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Auto Businesses

I have had a passion for cars my entire life.  Last year I decided to start an Auto dealership and am making my dream come true.  If you have an auto business, want one or just want to talk about one and just love messing with cars welcome

Members: 55
Latest Activity: Jan 23

Resourses

Great place to find used parts - www.car-parts.com  - Search a database of junk yeards in the fifty states

Floor Plan Financing Company - www.AFC.com

Auction sites:

www.Manheim.com, www.adesa.com, www.copart.com, www.iaai.com, www.carmax.comA

Auto Sales Training: FREE

http://tomvann.kajabi.com/sq/29317-free-video-series-access

Discussion Forum

Becoming a Car Dealer before you spend a dollar

Started by Derrick Lopez. Last reply by Derrick Lopez Oct 11, 2015. 22 Replies

As a legal car dealership owner it requires you meet many requirements and spend lots of money before you get to sell one car.  My recommendation if you want to sell cars for yourself is to practice…Continue

Dealer Only Auctions - Slow down

Started by Derrick Lopez Jun 30, 2015. 0 Replies

I have been in love with the auction system since I was a kid.  You get to a yard that has anywhere from 1000 to 7000 cars all going for sale.  Any type and model that you can imagine sitting in the…Continue

Wholesale Auto Business

Started by Scott B. Dufaud. Last reply by Derrick Lopez May 31, 2015. 2 Replies

Hello, I'm new to the group and am hoping that somebody can give me some advice about entering the market as a wholesaler.  My Father is a small dealer, catering to individuals, one car at a time. …Continue

Question: Are there junkyard parts that are big ebay sellers?

Started by Jim Tetterton. Last reply by Jim Tetterton May 18, 2015. 4 Replies

So, I went to the local junkyard and got a BMW valve cover for $12.50.  They sell online for around $100.  I put it on ebay and sold it for $75.  Problem is, after paying too much to the UPS store…Continue

Comment Wall

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Comment by Chris Wood on January 23, 2016 at 6:25pm

Phil, great insight. I know i struggle with the idea of selling something for less than I have in it. But the stagnant inventory is definitely a loss, wether you sell it for less or you hold on to it and can't use the capitol in something else. Still working on perfecting the art of cutting the losses.

Comment by Phil Plyler on January 23, 2016 at 5:30pm
Chris, I never had a problem with selling w/ salvaged title. I just took plenty of before and after pics, and kept receipts, both for the buyer and for the Arkansas state police who usually wanted paperwork signed documenting parts and labor if the title was coming straight from an insurance company. It is people who are not honest with the buyers that have problems. Around here, salvage titles reduce price by 20% which always sounded reasonable to me.
As for ROI, there's a lot of ways to look at it. Biz school model says ROI should be based on days to sell.
Diamonds have big 100-200% margins due to low turnover. Grocers run on 5 to 10% but turn every few days. Toyota Business System is what I like. Price and cost are unrelated. Sell for as high as market will allow. Drive costs down as low as possible without sacrificing quality. If you are not making a good profit,something is wrong- buying/repairing costs high or buying a car that isn't a best seller in the used market. Having said that, think about your time and investment in a typical house you flipped. If you put that same time and dollars into several cars, would 20% be more than what you made on the house? If yes, that would be a good minimum target when you are shopping for cars. Remember,mothers will be an occasional loser that you break even on or even lose. Sometimes hard to let one go for a loss, but instead of holding on for months, take your lumps early and try to get a couple more done and sold in that same time instead. Always watch to make sure your working capital isn't tied up in stagnate inventory when it could be working for you.
And if you don't use them already, check out www.car-part.com for used parts from salvage yards. I always search by distance.
Comment by Chris Wood on January 23, 2016 at 4:42pm

Has anyone had any problems selling cars with salvage titles? I am pretty sure this probably going to be my next car to sell. It seems to have better opportunity for return. Please leave any all comments, I would like to know thoughts. Thx

Comment by Chris Wood on January 23, 2016 at 4:41pm

Derrick, I am unsure how to calculate this. I know with my real estate business, my focus with Return on investment (ROI) is based more on the amount that I put in. With a 20k house with a profit of 10k, numbers are good. Seeing a 50% return seems pretty uncommon. But a 5k car, I would hope to bring in at least 1k if bought right. Is this a good rule of thumb?


Group Leader
Comment by Derrick Lopez on January 23, 2016 at 12:15pm

Chris I found a market report that the Niada puts out that might have the info, but still need to go through it.  We should figure that out, any ideas?

Comment by Chris Wood on January 23, 2016 at 12:13pm

I was reading some of the past comments, did anyone figure out what the average return is that someone should be shooting for that wants to start a car lot? Does this depend on other factors like: overhead and area that you are selling?

Comment by Chris Wood on January 23, 2016 at 12:11pm

Hey guys just wanted you to know that I am out looking for my next car. And enjoying reading about others success. 

@Russ Goddard Nice job on the finish.


Group Leader
Comment by Derrick Lopez on January 23, 2016 at 8:12am

russ nice work, how long did that take?


Group Leader
Comment by Derrick Lopez on January 23, 2016 at 8:08am

Chris great website I have never seen it before, I am gonna probably order from there as it looks like it have a bunch of good stuff, Thanks

Comment by Jim Tetterton on January 19, 2016 at 7:15pm

outstanding work, gents, and, yes, it's a ton of work (from my limited experience).

 
 
 

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