M5Cars

You must know a thing or two about dodgy sportswear then Mark! :-) Yeah, it would be good to catch up if you have an evening free. PM me.

Well there you go, if you ask 10 people, you will get 15 answers! I think if you averaged everyone’s responses I would agree with you, except on the sports wear - ITS A BLOODY POLO SHIRT! :-) I will take the point though, if it looks like a football shirt in the videos I will wear something different next time. There are a couple of reasons for starting with the more expensive stuff, I currently work 50 hours a week and until we move in a few weeks I don’t have any storage space at home so I deliberately want a low volume of higher value sales. I also thought that starting with some nice looking cars would add an element of credibility to a new business and make it easier to sell cheaper stuff. Ultimately, I want to work smart with my money to maximise the margins I can generate. Despite what I said earlier about brands and price points, I don’t really mind what I sell, i want maximum margin and to work my money hard. I think to sell online you need a point of difference, I will take on board your suggestions and search for the niche with the best return. Thanks all for the input, im sure I will bother you with questions as I get stuck in the future. PS. I’m based near Taunton in Somerset, if anyone is local and fancies catching up for a pint, the first round is on me.

Simple answer, because I like them. I’ve always owned them and enjoyed driving them. Product knowledge is key to me, it’s so important when selling anything. I’m sure I will buy other brands, but I aspire to be in a position where I know everything about a focused product group, rather than skimming over the details with a car I don’t really understand.

Thanks all for the comments. I’ve been lurking on the forums for a while and always been impressed with the constructive support offered. I don’t own any sportswear/football shirts. (It’s a polo shirt.) but I take your point about what I’m wearing. Thanks, I will give him a try.

Hi Tradevet, Sorry, that was slightly misleading. I’m a area sales manager (Rep) for a wholesale business. I haven’t worked in the motortrade before but I have retailed high value items. My father in law is a mechanic and the garage he works for is excellent. I’m hoping they can help plug the gaps in my mechanical knowledge and provide support in this area. I anticipate a fairly sleep learning curve but I’m ready for a challenge!

Hello all, I’m just getting started in this business and would be interested to hear your feedback and suggestions for my approach. Currently I work full time, but if I can prove the model works I can look at moving into this more seriously in a few months. I’m working from home and keep my stock in a secure unit. Stock is self funded - raising finance to assist growth is a question for the future. I have previously worked in digital media and built my own website; www.m5cars.co.uk Each car has a series of high quality pictures and a video. Currently I work as a sales manager so I’m confident dealing with people. I think I have the skills required to make this work. I want to sell cars with a value between £10-20k I have decided to focus on BMW’s, in the fullness of time I would like to be recognised as a specialist. I’ve had some success buying cars privately. I have an account with BCA & Manheim but for the types of cars I want to deal in, I think it’s important to drive them and plug in a diagnostic first. Even if it means paying a tiny bit more. My plan is to build a following on Facebook to assist with marketing, although I suspect that AT will be key to get stuff moving in the early days. I will use all of the other platforms, especially the free ones. It would be interesting to know how hit rates compare between PH, AT and Ebay. I am FCA registered but as a new business, working from home, it’s difficult to find a finance house who will deal with me. Is this important? Can anyone suggest anyone that may be helpful? Any feedback / suggestions / improvemts welcome. Thanks Stu

Thanks all for your responses. I have found the chap at our local storage facility (think a compound with shipping containers) to be very helpful. He’s got mega security / CCTV, electronic entry system and charges £30/month per car. Possibly a little expensive but it’s handy and keeps them safe and sound!

Hi All, I am looking for some flexible storage for excess stock, I was wondering if anyone has any recommendations of where to start looking? Being from Somerset I was thinking farmers with space in a yard/field or a pub with a large car park. Need to store 5 - 10 cars - any guide as to what I should expect to pay? Thanks Stu

Haha Frank, you’re definitely cynical! I’ve setup a ltd company that matches my profile name and will start business when the FCA registration is approved. I look forward to being more involved in the forum as things progress.

Hello all, This is my first post to the forum, be gentle. Just wondering if anyone has recommendations for trade insurance for premium & sports cars? Any suggestions grateful received. Thanks Stu