Used Car Dealers - Profitable Inventory Sourcing

Your Car Dealer Podcast

English - August 18, 2019 10:50 - 41 minutes - 37.7 MB - ★★★ - 15 ratings
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Previous Episode: Reconditioning your Used Car Dealer Inventory Part 2

Next Episode: Used Car Dealers - Leveraging your Strengths to Profitability

As a Used Car Dealer in 2019 finding better ways to source your inventory is mandatory! Where should you be getting your inventory from and should you be getting 100% of your inventory from the auction?

I just had a used car dealer email me this when I asked why she was leaving the business:

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I was losing too much money every month. Even though I was an online dealer, I still had to pay for an office location that was approved by DMV. It is a great concept, but I basically did not sell enough cars to pay any bills. In fact, I lost money or broke even on every car I got at auction.

I used Next Gear Capital for flooring, and I am still dealing with the last car that I couldn't sell. I ended up having to pay another dealer to take it off my hands, and Next Gear is not being very helpful in getting the car closed out. I was usually outbid at auctions on the cars I wanted. I also specialized in electric vehicles, because that is what I know and where my passion is, but the market is a lot smaller for them (which I knew beforehand). It is a very difficult business to get started in and not a lot of other established independent dealers willing to share information.

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This is a real story and it's happening a lot more than you could imagine. In this short snippet of the Your Car Dealer Podcast, Mike Ramos discusses best practices around this method and how to strategize for success.

#YourCarDealerBond

#UsedCarDealer

#CarDealerInventory

Here's a great episode that details the best practices involved in drive your Inventory for Personal Use?

http://cal-surety.libsyn.com/can-i-drive-my-used-car-dealer-inventory-for-personal-use

Do you need car dealer bond?... https://www.cal-surety.com/auto-dealer-bond/

Email Mike Ramos directly at [email protected] or hit us up at 866-357-4405. Trust us, we return calls. It's just much easier to have a 24/7 number to service our clients that will result in an immediate message to be emailed to our entire team about returning your call.

Here is a short video to help you understand the differences between dealer insurance and a surety bond…

https://youtu.be/0H9ZzPO-IEM

BIG thanks for checking out the Your Car Dealer Podcast! Look for us all over social media like, YouTube, Facebook, Instagram, Twitter, @Your_Car_Dealer_BOND