Hi, my name is George Dean. I have been offering start-up training for new dealers, wholesalers, and auto brokers since 1997. In that time, I have trained hundreds of dealers and I've seen nearly ALL the mistakes new guys (and ladies) make when starting out. Heck I've made every mistake there is, so please, learn from our mistakes.
The car business can a great business - a lucrative business for a smart operator (male or female). It doesn't require a degree in brain surgery BUT you do need brains and street smarts. With my training and your desire, it's hard to screw up. Invest in yourself and turn your passion for cars into a profitable business.
ARE YOU BRAND NEW? I recommend you master the SIX STEPS as outlined below BEFORE you venture off and get your car dealers license. After you learn/practice/master these steps, flip a few cars, pocket some profit, and THEN get your dealers license. Take this advice to heart.
1. Locate the Car
Deals are everywhere. You will discover all my favorite sources and how to find your own 'honey holes'. Everyone knows there are TONS of cars at dealer auctions BUT the most profitable deals are NOT there. I will teach you where they are - you might be surprised.
Buying quality cars is central to my philosophy. I do NOT believe in buying junkers and 'fixing them up' UNLESS you ARE indeed a mechanic or own a body chop. Otherwise, stick with NICE cars. I want to you never buy a turd. You will learn how to buy mechanically and structurally sound cars - don't worry, I will teach you! There is even a video.
You do NOT have to be a mechanic to be successful in this business but do need to know HOW to use mechanics, use pre & post sale inspections, how to avoid cars that have been in accidents (or floods), and more. This is very valuable and worth your careful study. This ALONE is worth the price of admission into the Auto Dealer Academy.
"Be on the money!" What is the car worth wholesale and retail? If you can NOT accurately determine a cars value - WALK. That is your ultimate power - walking. I will teach you EXACTLY, and I mean EXACTLY, how to do this. With proper valuation models and methodology (combined with buying a nice car), making a profit just got a lot easier.
If you wanna buy cars for cheap - you gotta be patient and smart. I will teach you all my strategies and psychology. Here is one for you: "Come on man, make me feel like I am getting a good deal. ..." This works like a charm. AND, ALWAYS make the OTHER guy give you the FIRST number. If he gives a number FIRST, you are negotiating DOWN in price. If you say a number first, now you are negotiating UP in price. Think about it.
"Make it shine". You have GOT to know how to recondition a car. This means taking an 'ugly car' and making it a 'pretty car'. Just cleaning a car and making it shine can make you $500 easily! Make it shine. Tip: Learn to use Adam's Polishes with a porter cable buffer. Easy as pie. Money in the pocket.
6. Sell It Profitably:
Learn how I advertise my cars for sale. TIP: I always use multiple places to advertise the car. I never rely on ONE method/location. You will learn that certain cars sell better advertised in different places. And.... don't be greedy! Just sell it and pocket the profit. Repeat over and over.
In general, I recommend cars that are mechanically sound. They are clean cars with nice curb appeal. Less than 10 years old with less than 150,000 miles. Buy it, clean it, sell it, & take the profit and re-invest it into the next car. I know a couple guys who literally started with just three cars and kept reinvesting their money into more cars and now own a thriving car lot. It can be done.
To Summarize: First, find your local 'HONEY HOLE" where you can buy all the cars you want (BTW, I will give you my recommendations on exactly which cars you should start with), then inspect each car carefully so you pick only the very best, value the car accurately to assure you have enough room for a nice profit, negotiate the lowest price possible, recondition it to maximize your retail sale price, and effectively market the car to sell it quickly so you can buy another one. Repeat over & over.
Live Dealer Auction Training
Learn Retailing, Wholesaling, & Auto Brokering
There are three primary ways of doing the car business. Each are a wonderful profit models.
Be sure to explore these business models. Each offer their own unique set of opportunities and challenges. One will most likely 'fit' you perfectly. I prefer auto brokering as I explain below.
In actuality, many small dealers do ALL three models simultaneously. Learn them all.
For example: Let's say you auto broker a three old Camry for a local business owner (very good auto broker clients BTW), and take his 10 year old Corolla on trade-in. It is a nice little car with cold A/C, less than 120K miles, and all service records.
So, you have a choice, either advertise & retail the car (my personal choice) or WHOLESALE the car. I recommend you take it to a Toyota dealership, get an glowing inspection report, advertise it locally & pocket the additional profit.
From this example, you can see why you need to learn all the business models discussed below.
This does not mean you have to own a 'car lot' on the main strip in town. There are plenty of stealth dealers who operate from a commercial warehouse. It is much cheaper too by-the-way.
Ok, I am about to burst someone's bubble. This is NOT the place to start. This is a good ole buy network that takes time and money and to break into. Unless you know-a-guy who can introduce you and vouch for you, don't even think about STARTING here. This is MY opinion. You can tell me to take a flying leap into the nearest lake but..... I recommend you get a RETAIL license WHILE building your wholesalers network. The full plan is in the studio course.
To ME, this is the Holy Grail of car dealing. Hear me out. With 'retailing', you buy the car and hope to find the buyer for it. With 'auto brokering', you have the buyer and you buy them the EXACT car they want for a 'fee'. This is the easiest of all the profit models with the BEST hours and the BEST clients. Of course, this is my opinion.
I like buying cars that are 'pre-sold'. Think about that for a second. No advertising the car. No meeting people for test drives. The financing is already done. AND, I sell an extended warranty in most cases too! Buy the car on Monday and deliver it by Friday.
Once a local client of yours purchases a car without EVER having to walk onto a car lot - they are yours forever. You will buy their next car, their teenagers daughter's car, his secretary, their neighbor, ... this is a fantastic business worthy of serious study. I give you my entire blueprint to be successful.
Take my advice: When you start people WILL say "If you come across XYZ car, give me a call, ok?". Your response is, "I wish I could. But, I don't shop for cars. I buy them for clients. When you are ready to BUY a car, let me know and I will get to work for you. I am able to find the exact care you want in less than 30 days in most cases.". Remember that, you are a car BUYER.
QUICK HOMEWORK: The going rate for auto brokers is about $800-$950 per car. So, the fee to buy a client a car is about $850 on average. Do the math on completing ten deals a month. That number should put a smile on your face. Here is the kicker, 80% of your buyers will also buy an extended warranty at $300 -$800 additional profit.
Buy Here Pay Here Manual
Howdy (said in my best Texas accent)!
This Buy Here Pay Here Manual will help you add "buy here pay here" to your profit model without screwing it up. This Manual is 117 pages & the only one of its kind in the country.
The truth is.... no one wants to tell you how to do it. This manual WILL get you going down the right path!
I recommend starting small with just one car. Then do two cars, then three, then four. Make sure this business is for you! This ain't for everyone! Before you know it, you will have 50 cars on the street.
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"George, How much value will I lose on a car that I bought from auction at the right price then sold it back at the auction a month or so later? Thank You
Well, I am not one for sugar coating my advice so here it is.
The truth is... as a brand new dealer, you have ZERO reputation at the auction..... SO..... assuming it wasn't a 'fixer upper' and you fixed it.... AT LEAST the auction fee to buy & sell it MOST LIKELY assuming it's a cheap car UNLESS you STOLE the car to start with! If it is over $10K or so, probably lose a grand or so... maybe less.. maybe more... Plus you've got the pay an auction fee to BUY it and SELL it. Obviously, not a winning formula. Why do you ask???
You see, when YOU sell a car at an auction, you will be put in a lane where small-time onesy twosy dealers sell their cars. They ALWAYS bring less money b/c the RISK is higher - something might 'be wrong' with the car. "Why is this small time dealer trying to unload this car at the auction?" Fear lowers the price!
So, the SAME car sold at the SAME auction on the SAME day sold by two DIFFERENT sellers (one who has been around 20 years and another brand new in the business) in DIFFERENT lanes WILL sell for a DIFFERENT price - guaranteed. (BTW, the SAME car sold EARLY in an auction generally brings more money than if it sold towards the end of the auction!)
TIP: There ARE established dealers who will 'rep' the car FOR YOU in their lane with their better run numbers for a FEE. But the car WILL bring more money! You are riding on THEIR reputation. A good reputation MAKES YOU MONEY. Get out there and meet some of those wholesalers and develop a relationship! Develop YOUR reputation for honest fair dealings and a MAN OF YOUR WORD. The dollars will follow.
Got a Question? Email Me or Call My Cell 817-851-6207