Video #3 BHPH Program, Repos,Pick Up Payments, Marketing your Dealership
Вставка
- Опубліковано 2 чер 2024
- You want to open a BHPH dealership? I'm putting out a program that anyone can do, and I have done myself. When I opened, I had to figure plenty of this out on my own. These videos are intended for anyone interested in the BHPH business or a dealer wanting sum knowledge. This is video 3 of a 4 part series.
- Авто та транспорт
GOLD
Henry, I will help you to have your channel monetized, you have knowledge about cars, I have about computers! Keep up the good work!!!!!!!!
Great info brother. Sure appreciate you putting these videos out with fantastic information.
Thank you, I had to figure plenty of this out on my own, and if I can help others be able to be successful and make fewer mistakes and it helps them out I did what I intended to do. We all just want to make a good living and be able to support our families as best we can. Helping the people out who buy cars from you is all part of it. The vast majority 60%-65% of the people appreciate what you are doing for them. 30%-35% can be a complete pain in the rump, and all they are trying to get you to do is run a charity b/c they are unwilling to help themselves. Then 5% are complete thieves and are trying to get something for nothing. Appearance of folks will fool you also. The clean-cut people who look like they will be good customers are the ones who will be the worst. The ones who come in look like they need a bath and smell turned out to be some of your best customers. They look like hell b/c they have been laying brick all day. The clean-cut guy is just trying to get a free ride and will do nothing to help himself. Then, get on social media and blast you six ways to Sunday just to be a pain in your ass. Never give into these types b/c they always will just want more every time and are never happy and pay the worst.
Thank you for all the great info Henry. Ran my bhph for 5 years. 2nd lease was up...thefts of cats and cars too high in my old hood. Took a year off...just opened back up....gonna rock and roll....id like to hear about how you upgrade your customers...
Until I purchased my own place and stopped paying leases, I had that problem. Last year, I put up a 14 camera system, the same kind they use at my suction. It's wired in and on poles we had put in the ground 2ft. It has facial recognition and the ability to go back a month and tell you every time that person has been on the lot and gives you those clips in HD Quality video. Has license plate reader will tell you how many times that car has been on your lot and give you all of those clips. I paid over 26k for the entire setup, but I haven't had an incident since, knock on wood. Well, worth the money, and I get alerts on my phone anytime someone steps foot on to the dealership. I can talk to them through my phone on any camera. It also helps w/ your cash handling and losing keys.
You will hear a lot of sad sob stories when you repo a vehicle. Sometimes people's prescriptions are in the car or their mother's prescription is in the car and they will say their mother is going to die if she doesn't get her medicine, and that may be true. You also will have to fix customer's cars for free (because they are broke) and add the repair cost onto the loan, hoping they eventually pay you. You have to be willing to listen to people's hard life stories, and still be firm to make it a fair deal for yourself. Then you have your employees and all their life drama. It takes a certain kind of person to run a car lot like this.
I ran restaurants moat my life, and if you think the car business is hard, try that out for a while. I was a GM of the Tampa Landry's for 3 years and had 120 waiters and waitresses, 15-20 hosts, 7-10 bartenders, 5 bus boys, and 50-55 people working in the kitchen. Hoping that 90% of them showed up for work on a Friday when their average age is 21-23 is tough tough gig. I was very good at it but it was no walk in the park. The same goes for the Bennigan's and BoneFish Grill I was a GM at. What you said is very true, and you have to be empathetic and firm, and the word NO is a word you can not be afraid to use for sure. The 1000 dollar down folks want the same quality as the 5000 down folks when your business grows to that point. Depending on 10-13 people showing up for work every day is much easier than a restaurant. Especially when the salespeople and collections people all make good money and their pay is incentive based. When I was looking for a new career and chose this I wish I could have found this information to help me. If you do this correctly, you will grow your business fast, and you can decide if you want to keep selling cheaper cars are get away from them. I keep 20 cars to cater to these customers, and they count for 10-15 of my sales a month. 50% of them turn out to be long-term customers who purchase many cars for years to come, and the other 50% fall off along the way sum where in their term. The ones who are appreciative make it worth wild but their are days that it can drive you a little nuts. It provides 15 good paying jobs for folks and enables me to put 2 kids through college and provide a goo's life for my wife and I so I am very thankful for my business and so are my employees and most of my community. The ones who were repod may not think so.
Thanks again for sharing good information. I have a small dealer here in Dallas Texas.
Question about your repos. Do u use gps tracker to make it more easy?
Will part 4 show where and how to buy cars?
Hi Henry. I'm trying to open my dealership and I'm going to try your business model.
Could you please tell me if you are detailing your cheap cars? Or you sell them just like you got them from an auction? Thank you
When I first opened, I vacuumed out and took all the trash out. Then it got to the point I was so busy and by myself that I sold the majority of them before I had chance to detail them. That lasted for about 4 months until I could afford to hire my first employee. Then we valued out and washed them. Currently, I have 2 detail guys who work full time. When I buy them now we caravan style them back to the dealership. We line them all up for the detail guys to check the oil again, wash, wax, vacuum, armor all inside and out and then they hook up code reader and tell the lot manager what the code reader said if anything. Then we fix what needs to be fixed and put them out for sale. It goes down an assembly line of two 3 people until they are all done. During tax season and anytime I purchase more than 10 cars that process may take a day or 2. Very rarely does a week go buy that I dont buy at least 5-7 cars. The majority of the time, I buy 10-12 cars a week. We sell on a slow month 45-50 cars. Last year we averaged 58.2 cars a month in sales. Then you figure on 58 cars sold you will repo 19 of them over the next 3 months. The way I look at it we sell 60 cars, and then we can count on 20 of them turning into repos, and we add 40 to the books. On a good year you add 480 accts to the books. Right now the majority of the cars I sell there paid off In 18-24 months.
@@BHPHDREAMHenryWallis Thank you for your answer. Will be waiting for the new videos