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jimreidvehicle
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Posts posted by jimreidvehicle
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34 minutes ago, Arfur Dealy said:"Unsure if that was the inevitable answer you were hoping for."
Jim, you said everything right until the last sentence, where you completely ruined your reply....Why ? I've done nothing but praise you and the IMDA, but I'm finding it increasing difficult with the tone of your replies and what you are trying to imply with simple, straightforward and justifiable questions? The same tone has appeared against Trade Vet and MET, these little digs, jibes are completely unprofessional and unnecessary. If you are going to be responding in the name of the IMDA I think you need to take a deep look at your attitude and professionalism.
Arfur
In my view I have professionally and simply answered your questions by using the words you have used whilst asking them.
The problems with forums are the fact that the true tone of a reply can not be heard and an assumption of attitude can be miss interpreted. I apologise again if you feel that my reply was not professional.
I’m more than happy to answer any questions you have about the IMDA personally and professionally over the phone at any stage of today that suits you. Actually I’m in the office now, 07787587422.
I thank you for your praise of the IMDA as we along with many Independents feel that this is a much needed Association and we are here to help by making a difference.
Please feel free to call.
Jim
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8 hours ago, Arfur Dealy said:This question is inevitable.
The IMDA is a "non profit organisation" is anyone taking fees / pay / a wage out of of the joining membership ?
Arfur
No. Although all seven of the founder members have been working on this since June this year, none of us have taken any fees/pay or wages out of the Association. In fact quite the opposite, the six founder members who run businesses have all put in loans to the Association to get it of the ground and some of us have also bared some of the early set up costs too.
There will come a point in the Not so distant future that an admin person will have to be employed and perhaps other employees but at the moment we are happy to share the heavy workload (with no pay or back pay) and balance it with working on our own businesses as well to save costs for the IMDA whilst in its infancy.
Unsure if that was the inevetible answer you were hoping for.
Jim
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26 minutes ago, LISL said:Hi Jim
I've paid the fee for the sub, however don't know where I need to send this form into? Please advise.
In my view, a lot of my family are in business and from independent financial advisors and accountants to bakers and shopkeepers, everyone has some sort of trade group that is able to speak for its members and holds some sway in the way things are done. Not saying will change overnight, but I do think it's a good idea.
There are people that will disagree with my POV and that's healthy debate, after all, we are all independents. But I think we share the same core values; to provide a decent service and stock, to get paid, and to be treated respectfully.
Morning all!
Rish
Thank you for your support Rish:-
Easiest way is scan and email to members@theimda.co.uk
You have made some very relevant points above, all the best, Jim
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2 hours ago, Arfur Dealy said:Jim. I think Trade Vets comments are perfectly just and reasonable and polite, we are all free to ask questions and have are own opinion. I don't think a Narky reply is really appropriate or necessary.
I think my reply was perfectly reasonable & polite albeit direct. Didn’t think being direct would offend so much, I apologise!
Completely passionate about this Industry my friend!
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13 minutes ago, trade vet said:While I wish IMDA the best of luck,I think you should have volunteered the information regarding the Motortrademe connection.If you were pitching on Dragens Den,you would have been shot down ! As for the statement 'not for profit ',what does that mean,someone will profit or why are the subs £250 from the outset.Lets say you achieve 300 members,you may need to hire a full time chairman plus expenses and probably a part time secretary.There is nothing wrong with that,however it did cross my mind,if IMDA does prove to be successfull,the chairmans job may be better than actually running a pitch ! A good benchmark could be the 1500 member Texas Independent Autodealers Association ( $450 subs ), however it has taken them from 1946 to get to where they are now ! .....So good luck guys.
Trade Vet, I really am struggling with your comments.
Not For Profit means exactly that , all money made after costs for running it are met is ploughed back into the Association to help make it grow to help make it better for Dealers.
Think we have covered the Motortrade me question ? Or did you miss the answer!
To keep costs to a complete minimum I’m more than happy to be Chairman for as long as it help the IMDA , no doubt it will become a full time job once busier.
We have absolutely nothing to hide, and if you don’t ‘get it’ it’s fine there are plenty who do.
many thanks for your comments I’ll keep the Dragons Dens tips on file just in case I ever need them !
All the best
Jim
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17 hours ago, LISL said:Hi Umesh
Pretty sure I registered previously, been getting the mailshots but my login details don't work
Rish
Rish
thw Click and Join Lansing Page was to measure the need for an Association was, there is a real appetite for change out there , however we can’t run Ann Association with no money.
the subscription is £250 plus vat with loads of inclusive value check out the website and click to register your subscription, theIMDA.co.uk
11 minutes ago, Knickerbrook said:Well said Jim. Couldn't have put it better myself.
Cheers
Isn’t it a sad reflection on today’s society when you put a massive amount of effort into setting up something to support others only to be questioned as if “what’s in it for you?”
Amazing , personally and I can speak on behalf of the other founders of the IMDA , we are doing this because we CAN, and we see this as a way to help save those who can’t save themselves.
Will it work? I certainly hope so!
But if all we do as an industry is continually moan with no positive action guess what , the prediction of 20% of all Independents going out of business within the next 5 years will become reality!
Become a member now www.theImda.co.uk
For Passion Not For Profit
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Good afternoon Dealers.Just to completely clarify and hopefully answer all the sceptics out there.
The IMDA is in no way associated with Autovolo or Motors although we have spoken with Cox to bring some value to the Association.
Our Association has not received any funding from the Government and is totally set up as a not for profit association which means that all subscriptions from dealers and suppliers will be ploughed back into further growing the IMDA to provide even better value for members with more services and products build into the price.
We have partnered with Motortrade Me as the platform was already ready and works fantastically well and therefore we managed to negotiation a deal with them which we as an Association have managed to include into the subscription too.
if you wish to join.superb however we only invite proper dealers, make sure you have you have your vat number ready along with trade insurance and two trade references along with the signed Code of Conduct.
nothing underhand, everything above board and we wish to bring a strong voice for the trade! Hopefully it will stop all the moaning that goes on in our trade!
Jim
20 hours ago, Arfur Dealy said:Autovola NOT involved at all in any shape or form.!
Why Umesh, please explain ? And don't be shy...
No story to tell, it simply didn’t work out, however what we are offering at the IMDA is not commercial and is not for profit.
this is to help Independents gain advantage in the market to stop us having to subsidise the big boys.
7 hours ago, RH Trading said:looked into Jim's autovolo and the independent dealer council 1000 voices thing last year, seemed like a good idea, the Imda looks similar but think its a Motors thing isn't it with the Cox guy? is it cheaper to go on there now? also if I sign up my £300 should I cancel a mototrtrade me subscription?
Yeh it’s a shame it didn’t work out!
No story to tell, it simply didn’t work out, however what we are offering at the IMDA is not commercial and is not for profit.
this is to help Independents gain advantage in the market to stop us having to subsidise the big boys
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1 hour ago, trade vet said:Hi Jim
You might be living the dream,but are you making any money ! My bet is that you are not doing 1% of T/O
Yes we are making money, we also re invest too.
1 hour ago, sparky said:Jim, there's a good reason why you are the dealer's dealer so just for fun. Looking at the job as it stands now, if your were to start again now do you honestly think that in 2031 you would employ 13, turnover £7m etc?
I usually think my team can come back from two nil down, that I can shout level par after dropping 3 shots on the first and if I wasn't married I could pull Tess Daley, but as I'm sat here looking at a pitch of empty spaces again knowing that cap clean is not going to be enough to replace them again (January is putting the feel of god in me already) it really does feel that one is peeing in the wind and that the dream has been lived.
I'm almost 48, so the answer would be 'no' I wouldn't start again today, but can it be done again by someone else, of course it can!
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6 hours ago, little spender said:First of all Hello
been reading for a good while over a year probably and all I read lately from you guys is doom and gloom
I was wondering is there any success story's out there. you know the type of thing started with ten grand now making a cracking living
or started with 4 cars now have 30
anybody loving it and wouldn't want to do anything else
Hahahaha BEST heading I've seen on here for months, well said!
Yes, things are tough out there but yes if you keep a positive attitude you will succeed
We started as a man and wife team ONLY back in Feb 2003 with 12 cars, 14+ years later, we now have 13 employees, Turnover £7M per year and have a real life successful 'family business' . In 2009 when the Financial Market collapsed we moved into brand new purpose built premises, when the Oil & Gas Bubble ( we are based in Aberdeen(shire) Oil Capital of Europe) burst in 2014 ( to current day) we changed our business model to suit and have grown year on year.
Meet Challenge's head on , but if you feel you need help them Join The IMDA , launching on 5th of November!
I'm living the dream!
Jim
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Hi Dean
Margin VAT is payable on the margin between the buying price and the selling price always. So on the example given you would pay £108.33 vat. However you can recover the VAT spent on the reconditioning costs as long as the are vat recoverable , eg MOT normally have no vat.
With regards to 'it eats away at your profit' ................Welcome to our world!!!
Jim
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Part ex it into Ford against a new one £2000 min trade in :-)
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2 hours ago, Jimbo said:Morning Jim
thank you so much for taking the time to reply its very kind
can i just ask why vat is £166 on a £1k bill and not 20% of £1k which i thought would be £200
So effectively every single used car trader and garage are on the margin vat scheme? Hmrc made it sound like it was really hard to be a part of it.
Problem i was having as asked in question 4 was surely anyone not in the margin scheme cant operate (If you sell a £60k GTR you would have a £12k vat bill but only have made £4k for example). Is no one on a traditional "vat on turnover"?
i was trying to work that out yesterday thinking about a friends £30k car i was going to offer SOR and make around £1k commission but then though "oh crap vat on that £30k sale is £6k so i'd actually be £5k down!!!
Just to clarify, if you offer other services such as mot's that goes on the seperate vat spreadsheet for income not on the margin one?
Hi Jimbo, no problem
It's £166.67 of Margin vat because you are only paying VAT as a percentage of your profit .
Every car dealer & trader will be registered under the Margin Vat scheme if they are selling used cars if there turnover is over £85,000 per annum
The simple way to look at is purchase price less sale price divided by 6 equals what you are due on vat
If you are selling any other service , let that be any service you will have to charge out vat and detail that on a vat invoice with your VAT number.
When I started up 14 years ago I tried to do all the accounts myself, nope! Get a book keeper to do your monthly's and vat every quarter and an accountant to check your accounts, we all have strengths, use their's!
Jim
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19 minutes ago, umesh said:Jimbo
VAT - Catches lots out - quick calc is profit /margin £1000 - divide by 6 = £166.66 that is the vat element !
We're all here to help shout away !
Umesh
Umesh , I'm paying 1p vat more than you on each sale arghhhhhh!! lol
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Hi Jimbo
welcome to the Forum. I'll cover each question in the same order as asked.
1. The margin vat scheme is only for second hand goods inc cars and antiques ( which are often cars too) your always best to keep a separate stock file for each car you buy this would inc the purchase invoice regardless if that comes from a private individual or other garage, when you sell it you also file in the same stock file the sales invoice which means you have now two figures to use. If you bought the car at £5000 and sold it for £6000 (forgetting about any prep costs at this stage) on paper you would make £1000, however margin vat means you pay vat on your margin/profit that you have made which is £1000. Therefore the easy calculation is divide 1000 by 1.2 to get 833.33 which is your retained profit after vat, in turn you have to pay £166.67 of vat on that sale.
Your vat period will determine when you pay this but you only pay margin vat on profit made at gross level. If your 3 months vat period is Jan-March then for all cars sold within that period you add the vat eminents together and pay the margin vat at end of period (normally due a month later) there is a place on your vat return for margin scheme vat. So yes treat it separate. Remember if you make no profit you pay no margin vat, however if you make a loss you can't recover vat lost.
2.All other business expense like cost of sale , servicing , stationary etc you would claim back the vat on these invoices in the month you bought them , again outing in your claim for all purchase within the period of Jan-March. This would get back the vat you have paid out.
3. Unless you are buying nearly new , ex rental or vans which have different vat elelments they are called vat qualifiing , then regardless of where you buy from you pay margin vat on profit.
4. Hopefully number one covers this
5. Depending on how you treat the sor sale. E.g. If you display a car for someone and agree a price that you will pay for the car once it's sold then if you are buying in the car into stock the same margin vat will apply between buying and selling. If however you display car for customer and only take a commission on the sale and don't put the sale through your accounts ( be careful) but you would invoice the customer your services but plus vat on the invoice which the customer pays you and you declare on vat return as a sale of service.
6. The choice is yours, however be very careful because if you are selling a car from your forecourt it is deemed a sale to the public which means you are responsible through the Consumer Rights Act. Always best to agree a purchase price and put a margin across and treat it like one of your own cars, keeps HMRC happy.
not sure if that all makes sense, but yeh once you are retailing cars and paying vat, all of a sudden the world gets that bit harder,
all the best
Jim
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The UK Motor Industry’s best kept secret……….
Did you know that there is not one Association in the UK that is dedicated to support Independent Motor Dealer’s?
Well that’s just about to change.
The Independent Motor Dealers Association (IMDA) is almost ready to launch, but we need YOUR help.
If you are an Independent Motor Dealer, a small driver/owner Franchise Dealership or a Supplier to the Motor Industry we would like you to join us in ‘Providing the voice and support for Independent Motor Dealers’ as a ‘not for profit’ association.
Because we understand how busy you are we have made it really easy and quick for you to register your interest in joining and it will literally take less than 2 minutes. Simply click on www.clickandjoin.co.uk and register your name & company, then we do the rest.
Thank you in anticipation of registering your interest.
The IMDA 'Providing the voice and support for the Independent Motor Dealers'
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We have been closed Sundays for 2 years now and it is so great for staff moral and communications within the business too.
We analysed the deals done on a Sunday over a 6 months period before coming to conclusion that most Sunday sales came from people who we either dealt with on the Saturday and they came into confirm or we had been dealing with during the week. Now being closed Sundays ensures that the deals are done on Saturday or the Monday which is amusing, it has also made Fridays really busy for retail customers too, which even I don't fully understand.
Analyise it yourself and see where everyone is coming from, poll your FB followers then make a decision from there.
no worries about the young guys driving in after a heavy night on Saturday.
Enjoy your Sunday we are off to a Family event this afternoon which is something I had missed out on for over 20years, you can't turn back the clock but you can shape the future!
all the best, Jim
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1 hour ago, Dealer research said:Hi Jim,
could I just ask you why you think other classified sites never worked?
You picked me up wrong, I didn't say that they didn't work I just stated that they had failed in their objective, which was to topple AutoTrader, however I note that your reply didn't mention this.
My personal opinion is that the only classified that will successfully conquer AT will have to be Dealer Owned. IMHO
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Hi Dave, can I ask you what your main objective is by building what many will see as'just another classified website'?
Please don't think I'm being negative, I just want to understand where your drive is coming from and what your aspirations are?
As I'm sure you are fully aware many have already entered this market and failed, many with very deep pockets (not saying yours are not) So what makes you think you can succeed where so many have failed?
As I say trust me , I'm not trying to trip you up or be negative in any manner, but you will be asked this and these types of questions many many times before the sceptical Motortrade out their hands in their pockets.
Jim Reid
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On 10/07/2017 at 9:05 AM, Rory RSC said:Vat registered proper boys only mate?
Nice to see the efforts you guys are going to with this I have registered and happy to help if needed
Thanks Roy, this is going to big
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Independent Motor Dealers Association is ready to launch.
CLICK ON THE LINK ABOVE TO REGISTER YOUR INTEREST
REPUTABLE DEALERS NEED ONLY APPLY.
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2 hours ago, Arfur Dealy said:Jim, whats fun about the way they drive ? IMO they are horrid to drive, bouncy, bumpy, uncomfortable with a stupid lethargic gear change that makes you feel like its lost power and going to die on you. Everyone I have had has been a seriously bad driving experience, including the Brabus.
Great fun to drive! not in full auto, use the gear lever to change!
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On 5 June 2017 at 2:42 PM, RH Trading said:Is this your Autovolovo 100 voices council thing again Jim? I'd be interested but don't want to advertise with them thanks
no this is brand new, this has no ties with any classified website. take a look www.clickandjoin.co.uk
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Driveshafts, oil leaks and soft engines , great fun to drive though
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4 hours ago, Mat C said:Hiya,
I have a customer who wont leave me alone and is desperate for one of my cars ( which blows me a fortune, so I need to get this right ! ), however he has a VW Transporter to PX which I know NOTHING about. Tried to stick it on TSA but they don't accept commercials.
Anyone have any idea what this might be worth, or anyone want to underwrite it?
2015/15 VW Transporter T26 StartLine 2.0 Diesel - White van with Side Windows
2 Owners
22,000 Miles
Has had the following conversion - Ply lining & bulk head removed, new Barton Floor with safety flooring and fully carpeted - 2 New Sliding Windows either side and fixing for new twin seats ( supplied ) and fixing for a singlke seat ( not supplied ) New Roof & Side bars, Bumpers front and rear And mirrors ( all colour coded ) 20" Black Alloys, Factory seatbelts.
I have pictures ( it looks really nice ) but I cant upload anything here for some reason.
Thanks in advance
Mat
Also conversion was done by AMA Transporters in Aldridge.
Mat , can you email full details inc history and pics to jim@jimreidvehiclesales.co.uk please.
do you want an underwrite or an idea of what to retail it at?
cheers Jim
The IMDA
in General Dealer Chat
Posted
It is disappointing that since not being selected as the provider of the IMDA legal helpline Lawgistics has chosen to actively undermine the association and cast aspersions on the motivation behind the involvement of the founder members.
The Motortrade.Me trade to trade platform is not owned by the IMDA or its founder members. We were approached by the owner with an offer to make the service available to members at a cost to the association. There was no personal benefit to the founder members or associated companies.
Following the launch on 5th November the feedback we received was that, unlike other member benefits, the platform was not seen as a significant attraction, and we made the decision to remove it from the offering.
This together with the wide ranging support we have received from suppliers has meant that at the Motortrader Summit we were able to announce that membership would be free of charge until at least 19th January 2019.
It has always been clear that the Legal Helpline was limited to telephone advice only. It has not been downgraded.
The membership agreement has always been available for prospective members to read, and in fact all applicants are asked to send in a signed copy. The 90 day termination clause was originally adopted by the founder members to provide stability, but was no longer appropriate once the membership was offered free of charge.
The aims of the IMDA are our four pillars
· Buying Power
· Voice
· Support
· Recognition
We will continue to consult with members about the most appropriate ways to pursue those aims. Members will also have the opportunity to elect committee members at a future AGM.
The association and its founding members will continue to act in good faith, with professionalism and integrity. Dealers and suppliers sharing those values will be very welcome at www.theimda.co.uk where you will also find contact details to discuss any specific issues directly.
We will not be responding further on this thread.