Sold does not always mean sold.......

[Mistermuttley 19]

So, bid on a car at Manheim B'ham today. Nice Fiat 500 Lounge 2013 low miles and grade 2 for £3400. Marked sold on Simulcast as i was the highest bidder.Thought i might make £400-£500 from it as the cheapest on Autoraper is £4200.

get a call shortly after i bought it,Manheim lady said a girl on the rostrum had pressed sold instead of provisional, and there was an issue with wrong cap figures and they were waiting to speak to Listers after the auction.
Later a manager calls.Said figure does need to be 3950. Asked the lady if i overbid on a car would i be expected to honour it,she said yes. 
She said the cap figures were incorrect and apologised but still said  i could have it for 3950 or it would go back through the block. With fees it just wasnt realistic to buy it at 3950 so i declined.The manager said she appreciated where u are coming from,mentioning something about no invoice being raised ,like thats a reason to deny a sale when your bid has been accepted. I was offered free online bidding fees next time i get anything,but really Manheim should have allowed me to buy the car at £3400 if they have sold it at that. One rule for one eh.......

Might look into an account at BCA Wolverhampton after this and as Manheim B'ham is absolutely chock full of traders and prices are sky high,anyone know if BCA Wolv's is any good?

 

[Arfur Dealy 823]

life’s too short move on. 

[BHM 994]

1 hour ago, Arfur Dealy said:

life’s too short move on. 

+1 because you can’t do anything about it. At least you realise auction houses are never a buyer’s friend.

[Blenheim Car Sales 111]

Wolverhampton is much better since gong  to BCA as apposed to Scottish motor auctions, Far more stock going through

[Del Boy 76]

Looking to make £400 profit on a 4k car? 

[Row 71]

3 minutes ago, Del Boy said:

Looking to make £400 profit on a 4k car? 

Thought the same!

[sparky 274]

11 minutes ago, Del Boy said:

Looking to make £400 profit on a 4k car? 

That was my first thought, along with 'being the cheapest' on AT. Sign of the times I guess. Sigh.

[justina3 518]

17 minutes ago, Del Boy said:

Looking to make £400 profit on a 4k car? 

 

3 minutes ago, sparky said:

That was my first thought, along with 'being the cheapest' on AT. Sign of the times I guess. Sigh.

chock full of traders and prices are sky high,

hmmm, maybe there sky high as there are lots of people in there who can live on £400 a car.

[Del Boy 76]

I sold an old banger £850 fiesta at the weekend and made more than £400 on it lol. 

[Rory RSC 596]

Patience is your friend here.

Wait for it to go back through again - Cars rarely make the same money the second time around. 

In all fairness to the Auction centres the odd error happens here and there when you are selling 200+ cars in a sale, just move on with it no point getting stressed, sounds like you dodged a bullet I would want a lot more out of a 500 will be more than a few quid worth of prep and the fees.

 

[sparky 274]

23 minutes ago, tradex said:

Plus most other members here I'm guessing.....not much left after transport to and from the auction, breakfast, MOT, prep', service, PDI, advert 'n the vodka and tonic et al

Personally I'd rather skip breakfast and double up on g & t 

Unless your FOW etc, then £400 gross on a £3700 investment with all the liabilities that come with it doesn't sound like the best business model to me.

[Mistermuttley 19]

Lots of replies and all good advice. Will look into trying to increase my margins. Right or wrong i do try and compete with the best prices on Autotrader and i do realise £400 isnt that much from a £4000+ car. What would most expect as profit from a £4000 car?

Have bought a few from ebay, might try and increase my purchases from there,less buyers fees!

[EPV 631]

2 minutes ago, Mistermuttley said:

Lots of replies and all good advice. Will look into trying to increase my margins. Right or wrong i do try and compete with the best prices on Autotrader and i do realise £400 isnt that much from a £4000+ car. What would most expect as profit from a £4000 car?

Have bought a few from ebay, might try and increase my purchases from there,less buyers fees!

Mate if you can get by on £400 per car then that’s enough isn’t it? Don’t worry about what others may or may not get. It’s what you need to make that counts. 

I once made £1450 on a £2,995 Car. I’ve made £2100 on a £12,500 car. I’ve also lost a grand on a £5500 car. It doesn’t matter what i’ve made and lost though, just what you NEED to make. 

But yes, you should be looking for £750 on a £4K car really. Your overheads could easily grow to £2.5k a month and beyond. At £400 per unit You’d need to turn 20 cars a month to pay a wage, tax, VAT and cover your overheads. Could you turn 20 cars off a 10-12 size forecourt? 

[Blenheim Car Sales 111]

Got to aim for £1000 net after all costs have come out,

Does not always work out that way but risk reward balance means close to a £1000 you have  a chance at ending the year up rather than down

[David Horgan 564]

£400 profit , WOW profit is a long dead thought in some traders heads 

We took £1,200 profit  out of a cheap £500 px 

[Del Boy 76]

26 minutes ago, Mistermuttley said:

What would most expect as profit from a £4000 car?

£1000

[BHM 994]

Now here come the tales of everyone always working for £2K+ per car, having it off on every deal......but forgetting about their rent, rates, stocking loans, VAT, wages etc. etc. etc.

[Dave2302 387]

1 hour ago, justina3 said:

 

chock full of traders and prices are sky high,

hmmm, maybe there sky high as there are lots of people in there who can live on £400 a car.

Until the DPF etc etc shits itself

21 minutes ago, Del Boy said:

£1000

Minimum 

[Mistermuttley 19]

Looking at a recent thread it asked how long people had been trading before they knew what they were doing. Most reckoned about 3 years, I'm into this just about a year and a half now and i know there is lots i have learned but yes still a LOT more to learn. This forum is great for help and advice.thanks all

[Mark101 536]

At £3400 hammer, I'd be up at £4,995.

Less tip, less prep, MOT, Service and Warranty provision VAT et al, I would be looking to net £1000.  Out of that, I have about £100 rent per car per month and TAX, so in reality - £600 after everything (presuming it never comes back).

[Blenheim Car Sales 111]

Back in the  80`s i agree chose your margin and place it on sale customer only had a newspaper to compare vehicles and prices

I think the Autotrader now decides your retail price, You margin is actually then pre determined by the hammer  price  less all them costs you mentioned, I always work out what i need to buy it for as i know what they sell for and i know what my costs are, Only sensible way  of  making money really

[EPV 631]

4 minutes ago, Blenheim Car Sales said:

Back in the  80`s i agree chose your margin and place it on sale customer only had a newspaper to compare vehicles and prices

I think the Autotrader now decides your retail price, You margin is actually then pre determined by the hammer  price  less all them costs you mentioned, I always work out what i need to buy it for as i know what they sell for and i know what my costs are, Only sensible way  of  making money really

Not really. 

I’ve sold several cars in excess of AT’s suggested market value. 

I have one right now for example, AT suggest £7750 and i’ve got it up for £8250. I don’t even have the car in my possession yet, it’s got 3 photos online and i’ve had three calls in 5 days wanting to see it. 

[Mark101 536]

AT is a guide and not a very good one IMO.

There are always hundreds above and below what they suggest - I just stick to my price, prep right, cover warranty claims and earn a living.  There is always a buyer who appreciates a clean and well prepared car with warranty.  I have literally just chased two away asking for a discount - they'll be back.

[Row 71]

1 hour ago, David Horgan said:

£400 profit , WOW profit is a long dead thought in some traders heads 

We took £1,200 profit  out of a cheap £500 px 

Part ex's are great for this, just took 1k out of a 1500 sale price part ex.

[Dave2302 387]

+1