WHY BHPH WAS BEST FOR MY DEALERSHIP & HOW WE DO IT & WHY WE DO IT THIS WAY. (VIDEO 1 OF 4)
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- Опубліковано 21 тра 2024
- HOW TO OWN OPERATE A BHPH USED CAR DEALERSHIP. THIS EPISODE WE GO OVER WHAT KIND OF CARS TO BUY. HOW MUCH TO SPEND ON THOSE CARS. WHAT TO CHARGE FOR THOSE CARS. WHERE TO SOURCE CARS FROM. WE COVER STEP 1 OF MY LUNCHBOX BHPH PROGRAM.THE MOST IMPORTANT WORD IN YOUR VOCABULARY NO!
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I had my own lot, and everything Henry says is True. He's the real deal.
I WILL BE DOING PAYMENTS AND IMPORTANCE OF WEEKLY AND BI WEEKLY PAYMENTS, INSURANCE, INTEREST, NEXT VIDEO. THEN THE NEXT VIDEO WILL BE DOING ADVERTISEMENT, UPGRADING, PAYOFFS. BREAKING IT DOWN INTO MULTIPLE VIDEOS.
MAJOR VALUE MAN GOD BLESS YOU FOR THIS!
Nice to see you back Henry!!! I just started my BHPH last month I sold 6 cars!! On that first month. Nice videos very informative thanks!!
You are where I was at when I first opened. Cheap cars sell fast and gives you traction. Life gets easier after you get your first 50 accts on the books. Thats when I could breathe. 50 turned into 100 real quick. Getting to 50 seemed like it took forever. 50-100 is in the blink of an eye. When you get to 100 then plenty of those first 50 were about to pay off their car. Then it's time to talk to the good payers about upgrading. Get them into a nicer car and those cars are cars you pay 1500-2500 for. Going from a 1000 car to a 2500 is a big upgrade and those cars you charge 4500-5000. If you can get 25 of the first 50 to stay with you and upgrade, you are going to do just fine.
Henry I am not opening a lot but appreciate you and your story and journey in life. One day this Canadian will make it down for a visit and to say hi. You’re a good guy I really appreciate listening too. Thanks Henry.
Thank you. You know that Cajun's were exiles from Canada. They came down from Canada and settled in the swamps of Louisiana. This was during Le Grand Dérangement. So, we probably have a little of the same blood flowing through us.
mad respect for mentioning the name Rick Dyer!!! I liked and subscribed!
Lets go Mr. Henry !! You on fire 🔥 keep them videos rolling.
Thank you I'm gona do my best to get good info out there that I used when I started out.
Thanks for coming back. Your energy gets me excited about my own lot.
Awesome that is part of the reason I am here. Thanks for watching.
Thank you Henry! Love your videos. Great information brother. I am going to start a BHPH dealership where I live. Poor folks need a little help.
942 subs as of this morning man. Almost to the 1000 mark where you can start generating some money. Glad you're back. I have a lot as well and a channel - really enjoyed your stuff before glad you're back at it.
Thank you. I will be getting another video out soon. We have been having plenty repos as of late which has been eating up my time. Thank you for watching.
@@BHPHDREAMHenryWallis You're killing it brother. I was shocked to see how much more inventory you crammed in there. Congratulations!
@@TomGriffin-vv6ex We sold 5 today which is awesome but assigned more out for repo today. We are sitting at 28 sold for the month on the 14th. Not too bad at all
Thanks for sharing
Anytime trying to put out useful knowledge to help folks. I am somebody who has done it the past 7.5 years. This is my actual lot and how I did it and the why. Once you understand the why it is easy to figure out how you want to do it. Thanks for watching.
Thank you for sharing this. Do you charge weekly or bi-weekly payments? And so how do you structure your payment amounts. This is some very important information you left out for a bhph to be successful.
This was just video 1. I didnt want to make it an hour long.
Good afternoon. Should me how you did it. I'm just getting started haven't even got my car's yet. But hav my dealer licenses as of Monday
Good afternoon
Very helpful
I would like to know how to manage repos ? Any help would be appreciated
Thanks
It is one of the most important parts of opening a bhph dealership. You have to have that system down b/c on a good year you repo a 1/3 of your sales. A bad year that number can get as high as 35%-40%. When you are at 40% its tuff to make money. When you are just starting out and have fewer accts usually your repos are a lower percent. You are working them harder. The squeaky wheel gets the oil when it comes to bhph. Plenty of the folks you sell cars to have more bills than income. the person or business that bugs them the most are the ones who get paid. I will for sure be going over the techniques and how to keep repos down we use. Nothing is 100% but I can give you the best info on how to give yourself the best opportunity to succeed.
Will you talk about GPS on cars?
I will down the road. I don't gps all of my cars. I didn't gps at all the first 4 years I was open.
When you say you don't gps all your cars.....How do you pick and choose when or when not to gps...and How successful are you with repo on non gps cars?
@@spraytimearnc7962 If the car cost me more then 5k it is something that I would think seriously about putting a gps in. Today w/ license plate readers and the technology that's out there it's not 100% needed. Nothing is 100% full proof and people who gps all their cars loose cars also. Usually somebody who isn't going to pay goes rogue in the first 3 months. They make it 3 months its usually smooth sailing after that. Delvpoint is a good company to get signed up w/ for your collection dept. It gives you arrest records, anytime credit is applied for, employment and other things that make it a little easier to find them if they lied on their app and information. Most people who buy cars from you all live in the same area of town or towns. So, the license plate readers get hits quick, and they pick them up. You will get hits from other states and areas on those also. When people think you gps all your cars they will destroy your car looking for them. I've gotten cars back in boxes w/ every seat cut up, trim pulled off interior of car, dash all cracked up, carpet pulled out because they were paranoid it had a gps. It will make you sick what they do to the cars. Thats why I have been selective when I gps and when I don't. There are other companies you can get to ping cell phones also which will give you location of their cell phone. Those companies are a little harder to get signed up w/ but they are out there also. You have to way it all out and make the decision that is best for you. People go through great lengths to hide cars if they think they have a gps. There are plenty who disconnect the battery to their car every time they stop sum where.
They also make gps that are battery powered, last 3 years and the size of a deck of cards or smaller for about 100.
@markgarry7866 I have seen them all and have given plenty of them a try. Battery life is said to be 3 years. When put in recovery mode to repoe, it doesn't last anywhere near that long. 3 yrs are the ones that ping once a day and never put in recovery mode. Then, the failure rate on the battery ones is pretty high. Wired ones by far are the most reliable but harder to hide since they need juice, but if hidden well are the best way to go. They are much cheaper, around $50 a piece very reliable close to 100% work w/ out failure, and can be used in any mode. Even if they unplug the battery, you have plenty enough time to get on them before they unplug the battery terminals. I have friends who have bought the units on Alibaba then purchased Sim cards with minutes and put in the units and were able to get the price down to about 35 a unit w/, the minutes and everything. Like I said, you need to figure out what's best for you. On cheap cars, I never used them, and at that time, 7 years ago, they were still 100 a unit. You figure the first yr I was open, I sold 350 cars. So GPS would have cost me 35,000 to have gps'd every car. I can promise you I never lost anywhere near that amount of cars. If I lost 10k worth of cars that first year, I would say that's even high compared to the 35,000 expense. The license plate reader repo companies charge me 250 a repo, and they find my cars all over the place. I have used the same company for almost 6 yrs now. This year, we bought our own tow truck and do plenty of our own repos. Inventory and repo cost are the 2 biggest costs I have. If you are on top of your repo game, GPS are not totally necessary, but with that said, I do use them sometimes.