Good luck finding them. We've sold at least 7 cars this month alone to other dealers wholesale....for above retail asking price. The market is beyond insane at the moment.
Well if nothing else, when I hopefully finally find some money by selling my building, I can play around and buy and sell some fun cars without paying taxes. That would encourage me to get a GT2, GT3, or GT4 and then flip it to try the next one, or a Lambo Hurrican, Ferrari 430,458 or McClaren. When I say flip, I'm not implying I would flip it and make any coin, this would be more for my driving pleasure and to hopefully not lose any money, or at least not lose taxes. In California, if you buy a car and even trade in another car, they still charge tax for the entire purchase amount. At least when I grew up in Illinois, you only paid tax on the difference, so flipping cars wasn't so price prohibitive.
That's why people in CA get their dealers license... so they can drive the cars around then sell them without having to pay sales tax.
I know in GA you have to get a special license to become a used car dealer. But I think it is just a formality.
I wouldn’t mind as much paying taxes once, but it’s just the idea if you want to go through a couple cars you are taxed on the entire balance each time which is just crazy
Mostly true but the huge profits come from the finance office. Almost everything the F&I guy sells is junk and he’s bending you over the worst but everybody loves the F&I guy because “he’s so nice he got me a warranty, window etching, gap insurance, wheel protection, paint and fabric protection, accidental death and dismemberment insurance...all for only $17 a month more than what that sleazy salesman was quoting me!” Then they can’t figure out why they’re $17,000 upside down on a Corolla that they’ve been paying on for 3 years.
He's gotta sale you something, they call it "penetration", that should tell you everything lol. Nothing in the f&I office is worth a dollar, unless it comes from the manufacturer. The other day I bought a refurb desktop from microcenter. The salesman was trying to push a warranty on me lol. I told him "I'm buying a $300 refurb desktop, I'm the type of guy that self insurs.
if you get a license and can attend auctions, then you'll be in a better position. You could also buy the cars at auction, rent them on Turo, where rental prices are super high right at agencies, so people wouldn't mind paying more on Turo for something nice, and then flip that exotic after a couple thousand miles.
My dealership is an absolute anomaly, so take anything I tell you with that in mind. That said, I think if you can find one of the very few dealerships that do things the right way, you will find it a great way to make great money. I was blessed to fall into my dealership because I worked directly for Ford Motor Co when I got out of college, so I had a lot of inside advantages. I skipped the sales position which is not very common. We sell anywhere from 800-1000 cars every month at one location. I have around 13 managers and 40 salespeople. My average manager makes around $250k, and the sales guys probably average $100-125k. I have maybe 10 that make north of $200k. The sales guys here average maybe 45-50 hours per week and never miss their days off. If I ever had to work at another dealership, I can think of maybe 1 or 2 that'd I'd bite the bullet at, but I'd probably just call it quits at this point. Long story short...do a lot of research and find a good store where you're not selling your soul and the owners value more than just making a dollar. A smaller, rural store might even be a better, more laid back opportunity.
There's a reason I drive an hour plus to Akins if I'm going to buy a new car. No bullshit, no games, good deals.
That’s extremely impressive!!!!! I wish I lived close enough to go get a job there for a while and see how a real company that can pay that many people that much money works. It would be an excellent education worth much more than the Computer science degree I already have.
WHAT. THE. FUCK. That's insane. That's like every car that goes threw the big auction [manheim] here in Phoenix every month. The manpower required just to test drive and recon that many vehicle is mind boggling.
First time I had heard of a 72 month term... I laughed. Some people just arent good at maff. And the term warranty makes people feel warm & secure. They dont read the fine print either. If youre going to be stupid you have to be tough...lol
