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George

Auto Broker Training

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Ebay Car Dealers

You Will Be Automatically Forwarded To The New Auto Dealer Academy Page

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Click Here for the Buy Here Pay Here Manual

You Will Be Automatically Forwarded To The New Auto Dealer Academy Page

]]> http://autodealeracademy.com/archives/86/feed 0 http://autodealeracademy.com/archives/81 http://autodealeracademy.com/archives/81#comments Thu, 13 Aug 2009 20:18:55 +0000 George Dean http://autodealeracademy.com/?p=81 Buy & Sell From Home You Will Be Automatically Forwarded To The New Auto Dealer Academy Page]]>

Buy & Sell From Home

You Will Be Automatically Forwarded To The New Auto Dealer Academy Page

]]> http://autodealeracademy.com/archives/81/feed 8 http://autodealeracademy.com/archives/75 http://autodealeracademy.com/archives/75#comments Thu, 13 Aug 2009 20:14:59 +0000 George Dean http://autodealeracademy.com/?p=75 MARIANNE BOND By Kevin Ransom For auto dealer Marianne Bond, showing some compassion turned out to be a good business move, and led her to focus on an oft-neglected segment of the used-car market — women buyers. Bond opened Bond’s Auto Sales in High Ridge, Mo., south of St. Louis about four months ago. She ...]]>

MARIANNE BOND
By Kevin Ransom
For auto dealer Marianne Bond, showing some compassion turned out to be a good business move, and led her to focus on an oft-neglected segment of the used-car market — women buyers.

Bond opened Bond’s Auto Sales in High Ridge, Mo., south of St. Louis about four months ago. She currently sells about 24 vehicles per month, and is shooting for 40 a month by the end of the year.

But not too many years ago, she was a saleswoman and single mother on a budget. So she could relate to some of the single mothers who came in looking for affordable transportation.

“I worked at some high-volume dealerships, and I’d see single mothers who’d only be making $850 a month, and most of that was going to rent and child care,” said Bond in a thick Scottish accent.

“I knew those women weren’t going to be able to make ends meet. In the hype of the sale, their payment might end up being $450 a month. I made a lot of money off of them, but in three months I’d see the car being repo’d. That bothered me. I was very sorry I’d done that. I didn’t want that on my conscience.”

So Bond came up with a way to help these women. She would tell them to delay their purchase until she found something they could afford.

“I’d find some older couple who wanted to trade in their car, and I’d tell them to keep their car, sell them a new one at a discount, and put them in touch with some of these single moms,” she said.

“My managers didn’t like that, but it paid off in the long run. Those women remembered that, and I got a lot of referrals from them. I got tremendous word-of-mouth from that. I have some people I’ve sold three or four cars to over the years.”

That experience led Bond to focus on the women’s market.

“You need to take the time to listen closely to women buyers, and find out what their needs are,” said Bond, who emigrated from Scotland to the U.S. in 1974 when she was 20.

She first worked as a nanny, then as a hairdresser, before taking her first auto-sales job at a Chevrolet dealer in Milwaukee.

Bond said women naturally gravitated to her when she was selling Chevys.

“Women prefer to be sold-to by a woman,” she said. “I also found out that women control the sale. If they come in with their spouse, he may do all the talking, but it’s the woman who will make the decisions.”

Bond said she currently offers inventory that costs her $800 to $1,500, and sells for $2,995 or $3,495.

“About 35 percent of my business is buy-here, pay-here,” she said. “I buy trade-ins from about a half-dozen new-car stores in my area, and from wholesalers.”

Bond said catering to the women’s market is really pretty easy. “Usually, just listening to them will help you understand how to sell them a car,” Bond said. “It defi-
nitely helps you make the sale if you spend some time finding out how you can help them.”

Bond says she tries to make women feel comfortable in a place where men usually dominate — the used-car lot.

“A lot of men don’t take women seriously on the lot,” Bond said. “I can remember going to lots and the salespeople wouldn’t even come out, because I was a female. Women buyers want a reliable vehicle without getting completely burned on it. And they want to be taken seriously in the negotiation process.”

She also tries to make sure the car is exceptionally clean and well-maintained before she sells it.

“I have to watch it,” she said. “I want to spend about $200 a car for reconditioning, but lately it’s been getting up to $300 or $400. That’s okay if its in the vehicle, but I know that’s getting too high.”

For a year prior to opening Bond’s Auto Sales, Bond was wholesaling cars in nearby Florissant.

]]> http://autodealeracademy.com/archives/75/feed 0 http://autodealeracademy.com/archives/72 http://autodealeracademy.com/archives/72#comments Thu, 13 Aug 2009 20:13:02 +0000 George Dean http://autodealeracademy.com/?p=72 List of State Auto Dealer Associations You Will Be Automatically Forwarded To The New Wedding Website]]>

List of State Auto Dealer Associations

You Will Be Automatically Forwarded To The New Wedding Website

]]> http://autodealeracademy.com/archives/72/feed 0 http://autodealeracademy.com/archives/70 http://autodealeracademy.com/archives/70#comments Thu, 13 Aug 2009 20:11:41 +0000 George Dean http://autodealeracademy.com/?p=70 Its amazing how investing in the stock market is similar to investing in used cars. I am fascinated with Warren Buffett. I read everything I can get my hands on about him. He is the master stock market investor. Warren's wisdom about stock investing can be directly related to trading cars for a living. Lets ...]]>

Its amazing how investing in the stock market is similar to investing in used cars. I am fascinated with Warren Buffett. I read everything I can get my hands on about him. He is the master stock market investor.

Warren's wisdom about stock investing can be directly related to trading cars for a living. Lets explore four beliefs he has about investing and how they apply to the car business.

1. Circle of Competence

Its important to know what you know and more importantly what you don't know. Invest in the things you know and ignore the rest.

I get asked, quite often, "George, what kind of cars should I buy?". My basic response for beginners is to buy what you know. If you have driven honda's your whole life, thats probably a good place to start. You know how they ride, what noises to listen for, what the common problems are, .... MUCH better than a guy who has only driven Subarus. Right?

My second suggestion is to always try to expand your circle of competence.

2. Margin of Safety

Always buy with a margin of safety. Never pay too much. Your rate of return on your investment will be determined by the price you pay. Never pay too much because there are always things you don't know about the car. SO use that margin of safety to work in your favor.

If the car is worth $5,000, don't pay $5500 just to own it. You see it is totally possible you don't know everything about the car. In fact, I bet you don't know everything about the car. There is an associated risk with buying any car or truck. There might be unknown repairs that need to be made once you get it to your mechanic. If you bought the car with a margin of safety, say $4500, you have $500 you can use for the unexpected repairs. OR, maybe, it will take longer to sell the car than you imagined and you will need that margin of safety for more advertising.

Remember: Buy with a margin of safety.

3. Mr Market

Mr Market is your paranoid schizophrenic partner in the car business (or more directly he might be your wholesaler, your local auction, or just the marketplace in general - in Warren's case, its the stock market).

Everyday Mr Market, with no thought or reason, makes available cars that can be bought at various prices. You can either take Mr Market up on his offering price for the car or you can say no & wait for a better deal.

Be mindful that you can always ignore Mr Market and wait for the next car for a better deal!

4.Resource Allocation

Your ultimate power and most critical decision is where to allocate your resources. Your main resource is your time and money. If you buy a car for too much money or one that requires too much work - it drains your resources. Be wise where you allocate your resources.

You are using some resources to buy my study course. Mainly money but also time to learn a new skill - how to buy cars for profit. Its an investment into your knowledge. Its an investment that should yield a fair return. As a side note, if you are trainable, you can learn this business!
Success!!

George Dean

]]> http://autodealeracademy.com/archives/70/feed 0 http://autodealeracademy.com/archives/67 http://autodealeracademy.com/archives/67#comments Thu, 13 Aug 2009 20:09:38 +0000 George Dean http://autodealeracademy.com/?p=67 For car dealer bonds, click here You Will Be Automatically Forwarded To The New Auto Dealer Academy Page]]>

For car dealer bonds, click here

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