Car Business

[Danny83]

I have a wholesale/and Export car business. Former new car store owner. Been doing it since 1999

[m j b]

I am not a dealer or wholesaler, but I am a frequent buyer and seller of cars. It's like a hobby, if a hobby can cost you thousands of dollars a month. LOL

I've sold two cars to Carvana... both times I got substantially more than average wholesale for them, but I would never buy a car from them. I think I posted about my last experience here, somewhere.

I'm currently in the market for a used BMW M3, and it's horrible out there. Prices are still elevated, private sellers are sure that their car is worth 120% of retail and dealers aren't willing to budge.

I have sometimes thought about getting into the business myself, but I have heard (and can see here in page 1) that the hours are tough and of course, I hate people.

LOL. Present company excluded, natch.

[acrds1]

Originally Posted by Danny83

I have a wholesale/and Export car business. Former new car store owner. Been doing it since 1999

I have hopes of one day owning a new car store. Any advice you can provide for someone looking to get into the new car side?

[acrds1]

Originally Posted by m j b

I am not a dealer or wholesaler, but I am a frequent buyer and seller of cars. It's like a hobby, if a hobby can cost you thousands of dollars a month. LOL

I've sold two cars to Carvana... both times I got substantially more than average wholesale for them, but I would never buy a car from them. I think I posted about my last experience here, somewhere.

I'm currently in the market for a used BMW M3, and it's horrible out there. Prices are still elevated, private sellers are sure that their car is worth 120% of retail and dealers aren't willing to budge.

I have sometimes thought about getting into the business myself, but I have heard (and can see here in page 1) that the hours are tough and of course, I hate people.

LOL. Present company excluded, natch.

G80 M3? Have you looked into just ordering a new one?

[Zartan]

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?

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.

[m j b]

Originally Posted by acrds1

G80 M3? Have you looked into just ordering a new one?

No, F80. I had a G82, great car, it's just too money to risk: I drive my cars on the track, no insurance. And from what I've read, it's still difficult to get an allocation for a new one.

[acrds1]

Originally Posted by m j b

No, F80. I had a G82, great car, it's just too money to risk: I drive my cars on the track, no insurance. And from what I've read, it's still difficult to get an allocation for a new one.

I like the F80 better also, I'm not a big fan of the ZF transmissions in the new ones. The F80 will age really well just like the E90s did...

[acrds1]

Originally Posted by Zartan

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.

I commend you and your business I could imagine getting up and running was a nightmare.

What vehicles do you tend to stock? I assuming camrys/accords correct me if I'm wrong.

[Zartan]

What vehicles do you tend to stock?
Mostly American, easier to work on, parts availability…
We get some Asian too…avoid European like the plague
Everything is online @
https://finnsdiscountauto.com/

[Carguy87]

F&I Manager for a new vehicle dealer here. Going on 8 years in the business (if these Fed rate hikes don’t kill me first lol).

[enjoythemusic]

Been a few weeks since last update, how's the accelerating repo market doing?