To start out as a doorstep trader ?

[BIGNIT 4]

4 hours ago, awc1000 said:

very nice to hear this, i'm going to stick my neck out and guess you don't buy all your stock from auction?? hence here's proof that if you manage your time properly and have a bigger outlook on how to source stock then this job is enjoyable and pays well.

I dont buy from auctions. I started out buying from local auction but got fed up of going and coming away with nothing. Waste of time I found.

 

 

[awc1000 93]

26 minutes ago, BIGNIT said:

I dont buy from auctions. I started out buying from local auction but got fed up of going and coming away with nothing. Waste of time I found.

 

 

youv'e probably got a few members thinking on here now, this is how to do the job and stay in control / and make it pay, all without having 75% of the problems that find their way onto this forum from relying on auctions.

[RIVERSIDE AUTOS 0]

Thank you all for your comments and advice. A lot of it is eye opening and makes sense to me. I’m still just at the point of reading about and looking into things to get a clearer picture of how to go about it. I think most people underestimate the amount of effort required to set up any business. In the beginning it is surely about failure and learning from it ? 

Obviously the goal is to earn a profit but I understand that goals get compromised by the learning curves and you just have to move forward with optimism. My only real serious concern is whether or not the learning curve is too steep and  I don’t have the finance for it. I literally have no experience in this business but I feel drawn to it maybe because I love cars and dealing with people is always natural to me. There is so much to consider and it is very daunting. Your answers are all helpful for someone looking into this and I’m sure I’ll have more questions. I respect you guys who make it work for you and have been through the trials and tribulations.

Thanks,

Joe

[David Horgan 564]

A good rule is don't buy from auction unless you have your OWN workshop and can spin the spanners YOURSELF .

Out sourcing mechanic work can be and is VERY expensive hobby .

Doesn't look much per job till you reckon 50 water pumps , 50 brake discs , 20 gear linkages , 30 clutches and the list goes on  

Same with Valet work do it yourself , Doesn't look much till you x 60 x £50 = 3k at year end 

This 3k and more will be needed for next year because stock Goes UP in price year on year , what you pay 2k this year will cost £2,300 next year if your lucky so again £300 x 60 cars and the following year you need an extra investment of £18,000 to stand still . Lots of people forget this equation and go backwards , its why we NEED Profit above wages . 

 

Business rule ;; Don't take all your profits out thinking your doing well  

But good luck with the venture , stick at it and its fun , takes a while to get the stock and the funds to make it work well but its fun getting there and great fun when your cooking on gas later , 

Spend wisely , Earn  profits , Profit is not a dirty word . 

Edited July 5, 2019 by David Horgan

[JA Trader 58]

22 minutes ago, David Horgan said:

A good rule is don't buy from auction unless you have your OWN workshop and can spin the spanners YOURSELF .

Out sourcing mechanic work can be and is VERY expensive hobby .

Doesn't look much per job till you reckon 50 water pumps , 50 brake discs , 20 gear linkages , 30 clutches and the list goes on  

Same with Valet work do it yourself , Doesn't look much till you x 60 x £50 = 3k at year end 

This 3k and more will be needed for next year because stock Goes UP in price year on year , what you pay 2k this year will cost £2,300 next year if your lucky so again £300 x 60 cars and the following year you need an extra investment of £18,000 to stand still . Lots of people forget this equation and go backwards , its why we NEED Profit above wages . 

 

Business rule ;; Don't take all your profits out thinking your doing well  

But good luck with the venture , stick at it and its fun , takes a while to get the stock and the funds to make it work well but its fun getting there and great fun when your cooking on gas later , 

Spend wisely , Earn  profits , Profit is not a dirty word . 

I agree with a lot if not all of this. We prep all our own cars do all the mechanics ourselves (not electrical those gremlins can be outsourced). We started out with very small margin on cars to get a turn over and experience and it was probably the best thing we ever did sold loads of ok cars in our first few months. We know make more money and probably sell less but they all look amazing and very well prepped

[Marc 6]

If your at the sub 2k cars then I don't see much difference between auction v private buying in terms of issues. The private usually been to garage and they've told them to sell it.. New mot on a private sale is usually a bad sign in my experience. I get best deals by buying a rattly corsa at market or a ka that won't go in to gear. A rotten rear axle is a blessing to me too. The aforementioned is relatively easy fixes. Know the car your buying ..at the end of the day it's not where you buy but the price you pay. Private sellers want a grand for a fkd car n so do auction houses 

[Rory RSC 596]

5 hours ago, JA Trader said:

I agree with a lot if not all of this. We prep all our own cars do all the mechanics ourselves (not electrical those gremlins can be outsourced). We started out with very small margin on cars to get a turn over and experience and it was probably the best thing we ever did sold loads of ok cars in our first few months. We know make more money and probably sell less but they all look amazing and very well prepped

True about low margin. 

When you are new you have lower overheads and operational costs so can be ultra efficient and fast generating lots of sales doing profits and building a name and a brand. 

When you are new you can’t charge too price because you don’t have any brand or reputation.  After a while the value is for a customer to buy from you due to having a great reputation etc. 

[RIVERSIDE AUTOS 0]

Damn this forum is a golden nugget! I’m learning loads just reading the posts. Would any of you suggest working at an independent dealer to gain knowledge and experience? If so, what would be the best way to go about getting a position. I was thinking about printing off a nice looking CV + covering letter on some higher quality paper in a sexy envelope, shirt and tie and hitting all the independent dealers in my area. Would that be a good idea ? I have no sales experience but worked as a car valeter back in the day which included a meet and greet service. I also worked as a barman in a prestigious venue. Any advice on this will be very much appreciated. I’m gonna study this trade like a medical degree and go all in. It’s funny as it’s something I’ve always fancied doing yet a lot of people I speak to about it aren’t keen on the idea. I think if you can make it work it’s a brilliant business to be in.

[Blenheim Car Sales 111]

key word there is "IF" you can make it work its a brillianr business to be  in

 

 

many have tried and many have failed................good luck