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awc1000
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Posts posted by awc1000
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2 hours ago, Halfpenny said:Haha! In the late '70s I was rebuilding knackered Triumph Spitfires and then selling them. But my first 'proper' bit of trading was in 1978. Also £30 in and £80 out! It was a Hillman Imp. Bought it privately on a Saturday as a non-runner - bad misfire and very stiff steering. I sorted it later in the day (new dizzy cap and rotor arm and squirted lots of grease into the steering swivels). Parked it up with hand-written 'For Sale £100' sign on Monday morning. Got a call Monday evening and two Sikh lads turned up with £80. Off it went. Happy days. Always liked the Imp, they were fun little cars and had a lot of rallying success.
The annual plate change was introduced by the government as a way of leveraging British oneupmanship to boost the car industry. It was too successful though and completely distorted the market. I think up to 1967/68 it changed at the end of the year, then they moved it to August. My father was in the motor trade and so I vaguely remember this change...
great stuff lol, another early one was an early vauxhall chevette which i thought i'd nicked at £120, in the common dark maroon with plenty of rust, after i had chopped the rust out of the wing the square headlight actually fell out, spunked my doh on that one, but i was soon in front again after spending a week filling and painting a sad old beige allegro, can remember my parents rollocking me for turning their garage white from rubbing down huge amounts of p38 filler.
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facebook, Its become a good buying tool, some of the closed group trade pages are now very good, plenty of the ex autotrademail lads on there, the high volume of trade buyers is the problem, you do have to be super quick when an ad goes live.
regards selling, i don't know regards cheaper stuff, but some of the specific brand group pages definitely work for lumpy stuff like tvr and porsche.
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3 minutes ago, trade vet said:38 years as a trade buyer ......I could not possibly comment ( except in the private lounge ! )
its been great and a blur, until about the last 5 years, obviously not so busy these days but that suits me fine, it's certainly not the thing to start out in these days.
been a bit longer than 38 years in theory, started trading a few shitters whilst still at school, first deal in 1980 a fiat 850 fastback reg TFK2M, in for £30 out for £80.
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21 hours ago, trade vet said:Midnight Drive Aways I think we called them.We would loiter at the main dealers from 11 pm waiting for the swappers we had been promised to turn up.We would also try and capture the swappers promised to others,those were the days of the ‘ bung ‘ of course .When you see the cost of auction buyers fees now and vehicle collection problems it is probably worth trawling main dealers and trying to corrupt ( sorry I mean negotiate ) with a sales manager.£200 per time ‘buyers fee ‘ might do the trick .. But can anyone tell me how you would cover your tracks because I don’t know .Replies in the private lounge thank you.
That's not the way these days, most sales managers are on trade profit bonus, they earn well out of this and look like hero's to management with the use of the likes of DA and manheim/ bca.
Its more a case of offering the full service - be willing to underwrite / price anything on the phone for them within 2 minutes 7 days a week , buy everything offered, sell them late used cars they can retail, use their parts department, give them the odd mot / service, throw them new car customers now and again, obviously if you are a retailer this isn't going to suit most folk.
I'm lucky with 38 years as a trade buyer you get to know a lot of managers and they do move around a lot hence there's always a door open somewhere, having said that if you rock up and offer more money than me you'll get served, its that simple, forget morals they are long gone.
regards bungs the cars are to dear to factor that in, more a case of going all in price wise to capture the cars,certainly no scope to be giving incentive on top.
so why bother? well like you said i don't have 5k a month auction indemnity's to pay, don't spend 3k a month on logistics, and if a car is fooked i get told beforehand.
Regards the old 1st august one word - chaos,
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Increase later this year inevitable, lets face it this government have no opposition to worry about in a future election, they can be as hard as they want in the next year, and will probably need to be.
retirement and life on the boat now becoming realistic for this job.
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3 minutes ago, Frank Cannon said:Put it on T2T, should make a bundle, the clientele love german gear....
yeh will do monday, i can trade it easy enough, just remembered someone on here was looking a few weeks ago.
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apologies for wrong section but i cant find the recent topic related too vw transporters, someone was looking for transporters to convert??
a good friend has this for disposal, 10/60 transporter t28 swb van, 1 owner, his from new, no VAT, its in the nice grey, done 68K with full vw history bar last service.
it also has the rear bench seat still new wrapped up never used.
condition- he's uber fussy, the van is mint, you'll not find one like it at auction or elsewhere,
never had paint and needs nothing, the van needs zero prep, simply clean and sell.
no finance, no story's, bid in confidance.
if interested message me a price and i will forward, cheers.
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8 hours ago, trade vet said: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 ?
not for me to say, but if you are familiar with ww2 bombers its that one
most the numpty footballers have their own buyer these days (an ex footballer) who specialises in buying on their behalf so they don't get royally mugged.
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49 minutes ago, Contracts said:Ferrari / JCT / £200k
good shout, ferrari / franchise / not JCT, £129k, advertised as an approved used car, they have declared it has had a new front wing and bumper.
the story - car was damaged whilst in for work, the result being they pay out to the client and put it right in house.
fast forward a potential new buyer - makes a request on a ferrari forum if anyone knows the car, last owner recognises it as his old car and confirms it has had a whole new front end forward of the windcreen,
i guess they had parts at cost and took the labour on the chin.
12/62 458, rosso,9k miles.
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9 minutes ago, BHM said:I guess it’s not a £2999 Focus but nothing would surprise me. I’m afraid greed and/or incompetence are in every walk of life, even present in car main dealer groups!
strangely bhm if you ad a digit on the front and back of 2999 you will be nearly bang on, this one's a shocker.
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so you are in the market for a very special car and decide to go the franchise route for peace of mind....how much do you reckon you can spend and still be taken for a clunt by buying a previously damaged car?
guess the car / franchise / price, i'll update later.
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2 hours ago, j4ck100 said:Hi all
Ive got an XC70 in stock which has a 20cm windscreen scratch where it’s gone white probably from crud being under the wiper or something similar - not deep but not surface
just wondering how you normally tackle these - DIY or get someone over?
i have seen kits online - are they any good?
thanks and happy trading
jack
try jewellers rouge, used for removing marks from watch faces, comes in power form just ad a bit of water like a g3 compound.
as a rule, if you can get your finger nail in the scratch its usually too deep to polish, anything else will come off with the rouge.
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2 hours ago, Highlinev8 said:Your customer is misinformed. The only instance when a car would require a COC to register in the south is on a brand new car thats been imported from outside the EU(ie Singapore)
Co2 and NoX are clearly listed on a UK V5. Thats all VRO will require from him.
In my experience from when I did import from Japan is that Manufacturers dont like giving out COCs so it will be difficult and unnecessary.
^this, they will only be interested in the emissions and a purchase cost invoice so that they can calculate his VRT duty.
You will also need to hand over the full V5 to him - normal practise.
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1 hour ago, XDR said:Spot on Sir! You ever though about getting a job in the parliament? - Well said!
I think people are adopting the mentality of “its borrowed money” and are taking higher risks,
Don’t think they’ve read the T&C’s of the BB loan.
Its cheap money no matter which way you look at it, for some time now banks have been cautious to lend to the motor trade, even no longer being keen on overdrafts which kept many a trader and indy retailer afloat, much talk by some that its going to "idiots" is wide of the mark, the real angle here is if you already have overdrafts / stocking loans then you would be an idiot not to change and take this offer to at least partially reduce other loan costs.
the banks hate the motor trade - high risk for big outlays and little returns, the government love us and are no doubt happy to fund us when we are giving them big chunks back in the form of vat and tax, they cant loose, or at least think the math is in their favour?
i think its great how indy retailers can now march into banks and take decent loan amounts that the banks would have possibly previously refused, at 2.5% and nothing to pay for 12 months, you can even port over any other higher interest rate loan previously taken before this scheme was launched up to november.
yes of course there are going to be a few tossers who buy a £40k car and £10k watch, but that senario generates possibly £5-8K in vat levy anyway!
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1 hour ago, Lakeside said:They probably haven’t had a choice but to offer online bidding to everyone at the min.
With them being closed to physical auction they’ll be losing all custom from the part time dealers selling a couple month and only have a blue/silver card.
likely as discussed dropped their guard and letting anyone bid online?, private's too, don't forget they earn more indemnity out of these folks, and auctions just as aware as us that cheap government money is waiting to be spent in the way of grant money, regards the up to £50k at 2% its certainly not idiots borrowing it, you have to be good for the loan, and plenty of retailers have taken it to wean themselves off stocking loans, its simply cheaper, of course the outcome of this is everyone else can expect bigger indemnity's soon as the auction stocking loan profits will go awol.
cars were always going to be dear post lock down, the clear lack of units wouldn't have even served a low demand let alone the current one.,it will calm down though come august / september, too many things going on for it not too.
there have been some cheap cars about in the last week but as usual in sectors where its risky, everything else as you know is daft money, i've never seen anything like this before in the way of prices, you can stimulate a market with government money, but you can also cook it, it's looking well cooked, too much influx money too soon has fooked this job in the short term.
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59 minutes ago, BHM said:Perhaps they’re on the hey diddle diddle
old owt yer aind
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3 hours ago, Mojo121 said:Damn you beat me too it
poverty spec 150 bhp but with 30k miles.
i have a photo but the forum won’t let me upload.
Anyone with sense will rise this out, don’t play into BCAs hands and get them when all the BBLers have spent out.
what age and colour was this car please? was it definitely a 150bhp 2wd version? cheers.
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2 hours ago, trade vet said: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 )
iv'e probably not explained it properly, in fact i omitted the main point lol
new car £200k, traditionally the customer in theory needed to be good for £200k, = likely big deposit and high repayments to spread the £200K, not easy, outcome - if the car drops heavily in value tough shit you owe the finance company the balance regardless, not their problem.
the pcp (or equivalent)way - £200k car, the finance house do a 3 year pcp, projected future return value say £150k which they underwrite, all of a sudden the customer only needs to be good for a £50K loan, add say a £15K deposit and all of a sudden a £50k customer has his backside in a £200k car, this is all cushty in a upward market, but when things go the other way all the customer needs to do is honour the 3 year monthly payments, if the car falls heavily in value after 3 years not his problem, yes he loose's the deposit but that's expected anyway, the problem at this point is firmly the finance company's as they underwrote the deal .
this is across higher priced cars too, so £200k customers are now £400k lambo customers etc right the way up to mega money cars, you can imagine the scope for carnage with lenders when it all moves backwards, its looking like its partly heading that way at the moment.
might be some cheap supercars around soon, already some strange trade deals going on.
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On 6/12/2020 at 4:12 PM, Paul C said:I came across an article the other day about Wheeler Dealers. They analysed the cars they did, and included work which hadn't been mentioned in the programme etc (and also where some other savings were made). They concluded that while the figures put on the screen towards the end of the show were broadly true, once you look at the time spent, Mike and Edd would make about £5500/year salary (ie £11k/year between them).
the logistics alone would put them in minus, trailored that lambo urracco from poland?!, then of course no mention of a vat margin scheme lol.
it's good telly though..
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On 6/12/2020 at 9:46 AM, trade vet said: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.
no i don't think subprime but i'm no expert, - what's happened is a lot of these cars have had such high residuals its elevated customers up the ladder and ownership has been cheap, traditional say £60k used 911 cash buyers can now own new £150-200k cars which have had a very high RV for sometime now, for some it's been free motoring - example new 911rs list £125k used value at 1 year old £160k, these will probably never end in neg equity but plenty of other brands are starting to show big depreciation, mclaren in chaos, some ferrari's are taking a £100k hit at 1 year old and even new reg's, i'm not sure what deposits these folks are putting in to buy but its likely quite low as many of these new car deals are pcp based (or similar?) with a projected high 3 year RV, its looking like even if a customer does not default the projected RV value is going to be way wrong, either way it's looking like the lender is in the shit.
Daft as it sounds, most supercars are financed, even if the customer has the hard funds, apparently they prefer to sink their money elsewhere and take the finance, i guess that's been the wise way to do it with such high rv's and overs.
you can understand the lenders who are looking to bail out of this sector.
It's hard to understand whats going on in this sector at the minute, some used prices on this stuff is going through the roof but some are crashing in value, then on the other hand new car orders are being cancelled on mass due too the expected downturn and also customers who are now fed up with manufacturer's taking the piss with their underhand customer selection process, but then new blood is entering the market due to crazy deals being offered.
trade vet - regards A grade customers and 50% deposits, i think no matter what scheme they use to buy they probably have to be grade A customers?, regards how much deposit its shocking how little it can be (those high rv's again), here's an example of a current offer, mclaren have gone from having a waiting list for a £240k car to building cars and despatching some cars to the dealer network unsold, the deal is - car lists at £240k, mclaren contribution £40k (yep!), 3 year agreed return value is circa £150K, deposit down is £15k then 36 months at £1500, the deal makes no sense as the future rv has no chance at £150k, it's a cheap way into supercar ownership, i couldn't get my head round this deal but a trade mate also reckoned the £150k return rv will fail and come up short, but reminded me the factory profit margin is the unknown here, its obviously huge, so mclaren underwrite the deal falsely at £150k and the factory keeps spinning.
Iv'e seen some mad things in this sector down the years, but some of the stuff over the last few weeks has shocked me,
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29 minutes ago, Paul C said:In theory, with increasing/decreasing DiC commission barred, the "market" would function better and so long as enough lenders stay in the business, would result in generally lower interest rates for customers. I believe the finance companies themselves (with a few exceptions*) won't suffer much at all with the FCA-imposed changes in the summer, because they are carrying little blame. The main miscreants were the dealers who sold the inappropriate (interest rate of) finance; the lenders were somewhat guilty of lack of oversight though.
* There are a handful of manufacturers who were/are sufficiently big, that they ran their own bank/finance, eg Renault (RCI).
I don't think we'll reach the situation where lots of lenders pull out of car finance. I think more likely, there will be a general downturn in 1) the number of cars sold (in total, new & secondhand), 2) the average amount financed per car, 3) the proportion of cars bought on finance.
But I think the existing lenders - most of them - will be happy to continue to operate in a smaller overall market. Car finance is still pretty good, compared to other types eg mortgages, credit cards, business lending.
trouble is it's not just new FCA rules that finance houses are facing, they are likely to suffer defaults on a level unaccounted for over the next year, and they are aware that manufacturers are likely to offer keen finance deals on new cars sometime soon, witness toyota finance's recent ccff loan, two reasons why they took that, but quite obvious what some of that money will be used for, so in theory the finance lenders are facing grief on 3 fronts, they must be asking themselves if its worth the risk, surely some will exit.
paul - you seem pretty switched on regards this stuff, what profile car do you sell? and if you had to take a punt on the final fca ruling what would it be?
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just thinking on, if lenders start leaving this industry due to risk, remaining lenders are going to want (rightfully) even higher rates if they are going to keep lending in this climate, how is that going to sit with the fca?
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2 hours ago, trade vet said: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.
depends what your selling, if you are selling stuff up to say £10k the relationship between a dealer and finance house becomes straight forward, no need to have multi lenders, can't see any finance company's loosing sleep in the next year over a customer defaulting on say a £5k ex fleet car, the future value of the car is not such an issue.
bit different for supercars, profit is in the car not the finance deal, it's not a case of propping various lenders, the customer doesn't need qualifying, it's totally about matching a lender to a specific car and customer, these customers are not mugs, hence you need a bigger selection of lenders, the reason for the exit as mentioned is the future value of the car in this sector is an issue, a defaulting customer or a future RV shortfall on a £200k car that's lost £30k-50k in a recession is a major problem, it's easy to understand how some lenders will loose the appetite to lend with the inevitable down turn that's coming.
was just curious if anyone had been informed of lenders withdrawing support on the cheaper stuff?
trade vet - yes commission paid in a different form has been talked about, but fca not likely to say you can't earn commission? some dealers can't grasp they arn't going to be earning as much commission just presume they are going to get paid current rates in a different way, need to be more worried about any capping of rates and APR, if the FCA turn round this july and say you can't use non prime at over 10% APR anymore (example, unlikely?), how many dealers would loose their lenders?
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23 hours ago, Paul C said:Indirectly related, but be aware of this: https://www.fca.org.uk/publication/multi-firm-reviews/our-work-on-motor-finance-final-findings.pdf (gory details), https://www.fca.org.uk/news/press-releases/fca-acts-protect-those-buying-motor-finance (summary) and also your requirements under CONC (full details here https://www.handbook.fca.org.uk/handbook/CONC.pdf)
For sure, there is going to be increased public awareness of motor finance and I suspect a lot of high-end dealers and car supermarkets making a number of changes. Basically, don't look at making extra money on finance at the expense of the customer!
It's already looking like some lenders are going to exit this industry, a clear indicator on where they think things are heading, one supercar dealer i spoke too saying his choice of lenders likely to be reduced from 10 to 4,
Is anyone being given notice on finance company withdrawals in the £5k - £20k sector ??
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don't know about breaker mercs dave, but iv'e had solid results from some group / club pages, a red rose tuscan swiftly away at 18k, and a 996turbo away to a proper buyer at 35k, cost of ads - zero.