trade vet

I don’t think the taxpayer will be liable for bank lending errors.They will know who they have issued loans to and those who receive them with their connected parties will be made personally liable for their repayment. I can imagine the banks will be charging those who default penal interest rates and will not think twice about snatching money back from the wrong people.You know what they are like,they will probably profit from the defaults.

Don’t like straight cash deals unless it is on old stock.On the odd occasion I have said sorry no discount we would prefer to wait for someone with a p/x unless you have something to put in.Then they say something like Auntie Barbara has a Micra she doesn’t use any more and you get that instead and retail it.

Lesson 1 Forget Copart and try buying proper cars.You won’t make any money resurrecting damaged goods,it takes too long and you will attract too much aggrovation.You might be better off continuing as a pub manager and watering down the beer. !

Make sure to ‘milk it ‘ and embellish it.

It is a long time since we operated down there.3 grand per month for rent and rates sounds very cheap to me.Have you checked the cost of good insurance cover because despite having 20 years no claims with Aviva,they and a few others refused to give us a quote. 14 cars is a nice size ,however you only want short term loans from your investors otherwise they will want to be involved.

Hi Faz Does 3 grand per month include business rates.You need to bare in mind that because you can now sell ex lease stuff there are no guarantees that you will be be able to replicate it from the proposed showroom.Every pitch is different and I have had 7.As it happens I have retailed ex lease stuff for a long time in the North East but when we took a nice pitch in London which was very cheap,we found we could not sell ex lease stuff.The punters there wanted very low mileage small automatics so if you go ahead with this showroom be prepared to change your business plan. Good Luck.

Hazard a guess,Stratstone Pendragon. Could be waiting for a 70 grand per week footballer to come along who would not be put off by a new front end ?

NIG,part of Direct Line Group,good luck with them should you need to claim.( Had to take DL to Ombudsman on a 2 grand straight forward and only claim in 20 years )

I do understand that it will be the finance companies who will be taking a hit.From what you say they might have done well previously with this stuff so it could average out.As for dealers,good luck to them,I cannot imagine what some of their punters are like and the headaches they get.

I am not sure if you can now get good insurance cover for cars left out in the open.The last open pitch we had in the 80’s we could only get road risk cover which was far cheaper.We just used to budget a few grand per year for vandalism.However this was bread and butter stock.With open pitches you will always get some vandalism but we found together with the savings in business rates on open pitches and cheaper premiums,it worked out.

Thank you,good post AWC,all above my head.Supercar status cymbals on chucky or on PCP which is even worse.I don’t get it.It’s different in the US,where corporations buy them on finance for executives and get hidden in their accounts.( making them tax deductible ) No company car tax or Benefit in Kind obstructions over there of course.I only know this because I met some US super car dealers who were attending a Lambo sales conference where I was recently staying.( They were down to earth guys )

I see it is a recently incorporated company and there are now 2 directors.Could it be that the undesclosed director is only 20 years old and who is also listed as a director of several other recently incorporated companies ? I would imagine Traders Cover would be very expensive for a 20 year old should they be able to get a quote.Good luck.

I knew a retired franchise sales manager who got into finding,renovating and selling MGB’s.A year or so later I bumped into him and enquired how he was doing.He was still finding MGB’s but instead of renovating them for resale he was stripping them and flogging off parts online all over the world which he said was far better.

Surely these novelty ‘super cars’ should be 50% deposit and for A credit score hirers only.Are you saying there are subprime lenders out there for this stuff.

Pardon me but I am doubtful you have had good advice,he does not sound to me like a chartered accountant.

Proper finance companies ( not brokers) prefer and reward loyal supporting dealers and not those who prop various lenders at the same time.Future finance income could be in the form of a volume bonus.

I was told by a reliable source that DVLA are only operating with few staff and are only dealing with what they deem essential work.

Supermarkets relying on subprime,are you sure,that is news to me.

It is right,you do need to show a profit with a quick sale at this value or it can be flagged up by HMRC ( even 5 years later ).On the other hand you don’t want to fall out with good customers.An alternative is to sell for cost plus work and prep with a side agreement to buy it back within 2 years for £2k with some T@Cs.

How inconvenient,48 hours for your ad to go live !

Lawgistics appear to be touting for business,yet while they should be switched on,on their own admission they are not experts on the FCA rule book.If you are a finance company supporting dealer and advertise their rates and terms alongside your stock,my understanding is that you only need to divulge any advance commission you receive if you are asked.( in the past if a punter has asked me about commission,I have usually told them that we only get to keep it if the finance agreement is eventually honoured )However if you use a broker to obtain finance for your customer ( you are deemed as forming a specific relationship with your customer )and I think you are now expected to inform/ volunteer to your customer how much commission you will receive. I may be wrong but might these regulations only apply to member states in the EU/EEA.? We used to get letters from PPI claims companies referring to deals going back years and years.I used to reply to them enclosing an invoice as company policy for a Document Recovery Fee of £65 +Vat,that used to get rid of them.

I see,missing the swapper from the invoice and flogging it to a trader for cash out of the back door.I contend that any car dealer who only buys from franchised dealers these days and never uses auctions is probably using bungs or some illegal inducement to corrupt sales managers.You should have reminded them that if HMRC uncovered that there could be serious consequences for the company.As for accommodation deals or ‘ fronted deals’ as you call them,that is one for the FCA.With proof like that,if you had been playing your cards right,you should have been promoted or given a pay rise.I just wonder what may have been going on with PCP proposals regarding mileage estimates to reduce monthly instalments. Several years ago at a local auction a guy was witnessed using a code reader on Lookers entries prior to sale day.The auction subsequently denied any wrong doing by their vendor regarding the putting out of engine manage lights !

Bungs have been around forever and now that auction buyers fees are extortionate they might be on the way back.Fronted finance deal ?,what are those .

Lookers have 7000 furloughed.The share price has moved back up to 32p from a low of 11p which suggests there may be good news forthcoming.However their annual results are months overdue and keep getting put back because of their fraud investigation.They are also facing a heavy fine by the FCA after owning up for wrongdoing ( to help reduce the fine).There previous CEO appointed from within resigned after only a month.They are a huge company with £5 billion T/O and huge liabilities and they must be in a lot of trouble.Its such a shame they are a 100 year old company.I hope they survive but don’t be surprised if they put themselves into administration after their results are declared and then the good parts will get sold off and their leaseholds might be renegotiated.

Just in case you don’t know.When you get the keys take a lot of photos of the premises to avoid getting stitched up on delapidations rules by your landlord should you move out.