Been a car dealer for 4 years now, my dealership turns over 70K - 120k a month, making 10-30K profit a month. Profits depend on your buying experience, you buy smart, you get huge returns. Most car dealers make 20-40% profits margins on each car, again based on your buying experience..Getting funding from banks is not easy because money goes in and goes out, so we considered as high risk. Thats where Unit Stocking companies come in but they have high interests and you end up working for them...
Totally out of context Ireland is far different than UK. Im Irish and i left because of the tax and cost issues in Ireland. There is no mot system like the UKs mots in Ireland and the property market is completely different. The advise your giving is based in UK and not the same in Ireland. There are only 3 or 4 banks in Ireland
Im scratching my head with this one, if he's doing all this wonga as a side hussle and working 6 days a week as a used carsalesman.. his wage as a good salesmen after tax would be a couple of grand if that.. sure it would be worth him using those 6 days to turn his time in to more money.. or the 6 days, in his used car role, helps him to buy his customers Px's out the back door and selling with his employer unaware, making him a nice little profit, unless his famliy ownes the business and say go on son fill your boots 😂
My family certainly don’t own the business. I also wouldn’t try buy my the part exchanges off the customer before they come through the business. Car industry is full of ups and downs. One week your busy next two you may not be. The full time job provides security, while my cars are selling away in another garage at retail money.
Been doing this for a number of years now. 🤪 It’s harder now than it’s ever been with everyone trying to steal a piece of your pie. Keep your costs as low as you can. Trade from the house if you must but insurance can be difficult. Get you’re FCA licence, get SAF accredited and If…. you can get into a working relationship with a finance house, this is you’re best bet to get some unit stocking at a semi decent rate. Would happily discuss and if you’re an independent car dealer reading this and you haven’t joined the IMDA (Independent Motor Dealers Association, let me know, it’s free to join 👍🏻
am pretty sure he does, remember he's talking to a guy from a different jurisdiction with different rates. he's only asking questions to get clear answers.
Been a car dealer for 4 years now, my dealership turns over 70K - 120k a month, making 10-30K profit a month. Profits depend on your buying experience, you buy smart, you get huge returns. Most car dealers make 20-40% profits margins on each car, again based on your buying experience..Getting funding from banks is not easy because money goes in and goes out, so we considered as high risk. Thats where Unit Stocking companies come in but they have high interests and you end up working for them...
Interesting! Are those figures net profit? I always assumed costs associated are high
Totally out of context Ireland is far different than UK. Im Irish and i left because of the tax and cost issues in Ireland. There is no mot system like the UKs mots in Ireland and the property market is completely different. The advise your giving is based in UK and not the same in Ireland. There are only 3 or 4 banks in Ireland
Totally agree
Morning campers!!! Magic Mark here!!
Love these podcasts ❤
Thank you!
Sawasdee Campers 😂 Glad the longest living fly is still going strong. I also remember it from one of the older hotel pods.
"we just want to lend to people with three nipples"....😂😂😂😂.... It's 2024, you never know nowadays... 😅
James ,he has no assets- banks only lend when they hold your life
Im scratching my head with this one, if he's doing all this wonga as a side hussle and working 6 days a week as a used carsalesman.. his wage as a good salesmen after tax would be a couple of grand if that.. sure it would be worth him using those 6 days to turn his time in to more money.. or the 6 days, in his used car role, helps him to buy his customers Px's out the back door and selling with his employer unaware, making him a nice little profit, unless his famliy ownes the business and say go on son fill your boots 😂
My family certainly don’t own the business. I also wouldn’t try buy my the part exchanges off the customer before they come through the business. Car industry is full of ups and downs. One week your busy next two you may not be. The full time job provides security, while my cars are selling away in another garage at retail money.
Been doing this for a number of years now. 🤪 It’s harder now than it’s ever been with everyone trying to steal a piece of your pie.
Keep your costs as low as you can. Trade from the house if you must but insurance can be difficult.
Get you’re FCA licence, get SAF accredited and If…. you can get into a working relationship with a finance house, this is you’re best bet to get some unit stocking at a semi decent rate.
Would happily discuss and if you’re an independent car dealer reading this and you haven’t joined the IMDA (Independent Motor Dealers Association, let me know, it’s free to join 👍🏻
this guy gives business advice and doesnt even understand the VAT margin scheme - terrifying
am pretty sure he does, remember he's talking to a guy from a different jurisdiction with different rates. he's only asking questions to get clear answers.
Evening Campers
I do actually have three nipples one sprouted when I was 14 so at least the banks will lend to me 😂😂😂.
Jacob @ GBwheels