Why Dealerships are Closing
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- Опубліковано 20 лют 2024
- Why Dealerships are Closing
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I cried learning of all these dealerships that are being bitten in the ass by their own awful decisions and terrible behavior. That's how hard I laughed
"...all this bad business practices has finally caught them and bit them in the ass." Music to my ears.
$$$$
Yup couldn’t happen to a nicer bunch of a holes
Corporate Greed
@@LuckyLopez777 Thanks for changing that thumbnail where you have a r'ard look on your face.
They can either lose money now, or lose more money later.
It's kind of impossible to feel sorry for a car dealership. That's like feeling bad for a lawyer or banker.
I hope all new car dealers go out of business.
I want to order direct from the factory.
I would only allow used car dealers.
@@brusso456 they lobbied the government to make it this way. Look into it
@@mohamedelyaouti2051 Yeah there are state laws that say you have to buy a new car from a dealership. That has slowed Tesla down in some states.
@@knoahbody69there is power in numbers. If people refuse to buy from dealers and dealership keep crashing because nobody wants to walk in, automakers have no choice but to complain to governments
@@ShalowRecord Won’t happen. Technology has made people too individualized to form revolutions.
I was looking for a Toyota Supra in a manual (very rare). One dealership in Houston quoted me 20,000.00 over MSRP. He told me that's what the market is now. He had it, I said no. He told me I was crazy to wait it out. I was told this is the new normal. I said OK. I put down for an allocation in Ohio dealership that sold at MSRP for this particular model. I live in Louisiana. Anyway, the Ohio dealership told me, on a manual version, (which are rare) they would sell it to me at MSRP no matter what. Did my research, normally, they sell at MSRP or lower. The dealership in Houston has called me 3 times since. 1st time with 10,000.00 off. Then, 15,000.00 off. Then, within the last week they told me they would sell it to me at MRSP. I told them no. They asked why I wouldn't buy at MSRP.... I told them because you had no problem ripping me off then according to your "market value" which they have the right too. However, I won't support a dealership that does that. The dealership in Ohio, I will support. Because even thou when things were getting crazy, they said don't worry... they don't play that game.
I don't like going to dealerships. However, I will support dealerships that aren't scam artist and are upfront about the full price.
You should have said $5,000 under MSRP, because that’s just where the market is right now…
Good man. Vote with your wallet so the aholes get punished.
Good on you for standing your ground…I ran into a similar situation with a GR Corolla Circuit Edition. Dealership drove 200 miles on it and still wanted over MSRP…I said no thanks.
@@anthonyamato6367 I agree with you completely. But some models are just that rare. Manual transmission markets are insane. Most manual transmission Supra's get sold quick. Most get sold 5-20k over MSRP. So, a dealership that knows they can sell over MSRP that doesn't is OK. I will support that business.
@@rcal431 I was looking at those as well. Price LeBlanc in Baton Rouge sells GR Corolla's at MSRP. If you haven't driven one... you're going to be surprised on how well it puts power down. I'm blown away on how smooth the power delivery is on the GR.
Our local GMC dealer in Albertville has so many Sierra's they are parked on the grass. Maybe 125 pickups. Still with the bull crap add ons and nitrogen. And ADM. They dont seem to learn.
Thanks for sharing
Fawk, no way bud!? I been looking for a rig with Nitros and can’t find one anywhere. Which dealer is this!? I pay top dollah for it!
My stellantis dealer is parking trucks two deep in front of the vacant lot next door
When will we see $10K deductions again?? New cars
@ricric8348 it's happening now in Ohio 9to 10 grand off GMC Seieras just traded my 21 High Country got what I needed. Waited 8 months. 👍
I have to say, Lucky has been right this entire time and has literally called it for the last two years. Also probably the sharpest hair I never seen lol.
Thanks. Just got a hair cut lol
Wholesalers have to have a strong pulse on the market. Especially guys that have done as well as Lucky
Is this Lucky's alt account?
Jk lol. I agree, a lot of great advice since the pandemic carmageddon, that's when I tuned in
Luckys mom in the comments section again
He has been SPOT on for years now
I went to a Jeep dealership for a two-door Willy 29,000 sticker price and they want to add $5000 jeep protection plus another $900 of Lujack. I told him I’ll give them 29,000 remove the load jack and the jeep protection, and didn’t even want to. I walked right out.
Location jeep only Las Vegas
I had the same experience. Take the BS off, and I'll buy the jeep. No, once it's on, it can't come off.
The same thing happened to me at a Toyota dealership, except they offered me a car fresh off the truck with no add ons if I waited a couple of days.
What these dealerships don’t seem to understand is that when you add thousands onto the top of a car that car is suddenly competing with much nicer cars. I mean damn if you want to add thousands on top of a Corolla why would I even want a Corolla? Keep your ceramic tint I need a cheap car.
@@michaelw6277 Nano-Ceramic tint is high end and does not bubble, also blocks out heat/UV. When someone gets cheap tint, it will bubble and looks horrible. Don't cheap out on the tint.
From Canada, a store just went under here he was a big wholesaler to the states and once book started dropping he thought he’d retail all them and ended up losing his floorplan, 17 years he was in business and boom done
Thanks for sharing
Music to my ears
Macsum?
Nothing is forever
Wow. Can you please share the name of the store that went under? I could not find any news here. I am in the States. Thanks much. As always, thanks Lucky.
I feel so sorry for all these dealerships who ripped their customers off. It’s so sad that they went out of business after screwing over so many honest hard working consumers.
Luckily my local top salesman, who is a felon BTW who embezzled a church for 250000 before he started selling cars, recently got promoted at my local dealership. Hate to see him lose his job because he may have to continue his criminal activity someplace else than the dealership. Terrible😢
Was in the business for 10 years..made lifelong friends that I still talk to today, 5 years removed. I was telling all my buddies that were in to chill but people were making sooo much money during 2021-2022. The concept of just moving metal was out the door. When I was coming up, the idea was it was the salesman’s job to hold gross, and the dealers job to move units. So if I couldn’t get first pencil or a decent offer, managers would drop their pants in order to move units. Nowadays management is too hung up on gross. Also, the manufacturers used to give unit bonuses to these dealers of anywhere from $500-$2000 per car at certain #s. So if a dealer was at 196 cars for the month, and if they got $1000 per car at 200, you can bet that you can get serious discounts on cars at end of month. Manufacturers cut those bonuses so now the dealers just try to hold as much gross as possible. Sad to see what the business has turned into for both the dealers and the customers.
Thanks for sharing
Combine that with usury (aka high interest rates), the refusal to make lower priced stripped trucks, and not making cars at all...Ford chooses to pump out F-150, stop making cars, make dealers take EV's with Maverick deliveries...Oh I don't know how about lowering top level F-150 production, ramp up Mavericks, forget about EV's, make a small, high quality hybrid car and let the engineers run the show for a while it's the only way out.
As I posted above I remember when we could walk into a dealer with solid credit and get a car for invoice because they needed to meet incentive quotas. After being in auto finance for a few years i would never buy new again unless i'm swimming in money, and if I do i'd never pay MSRP. I feel bad for all those people that bought cars for a chunk over MSRP in 2020 and now you can buy the same car NEW for less than those people owe in those 3 year old cars. The amount of underwater deals we are going to see coming up is going to be astounding to say the least.
@@Pilostudio Yea it’s crazy, the underwater cars I think are what are causing the insurance premiums to skyrocket.
Today is the judgement day for all those dealerships. The sin - greed. I don't regret them.
$$$$
Here in Kansas City, I haven't noticed any dealerships closing. But...I have noticed that their lots are overflowing.
Especially the used car dealers in Independence.
Also in KC. Yep. the lots look 100% different than 12 months ago. I'm a vulture. I want to see blood.
I'm in NJ just outside of NYC. I haven't noticed the prices going down. Dealers are advertising cars at lower prices, but when the would be buyers show up the advertised car is sold, or the dealer piles on a lot of add-ons that are 'non-negotiable'. I'm also not seeing any dealers go out of biz.
I offered a ford dealer msrp for a bronco at the end of december. They hit me for a 7k markup. I walked away laughing. The bronco is still on the lot.
Love it. A piece on dealers going out of business sponsored by a casino.
its all a gamble lol
“Overaged” is so underrated. Seen quite a few 2022 models selling over the 2024 (obviously same trim) models.
$$$$
I work for the nations largest used vehicle dealer and we’ve even dropped our floor staffing to bare bones, because this tax time’s expected to be lower in traffic and tenders compared to the past few years.
If you’re looking to buy, hold out for 1 more month and you’ll save big.
As a stock trader, this behavior from dealerships is a very similar dynamic to a stock market crash.
Currently the market is in denial and anger stages. Seems like it is slowly entering into bargaining. Next will be depression and panic selling, then finally acceptance and capitulation
Look at the business model from Elon, he is way ahead of the game. The global economics is going in to a new phase, the old fashion way of doing business isnt go to do it anymore.
People are being laid off, interest rates are high , banks are declining loans and prices have increased up to 50% over the last five years making vehicles unaffordable.
This is the perfect storm . It doesn’t matter if they slash prices.
The inventory on the used car lots is rotten (lot rot) or as my great uncle would say,”it’s been fresh too long”!
Very true
I love that, 'fresh too long". Thanks for sharing! (Over 50 and still learning )
You are absolutely correct bankers, dealerships, and stupid consumers = Perfect Storm!!!
$$$$$
@@LuckyLopez777 The industry did it to themselves.. as well as the travel trailer industry.. same thing..
I hate to see businesses go under, but the historical abuse of car dealerships to their communities has been so widespread and methodical that it's saddens me to see them go under as much as a ticket scalper or an ambulance chasing attorney's office. Let's hope the law changes because of dealers Going bankrupt and we move to an online model. Karma is a bitch isn't it?....
HI Lucky! Love your videos. I appreciate you educating me. I am in San Antonio, TX, and in the market to buy a Honda Ridgeline. All of my local Honda dealers are still posting the extra $2-$3000 add ons on the windshield. I told 3 of them I will buy the truck without the add ons. All three standing firm and will not sell the vehicle. So I am on the sidelines. Not going to over pay.
I just want to say something, as a side note. Thank you for all the education you have given me, for free. Been following you a long time. You have always been honest and open about the dealer business (as far as I can tell) which helps someone like me who wants to rebuild and fix up cars as a hobby. And now watching YOU build that 6x6 just added so much respect and cred to you. Sorry for the long post. I just wanted to say you are sincerely appreciated, and I'm glad you are having some success with the channel. If you're ever in Georgia.. give me a heads up. Dinner on me.
Once again, sounds just like the housing market, and realtor!
My daughter was conceived at the Golden Nugget. Probably more action than I was looking for.
I live in Puyallup Washington. Northwest Motorsports used to have at least 4 maybe even more dealerships along River Road. They are all gone. We have purchased two vehicles from them over a few years. Its spooky to see all those empty lots. On the other hand, a new Lincoln dealership was built in the last year, their lot has been packed since the opening. Gonna be interesting to see what happens with that.
Ha ! I thought of them when I clicked this video.
They deserve it though, they sold Jerry rigged vehicles.
Lincoln lots are overstocked everywhere according to recent news reports.
Another great video, Lucky. As you said, cracks are beginning to show. I just bought a car that was 5K under book, with a clean title. When I asked why they were selling it so cheaply, the dealer said they have a new policy to unload used cars as quickly as possible.
I'm a dealer in Tampa Fl & cars under $10k are beyond overpriced
My long term concern outcome of all this is many (most?) smaller/family independent dealerships will be the ones to close because they lack long term capital. And that will concentrate dealership franchises to fewer much larger owners who will create a monopoly within their geographic region/area. Lower competition always leads to higher prices.
I haven't used a car dealership in 30 years. Always bought and sold by owner and never purchased a car that was under 3 years old. Never financed a car...if I can't afford it cash, I don't drive it. New car buyers to me are those people who spend $100/week at Starbucks for the experience and wonder why they have no money.
Thanks for sharing
Without those people, you wouldn’t have those 3 year old cars to buy ;)
@@SuzukiKid400u do have a point
Is that you Clark Howard ???btw more people should embrace your philosophy!!!!!
There’s nothing wrong with buying new cars as long as you’re reasonable about it and do so thoughtfully. I hate the process of buying cars so I tend to keep mine for a couple hundred thousand miles, so buying new makes sense.
Absolutely right! I am a used car dealer in Canada, and we also see this with the wholesalers. They want top money for their cars in the auctions even knowing that the prices they're asking for are almost same as the retail!! Probably they're getting trad-ins for higher prices and they just wanna make money out of it. Keep running the cars through the auctions asking for top money will not solve the issue.
very correct, i wholesale cars at a publicly traded auction and see this day in and day out. There are cars that have been through 40weeks plus of sale, just kicking the can down the road.
Clearly, you have mastered the art of selling, as evidenced by your ability to explain a simple concept in a thousand variations.
This is called the business cycle, something as old as the hills. During the boom phase, almost everyone thrives including weak and incompetent businesses; but when the bust phase inevitably comes, only wise, well run businesses with loyal customers survive while the foolish and sometimes just mediocre businesses die off. While innocent employees, vendors, and customers sometimes suffer collateral damage as part of the busts, it is a natural process like a forest fire, and the elimination of bad businesses leave the good businesses in a better position to grow.
100% about 5 years ago I read "The Secret Life of Real Estate and Banking" I've been watching this cycle unfold since then. 7 months ago when a dealer offered me more for my 2020 Camry then it cost when it was new I knew it was past the peak of the cycle. I drove away with a used Silverado with no payment LOL. Who knew Buy high sell low would be a bad business model.
Hay lucky do you have any names of flooring line companies I run a towing business in Las Vegas and run a ten car hauler and could mop up a delinquent dealers lot in 3 or 4 visits
@royalcrowntowing2464 Most flooring lines are operated by major banks. Wells Fargo and Santander are two of the biggest ones. Wells Fargo often pays to get to the front of the line. I’ve heard $500 a car
Not all banks are tightening up. I just got a big credit increase this month.
Yeah, I'm on the East Coast and I've noticed a lot of small car dealerships are gone now.
My local Toyota dealer still can't keep "cars" on the lot as they sell quickly comparing the Ford dealer stuck with expensive trucks, SUVs, EVs and a Mustang
For the first time in my 55+ years, I paid MSRP for a Toyota with stupid extras. But I don't feel bad. Toyotas are appliances.
Great video with great information! I too, made a "good offer" to a dealer recently. We were literally $1000 apart on a $35,000 vehicle, and the dealer refused to budge. The arrogance being shown by some car dealers today is the worst I've ever seen in my 65 years of living. I don't wish any dealer "bad luck", but truthfully, those dealers who've been so determined to "hold tight" to their prices and have been unwilling to negotiate with buyers, DESERVE to be "bitten in the ass"! Feel no pity for them, because they created this mess themselves!
Its not just car dealers that are falling i am working as a mechanic for a bobcat Dealer,job was falling june last year and now we are six mechanics doing almost nothing with a average hour rate of 30$ per hour. Our floor plan is maxed out and even our long time customer are unable to get approved by wellsfargo.Layoff are coming soon.
Sorry to hear that. Best wishes to you and your family and friends.
In 12 years of sales one year worked in Powersports.
Problem with Powersports is when a recession hits, first thing people stop spending $$$ on is toys or equipment.
We use Bobcats for clearing snow on our lot, and pulling engines out of cars
Valuable information & insight for both consumer and dealer. Lucky = Gold.
This video is music to my ears! I love how honest you are and how you explained it, thanks! I don’t feel bad for the dealers that were doing shady stuff and price gouging everyone, but I do have empathy for the dealers that were honest and fair and are starting to feel pain from this weird market. I feel like June or July are going to be great months to buy a car/truck and I’m going to try and hold out until then!
I haven’t seen any dealers go out of business here but fingers crossed… At least for the larger domestic. A-holes during the pandemic and some are still doing insane dealer add-ons.
I work at a dealership. We sell hundreds of cars per month. Not going out of business any time soon.
You've got to know when to hold 'em, Know when to fold 'em, Know when to walk away, And know when to run 🎶
I haven't seen any car dealers go out of business in Vacaville, CA but Dickeys BBQ suddenly went out of business Monday. My favorite place shut down.
Nooooo. Bbq 🍖
Dickey's closed down in the Roseville California area about 6 months ago.
Vacaville! I lived there a century ago in the Travis AFB days.
Restaurants in California, New York, and Illinois are under a lot of pressure because of our stupid governors and their socialist ideas.
Can't afford the wages for what they can charge. Customers weren't tipping enough to make up the difference.
I went to look at a car just two weeks ago. Original asking price on Monday was 59,900 and they didn’t even have the car on the lot. We went back the following weekend and they raised the price by 2K. I offered them 60k plus tax (which is 100 OVER their original posted price the week earlier) and they said “no”. So here in Edmonton dealers haven’t got the message yet.
Yep I’m glad I got rid of my floor plans few months ago, they are the worse
Nice
Lucky love what you do and how you say it brother rock on !!!!
I’m trying to buy a 2003 SVT Lightning that they are asking $30k, that a dealer in Dallas has had for over 4.5 months now. I offered 28k cash & they said they over paid for it & are losing 3k selling at $30k. I told him that’s his problem, I’m not getting into his sinking boat with him. Besides I have the cash & time, I believe shits gonna come unwound real soon & they will wish they took my offer. I’ll find one.
$28,000 for a 20 year old car??
@@_Wai_Wai_ Obviously u are out of touch with the market
@@rhr19eightiesyou ARE out of your mind... Go see a doctor....
29k for a 20 year old car
@@robertnervoso771 Lol… Obviously u know nothing about cars if u say that….
Brutally honest. Good, well done.
I appreciate that!
i've seen this headline in other car YT channels before. I'd like to hear about examples of dealerships going out of business in Florida. Most of the dealerships in FL are owned by extremely wealthy families. Examples are the Arrigos, Maroones, Wallaces, Smiths, Stewars, Coggin, Osteens, Bramans, Morans (SE Toyota), Machados to name a few. I have personal knowledge of some of these families and, I can assure you, most of them have net worths well in excess of $100 million and they are in absolutely no danger of closing dealerships (maybe an unprofitable location or two) or "going under". Maybe it's different here but not a single one that I have been in contact said they are having solvency issues or anything at all close to that. Also, at least two of these dealerships and their managers have told me point blank that they are not lowering prices very much. They seem to be in position to keep paying their open lot loans while hanging on to over priced vehicles. They really aren't concerned about the near or long term. Again, maybe its different here.
I waited 3 years to buy and it a great deal on a 2021 tlx. If I would have bought 2 years ago, would have paid 15-20k extra
I had a bad experience at the Le us dealer in Lancaster, PA . That saleman , he told us he's the master sale of the sale dpt., we did the test drive of the Lexus rx350 2012 and we complain about problems of that car, h was so arrogance and told us:" Oh, you don't have to buy it". Haha, we walked out and not even talk about bargain!
Thanks a lot for your video! Thumbs up, i will listen to you advices!
I like your show. Good advice thank you.
Hands down the best automotive analyst on You Tube.
Not seeing any of that. Prices on used cars here are still so high you may as well buy a new car.
Watching this as I’m trying to get my solo run used car dealership off the ground. 😅 gonna keep my overhead low and thankfully I will be buying now when prices are lower. Wish me luck 😅
Good update, thanks. Yes it’s winter, yet take a look at Harley Davidson dealerships. It seems they are beyond overwhelmed with inventory.
In a perverse way, I love hearing dealerships going into the red. Toward the end of 2022, my in-laws needed a vehicle and we started shopping. I had 4 dealerships that wouldn't give me the price of the car but instead wanted me to come in. They wouldn't even tell me how much they wanted over MSRP. As a result, they didn't get my business.
2 used dealers on my street closed within the past month. There’s one more holding on. We’ll see how long they last.
Thanks for sharing
One dealership near me closed. They demolished the whole thing and are now building one of those mega townhouse/apartment/mixed-retail complexes. If nothing else, those dealerships take up a lot of LAND.
It's gonna get worse with all the tech layoffs. Cisco let go over 4000 people world wide. A friend said in her group almost 400, mostly software engineers, where sent packing. Many, if not most, of these people where 6 figure salary. They just went to zero salary and no one is hiring. There aint no money to pay the car loan, much less by a new/used one.
Lucky, you rock! Such transparent content and thanks to Golden Nugget for making it happen!
Some entertaining and sad stories of my own. I helped an acquaintance sell a 2018 Tesla Model 3 Performance with maybe 45k miles for about $54k in mid-2022.Meanwhile I know someone who bought a 2020 Model 3 Long Range for $70k, and another who bought a 2022 Model S Long Range for $110k.
Thanks for sharing
Wow a Model 3 for that price? Damn
Haven't seen any Ohio dealers close but I have seen packed dealers in both northern and southern Ohio.
Good segment. I have walked away from 2 different dealers (one large Ford dearlership) and one small independent for exactly what you have said.
Been patient, gonna likely be seriously looking this spring/ summer/ fall. Know what I want, but will want a good price.
I closed my dealership in 2018 and have been paying AFC ever since... Never made any money... will be paying off the losses for 2 more years... Loads of fun!
good imformation thankyou
I’ve seen high priced 2021 trucks sitting on dealers lots for over 900 days and they’re still trying to charge the original msrp. They need to get real
🎉🎉🎉 GREED NEVER ENDS WELL. Thank you Lucky for sharing awesome information and especially your thoughts on These things. Blessings,Carlos ✝️🙏❤️😊🇺🇸
Thanks for watching!
Love your videos Lucky
I went to my Manchester Ct Nissan dealer to get a brake part and it took me 10 minutes just to find a parking spot . They had inventory all over the place it was crazy.
Same for the Nissan dealer in Lakewood, CO. And this is the #1 sales volume Nissan dealer in CO.
Lots of Rogues here in Canada too!
*THEY WERE "RIDING HIGH" DURING THE PANDEMIC.*
Giving ridiculous mark-ups on everything.
Now ... Oh well.
Facts!!!! $$$!
Lucky I have a friend looking for a new ford explorer ST in vegas
Do you have any advise as I know the dealerships are sitting on stock
Be careful please don’t deal with gambling it’s really bad , thank you so much for everything
Is probably harmful and haram...😂😂
Lucky's there to save you money on cars so the casinos can rip you off
Lucky, what resources do you use for fair value on low-volume cars (eg mclarens, etc)? BAT, ebay, what?
Never bought a new car or truck, I am a mechanic so I drive whatever was inexpensive. I feel sorry that people think they need something new and shinny to make themselves feel better or more successful, debt destroys happiness.
Most people aren't mechanics to repair their own vehicle and older vehicles just becomes a money pit when parts constantly break down.
You have the knowledge and saved on labor cost. Good for you.
Detail and polish is cheaper than $new cars.
Dealers around here are still in “screw the customer” mode…still have 2-5k$ markups and add on BS from 2-5k$…Lots are full…These guys are brain dead… I told one dealer, after looking for a truck…”I don’t do ADMs, and add ons and i do 10-15% under MSRP…I also said, You need to put the Manufacturers sticker back in the Window and get your TSRP sticker off the car…They just laughed….I Walked…Screw them!!
In October of last year I attempted to buy a used Cadillac CTS V from an independent car dealership in Rancho Cucamonga, California. It had low mileage but had a couple of minor cosmetic problems and it needed new rotors all around. I pointed them out to the seller and offered $1k less and he turned it down.
$1k less for a vehicle that was about 15% higher than its was worth. He had around 40 other used vehicles on the lot. The car sold about 3wks later.
It sounds bad but I would not be sad if he went out of business!
I love the common sense commentary and advice. Thanks. I've been shopping for new truck, but prices are INSANE! New RAM 1500 that I want going for ~$75k... I ain't payin' it............... GMC same way... and the trucks seem kinda crappy, the build qualities are not as nice as 20 years ago when they were less than half this pricing.
This is why iam still learning from you thanks for the great info n u look younger and great lucky
I appreciate that
As a lifelong GM loyalist.
Can't stop laughing about them wanting $10k-$50k markup STILL on anything I LIKE.
Mainly things ending in V. 😆
Crazy
I had good offers over the last three weeks. Found a used car and got an ok deal. SOCAL now all those skellywags are calling me back.
Hey lucky. Who do you order programmed keys from? You mentioned it b4 but I couldn’t remember.
Thanks homie!
I have a scanner I do it by myself
What’s up man keep up the good info.
Thanks! Will do!
I think these car dealers are waiting on spring, hoping the cars will sell, but they might be highly surprised
I just saw two dealership close where I am..i was very shock to see these dealership close because they where pretty BIG..but now give
I looking for a personal vehicle for cash. I am looking for a clean title and am not a mechanic. Where do you recommend I should look? Any auctions for regular people?
Lucky is right. The demand is not strong currently.
Another great video
Locally in Northeast New Car dealer who are independent are getting bought by conglomerate New Car dealers. A couple Used Car dealers have closed because owners have retired.
Our prices on a 1/3 of inventory (mostly Toyotas and Hondas from $11,000 to $27,000) have dropped in value 10%. We have had to adjust prices on a couple of trucks and aged units. We don't have a Floorplan so we can wait. We also have budget cars (Camrys, Corollas, Versas, Altimas and Civics) coming from the shop for people who can't get financing. We are fortunate that we have a body shop that is busy to keep us going until it gets busy in Spring.
Thanks for sharing
Lucky thanks for analysis. Enjoyed your story about bank coming to you to offload portfolio and you gave the a lowball offer....and they accepted. Always enjoy your economic discussions regarding paper and credit.
How do car salesperson survive, or you lay them off and keep the minimum staff?
@@Trust_but_Verify Small Used Car dealers usually the owner does everthing: sales, registration, titles, phones, website etc. Or they hire an office / Sales Manager who does all above tasks.
When I was a new car salesman at a franchise dealership I got paid on volume along with other metrics, so since Covid and aftermath I have no idea how it works. Likely they get a base salary plus commission. The job is more customer service, which is why many salespeople are recruited from the hospitality industry.
Dealerships made millions in the last couple years. I know a few that just opened in 2015 and now they are multimillionaires. Took advantage of people by charging 30-40 thousand dollars over asking prices since the pandemic. It’s about time this is coming to a end .
I have always bought only Toyota, all my life. I would drive some of them 10-15 years and then give to my relatives' kids. They would drive them another 5-10 years. And they still drive great! I saved enormous amount of money buying Toyota's. Unfortunately, your advice does not seem to apply to them. Dealers still sell Toyota's above MSRP, here in NY.
I waited and watched over 9 grand off got what i needed on my trade in. Bought my first new vehicle in 1981. I hope it works out for everyone. 😊
It’s fine line when you’re sponsored. Gambling sites puts you in a glass house 😊
He might as well be selling drugs now.
😂😂@@melissasmess2773
@@melissasmess2773 What do you mean by this?
@@melissasmess2773This is the most verbose idiocy I have seen today.
Don't like your type of sponsor. Not cool
we have been shopping for a explorer sport 2016-2018 model year and none will budge on price,we found one extremely nice in nashville called and put down payment on it to hold till we could get it and the next day it was sold out from under us,,we called 20+dealers
I’m sure you’ll find a good deal here shortly
So, they were willing to refund your down payment because someone else came in after you? That's unethical. Typically if they take a down payment, you have the sale.
To extend on what @DIVISIONINCISION said, I don’t think they sold it under you, but rather wanted you to buy a different car for more money. This disorientation tactic often works. They may not have had the car in stock to begin with, but knew getting you in the door would increase their likelihood of getting a max penalty deal.
We have a couple used car dealer locations in my small town. Over my lifetime when the economy is good a new lot opens up in them and they slam out cars. When the economy slows down they close and the lots sit empty. Well all 3 locations have went out of business between 3-6 months ago and are empty
I guess there is no warranty for those used cars if they come and go so quickly...
I notice in our area several small independent dealerships have been purchased by larger dealerships from out-of-town that own multiple locations ..... these new dealerships have combined to offer different car brands under one roof
car sales are way down. independent dealers floating cash via floor plans, hard money lenders, or other sources to stay afloat are stressed beyond measure!!! smaller dealers who own all their inventory are praying and hoping the tax return cavalry is coming, its not...everything is currently just a band-aid...US economy is on the brink of a meltdown. SIMPLE MATH...GOODS/SERVICES PRICES ARE WAU UP & RISING...WAGES & INCOME ARE NOT KEEPING PACE NOR CAN THEY AFFORD TO. JMO
Very true!
The Nissan dealership where my family has been buying cars for years doesn't even have new cars on the showroom floor or the parking lot. If you want to see a new car they will take you to a storage lot where they store their new cars. Two used car dealerships within a mile of them have closed. Most of the people I see there are like me there for service.