Stock turn over

[Dave2302 387]

Hi,

I wish you all the luck in the world, you have a nice set up there at your disposal already, you have experience of the game, so you just need to work at it and get what you want from it !!

Some others will slate me but if I were you I wouldn't fuck around with the old shit that you can only earn £500 out of, I will not buy a Car if I can't steal it and have at least a bag out of it, and most of the stuff I buy and retail earns at least £2k.

I would rather sell less, but better quality Cars, than have all the cheaper stuff that gives you a bunch of aggro together with the sort of neds who buy £1500 - 4k Cars and think they have bought a brand new Car.

Trouble with that is, in more populated areas you have much more competition and therefore buying, (for the right money), later sub 70k mile stock that needs a bit of TLC is hard.

 

Oh, and as for crud px's, SOR it, retailing that shit is just a nightmare waiting to happen

[DCS01 27]

9 minutes ago, Dave2302 said:

Hi,

I wish you all the luck in the world, you have a nice set up there at your disposal already, you have experience of the game, so you just need to work at it and get what you want from it !!

Some others will slate me but if I were you I wouldn't fuck around with the old shit that you can only earn £500 out of, I will not buy a Car if I can't steal it and have at least a bag out of it, and most of the stuff I buy and retail earns at least £2k.

I would rather sell less, but better quality Cars, than have all the cheaper stuff that gives you a bunch of aggro together with the sort of neds who buy £1500 - 4k Cars and think they have bought a brand new Car.

Trouble with that is, in more populated areas you have much more competition and therefore buying, (for the right money), later sub 70k mile stock that needs a bit of TLC is hard.

 

I do try and keep at least £1000 marginbefore costs. Because it’s my Dad and my future reputation I try and keep away from old tut.  

I just think at the minute I am pretty comfortable looking after 30 to 40 cars prep wise at work and I’m working my bollocks off I would rather try and see if that will translate into my own success. 

[Arfur Dealy 823]

I'm lucky if I earn enough for a few pints and a kebab on a Friday night  

[Dave2302 387]

Now that i do not believe 

[Arfur Dealy 823]

3 minutes ago, Dave2302 said:

Now that i do not believe 

[Blenheim Car Sales 111]

7 hours ago, Rory RSC said:

earn very little in the first few years but potentially earn much  more long term but sacrificing holiday, days off, family events, sleep etc.... If you are going to walk away from a good job you need to really be behind it for 80/100 hours a week 7 days. 

This is real world, Its full on, I had 20 yrs in franchise and PLC world, You think you know what your doing, But really you are very protected you are the master of one aspect of a small part of your employers business, Working for your self you are in a working day Salesman, Accountant Valleter, Driver, Admin Complaints ect ect, 

 

However there is no way at all i would ever EVER  go back to working for someone, 5 yrs on my own and still learning incredible amounts

[BHM 994]

8 hours ago, Rory RSC said:

Are you happy making best part of 50k a year having days off  and time off and prepared to trade it all to earn very little in the first few years but potentially earn much  more long term but sacrificing holiday, days off, family events, sleep etc.... If you are going to walk away from a good job you need to really be behind it for 80/100 hours a week 7 days. 

Bloody hell! 80/100 hours per week & working 7 days a week!?!! This is 2018, anyone who needs to work anything like that needs a career change.

DCS01, as for comments about selling more expensive stock, don’t believe the hype, shit sells! However you’ll have the distinct advantage of having a forecourt, and as such can charge more for your stock. By the sounds of it you’re going to have negligible overheads (overheads can kill you in this game) but I’d be very tempted to give it a year in your job & work overtime on your own business.

As for taking advice from ‘er indoors, a lifetime of experience tells me the fairer sex is always keen on volunteering men to do the graft & keep their nests feathered - anything they perceive as a threat to this is automatically shot down in flames. And yes, I’ve a few failed relationships behind me 

[lastyboy 23]

1 hour ago, Blenheim Car Sales said:

This is real world, Its full on, I had 20 yrs in franchise and PLC world, You think you know what your doing, But really you are very protected you are the master of one aspect of a small part of your employers business, Working for your self you are in a working day Salesman, Accountant Valleter, Driver, Admin Complaints ect ect, 

 

However there is no way at all i would ever EVER  go back to working for someone, 5 yrs on my own and still learning incredible amounts

I totally agree with this. But i enjoy being a master of all trades.

[stockedup! 63]

If you are at a point where you can't take it anymore where you are then fair enough but please don't think that you won't have to really put the hours in when you set up on your own ...you will. The failure rate is pretty high for start ups....though you do have a  good start being able to piggy back onto the existing business.

I have a friend who earns decent money in a full time job and sells a few on the side. He had a decent run and was all for packing his full time job in. I told him to just give it a bit of time, he has had a quiet couple of months and can't thank me enough for keeping his feet on the ground.

The 48k you are currently earning, does this include the cars you are selling on the side?

[DCS01 27]

10 minutes ago, stockedup! said:

If you are at a point where you can't take it anymore where you are then fair enough but please don't think that you won't have to really put the hours in when you set up on your own ...you will. The failure rate is pretty high for start ups....though you do have a  good start being able to piggy back onto the existing business.

I have a friend who earns decent money in a full time job and sells a few on the side. He had a decent run and was all for packing his full time job in. I told him to just give it a bit of time, he has had a quiet couple of months and can't thank me enough for keeping his feet on the ground.

The 48k you are currently earning, does this include the cars you are selling on the side?

The 48k is based on me earning a 3k customer service bonus at the end of the year. Which isn’t nailed on. Anything that is earned in the cars is re invested or held back for issues.

there is a number of factors making me want the move. Workload, money, travel. Just all adding up

28 minutes ago, BHM said:

As for taking advice from ‘er indoors, a lifetime of experience tells me the fairer sex is always keen on volunteering men to do the graft & keep their nests feathered - anything they perceive as a threat to this is automatically shot down in flames. And yes, I’ve a few failed relationships behind me 

To be fair buddy, she was still the main earner even when I was earning 60k selling cars

[stockedup! 63]

9 minutes ago, DCS01 said:

The 48k is based on me earning a 3k customer service bonus at the end of the year. Which isn’t nailed on. Anything that is earned in the cars is re invested or held back for issues.

there is a number of factors making me want the move. Workload, money, travel. Just all adding up

I did the move 12 years ago now and it has worked well for me. If you don't do it you will probably have the "what if" hanging over you. I went for it because I honestly felt that I could always get a job within a main dealer if things didn't work out for me. Good luck to you, I hope all goes well for you.

[MrC 142]

12 hours ago, DCS01 said:

£45 to £48k

 

Expect to work twice as hard for half as much, you will also age several years in a short time.

 

[DCS01 27]

31 minutes ago, MrC said:

Expect to work twice as hard for half as much, you will also age several years in a short time.

 

But at least I will have control over my own destiny. I didn’t see a pay plan for 6 months. Then it turned out my ote included being 120% of target. Then I had my basic increased because I said I wouldn’t earn enough only to find out some of my bonuses had been taken away without telling me which mean I was in the same position. I have low prep times and cars are advertised promptly, I work full days and often till past closing. 

It will not be plain sailing but I have had a gut full of being taken the piss out of

[Mistermuttley 19]

1 hour ago, BHM said:

As for taking advice from ‘er indoors, a lifetime of experience tells me the fairer sex is always keen on volunteering men to do the graft & keep their nests feathered - anything they perceive as a threat to this is automatically shot down in flames. And yes, I’ve a few failed relationships behind me 

Amen! 

[Barclaywoodmotorco 4]

How is any one making money from DA cars right now, stupid prices almost retail, no profit in these cars , where you going to buy stock from !!!!!!

[Arfur Dealy 823]

7 hours ago, DCS01 said:

But at least I will have control over my own destiny. I didn’t see a pay plan for 6 months. Then it turned out my ote included being 120% of target. Then I had my basic increased because I said I wouldn’t earn enough only to find out some of my bonuses had been taken away without telling me which mean I was in the same position. I have low prep times and cars are advertised promptly, I work full days and often till past closing. 

It will not be plain sailing but I have had a gut full of being taken the piss out of

If you don’t try you will always regret it, you will be a “nearly man”. 

You have to go for it, if you are determined enough you will make it work.

There’s is nothing like making your own money, it gives you immense satisfaction. 

How much money do you have to buy stock ??

[BHM 994]

3 hours ago, Barclaywoodmotorco said:

How is any one making money from DA cars right now, stupid prices almost retail, no profit in these cars , where you going to buy stock from !!!!!!

F*** knows. There’s a 2007 auto CRV on there currently at about £6200 (where’s the profit on that??), a 12yr old Fabia needing an MOT yesterday made £1111 and an 11yr old Zafira with a battered quarter made nearly £1200. Even scrap seems to be making £500 and everything I buy needs the spanners putting on it.

[It's me 609]

3 hours ago, BHM said:

F*** knows. There’s a 2007 auto CRV on there currently at about £6200 (where’s the profit on that??), a 12yr old Fabia needing an MOT yesterday made £1111 and an 11yr old Zafira with a battered quarter made nearly £1200. Even scrap seems to be making £500 and everything I buy needs the spanners putting on it.

never

[DCS01 27]

4 hours ago, Arfur Dealy said:

If you don’t try you will always regret it, you will be a “nearly man”. 

You have to go for it, if you are determined enough you will make it work.

There’s is nothing like making your own money, it gives you immense satisfaction. 

How much money do you have to buy stock ??

I currently have £8500 currently in 4 cars. I was aiming to try and raise 30k and invest another 21k in another 8 and leave a 9k contingency. 

[Arfur Dealy 823]

37 minutes ago, DCS01 said:

I currently have £8500 currently in 4 cars. I was aiming to try and raise 30k and invest another 21k in another 8 and leave a 9k contingency. 

I think you might struggle to earn 45/48k with the above pot. 

[Mojo121 229]

9 hours ago, Barclaywoodmotorco said:

How is any one making money from DA cars right now, stupid prices almost retail, no profit in these cars , where you going to buy stock from !!!!!!

I feel the same about BCA at the moment. Anything half decent you have to go all out on and hope there's little recon'ing needed!

[DCS01 27]

17 minutes ago, Arfur Dealy said:

I think you might struggle to earn 45/48k with the above pot. 

I was taking it that the 1st year would not be that figure. But would be more achievable when the business grows.

I am also thinking I am paying 40% tax at the second so I would technically not have to earn as much to take home the same

[Dave2302 387]

If you end up paying 40% tax as a Sole Trader then you have the wrong Accountant

[grant8064 219]

18 hours ago, DCS01 said:

 

there is a number of factors making me want the move. Workload, money, travel. Just all adding up

 

Travel aside if workload and money are stressful then it's worth giving it the serious consideration you are. I reckon I spend 70% of my working day behind a laptop and doing admin...there's a high workload away from the car side of things and always something waiting to catch you out.

That said, there is nothing like working for yourself. Whether it's knocking out used metal or something completely different it's much more satisfying being in control (to an extent) of how you run your show. I used to suffer a lot of stress as an employee, mostly borne from incompetent management and a a lack of control of my role. That's all gone now (only to be replaced by other stresses)!

Best of luck if you do jump in and have a good read through the forum, wealth of advice on here from these chaps.

[Dave2302 387]

/\ /\ /\ +1

There is a satisfaction in working for yourself that you never get as an employee

I have only ever had 2 PAYE Jobs, one when I was an Apprentice and then more recently one for 2 years at a local fleet owners, after I had Re-Located to NW Scotland.

I didn't / don't need a job, but that was only to get away from my outlaws who I built a log Cabin for on our land 5 years ago........................ They thought I was just their skivvy / taxi driver

So I took the job, then I realised how much I missed the Motor Trade game, and working for myself .....................

Sweaty Sock fleet owner is a right weird guy, he's ok, I still do jobs for him at my place now, at my rates, but he was a knob to work for.

So I extended my private workshop, bought a load of extra kit and started another business 

Good luck with it I say,  and I know you're a different area / ppl, but my advice is don't buy something for stock unless you can get it for buttons, you already have the infrastructure to fix 'em !!

I buy late reasonable mileage SOR's with what would be a hellish expensive (at retail) repair cost  

My first Sales Car up here 2 and a bit years ago was a 2 owner 06 Yaris mint body and inside, (filthy tho), girl had run it out of oil, bone chucked out the cupboard !!

Paid her / her dad £100 ............. Guaranteed used engine £400, couple of small MOT Jobs, Service & Valet, 8 hours work over 3 evenings, and sold within a week £2495 that's a £1500 + clear profit 

That's when I jacked the job and went back on my own.

It's still running around today, I service it these days