"My philosophy has always been turn over gross. I'm at a different price point. I mainly do vehicles between $2000-$5000. Maybe once per month at the most I hit a home run and make $1500 plus. I try to make about $750 on most deals. It's…"
Hello, I'm looking for recommendations for dealer website design and hosting. I've been with Carsforsale since 2010 or so and always enjoyed their service, however they recently transitioned to a new layout for managing my website and it's proving cumbersome, buggy, slow and too many options I don't want take up a lot of time to get around to post and delete vehicles from the website. What are you using and do you like it?See More
"I haven't dealt with BHPH in a few years, but you may want to advertise a public auction in a small county newspaper with very low distribution, sell them to a 3rd party and then buy them back. While it is technically legal as long as the…"
"Don't do it. Find a way (easier said than done) to bump your average sales per month up to 18-20 vehicles. I didn't take on a partner but about 5 years ago I stepped up and moved from a small lot that held 18 vehicles to 90 vehicles, added…"
"I've been having a rough year as well. Getting a good car is near impossible at auction and my buyers seem to have higher standards as of late. It's kind of frustrating but that comes with the territory. I've had to downsize the…"
"If you have decent credit and income you should be able to just get one at your bank, or if you have equity in your home you can do a line of credit through your house. How much do you generally have into your total inventory?
But the terms on that…"
"Cutting the staff in half and doubling the business is a tall order. I advertise on Craigslist, have a website, a facebook page, carsoup.com and cargurus.com. Craigslist will likely be your best and cheapest source for leads. As for what to buy,…"
"I'm not sure about the repo laws in your state, where I'm from if the vehicle is just sitting in a parking lot it's fair game, if they shop has it locked up then you have to pay. As for tow yards I've had to bail plenty of cars…"
"Too many dealers I talk to that scoff at subprime bank lending and discounts in my opinion are just looking for a fool to pay them face value for junk paper. If you want to be in the subprime business you have to buy cars that work with the program,…"
"Maybe it was different in my area. I was buying plain jane cars for $500-$1200 and selling them BHPH for $2995 with 6 month terms and did very well for years, as subprime became more prevalent in the area it cooled off though.
As for what I'm…"
"I would advise against dumping your 401k to start a business if at all possible, put yourself on a budget and save up some cash over the next year and start small, the place you describe as what you'd like to start out at seems a little…"
"I know how you feel, I started in this business nearly 10 years ago with my only experience would be selling two of my own vehicles. You will have a hard time getting local credit unions to deal with you. It sounds like you don't have enough…"
"Westlake does work very well on some older cars (mostly imports) that you wouldn't expect, hard part is getting someone to agree to the price Westlake's Deal Wizard will put on the older units.
I started out small like you in 2006, what I…"