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Enterprise Flashcards

1
Q

What are reserves?

A

Unrecovered damages to a vehicle while in a revenue generating state.

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2
Q

What are the 2 types of losses that impact reserves?

A

Damage waiver losses & Subro Bad Debt

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3
Q

What is the formula for reserves?

A

12 Month rolling avg + 10% Buffer

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4
Q

What is C&I?

A

Time/distance

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5
Q

What is the formula for C&I?

A

ADR x Days Earned % x # of Days in Month

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6
Q

How do you get C&I?

A

IPC - Net Other

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7
Q

What is C&I made up of?

A

ADR, Young Driver’s Fee, Rate Charge, Additional Driver Fee, Hourly Charges

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8
Q

What are uninsured losses?

A

Unrecoverable damages to a vehicle while in a non-revenue generating state

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9
Q

What are types of uninsured losses?

A

Employee physical damages | Employee loss liability | Conversion | Undocumented damage

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10
Q

What are the exceptions for uninsured losses?

A

Conversions & detectable fraud

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11
Q

What is the goal for uninsured losses?

A

$7

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12
Q

What are the best practices to mitigate uninsured losses?

A

Consistent trunk to trunk | Proper underwriting | Callbacks | Safe Driving | Lot organization & security | Quality accident reports

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13
Q

Why is the BMI on a per units basis?

A

To make it an even playing field & competitive amongst the branches

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14
Q

What protection products are not available to for 18-20 year olds?

A

DW & SLP

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15
Q

What size vehicles can be rented by customers ages 18-20?

A

Up to a fullsize

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16
Q

What is the minimum age to rent our vehicles?

A

18-20 : Insurance only | 21-24 : Up to a Full-size car | 25+ : Any Vehicle

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17
Q

What is the formula for net other?

A

IPC - C&I

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18
Q

What is the OP for our Branch and region?

A

Goal is $175

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19
Q

How would you lower your branches break even?

A

Growing my fleet. Lowering the controllable expenses

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20
Q

What is the goal for break even?

A

$850 - $900

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21
Q

What is the formula for IPC?

A

ADR x Days Earned % x Days of Month + Net Other

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22
Q

What is the goal for bad debt?

A

$5

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23
Q

What are the top 4 controllable operating expenses?

A

Bad Debt | Customer Satisfaction | Uninsured losses | Personnel

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24
Q

Who is on the compliance & ethics committee?

A

Bryan | Lauren | Garrett | Yeagor

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25
Q

What are direct costs?

A

Any cost associated with renting and owning a fleet of vehicles

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26
Q

What are the four core areas and what is the goal for each?

A

ESQI - 85% | Retention - 78% | DE Growth - 5% | OP - $175

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27
Q

What is the goal for comp & collision reserves?

A

$30

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28
Q

What are comp & collision reserves made up of?

A

DW losses

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29
Q

What are liability reserves?

A

Money set aside to pay for 3rd party damage claims

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30
Q

What is the goal for net fuel?

A

$0 - $1

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31
Q

How much do we depreciate our cars?

A

1.7%

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32
Q

What is the goal for LOFR score?

A

Under 30

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33
Q

How can you increase your C&I?

A

By raising the rate through upgrades, IDR, walk-in upgrades, having clean cars, hourly charges, additional drivers fee

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34
Q

What is the minimum tire tread depth?

A

4/32 seconds

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35
Q

What is the CQ process?

A

2 utility bills \ 1 utility bill + full time pay stub or full coverage insurance (deceleration page)

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36
Q

What is LPC?

A

$ lost in a month in unrecovered on-rent losses on a per car basis

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37
Q

What is the formula for LPC?

A

Subro bad debt + other losses / fleet

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38
Q

What is the difference between LPC & reserves?

A

LPC is a 1 month snapshot of reserves | Reserves is a 12 month history of LPC (LPC is where we are going, reserves is where we have been)

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39
Q

What does TACO mean?

A

T-Texture | A-Alignment | C-Color | O-Overspray

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40
Q

What are the 4 things that open us up to unlimited liability?

A

1) Negligent Maintenance - 2) Negligent entrustment - 3) False Arrest - 4) Employee Accident

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41
Q

What is the State Farm agreement?

A

Hertz is primary, we are secondary. Market to body shops that use Hertz & sell them on why to use Enterprise

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42
Q

Types of losses that impact reserves:

A

Damage waiver losses | Subro bad debt | Delayed shopped | Disputed claims | Undetectable fraud

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43
Q

What are the 3 tabs in RFS?

A

Invoice | Cash Box | Accounts receivable

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44
Q

What is the formula for flip?

A

Depreciated value of car - what we sell it for

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45
Q

What is the difference between risk cars and buy back cars?

A

Risk: Can be sold to anyone | Buy-Back : We have already agreed to sell it back at a set price with certain miles

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46
Q

What is a force charge?

A

A non-billable account that we have 30 days to collect on

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47
Q

How can you calculate your commission %?

A

Net profit x Fleet x Commission % = Your Check

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48
Q

What are the two ways to make $ as a ABM & BM?

A

Flip & OP

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49
Q

When is it our fiscal year?

A

August to August

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50
Q

Does depreciation change?

A

Yes, due to # of days in a month & newer model vehicles that come in (drive depreciation more quickly than older vehicles)

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51
Q

What is the goal for T&E?

A

$1 - $2

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52
Q

What do you need to consider when switching out a customer for damage?

A

Contract violations

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53
Q

How many years do you have to be with Enterprise to be 100% vested?

A

6 years - 6 figures

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54
Q

What effect do you have on ESQI?

A

Friendliness | Timeliness | Cleanliness

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55
Q

Why do we re-write every 30 days?

A

Maintenance | Payment | Inspect for Damage

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56
Q

What are our Liability limits in NC?

A

$30K/Person | $60K/Accident | $25K/Property Damage

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57
Q

What are our Liability limits in SC?

A

$25K/Person | $50K/Accident | $25/Property Damage

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58
Q

What is subrogation?

A

We have the right to collect

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59
Q

How do uninsured losses impact the Branch financially?

A

Branch - $2,500
Area - $10,000 Spread
Region - Remainder

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60
Q

What is Subro bad debt?

A

Money that we are owed that we didn’t collect

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61
Q

How can you impact bad debt at your branch?

A

Proper underwriting | maintaining good relationships with your accounts

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62
Q

Uninsured Loss Accounting

A

Employee Loss - Liability | Branch pays first $5K & anything above spreads to the region ($50K Max)

Employee Loss - PD, Lot damage, Vandalism, Lot theft |Branch pays first $2.5K & above goes to region

Conversions & Undoc Damages - Branch pays entire cost —> Wholesale cost of vehicle/damage amount

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63
Q

What is a conversion?

A

When a branch loses control of the rental, ultimately leading the vehicle being reported stolen to law enforcement

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64
Q

How can you recognize a conversion?

A

No contact/not reachable

Charges are down/behind on deposit

Customer not coming in for re-write

Broken promises/ non-cooperation

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65
Q

Explain the 6-steps in the conversion process

A
  1. After $50 down, or ceased contact with customer you need to pursue alternative means
    - Call reference, work or insurance
    - Drive by; multiple and various
    - Check prior contracts for additional numbers
  2. Do 2 drive-by’s first thing in the morning and in the evening after 5
  3. Email a completed conversion work sheet to the area manager and James Wallace
  4. Risk manager will send the Branch a skip trace and demand letter; Branch should work through skip trace to contact renter
  5. Once 72 hours has passed, the RM, with RVP approval, will seek to report the vehicle on the hot sheet. The Branch May close the contact at this time; always consult the RM on the exact date to close.
  6. After 30 days, the vehicle is written off to account 557 as an uninsured loss. Enterprise uses UDW (undamaged wholesale) to determine the write-off amount
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66
Q

What happens with unrecovered conversions?

A
  • Removed from branches books 30 days after deemed a conversion
  • Branch pays for vehicle the statement month of the deletion
  • If recovered after the 3rd day, damages are paid to uninsured losses
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67
Q

What are our 4 core areas?

A
  1. Customer service
  2. Employee development
  3. Fleet growth
  4. Profits
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68
Q

What are the goals for fleet growth in our branch and region? How can I impact them?

A

5% is the goal —> Growth business, increase revenue, control cost

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69
Q

What are the 4 steps of the points of sale?

A
  1. Upgrade
  2. Protections
  3. Ancillary
  4. Equipment
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70
Q

What is the 7.0 plan?

A
  1. Preparation
  2. Greet customer with a smile
  3. Complete all tickets for launchpad
  4. Callbacks to ensure great customer service
  5. Close ticket on the launch pad
  6. Ask 3 critical questions
  7. Thank customer for business and invite them to return
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71
Q

What are some examples of controllable expenses?

A

Personnel, fuel, comp/collision, uninsured loss

72
Q

How can you impact occupancy and utilization?

A

Running tight
Working shopped cars
Having good relationships with your accounts

73
Q

How are maintenance costs computed?

A

On a per car basis

74
Q

What is the policy for rental vehicles returned with damage?

A

Write through claim
Collect deductible
Switch out customer
Shop car

75
Q

What are some factors that affect re-sale value?

A

Damage to vehicle
Mileage
Regular maintenance
The market

76
Q

How can you improve inventory adjustment at your branch?

A

Don’t re-rent through deletes. Pull them immediately

77
Q

What are charge backs and what can you do to prevent them?

A

When a customer disputes the charges on their card | Signed contracts

78
Q

How long is the warranty in effect?

A

36,000 miles / 3 years (36 months)

79
Q

What does MMR stand for?

A

Mandatory Manufacturer Recall

80
Q

What does warranty not cover?

A 
Wear & tear
General maintenance 
Collision related incidents 
Damage due to neglect 
Vandalism
81
Q

What is factory assistance?

A

When the car just ran out of warranty and we ask for assistance in fixing the repairs

82
Q

What are the two separate categories in comp/collision reserves?

A

Subro/bad debt and other (DW)

83
Q

What is other (DW)?

A

Damage waiver losses

84
Q

What is LPU?

A

Loss Per Unit

Subro bad debt + DW losses / fleet size

85
Q

What is the goal for IDR?

A

$30

86
Q

What is the subro / bad debt goal?

A

$5/car

87
Q

What are the most typical losses?

A

Damage waiver

88
Q

Where do you go to see if a vehicle has had previous damage reported on it?

A

ICE

89
Q

How many hours do you have to get a disabled customer a vehicle?

A

48 hours

90
Q

If a car is a conversion what price does the Branch pay for the vehicle?

A

Entire undamaged wholesale value to uninsured losses

91
Q

How would you qualify someone who is visually impaired?

A

The visually impaired must qualify the same as any other customer but we must add on an additional driver at no cost who does not have to qualify. They must only have a valid driver’s license

92
Q

What would you do is someone fell in the parking lot?

A

Ask them if they need us to call 911
Don’t touch them
Do not call for them. If they can speak to the operator let them do so
File an OX

93
Q

Van Addendums

A

Can’t go out of the U.S.
Can’t be used to transport kids 12-K for school functions
College travel is Okay

94
Q

What to do if the cash box is off?

A

Re-count
Check where money orders and cash are stored
Check your interim cash box
Check the ticket to see who wrote it
Ask the employee and check cameras
If you exhaust all your resources and can’t find it, you can make an adjustment and email you area manager

95
Q

Vehicle defect allegation

A

When a renter alleges they were in an accident due to our vehicle being faulty (I.e: brakes failed, steering locked, gear shift jammed)

96
Q

What do you do if there is a VDA (vehicle defect allegation0?

A

Ground the car immediately
Call RM & VR immediately
Wait for instructions from vehicle repair PRIOR to moving the vehicle

97
Q

What are the proper underwriting procedures?

A

Full cost of rental +$300 deposit
Cash qualify: Findablity / fundability
- NC driver’s license = Utility bill + full coverage ‘ full-time pay stub
- Out of state license = MJCC

98
Q

Explain the process in collecting a deductible?

A

Explain to the customer that they will need to file a claim
Collect deductible from the customer
Key a DX completely & have customer sign it

99
Q

Retail & other types of rentals

A

The NC personal auto policy does NOT generally extend comp/collision coverage to additional driver’s except family members
‘Family member” means a person related to you by blood, marriage, or adoption who is a resident of your household
The renter’s NC auto policy will generally not cover losses resulting from unauthorized drivers because of the follow exclusion to coverage:
- the insurance company “ will pay for …loss to a rental car if used without the express or implied permission of the owner or other person in lawful possession of such vehicle

100
Q

How do we properly deactivate a recall in unit services?

A

Invoice in hand —> go to Unit Service —> Hold Status Tab —> Mileage —> in Location note Dealer name, service advisor, invoice —> save

101
Q

What is the enterprise safe tire policy and how do we measure safe tire tread depth?

A

Tires must have all tread lines ABOVE 4/32 seconds of an inch & on an Enterprise Tread Depth Gauge

102
Q

What is not covered under warranty?

A

Wear & tear, maintenance, collision damage, customer abuse

103
Q

What options do we have to inspect mechanical failure/damage for customer abuse before sending to a dealer?

A

Enterprise service centers / Local LOFR Vendor

104
Q

What is the Enterprise Service Center?

A

An internal Enterprise repair facility that installs our new cars, completed maintenance, repairs most of our warranty & recall repairs, and installs ADA equipment such as hand-controls and foot controls for our specialty equipment reservations

105
Q

What programs help us manage LOFRs, Recalls, & Out of Service vehicles?

A

VMR/RMP, Unit Services Hold Tab & Fleet Health on the Tablets

106
Q

What is VMR/RPM?

A

Vehicle Maintenance Repair / Rental Preventative Maintenance

107
Q

How do we deactivate a LOFR?

A

Unit services —> Hold Status Tab —> confirm mileage & accuracy —> “Vendor Name” —> Save

108
Q

Why is it so important we do maintenance when PM holds are activated?

A

Keep the vehicle operating efficiently, not exposing the Branch to liability by keeping the vehicle in safe condition

109
Q

How do we manually shop/non-rev a vehicle?

A

Once the vehicle has physically left the lot for repair and can no longer be reconciled.

Unit services —> non-rev tab, MSM or WSM —> update location note —> “Name of Vendor” —> Save

110
Q

What is a MSM or WSM movement?

A

Mechanic Shop Movement or Body Shop Movement

111
Q

Why do we non-rev a vehicle?

A

We use non-revs to alert vehicle repair, risk, logistics, & business management that the vehicle is out of service and can no longer be physically reconciled, so that all 4 depts can keep track of the depreciation and loss of use costs, speed of repair, unavailable inventory & physical location of the vehicle while not in our possession

112
Q

How do we inspect s completed bodyshop repair for quality?

A

Texture, Alignment, Color, Overspray

113
Q

What repair work can branches authorize without the Vehicle Repair/PO line teams?

A

Oil changes and state inspections only

114
Q

Why is it important we maintain our fleet?

A

Our greatest concern is the tire quality and overall health of the fleet for safety purposes. We must ensure that customers are in safe vehicles with safe tires, regular oil changes, and fully functioning safety equipment. Completing regular maintenance in a timely manner allows the vehicle to get a Vendor who is required to review all of these things on our behalf to ensure we have the highest quality product we can offer.

115
Q

What are direct cost/gross cost?

A

Costs associated with owning our vehicles and keeping our cars on the road (TIMIDG)

Maintenance 
Depreciation
Liability Insurance 
Gas (fuel)
Tax & License 
Reserves 
Interest 
Miscellaneous Expense
116
Q

What are the two biggest direct cost categories?

A

Depreciation (biggest)

Interest

117
Q

How can you control direct costs?

A 
Grow your fleet
Get rid of higher end vehicles 
Sell prepaid fuel & collect postpaid fuel 
Reduce gas card usage 
Proper maintenance of vehicles
118
Q

What are expenses?

A

Costs associated with running the business

119
Q

What are examples of business expenses?

A

Personnel , Building rent, Utilities, overhead

120
Q

Can you control operating expenses?

A

Yes

121
Q

How can you control uninsured losses?

A

Proper trunk-to-trunk, drive safely, proper underwriting, catch & shop damage as it occurs

122
Q

How can you control personnel costs?

A

Monitor & control employee hours
Flex time for FT employees
Ensure everyone is getting a lunch break
Manage staffing needs

123
Q

How can you control T&E Costs?

A

Adhere to limits
Be reasonable
See a return on investment

124
Q

How can you control bad debt?

A

Maintain a deposit on rentals
Proper underwriting
Callbacks

125
Q

What is the containment goals (per car)?

A 
Bad Debt ($5/car)
Customer Satisfaction ($2/car)
Uninsured loss ($7/car)
T&E ($2/car)
Collision & Comp Reserves ($30/car)
Fuel ($0/car)
Personnel ($150-155/car)
Service Agent ($21/car)
Operating Profit ($1/cost control)
126
Q

3 Main ways to make more profit:

A

Grow your business
Increase your revenue
Control your costs

127
Q

What is ARMS?

A

Automated Rental Management System

128
Q

What is the expectation for payment from our partners?

A

Net 30 (pay invoices within 30 days)

129
Q

What is the website for anonymously reporting ethical concerns?

A

www.ethicspoint.com

130
Q

What is negligent entrustment?

A

Renting to someone unfit to drive

131
Q

What is primary coverage?

A

Coverage that takes over first

132
Q

Secondary coverage is what?

A

Coverage that takes over after primary coverage is exhausted

133
Q

What is fraud?

A

Renter using false pretenses to obtain a rental

134
Q

Subrogration is what?

A

The collections of money from a third party

135
Q

DX/VX means what?

A

Any damage occurring while the vehicle is in a revenue generating state (on rent)

136
Q

OX/NX means what?

A

Any damage occurring while the vehicle is in a non-revenue generating state (not on rent)

137
Q

Uninsured losses (CLUE)

A 
Damage occurring while not on rent 
Conversions
Lot damage
Undocumented Damage 
Employee accident
138
Q

What is a reserve loss?

A

A loss that occurs either when a customer uses DW/SLP to cover the vehicle or she. We do not collect the deductible for, the customer

139
Q

What are reserves?

A

12 month rolling average of : DW losses + subro bad debt + 10% buffer

140
Q

How can you impact reserves?

A

Proper underwriting
Verify Insurance & Collect deductibles
Catch & fix damage immediately

141
Q

Where can you see if prior damage claims have been repaired?

A

ICE

142
Q

Explain the Trunk To Trunk:

A

The process is an inspection of the vehicle starting at the trunk, opening to check for the spare tire (inflator kit), then checking the inside & outside of the vehicle on a clockwise fashion for damages ending at the opened trunk

Check the roof

143
Q

When do you begin keying a DX?

A

Immediately while the vehicle is on rent, even if the customer is not at the branch as of yet, you can always edit it later

144
Q

How do you key a DX, if the customer is on the phone?

A

Begin the process of gathering the information, have the, file a claim through their insurance and let them know about the deductible collection.

145
Q

What do you do if someone has been hit by a renter?

A

Key a DX & contact the customer

146
Q

What things do you need to consider before switching out a renter who just damaged a vehicle?

A

Contract violations
Type of vehicle wrecked
If deductible was collected

147
Q

What items are not covered by the manufacturer’s warranty?

A

Vehicle maintenance

Seats & carpet

148
Q

Where do we take vehicles that have recalls, warranty issues, etc?

A

Dealership

149
Q

What are the 15-passenger van requirements & restrictions & addendum handling practices?

A

No school aged children K-12
25+ DC/MJCC
No travel to Canada
College groups allowed

150
Q

How to handle Do Not Rent?

A

Verify DL/Name/DOB-same person
Discuss with customer
C/S saying paid? Call BM to assist customer and or verify
No CV’s; age of receivable; less than $50

151
Q

Explain the difference between LPC & reserves?

A

LPC - 1 month snapshot : monthly # causing reserves average to go up or down
Reserves - 12 months of LPC (where we have been)

152
Q

How to alleviate reserves? 6 key impacts

A 
Underwriting 
Contract Execution 
Callbacks
Consistent Trunk 2 Trunk
Quality DX reports
Shop Vehicles
153
Q

When is it okay to backdate a ticket?

A

Rewrites
Insurance drops
Dropped at Vendor/Body Shop

154
Q

Why do we cash qualify?

A

Findability & Fundability

155
Q

What are the 7 Direct Costs?

A 
Depreciation
Interest 
Revenue
Taxes
Maintenance
Net Fuel
Miscellaneous
156
Q

When does a bill-to rental hit your bad debt?

A

After 90 days if you don’t collect it hits your bad debt.

157
Q

What do we consider our four core areas?

A

Employee development
ESQI
Fleet Growth
Profitability

158
Q

List 5 examples of Branch overhead?

A 
Depreciation 
Building expense 
Rent 
Taxes
Repair & Maintenance
Supplies & Janitorial
159
Q

How can you get back depreciation expense?

A

Proper Fleet Mix

160
Q

What is Branch overhead?

A

The cost associated with running the physical branch location

161
Q

What can you do to increase IDR?

A

Upgrades
Additional Driver & Young Driver Fees
Maximizing Insurance Rate

162
Q

What can you do to prevent forced charges & chargebacks?

A

Forced charges:
Proper underwriting
Callbacks
Collect Deposits

Chargebacks:
Explaining charges to customers
Capturing signatures

163
Q

What are the 8 founding values of Enterprise? COPEGWOW

A

Our brand is the most valuable thing we own
Personal Honesty & Integrity are the foundation of our success
Customer service is our way of life
Enterprise is a fun & friendly place where teamwork rules
We work hard and reward hard work
Great things happen when we listen to our customers and each other
We strengthen our communities, one neighborhood at a time
Our doors are always open

164
Q

What is the revenue impact if you increase days earned percentage by 1%?

A

About $10

165
Q

What are 4 costs we consider controllable?

A 
Bad Debt
Customer Satisfaction 
Net Fuel 
Uninsured Losses (conversions, chargebacks)
- Know the goals for each
166
Q

Identify 3 areas of opportunity on this per unit report? Give me the action plan of what you’re going to do to impact those areas?

A

Focusing on control expenses, the potential for growth, the numbers and what I can do personally to change those numbers (know the goals)

167
Q

What is the revenue impact if you increase average daily rate by $1?

A

Increases your C&I (Time&Miles) by $26-$30

168
Q

How can you impact collision & comp?

A

DW loss + subro bad debt + 12 mo average

Proper underwriting
Filing claims immediately
Collecting deductibles
Shop vehicles

169
Q

What can you do to overhead of the per unit?

A

Grow my Fleet

170
Q

How often should you balance you cash box?

A

Everyday

171
Q

What expenses flow through group overhead?

A

Administrative Salaries
Events planned
Area Manager Salary
Corporate Costs

172
Q

When do forced charges and chargebacks hit your bad debt?

A

At the end of the month

173
Q

What’s the meaning of the word direct costs?

A 
Associated directly to running the vehicle:
Depreciation
Interest
Reserves 
Fuel
174
Q

How do you calculate C&I revenue?

A

ADR x Days Earned % x DOM

175
Q

What are the best practices to mitigate reserves or LPC?

A

Underwriting, trunk to trunk, quality accident report, shopping the car, insurance info

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