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Originally Posted by acrds1
Here's a business that will always exist! I've been intrigued by this model but never had the nuts to go for it. Do you have GPS trackers in all your vehicles? How do you deal with repossession? Do you only do BHPH for all your cars or just an option for bad credit customers?
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Compliance is probably the hardest part of the business; we do tons of paperwork. Next is money, you got to have another source of income while building your book. It took a long time to work out the problems and figure out the best model for our business environment. It’s the best business I know of for a couple of liberal arts majors:)
To your questions: First thing we do when the vehicle gets in from auction is install a gps. 65$ with three years airtime.
If you don’t pay it’s getting taken away. It’s that simple. Repos are also a great source of inventory.
19 of 20 deals are in-house financed.