So I have read before that owning a dealership is not fastlane. (i think it was on one of these forums actually).
Is this true??? because i have heard on multiple occasions that buying and selling cars wont make you a millionaire and I just have a hard time believing that.
my personal experience with this why I beg to differ:
1. I have been selling cars (about 1 car per month because i dont have the time to do it more regularly and i am a full time electrical engineering student) and with every sale I make an average of $1000 profit. (least profit thus far is $500, max is $2500).
2. It takes me no longer than a week to sell a car. (sometime sell car the same day, but never over a week).
3. I sell to the masses, hence its scalable (only buy automatic vehicles: not much people interested in manuals, my vehicles are on the top 10 of most demanded vehicles: hondas, toyotas, nissans, etc, my price range and vehicle type appeal to the masses).
4. I buy at such a low price that, when I sell, my sale price beats the competition while still bringing in the profits.
*** so basically if i can sell a vehicle in a week and make a $1000, that means if i sell 1 vehicle per week ill be making atleast $4000 for the month.
Now lets say instead of only selling 1 vehicle at a time, i increase my inventory (i currently do this out my back yard) to about 5 cars per week. thats $20,000 for the month.
Now lets say, I acquire enough money to move out of my back yard and buy a Lot. Employ a few sales people and teach them my strategy (p.s. much if not all of my success with this is through my sales skills, ive been selling things all my life. all my friends always ask me to sell things for them (from laptops to their cars, they get a better price than what they wanted and i take a small piece of the additional profit i got them). Now that i think about that maybe i should start a business out of that. ill keep that in mind.
but back on topic: i teach them my sales strategy and my process and the system of how i do it (my system is unique and have never known anyone who does it the way i do) and have them sign a non-compete. now with more employees and an actual Lot, i increase my inventory to about 40 cars per month. thats $40,000 in one month.
And I know for a fact that this will work because this is what i do on a part time basis. I currently have a vehicle for sale that will give me a profit of about $3000-4000. and thats just one car. the other car I have can net me a $1500 profit easily (selling that one today). thats about a $5000 profit on only 2 cars in ONE WEEK.
There are certain strategies to this that will make you successful so as easy as it may sound, its nowhere as simple as buy and just sell. when you buy a vehicle, 8 out of 10 times the seller is selling it because there is a problem with it and they dont want to come out of pocket to pay for it. (they dont tell you that so you purchase, driving it home, engine blow out on you, you now have a junk on your hands... no warranty either because its a private sale... :smx4
. yea it happens more often than you think because it is so easy to hide problems in an automobile
you also have to know where to look for vehicles. many dealers in the business only buy from dealers and public auctions. etc, or from classified ads. turns out thats not where you find the best deals.
I have personally never bought from an auction because those cars are all junk. and the price isnt all that great on the vehicles. been to a dealers auction with a couple friends before just to see how it is. the winning bids on cars were prices i would never have paid for those vehicles. I asked 5 dealers what was there profit margin for each car they sell and their answers were all "around $400, $500 on a good day" ... wat???????? i havent made $500 on a car since i first started out. so on that note i left. it turns out that it takes these people weeks and even months to sell a car.
### now that i think about it i am starting to undrstand why people say it is not fastlane because holding on to a vehicle for months before selling is only hurting your pockets. and making a $500 profit for a month of work is not worth it.
BUTT... my methods is not the same as that of the regular dealers so Im sure i can bring in a large revenue if i follow my system. (which i wont disclose on here).
so now im thinking about making this my business venture now instead of an hobby because I have figured out a way that is unique to the competion which gives me a great advantage.
Do you guys think i should pursue this even though it is not "generally deemed" to be a fastlane approach even though i have an in depth method of how to steer it into a fastlane opportunity.?
Is this true??? because i have heard on multiple occasions that buying and selling cars wont make you a millionaire and I just have a hard time believing that.
my personal experience with this why I beg to differ:
1. I have been selling cars (about 1 car per month because i dont have the time to do it more regularly and i am a full time electrical engineering student) and with every sale I make an average of $1000 profit. (least profit thus far is $500, max is $2500).
2. It takes me no longer than a week to sell a car. (sometime sell car the same day, but never over a week).
3. I sell to the masses, hence its scalable (only buy automatic vehicles: not much people interested in manuals, my vehicles are on the top 10 of most demanded vehicles: hondas, toyotas, nissans, etc, my price range and vehicle type appeal to the masses).
4. I buy at such a low price that, when I sell, my sale price beats the competition while still bringing in the profits.
*** so basically if i can sell a vehicle in a week and make a $1000, that means if i sell 1 vehicle per week ill be making atleast $4000 for the month.
Now lets say instead of only selling 1 vehicle at a time, i increase my inventory (i currently do this out my back yard) to about 5 cars per week. thats $20,000 for the month.
Now lets say, I acquire enough money to move out of my back yard and buy a Lot. Employ a few sales people and teach them my strategy (p.s. much if not all of my success with this is through my sales skills, ive been selling things all my life. all my friends always ask me to sell things for them (from laptops to their cars, they get a better price than what they wanted and i take a small piece of the additional profit i got them). Now that i think about that maybe i should start a business out of that. ill keep that in mind.
but back on topic: i teach them my sales strategy and my process and the system of how i do it (my system is unique and have never known anyone who does it the way i do) and have them sign a non-compete. now with more employees and an actual Lot, i increase my inventory to about 40 cars per month. thats $40,000 in one month.
And I know for a fact that this will work because this is what i do on a part time basis. I currently have a vehicle for sale that will give me a profit of about $3000-4000. and thats just one car. the other car I have can net me a $1500 profit easily (selling that one today). thats about a $5000 profit on only 2 cars in ONE WEEK.
There are certain strategies to this that will make you successful so as easy as it may sound, its nowhere as simple as buy and just sell. when you buy a vehicle, 8 out of 10 times the seller is selling it because there is a problem with it and they dont want to come out of pocket to pay for it. (they dont tell you that so you purchase, driving it home, engine blow out on you, you now have a junk on your hands... no warranty either because its a private sale... :smx4
. yea it happens more often than you think because it is so easy to hide problems in an automobileyou also have to know where to look for vehicles. many dealers in the business only buy from dealers and public auctions. etc, or from classified ads. turns out thats not where you find the best deals.
I have personally never bought from an auction because those cars are all junk. and the price isnt all that great on the vehicles. been to a dealers auction with a couple friends before just to see how it is. the winning bids on cars were prices i would never have paid for those vehicles. I asked 5 dealers what was there profit margin for each car they sell and their answers were all "around $400, $500 on a good day" ... wat???????? i havent made $500 on a car since i first started out. so on that note i left. it turns out that it takes these people weeks and even months to sell a car.
### now that i think about it i am starting to undrstand why people say it is not fastlane because holding on to a vehicle for months before selling is only hurting your pockets. and making a $500 profit for a month of work is not worth it.
BUTT... my methods is not the same as that of the regular dealers so Im sure i can bring in a large revenue if i follow my system. (which i wont disclose on here).
so now im thinking about making this my business venture now instead of an hobby because I have figured out a way that is unique to the competion which gives me a great advantage.
Do you guys think i should pursue this even though it is not "generally deemed" to be a fastlane approach even though i have an in depth method of how to steer it into a fastlane opportunity.?
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