short discussion about Chicago-area news, ILLBA Vice President Art Rento of Pontarelli Companies shared some good news about the controversial “security guard laws” that require an armed guard on all bus trips. After learning that clients are hesitant to book travel with a “stranger” on their bus when they’re supposed to be social distancing, the city has expressed a willingness to discuss reworking the legislation.
To close the meeting, Raimer informed the members that a whitepaper is forthcoming from ILLBA leadership that details insurance requirements.
Visit illinoislimousineassociation.com for more information.
[10.13.20]
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- Category: Industry News
You asked for it and we listened. In this column, we ask operators of all sizes and from all walks of the industry a question about their business and report their answers so you can assess how your own company compares to your peers. If you would like to participate, please email Rob Smentek at rob@chauffeurdriven.com for next issue’s question.
TOPIC: How did you manage to keep cash on hand during the COVID pandemic? Did you find any “hidden cash”?
Gary Arndt, President
A Limousine Service in Pittsburgh, Pa.
Jason Dornhoffer, Co-founder
United Private Car in Boston, Mass.
Sean Duval, President & CEO
Golden Limousine in Ann Arbor, Mich.
Agustin Hernandez, Owner
Blackcar Offers Limo Services in Mexico City, Mexico
We cancelled our limousine insurance as soon as reservations started cancelling. After what would have been an amazing March, getting the refund was helpful. We managed a workers' comp insurance refund too. We also have two rental properties and some lease vehicles. I used the advice of a my former professor who warned against keeping all your eggs in one basket. We also have a used car lot and had record sales in June. Every little bit helps!
We have been blessed that we are in a "low virus" area and have had income from limousines since the end of June, not the whole fleet but one or two. It’s been enough to cover insurance/maintenance and keep the vehicles on the road and visible. PPP helped greatly during May and June and the EIDL is in savings in case we need it later—like November and December.
Karen Lotts, Owner
A Knight Rider Limousine Service in Cadott, Wisc.
Sock drawer. Underwear drawer. Shoe box. Under rugs. Oh ... not that kind of money!
We simply slashed expenses, hard and to the bone. We made sure we weren’t spending what wasn’t absolutely critical. Unfortunately, we had to furlough most of the team. Most important were our cash reserves—the money that’s never touched, unless there’s an emergency. This counts as an emergency. Thankfully, it’s still sitting there, and we’re being conscious of every penny coming and going. So far, we’re keeping our heads above water, and staying on track. I’m proud of us.
A wise woman once told me: Have enough cash reserves to get through six months with no revenue. (Yes, it was you Andi Gray [of Strategy Leaders].) Guess what? She was right, and not nearly as nuts as I thought she was at the time. Hidden cash is like pennies from heaven. Proper advance planning and putting money away before we needed it was the smartest thing we can do. I’m very thankful that I listened.
Tracy Salinger, President and CEO
Unique Limousine in Harrisburg, Pa.
We’ve loved hearing your answers to our benchmarking questions—but we always welcome suggestions for future topics, too!
Send an email to rob@chauffeurdriven.com you just might see your query answered in our next E-News.
[10.14.20]
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- Category: Industry News
New for 2021 model year, the Ford Transit is updated with livery, parcel delivery, and recreational vehicle option packages to meet the changing needs of operators and the traveling public.
“With many Americans working from home and practicing social distancing during the pandemic, the popularity of recreational vehicles has soared at the same time package delivery has seen incredible growth,” says Tiffany Chang, Ford fleet brand strategy manager. “Our new 2021 Transit options help people design the recreational vehicles of their dreams and help enable our commercial customers to more efficiently deliver goods and services across the country.”
Transit Vans for Work: Parcel Delivery and Livery
The Livery Package serves the premium transportation market with a ready-made configuration focused on comfort and style. Available for Transit passenger van XLT, the package includes 10-way power seats finished in Ebony leather for all passengers, power-sliding side door, HID headlamps, full privacy glass, and 16-inch silver wheels with exposed lug nuts with black front wheel well liners for both single- and dual-rear-wheel models. Other standard appearance features include body-colored bumpers and chrome grille. The full suite of Ford Co-Pilot 360 Technology is standard on these vans, including Pre-Collision Assist with Automatic Emergency Braking, Blind Spot Information System, Lane-Keeping System, Auto High-Beam Headlamps, reverse and side sensing, and rearview camera with trailer hitch assist.
A new Parcel Delivery Package focuses on the needs of an industry seeing incredible growth. It starts with a number of design refinements standard for the 2021 Transit that provide improved access to the cargo compartment. The manual parking brake on the floor by the driver’s seat has been replaced in all Transit vans up to 9,500 pounds GVWR by an electronic parking brake, creating a 50 percent wider aisle that is clear between the front seats.
An optional center console with right-side shifter further improves walkthrough and offers more than 7 inches of additional driver legroom. The overhead shelf is now optional, providing more clearance when standing. The Parcel Delivery Package adds 50/50 hinged rear doors featuring a wide 253-degree opening and full interior lighting. The armrests have been eliminated from both the driver and passenger seats to further improve cargo access.
Transit Vans for Play: Motorhomes, RVs, and Adventure Vans
July RV shipments were the highest in 40 years at 43,035 units, and 46 million Americans say they plan to take an RV trip in the next 12 months, according to the RV Industry Association.
More than half of all motorhomes sold in the United States are built on Ford chassis. Ford is using its expertise and responding to growing demand with appearance updates for the 2021 Transit, including new wheel choices and three new exterior colors that keep their good looks even when covered in campsite dirt. Three new and improved option packages include the updated Transit Motorhome Prep Package for cutaway, the new RV Prep Package for cargo van and a new Adventure Prep Package for cargo or crew van.
A honeycomb mesh grille is standard on all 2021 Transit models. Production begins this fall at Kansas City Assembly Plant in Claycomo, Mo.
Visit corporate.ford.com for more information.
[10.13.20]