How Much Profit I Made in My First Month as a Used Car Dealer
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- Опубліковано 23 січ 2025
- Today, I'm taking a look back at the first month of High Peak Autos Trading, what cars I bought, what I remember and how much I made!
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I work in a completely different industry but the principles are similar. It doesn’t need to be purely about margin, throughput is the key route to success. I’m seriously impressed at how you’ve grown your business Matt, moreover the ethical way you trade. Your success is well deserved 👏
Thank you. All the best
Congrats on the 8 years, good to see the empire expanding, demonstrates there really is no substitute for simple hard graft👍👍
Very true! Thanks
The way you treated the people is what got you so far, is like you do good, you find good, thumb up 👍
Your last words about taking the profit away from the "stock" is the best advice. I have always told other entrepreneurs about how crucial that is. I started out in 2002 (24 years old) as a farm-gardener you know huge loan etc.. But was able to get a decent margin off of it from the market-sale I did and still do, I think I have made 30-40% profit from the turnover every single year since then. But all the profit has gone to other businesses and investments, so I today have a wide range of individual businesses like a plant-nursery for professionals only with hedge, bush and trees. An online gift-card shop, an online building-material shop(gravel, sand, soil etc), local produced watches and interior-design things, an online biofuel business and a property-investment business as well, and of course just like you I am also running an education/course business. But it all runs and are funded thru' the main business that brings the cash-flow. And do you know what - I also started out with moped and later car-trading and a mail order company with tyres, alloy wheels and such stuff like ski boxes etc.. it all came from that, I started at 16 :D
Hi Matt.I am in Ireland.
I have been self employed in the car sales buisness for the last 23 years.
I found you hit a few solid key points there in this video.
Reassuring to hear,especially the one about being a bit harder with people.
Being in Ireland myself, I think car dealers here could learn a lot from Matt, eg service the cars before you sell them, fix any damage to them before you sell them, provide proper after sales care etc. Car dealers in Ireland are a disgrace, shoddy cars being sold for sky high prices and lousy after sales service.
@@davidmehlhorn726couldn’t agree more with this. Veeeeerry unregulated here.
@@davidmehlhorn726I think it would be more fair to say ‘some’ car dealers rather than all. I sold cars in main dealers for 4 years. I was honest, made sure my cars went out right and people got good value for their trade ins. It didn’t matter though because everyone thought I was a crook, doing them out of money etc. the final straw for me was someone saying during covid ‘now ye can actually wear masks when ye are robbing people’. Applied for jobs in pharmaceutical plants, now work less hours, get paid more, get benefits like heathcare, pension etc. have 4 days off every 4 days. What a wind up selling for a main dealer was.
I have always wondered how you legally drive different cars around ? Do you arrange 'blanket' insurance to cover you in any car? Also what about car tax?
@@michealhaskell7258 a trade policy covers you to drive any car, usually with a value limit. The car needs to be taxed and MOT’d like any other. Although I’m sure the police would give you some grace with the tax if you’ve just bought it into stock etc.
20 years ago I had some fun selling cars. Acquired a rusty but low miles Metro out of someone's garage who wanted the space, so if I made car disappear I got it for free. Jumped it and drove it home, tidied it up underneath and flogged it with no MOT for £80 a few days later.
From the same person (!) I bought an M-reg Escort saloon, in very nice shape, full history with long MOT but not running well that they couldn't sell for £500, so I offered £300 and they took it. I bet it was a disintegrating CAT, had it changed for £200, problem solved, ran it for 3 months then moved it on for £900. Those were the days, so many decent, simple cars to play around with.
Very interesting and entertaining. Reminds me of my brief spell buying/selling cars in the Midlands in the early 2000s. I always regret not having the confidence to continue after getting divorced. I ran away to West Wales and still here now after 20 years! Thinking that at the age of 52 I might look into whether I could start again - as a very part time business, especially as we want to retire from farming sooner rather than later.
I don’t know why but I find your point of view refreshing. Just that you’re much more candid than the predictable lines of the average UCS
I am not a binge watcher by nature but have found myself bulk watching the various posts you have submitted with some a few years ago the last few weeks. Really interesting and insightful, love your honest and open views. I find myself laughing with customers annoyed that consumables light wiper blades have failed or bulbs have blown!!
You've just explained, by accident, why I've owned 55 cars since 2002 - because they used to be cheap!! I remember buying them on a whim back in the 2000s; like a Citroen AX for £100, a Clio for £400 a trio of Jaguar XJs for less than a grand each. I couldn't do that today. Well I could but it would be silly and a lot more expensive! I'm 45 now not 25 and I've other things to spend my cash on.
Those cars you used to see by the side of the road for £500. Like a 1988 Ford Escort XR3i Cabriolet for £750! Wish I'd never sold that. Or the BMW 740i for £900! Jeez this brings back some memories!
Agree. I’ve recently bought a ‘new’ car on a budget. The prices have def gone up.
That XR3i would be worth £££££ nowadays if kept in good nick.
@@Sam-gw5pl PLEASE don't remind me of that lol ;)
Matt I just bought my first trade car today, it’s a 2007 Honda Jazz and I am loving every minute, even when it stinks of cigarettes and there’s old food in the back seat, it feels so good to have started my journey, you inspired me big time
Well done. Best of luck
When you get it sold, I would immediately get on the hunt for something else. As Matt said, get the money spinning round and round as much as possible.
That’s my biggest fail, I like having the money back nevermind the profit and I use it for other things and bills etc. In my eyes the only way to get ahead is to ‘grow the pot’
All good as long as its not rot as they are so nown to rust
I couldn't do what you do because I don't like dealing with people. They always seem to let you down or make your life difficult. Your persona is what makes it all work. Very laid back, firm but fair. Impressed with your whole operation. 👍😎👍
Thanks!
For someone who has recently gone full time into the car trade, you are truly inspirational. Hard work and good ethics definitely pays off!
Just subbed toyou buddy 👍👍
@@flippingcarsrepairs Thank you mate!
4 weeks before lockdown I decided to jack in my high salary High Street Agent job and start a franchise with Yopa. When lockdown came I had to think fast and find a way of standing out as Yopa was an unknown in The Highlands. Your vidoes gave me the idea and inspiration to do vidoes for property. Up here no one was doing that. I now have no1 for market share, just taken on my 3rd agent and have 2 additional staff. My facebook page is now used to help train new people to Yopa as we now get 400k targeted reach a month - and it started with me watching you! Thank you.
You sir are an inspiration to all young people, I truly believe hard graft pays off in the end. Keep doing what you do, being mindful to look after your isn't well being. Thankyou for your easy to watch vlogs.
I'm a uni student in Seattle and I flip bicycles on the side and it's really profitable. Really enjoy your videos!
Facinatingly frank. Shows how far you've come, better premises, better stock, the property. For all the hassle and frustration there must be some satisfaction in what you've achevied.
In Australia, a car dealer’s license is required if you sell more than 6 cars per year.
Hi Matt. Love your work 👍
2015 was the year I just started getting into cars. Having purchased a Rover 75 CDT for commuting I became hooked to AutoTrader. Used to love how many cars you could get for £1500 back then. The prices on used cars today are just insane compared to then. I do think the super cheap finance artificially dropped the prices pre-2020 though. I remember my mate getting a PCP on a brand new MK7 Golf R for well under £300, an F82 M4 was only another £100 or so a month.
Thats mental cant even get a fiesta for that price now 😂😂😂
Brilliant one Mat. I cant believe how cheap those early cars were - I guess thats where bangernomicks originated
You’ve obviously got a work ethic and a head for the trade mate….. I’ve been watching you since the start, and I can see you’ve done well in some respects, but have suffered elsewhere.
Fair play to you chap, I hope business continues to grow for you 👍
Thanks!
Hey Matt, I started in the trade when I was 18 and now nearly 60!, mostly working in main dealers selling new and used cars and vans, until weekends got too much with a young family so started a car and van leasing company 22 years ago, I still miss the cut and thrust of selling used cars, but not the unrealistic expectations of customers spending a grand or two but expecting it to perform like a new car 10 to 20 times more money.
I feel your pain when you talk about having to refund whining customers for trivial and expected faults.
Love the channel mate keep up the good work 👍
What a guy you are “ your work ethic is unbelievable “ your a star “ your parents must be so proud of you if you were my son I would be 😊happy days
Well done, Matt. The world needs more people with entrepreneurial get up and go like you. Keep at it.
What a lovely thing to do & it's so nice to see school mates still so close. These days everyone moves around so much it's so nice to see & your mate looks very much at home behind the wheel! Well done Matt!
Good for you with starting from nothing, and getting to where you are. You come across as a good honest bloke, plus all the UA-cam you spend time on, even though its a good earner for you maybe as much as you make from the cars. Be proud, be VERY proud.
Great to hear you made a success of your business. Well done. Being so down to earth is what makes it so enjoyable!
Thanks so much!
You've worked hard and taken a few punches on the way but You've definitely made a successful business and kept your sense of humour
Reflection is a very valuable exercise. It's interesting to hear how you started from next to nothing
Great video again Matt! Really enjoyed it and great respect of how you work, your honesty and transparency!! Keep up the good work, you deserve it!!
Thanks! Will do!
Genuinely fascinating video, Matt.
Loved the look back. 👍
2015 i bought a toyota auris for 7000 pounds, 2 year old and 20,000 mls on the clock. still got it 155,000 on the clock now and all its had is regular services, now thats value.
Congratulations on your eight year anniversary. You have an amazing memory of the first few cars you bought and sold. Great video as always.
That's one of the best videos you've done. Really interesting.
Glad you think so!
Matt i bought a toyota prius for £800 . Advertised it for 4 years then sold it for £200 . I even left the windows down and the keys in it for 4 years . ,im good at this game .But this is true i bought a lada 1500 in green for £75 ,then i sold it for £600 to a guy in hull .All he bought was ladas and skodas in Hull .
He sent them back to Russia and chechoslovkia
I’m not in the car trading industry, i just like cars, sometimes i do the service on my cars if it’s something small. However, i like your content, your useful information and knowledge. Not planning to sell cars for living soon but i learned some things:
- 90% of the cars need a new set of number plates
- doesn’t matter how worst it’s, it will buff out
- never give a Halfords gift card as a present to someone
😂
Would definitely come and buy from you Matt,honest straight talking guy …trust sprung to mind ..
That was really interesting Matt,from where you were to where you are now hard work has paid off,well done.
I have found It’s not about being harder on people but being more upfront about what you’re selling. I bought an Audi for £150 and sold for £900. I’ve Always fancied a bit more if that.
Very interesting video, Your work ethic and perseverance does you credit. The prices you quote seem more like last century not just a few years back but things have changed a lot recently. The price of new cars seem really high now (not that many people buy them outright!) so I guess the price of used ones will have increased as well.
Hi Matt!
I cant wait to work for the Main Porsche dealer in 2 years as a salesman!
Great video as always! :D
Best of luck!
Your a good sales man mate your honest and polite and that's why your business is where it is today plus alot off hard work it pays off in the end mate 👍💯
Thanks 👍
Well done Matt - an arduous journey I am sure but it has paid off and your reputation is intact. Knowing the market, targeting a customer base and diversifying will help - your social media/UA-cam promotion is excellent and it creates that aura of professionalism and trust. I have been in the business for years (modern cars, classics and motorhomes of a certain budget) and keep learning, but a well prepared, genuine and good value vehicle will sell if there is demand. As you know, customers will often return or generate business based on a recommendation if they can see a good business and sales team beyond the banter. We have to deal with tightening legislation I know but honesty and a good warranty are worth the investment. Good luck for the future.
Matt never ceases to entertain. His cander is so refreshing in the car biz.
Cheers!
@@HighPeakAutos hey Matt l think your totally brilliant at this lm hooked. I was thinking of buying a W210 e320 wagon l no there a bit old in UK but what do U think? I'd be keen to hear your opinion. BTW l loved your XC 70 video as currently have one & they are great. Thanks Brigitte
Wow!! what a milestone! Well done Matt, crazy to see you've came so far!! Nice video. I'm proud!
Thank you! Very kind
Enjoyed this one, I bought my first flip car today in years, had some bad experiences in the past that knocked my confidence. Very much had your tips in my head when finding/ buying (08 plate VW Fox if you’re interested)
Was a straight car anyway but ordered new plates, new centre caps, spent an hour cleaning and polishing inside and out, let out a noise of excitement when I saw the timing belt had been changed and once the log book is back through will be up for sale hopefully with some profit.
Haha very good. All the best with that
Brilliant video Matt and certainly this type of business focused video could be a great form of content moving forwards. There's quite a few general business lessons that can be learnt from having traded cars - customer service, consumer behaviour, market trends, stock rotation, cashflow , marketing, sourcing etc etc. I spent about 20-25 grand on my MBA but when I think about it now, I could have learnt quite a bit by doing what you did instead !
Wow. £16500 profit earnt in one month. You clearly showed and still show how gifted, on the ball and observant you are. Its no surprise that you have succeded in your other ventures too and an inspiration to take risks and make the effort.
That was gross profit before costs but thanks
What a cracking story. Genuinely can relate to all ur saying here mate. I'm doing car sales here and there when I find time but constantly thinking of pulling the trigger of starting legit and leaving my day job 😊
It was me that sent you the Proton photo, it was December 2020 according to the date on the photo which is a bit mad. The car was in Leek at the time, congratulations on the 8 years!
Was it that long ago… time flies. Cheers
You have a good mind for business Matt.
Nice vintage poster of Bermuda. One of my best holidays.
Its my favourite place
Well done Matt to these first 8 years, here's to many more👍
Thanks
Living in Cheltenham I was able to park them all over the roundabout outside my home free of charge, when the phone rang I was always able to say "Oh, you're interested in the black Ford KA" and then parked one in my driveway for customer inspection. Great fun.
Here in Northern Ireland the next available MOT inspection locally is mid-December, I can get it at the end of November but a 120-mile round trip to another Test Centre. Remember, you cannot tax or insure a vehicle without a valid MOT. You guys in England have it easy.
Hi Matt I bought a Aston Martin vantage a few years ago for £95000 to keep but 1 weak later I got offered £110000 so I sold it and bought 2 more to sell thinking I'm Mike brewer lost £30000 on them that was my career over
What went wrong ?
Loved that Toyota Hilux, Love your work ethic and honesty.
The look on Matt’s face when he remembered the first car he sold was a ringer 😂😂
🤣
Lmfao!! You beat met to it!!...... but I recon When he ends his career.... his last car to sell should be a ringer 😅😅🤣
I think you’d be successful in whatever you turn your hand to Matt. Keep up the great content!
Brilliant Matt authentic real and refreshing if you were in Cumbria I'd buy off you mate
Alright guys, how’s it going? Welcome back!!!
Good video Matt. Sums up running a small biz and putting everything into growing it 👏 well done mate
Thanks 👍
Id reccomend working at a dealership for a couple years. I worked for some dodgy polish guy on saturdays while i was in sixth form learnt alot doing that.
I've been a cultist follower of this channel for year's now and you really inspire me. Thanks for sharing such invaluable information showing your humble beginnings. I hope to start my own yard someday, and I'll have some hacks because of you. Watching from Nairobi, Kenya🇰🇪
Thank you for watching over the years. All the best
Real insight the Matt, built it on whits and work ethic, it’s why I watch
Thanks!
I wish you were local seeing what you spend on preparing your cars I think you’d be a good person to buy off
Well done you took the risk worked hard and it’s paid off you’ve obviously done well good luck to you as you seem a nice guy
Thanks!
We love you Matt ! Looks like you've got quite a few catchphrases looking at the comments 😂 Mostly along the lines of 'Massively overspent' 😂 seriously, well done on your business and your highly entertaining channel👍👍👍
Brilliant video. I used to own a Proton Impian very good reliable car.
You have definitely come a long way👌👌Hopelly you still support Stockport County 👍👍
You've had a few Nissan Pukes but you've had much wonderful stuff to make up for any of that
I’ve recently started my own business as a car trader (September last year) as well as a full time job (12 hours a day 12 days on 2 off) started with around 5k and have just been plodding along however want to push forward, I do struggle with things being perfect which is difficult to do when you’re selling cheaper cars..(around the 4k bracket). Not offering finance seems to be a big problem since no one has money due to everything going up in the world and if they did they, wouldn’t want to invest all their money into a “depreciating asset” I’m very interested in signing up to your class to listen and hopefully broaden my knowledge in this type of business. I’ve been watching you for around 7 months , having your own dealership has been a very eye opening experience.
8 years!! Congrats!
Excellent vid, nice hearing about your history in selling cars, Matt. I do quite a lot of mechanicals on cars and wondered about buying a cheap fix up and selling on for a profit.
Really enjoyed your story. You're an inspiration to many. Keep it up!👍
Thank you! Will do!
Really interesting story. Well done and good luck moving forward.
Im no spring chicken and have enjoyed (and hated) many cars over my lifetime. Too many to count. I only made a profit on two of them. One was a WW2 Willys Jeep that I bought for £500, spent £500 on it and sold it a few years later for £6,000. Matt would be proud of me!. The other one was a 1965 Etype Jaguar series 1 FHC 4.2 Litre which I kept for 13 years. When I sold it I added up all my invoices that a saved in my ring binder (Matt would be proud of me again) and, together with the purchase price, I found I had made a profit of…….£100. Im very glad Im not a used car dealer. Brilliant channel Matt. ❤
Fascinating! You deserve your success Matt. Cheers
That was absolutely unreal.
Really love these business style videos. I can’t get over those prices though!
I’ve only been interested in this line of work in the last year or 2 so I only know these high prices, it’s mad how cheap they used to be.
I’d love to do more cars but I’ve been stuck in such a rut over the last year I simply can’t afford to do it. Still, I’m working every single day (had maybe 10 days off in 3 months) and eventually I’ll get going.
It’s the work-ethic thing that’s keeping me going, you’re absolutely right you have to keep your foot on the gas all the time if you want to make it in any business.
I read a thing yesterday that said “2 years of struggle is worth 20 years of success” or words to that effect. Very true in my eyes
Keep going pal. You’ll get there. Just don’t give up.
@@HighPeakAutos The good thing is I can’t give up. If I haven’t done some kind of work in a day I can’t settle.
Even if it’s just a few hours delivering amazon packages, I need to feel like I’ve done something productive, keeping the cash flowing, keeping busy.
Thanks for the overview - really helpful and encouraging (although I never thought of setting up a business of my own or maybe too late for me) but an interesting story. Well done and keep going!
Its Never too late😁
Brilliant insight humble beginnings .Arthur Daley would be proud 😊
Hi Matt you should frame the paperwork and hang it up in the office . To remind you of your road to success
Hi Matt, great vide as usual, just to advise your Scottish viewers, you need a car dealer licence from your local council in Scotland. I understand that Trading Standards monitor and administrate the process.
Oh really. I didn’t know that
My new favourite channel.
Great video matt, honestly love all your videos!!
Great video, thanks. Keep those earliest records, you would kick yourself in years to come if you dumped them. If storage space is your issue, at least scan them for your archives for a look back in n years.
i really like your channel and sometimes I think I should start doing my own business, just don't know where you can find cheap bangers and turn them for profit, everything I see out there is super overpriced. keep it up I love watching your videos!
Brilliant Matt. I started with 8 Ford KA (all black). I was able to use the same Newspaper advert. for nearly 3 months. Living beside the Driving Test Centre was also an added bonus.
All the ka,s i brought were rot 😂😂😂
Very interesting Matt, thanks for sharing that. I have one car for sale at present and I'm stressing about it, I don't think I could do what you do! Best of luck going forward as well.
Cars are hard to shift at the mo unless they are cheapies im struggling to sell my 6k scooby wrx 🙄
youve made a really honest video of how hard this car flipping buisness can be. id love to be my own boss someday luckily im in a job i enjoy so id like to start somthing as a side hustle but you seem to spend so much time and effort into this is it really worth it when customers are phoning you back.... the cars broke down i want a refund bla bla bla
You are a talented car dealer .
I would buy any car from you knowing I've got a good car
Kevin
Ps coming to see your show room very soon Matt
Hi Matt love the channel! I know you don’t have the time running the business but would you be able to do a video or two, recreating how you started back then today? I’m finding it very difficult to get started when car prices are so inflated today and don’t have access to the big auctions
Great idea 👍👍👍
Considering you're self taught, you've done well for yourself; and you're very professional in the delivery of your presentations.
As for needing to be registered to be a car dealer? It would be useful if it did away with the cowboys
Thanks for that Video, Matt. It is entertaining and informative as usual.
Glad you enjoyed it!
Looking forward to High Peak Hotels!
Interesting video, that first month was very impressive.
That’s quite a treadmill to be on, but it does prove that hard work and consistency win the day….🎉
In the US, it depends on what state you’re in, and how you do it. In my state we don’t actually have inspections or emissions (which we really should) AND we can sell privately without even having to declare it as income on our taxes.
Bought a cheap 04 mini with 323,000 on the clock for £300.. sold it 2 months later to the original owner who racked up the first 200,000 for £700. Couldn’t believe I could make a profit on a 16/17 year old car with 323,000 on the clock.
Regarding refunds / seller warranty for cars that require repairs after selling, I believe one way to deal with it is to standardize having a qualified mechanic or an on-site car-inspection service (40-70€) check the vehicles and provide a full list of potential issues & things to do within X time/kms traveled, so that the Buyer knows exactly what he's buying and there is no miscommunication and add that cost to every car sold (instead of expecting the Buyer to do this, do this yourself, add the cost to the price - also get better quotes for many inspections - and make sure the client is informed)
Problem is Sellers don't tell the Buyers all that is wrong or could be wrong or require attention, the Buyer thinks he got a car that doesn't immediately need anything, this being a recipe for bad experiences.
Yes that’s a good point