The three ways people make money on exotic cars
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- Опубліковано 3 жов 2024
- Ed is the founder of VINwiki but before that, he worked for an authorized Lamborghini/McLaren/Aston Martin/Lotus dealership as director of sales. In this video, he explains the different ways people make money buying, owning, and selling exotic cars. Follow Ed @edbolian.
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Ed is a very fluent speaker. His vocabulary never ceases to impress me.
"You've all heard the story about me buying the Lamborghini from the prostitute," says Ed, without ever missing a beat. You remind me of Mr. Rogers, but for adult children with a sense of humor and a love for all things automotive.
Ahhh Ed Bolian a master in telling godly stories
The wholesale vs retail distinction makes a lot of sense. Hadn't thought about it in that context.
I can't imagine getting good enough to place bids on cars like this without the chance to get them inspected.
It is really a game of numbers. The more practice you get, the better decisions you make. Also, you don't win on them all. I am still resolving a situation right now where things did not play out very well. An interesting story for another day.
dash hub is great for this. They can let you buy at wholesale prices, but the pictures and details are minimal. You have to figure out the options it has, the possible work, etc. It doesn't make sense unless you can fix it yourself.
The one thing they do have that I found odd was for a fee, you can get a detailed report. I have no idea what is it in, but that is a gamble also, but I guess just not as much as if you bought the car.
Ed Bolian, how ended this bad Situation and what car was it?
That was a really good way of explaining the distinction. I buy wholesale cars both for myself and to sell periodically. Not quite at the same price point (most of my personal cars are sub $500), but the same principle applies.
Dam this guy is smart when he talks I listen. He looks rich too.
Daniel A definitely someone you'd want to be around. Seems like a good influence
After having binged through all the car story videos, I have concluded that you're now my favorite channel.
This channel WILL blow up soon
I sell Cadillacs and like selling the used trade ins more than the new cars sometimes. Gotta love the car flips
This is interesting. That Range Rover flip was no joke! $45k in a day?
Yes. It was a very short term opportunity. Most sold for $20-30k over but I found one with just the right options at just the right time.
Could someone tell me what exactly was so special about those Range Rovers that the market was so high on them?
Also, love the Content! It's great to hear all these interesting storys
Most countries tax cars based on displacement so they were cheaper to own than comparable cars in China and Russia in particular. The demand vastly exceeded the supply and the buyers started looking to the US.
There are still a few cars that exporters are targeting. I worked for one for a short while and they were looking specifically for an MB GL450 (turbo/supercharging is not factored in for the displacement tax) in black with a dark interior with a panoramic sunroof. It was so specific that MB was tipped off and made potential customers sign a bunch of conditions in order to purchase a vehicle of that spec. Another was the brand new Range Rover that just came out this year although I forgot what specific spec the exporters needed. Regardless, it was too much risk for too little reward.
Ed Bolian hey ed just a quick question. What is your profession? Sorry I'm new to this channel and you're an enigmatic guy!
Ed is so money he should be on tv. I would rather watch him than that Richard Rawlings guy
Brandon Bennett please dont, it will turn out into one of those shitty american reality shows
Thank you all. Rawlings is a nice enough guy in person but it is tough to deal with that much attention.
Who the hell watches tv? You should stay right here on UA-cam
Thanks. I agree, if it is not binging through a show I rarely turn it on. I tried to buy the 79 Cannonball Winning XJS from Richard a few months ago and he just wanted way too much for it.
Brandon Bennett - Much Agreed!
This makes me feel like once someone has the ability to start buying the right cars, there is a pretty good chance that it can not end up costing much.
That is one of the best ways I've ever heard it explained.
Ed's, I just wanna say that your voice is so smooth, that in a couple years you'll be considered the Sam Elliott of our generation.
I could watch videos with Ed in them all day long, love his accent
Was able to do the ole fliperoo on a Mercedes recently, sent it to China. Felt like I was living a vice documentary. It's pretty tough to do it these days though!
sgfreak96 Why was that?
Integrafreak1 Exporting cars is usually pretty hush hush. The entire process was both totally normal but also just sort of surreal to be a part of.
Was it a GLS?
Yup, GLS450, Black with Tan interior. Looking to do a 2018 model year soon actually!
Car's imported in India cost as much as 4x the price in the U.S. for instance, I bought a Range Rover in 2015 for $702082 i.e 45000000 rupees. And I also bought a Land Cruiser for about $390046 a few months back. Then I have recently purchased a volvo xc90 for $156018. We pay a fuckload of money on these cars that actually cost a fraction of that price.
Ed needs to do a podcast
Eds voice is the best
I love hearing this stories and lessons from Ed , this guy is the man!
You have quite the car buying/selling resume. The Gallardo deal, 360 deal, and Range Rover deal - wow.
Thanks. Each could have gone badly but fortunately they worked out.
Gotta love an Ed Story :D. (they are always the interesting ones)
I subbed for Ed's stories
Robert Solis samee
everyone did
Ed and Alex are the two best on here for sure
That shot in the beginning when it was zoomed in a lot was much harder to watch, watching the zoomed out shots was much easier and more "convertible-like"
Love the vids, keeps it up : )
You can make legit appreciation on all sorts of interesting cars that aren't GTOs. I've sold a F355 GTS, Testarossa, and gated 360 all for a very tidy profit after owning them for only 2-3 years each (and right back into 'my market' - i.e., it wasn't arbitrage). I also sold a '67 Alfa Spider for 55% more than what I paid after a couple years of enjoyment. Gotta be smart and buy right.
Absolutely. And that is definitely legitimate. There are very few cars, though, that have beaten the stock market for more than a decade.
wow this channel is really taking off...50k already well done keep it coming
Initially, I wasn't very good at selling cars. There are tons of reasons a buyer might balk. A seller's job is to figure out what that objection is and then reassure the buyer that his objection isn't as bad as he thinks it is, or at least reassure him that some other advantage will offset whatever he's objecting to. Service advising is where my sales skills really took off, because in service, there's only ONE objection... cost! Cost is overcome by one of only two methods... either make it cost less, or convince the owner than he can't afford NOT to fix it (most often because ignoring the problem will make it worse causing it to become even more costly to repair down the road). Beyond that, the only choice is to simply choose to live with the problem until you are forced to fix it. Eventually, working in service as long as I did eventually made me a much, much better salesman, only because it taught me so much about sales to begin with.
Ed's videos are always the most interesting
I grow up in the car retain business here in Los Angeles and you are dead on. BTW thanks for VINwiki Much needed!!
Thank you! It was built to make a lot of selling behaviors easier. We hope you like it.
Do you offer any internships? Seems like you have a lot to offer to someone still learning about the business world.
Love listening to you Ed, you articulate yourself so well.
Just had to rewatch this one. So much to learn.
Wow I need to get on this guys level that's an awesome investment to flip. This way I could literally make money while driving in a clean badass car. Too sweet.
Ahh Ed is back. My ears are soooo happy!!!
Very informative, as usual. I like the distinction you made between wholesale and retail. Makes sense.
As a professional selling major I feel like this video should be a part of my curriculum haha.
Could you make a video or videos on how to get started in arbitrage? What are the top ten cars you would arbitrage if you were starting now?
You sir are a automotive genius.
The Ferrari 246 Dino GTS has always gone up in value since it was new. Yes I have the my grandfather almost bought a perfect Ferrari 250gt California for $4500. He as also did own a Lemborghini 350gt for $3000 and a 250gt series II convertible for the same price. Now both are over 1 million. His Dino he bought new from FAF for $16k and sold it before the first service for $18k a year later and bought a 930 Turbo. Dino's never dropped in value it always held.
Wow. That is a great ownership history.
this and petrolicious are the best channels out, I love you guys and hope to make it on your channel one day
That is high praise. Thank you.
Interesting how times have changed... My understanding is that the c8 corvette sales agreement contains a buyback clause prohibiting "flipping" the vehicle.
I love these videos. And he is right if you buy them right. You can make money on them. Or at the vary least, break even. I bought my rs America for 30k years ago, and they have appreciated quite well. My lotus exige S for 40k with only 4 thousand miles. I could sell that and make a profit. Just wish my dad would of held onto his 83 512bbi that he bought for 85k and the 89 25th anniversary countach he bought for 90k. Those cars have taken off. You win some. You lose some. Lol
ED IS BACK FCK YEAH
Great advice. What an awesome way to earn a living.
This guy is full of gems!!! Vids are always interesting!
I am just glad people are enjoying them. I will try to keep them coming.
Some real tips here. Worth it. Plus, you can spend all those gainz on that bitcoin
BiteSizeBitcoin lol, and become a poor fool in 2018
Buy the dip and HODL
Bitcoin is really unstable e-currency
Too late for bitcoin buy ELECTRONEUM. my.electroneum.com/join/DD9A44
Bigie Mouse Your product is shit. Complete shit man. You know it but you got to sell it. Feel sorry for ya
Did a better job explaining stuff than my school !
That wholesaling piece at the end sounds a hell of a lot like flipping/wholesaling real estate. Same idea.
I have a master's degree in literature and creative writing yet I learn new words listening to ED.
You should teach me some more!
Ed Bolian under an agreement that I get to drive one of your cars or simply have something signed by you and sent to me for my E46 M3 build 🤷🏻♂️
Email info@vinwiki.com and I will send you some VINwiki stickers.
Ed Bolian I emailed you, my email is jdmcarboy64@gmail.com
Titled " to Ed him self "
My father bought his range rover in january of 2014. He was filling gas one day when someone pulled up next to him and offered 30k over sticker price. My dad didnt take it but i was shocked that people are willing to pay over msrp. Even the dealer my dad bought it from wanted more then the msrp. This is crazy to me.
Let me guess did he want to wire you the money from the Ukraine? Come on.....
We need more ED!
YES ANOTHER VID WITH ED !!!!!!!!!!!!!!!!!
Excellent explanations, Ed. Easy for a layperson to understand.
good video ed keep it up u guys grow every day i like seeing the new videos
A classic example (get the pun?) is a 1967 four door Chevy Impala HARDTOP! Since the TV show Supernatural came out they price on them has gone from $4000 to $40K (you saw it right). Some are even over $60K. A straight up model with no mods or 'improvements' is $22K+. All because the fictional brothers Sam and Dean Winchester run around the country hunting demons, ghosts and various other inhuman baddies in one. The car has even become a character in its own right and has a name, Baby. f you have not seen the show it is basically Buffy the Vampire Slayer meets Route 66.
I love these videos so much cars are a passion
Awesome video Ed! As always very informative and helpful. Hopefully with more info like this I can stop buying cars for top dollar and selling them for pennies! Haha
I think i'm going to pull up a desk at my local dealership tomorrow, Idk how they're going to feel about it yet but I'll find out when I back my box truck in
This has been car tips with Ed!
Please keep it going with this kind of content!
I love this guy he's great to watch
finally a Ed story
Ahh my favorite person to see on UA-cam.
Lol... imagine if this guy sold houses. Great explanation and very clear information
I like cars a lot more than houses.
I learned a lot in this video . Thank you
I like Ed he seems cool and interesting his stories are the best
I always thought that the background of these videos was just a green screen but I realize that it's not true in this video, partly because of the minor echo in the video. I enjoy the echo in these videos, like the sustain mode on MIDI keyboards, because it's something not completely noticeable but you notice it once you don't have it.
The easiest way to make money on exotic cars? Get paid to fix them.
Yep
You hit the nail on the head right there buddy.
I made a good chunk of money off of totaling cars. In late 1996 I purchased a 93 v6 xr7 cougar w/46k for $8500 and an accident 6 months later totalled it. Insurance paid bluebook of $13.5k. Used that money to purchased a 94 mazda protege 5spd with 32k for $7.2k. Sadly only 3 months late a truck pulled out of a side street then stopped to make a left turn. This totalling the car with a bluebook of $12k. In less than 4 months my insurance paid out almost $10k more than I paid for the cars. Thankfully with a little creative legal tactics both accidents were classed as minor offenses. Granted I had to change insurance companies but any new insurance companies would only see minor traffic offense instead of $10k payouts.
Such a great video Ed. I learned so much. Love the channel
Ed and his great stories as always XD
Can you tell us a story on how you started your Exotic cars business? I would love to start one in the future
Sure. I will do one of those sometime in the next couple months.
Ed Bolian Thanks man!
In CA if you sell more then 3 cars in 1 year you have to get a dealers.. if I had the backing I'd do that here...
Another good one was that new dodge demon 80-90k msrp flipping for 120 or hold wait for a few to get totaled and be even higher
Very informative, as usual.
Another well done video from VINwiki
Thanks!
I'm currently sitting on a bone stock 70k mile e36 m3.. I hope to see it rise in value
It will. You should document its history on VINwiki!
VINwiki good idea (: I know what I will do today!
Ed 2020. Make Americans love exotic cars again!!!
Thanks for the knowledge. Had no clue prior.
Ed and doug deMuro need to have a talk show
How big is the difference between the margins new dealers shoot for vs. used dealers? For example, do you shoot for a higher return on the Lamborghini from the prostitute than if you were purchasing a new Lamborghini from the manufacturer? If so, are the margins simply healthier in that market or are you pricing in the extra variability in the running state of the vehicle?
Invoice to MSRP is generally between 5-15% for new cars depending on brands and then you can see rebates and incentives that can sometimes double that. Used cars work a bit differently because you anticipate some reconditioning.
If the margins on new vehicles are that much higher than the used margins you mentioned in the video(3-5%), why are so many people drawn to enter the used dealer market? It seems that there would be more risk associated with purchasing used - even when factoring in reconditioning costs.
Getting Franchises can be very difficult. There are fees, building requirements, and liquidity requirements. Much harder to start there.
So what happens to the profit margin of a dealer selling damaged cars (hail, flood, or vandalism)? And is there a difference with insurance write offs?
Great question. Generally you want to create a lot more room between what you can pay to put it into inventory and what you think it will eventually sell it for because something unique always comes up.
This is exactly the thing with new edge mustangs in stl. Everywhere else you can get a nice GT for 1g. But apparently here in Stl a bad one is 5g's
I almost got into that Range Rover thing too about a year ago
Ahh 1440P goodness
Does 4k lag your computer to hell? I have tested tons on PC's and non can handle 4k (the internet is fast enough) but it can handle 1440p
AyDayDay well I have a 1440P monitor so I don't use 4K
AyDayDay try changing internet browser mine lagged with chrome but not other ones
AyDayDay I run all of my (supported) UA-cam videos at 2160p. BUT I have Google Chrome, incredibly fast internet, a 4k tv, and an insanely over-built PC. So, do you have a 4k monitor for your computer? If not, try getting one. If so, do you have a 4k/high speed supported HDMI cable?
Would you/could you speak on the pros and cons of flipping salvage title vehicles? I have a great body guy and mechanic and have been seriously considering it. Thanks!
The thing to remember when considering salvage vehicles is that insurance companies have decided it doesn't make sense to fix them. Unless you have a huge advantage of cheap qualified labor or cheap parts, it is tough.
VINwiki... awesome. Thank you. (Just to be clear. If i can affordably and efficiently repair the vehichle, i should be able to get it insured... yes? Im a lil slow. Lol. Thx again)
Yes, You can get insurance on Salvage titled cars.
Thank u sir!
... and then there's Ed, who made bank by RENTING his exotic cars out. That'd be the unspoken door number 4, I guess
The reverb is amazing
If anyone wants to make money via arbitrage, selling to Australia from the US is what you want to do. Over here a Porsche GT3 RS goes for over $400k USD
You'll have people climbing all over themselves to buy it brand new at $250k USD
I love your videos.
I want Ed bolian to narrate my life.
This felt like a Quick University Lecture :D
I learned more in this video then I have in my 4 years at college ....
Welcome to VINwiki University. Tuition is free.
VINwiki seemore dicks sounds about right
Wow, very informative. Thanks! By the way, how does a dealer learn that you sold its car in Russia?
Customs clearance forms are monitored by the manufacturers
I work manheim its ok, i only do it because i get to semi drive exotics which is something most ppl will never get the option to do
Arbitrage, so that means taking unrusted Honda Civics from the southern US and selling them in the Rust Belt for great profits!
+Tommy Kuehn or in Texas next month after all the local cars are totaled from the flood.
Three ways people make money? Be a dealer, be a mechanic, write magazines about them
Play the market right and you can make money, I've done it... not a lot, but hey, something is better than nothing.
Always. Makes it easier to enjoy the hobby.
All depends if you play it right, if not, enjoy the car you bought. because apparently no one else will LOL
My 2nd vehicle is gonna be a certified preowned Range Rover with a bumper to bumper warranty
Daddy Doug The Doug score will be really proud of you
Oh Ed, you forgot the 4th way, Being a shrewd negotiator.