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Posted on 3/29/18 at 3:30 pm to lsujro
Posted on 3/29/18 at 3:57 pm to AugustaTiger
quote:
The guy that I described above can sleep with it at night because most other places around here charge the max 28% interest for those cars. He also takes time to show them the true cost of the car and tries to educate them. But he said even with the attempt at education there’s no way he’s going out of business any time soon.
Not as common in the used car business, but in the rent-to-own world, there are a significant number of those big screen TVs and appliances, that you are not going to receive a payments for the full term, and will never be able to find the merchandise to repossess it, in addition to high interest rates the cost of these losses are also reflected in the rental rates.
Posted on 3/29/18 at 6:07 pm to JAB528
I would like to try and just buy maybe 2 nice family cars at auction(if that's the best route) and then sell them for a small profit? thinking along the lines of suburbans/expeditions type.
What kind of profit $$ can you make? I am flipping a house or two right now, figured maybe trying to "flip" a car in the process!
What kind of profit $$ can you make? I am flipping a house or two right now, figured maybe trying to "flip" a car in the process!
Posted on 3/29/18 at 7:16 pm to mandevilletiger34
Im currently selling..
It is tough and Ruthless Business.
I would try to work for a dealer part time or full time before diving into this.
The Northshore is not a strong Economy.
It is tough and Ruthless Business.
I would try to work for a dealer part time or full time before diving into this.
The Northshore is not a strong Economy.
This post was edited on 3/30/18 at 8:44 am
Posted on 3/29/18 at 8:36 pm to mandevilletiger34
I buy 40-50 wholesale units a week, business is good. Honest used car dealerships and crooked hellholes both make money hand over fist in the car business if run correctly, so you might as well do it legit. I highly recommend getting some auction/wholesale experience before starting, or there’s a good chance you will get eaten alive.
Any specific questions?
Any specific questions?
This post was edited on 3/29/18 at 8:37 pm
Posted on 3/30/18 at 8:43 am to Retrograde
quote:
I buy 40-50 wholesale units a week, business is good. Honest used car dealerships and crooked hellholes both make money hand over fist in the car business if run correctly, so you might as well do it legit. I highly recommend getting some auction/wholesale experience before starting, or there’s a good chance you will get eaten alive. Any specific questions?
I got Plenty of questions.
Can I reach out to you?
This post was edited on 3/30/18 at 8:46 am
Posted on 3/30/18 at 10:00 am to theicebox
Moral flexibility 
Posted on 3/30/18 at 10:49 am to AugustaTiger
quote:
Put a tracker on the vehicle and be able to kill it when you haven’t gotten your payment, go repo it and sell it again for 10k at 20%.
I knew some folks who ran a small lot and financed sales. I asked one what they did about defaults. He said they kept a set of keys to every car they sold, and they just went and got it if the buyer missed a payment.
Posted on 3/30/18 at 4:12 pm to mandevilletiger34
quote:
I would like to try and just buy maybe 2 nice family cars at auction(if that's the best route) and then sell them for a small profit? thinking along the lines of suburbans/expeditions type.
What kind of profit $$ can you make? I am flipping a house or two right now, figured maybe trying to "flip" a car in the process!
IMO, that's not going to be worth your time and you are risking a lot. Why go into something half arse? The world is too competitive to half arse something IMO. I agree start small, but if its not something you want to do bigly I wouldn't do it.
Remember how often you are going to have to meet people, let them drive the car, etc. Plus you are going to have to learn how to price a vehicle at an auction, get your license, all that crap. All of that is your time and money.
Posted on 3/30/18 at 4:22 pm to theicebox
RetrogradeTD@yahoo.com
I’ll send my number when you email
I’ll send my number when you email
Posted on 3/31/18 at 12:16 pm to Retrograde
Guys, some of you are romanticizing this business, It is a tough and ruthless business.
As for financing In La, it is completly Different than other states.
As for financing In La, it is completly Different than other states.
Posted on 4/2/18 at 1:57 am to mandevilletiger34
I can give you some advice from doing it a few years in Little Rock. I would assume your area is similar.
It's almost impossible to break in to the business and start making money right away. Around here I would guess 90% leave the business within a couple years depending on what kind of capital they start with and what technical knowledge and marketing ability they have.
A lot of people think they are going to make money doing the tote the note model, but the problem is those buyers are bottom of the barrel trash. They don't take care of the car and run it in to the ground run it hot run it out of oil etc. The minute it starts having problems, if you can't fix it, expect to repo something that might not be worth fixing. The cheaper the car, the better the chance all they wanna do is get it off the property and ride it out until you repo it and go do it somewhere else.
We have a dealer out here that's been in the note business about 10 years, and I would venture to guess he keeps about 50 decent vehicles at the front of his property and probably has anywhere between 200 to 500 broken down pieces of crap at any given time right behind the 50 that the city always stays on his arse about. Basically his place is a junkyard and the area isn't zoned for such but he appears stuck. He breeds pit bulls probably b/c he's going broke and he stays in trouble with the city and Attorney General. That dude will drive around his lot taking a video of countless $500-1000 vehicles lined up he's wanting people to take every few months. Some of it is late model stuff. The place is an absolute hell hole. If he's making money he's got a huge headache doing it.
Auction and general wholesale prices are very high too. It's hard as hell to go to an auction and find something to make more than a few hundred on unless it has a noticeable issue you can repair yourself. Buyers have more options and most likely most of what you're gonna come across there are 5 more in the area the customer wants to go look at too. In Arkansas everyone and their brother is on craigslist and facebook or a street corner trying to flip cars.
Another thing to remember is most all dealers you come across for any advice are going to lie to you and they don't like you. Don't believe what anyone tells you. Mechanics will lie to you also, or just don't know as much as they think they do. Customers will lie and try to rip you off also.
Where the money is, is in buying project vehicles you know how to fix yourself cheap. The money can be ok for the time you put in it but there's a steep learning curve at first that will last a couple years.
It's almost impossible to break in to the business and start making money right away. Around here I would guess 90% leave the business within a couple years depending on what kind of capital they start with and what technical knowledge and marketing ability they have.
A lot of people think they are going to make money doing the tote the note model, but the problem is those buyers are bottom of the barrel trash. They don't take care of the car and run it in to the ground run it hot run it out of oil etc. The minute it starts having problems, if you can't fix it, expect to repo something that might not be worth fixing. The cheaper the car, the better the chance all they wanna do is get it off the property and ride it out until you repo it and go do it somewhere else.
We have a dealer out here that's been in the note business about 10 years, and I would venture to guess he keeps about 50 decent vehicles at the front of his property and probably has anywhere between 200 to 500 broken down pieces of crap at any given time right behind the 50 that the city always stays on his arse about. Basically his place is a junkyard and the area isn't zoned for such but he appears stuck. He breeds pit bulls probably b/c he's going broke and he stays in trouble with the city and Attorney General. That dude will drive around his lot taking a video of countless $500-1000 vehicles lined up he's wanting people to take every few months. Some of it is late model stuff. The place is an absolute hell hole. If he's making money he's got a huge headache doing it.
Auction and general wholesale prices are very high too. It's hard as hell to go to an auction and find something to make more than a few hundred on unless it has a noticeable issue you can repair yourself. Buyers have more options and most likely most of what you're gonna come across there are 5 more in the area the customer wants to go look at too. In Arkansas everyone and their brother is on craigslist and facebook or a street corner trying to flip cars.
Another thing to remember is most all dealers you come across for any advice are going to lie to you and they don't like you. Don't believe what anyone tells you. Mechanics will lie to you also, or just don't know as much as they think they do. Customers will lie and try to rip you off also.
Where the money is, is in buying project vehicles you know how to fix yourself cheap. The money can be ok for the time you put in it but there's a steep learning curve at first that will last a couple years.
Posted on 4/2/18 at 11:15 am to carguymatt
quote:
Auction and general wholesale prices are very high too.
Matt you hit on a lot of good information on this post.
Ive see people pay Retail for Cars at the auctions.
And Tote the Note, All of the people that you would be financing have Flags on their credit or unpaid loans against them.
Posted on 4/2/18 at 11:30 am to theicebox
quote:
As for financing In La, it is completly Different than other states.
How so
Posted on 4/2/18 at 11:38 am to OceanMan
Proverbs 22:16
" Whoever oppresses the poor to increase his own wealth,
or gives to the rich, will only come to poverty. "
" Whoever oppresses the poor to increase his own wealth,
or gives to the rich, will only come to poverty. "
Posted on 4/2/18 at 11:39 am to oldtimefootball
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