XFS 70 Posted August 23, 2019 (edited) 9 hours ago, tradegirl said: Oh ok. That makes sense. 18 hours ago, MarkTVS said: I’m guessing extremely niche stuff perhaps Porsche 911’s, Mercedes SL’s or similar? Not really. I would stock an SL, but probably not a 911 A typical car for me might be a low mileage, FSH, 1 owner older S4 Avant or a low miles petrol Merc CLS, or E class Estate or maybe a Porsche Boxster or a MK 1 Audi TT, Alfa Spider but today I bought an Alfa 159 which I know I will make a big margin on and it only cost 5k. It is low miles, 1 owner and great history, so its a car people will travel as far as they need to for. I sold a car to Southern Ireland today. What works for me is; 1. I can afford to pick and choose cars and pick them to suit whom I perceive my customer to be. 2. I won't buy unless the car is absolutely right for me. I would rather have no stock than the wrong stock. 3. I make trading from home a positive not a negative. 4. I make not offering finance a positive not a negative. If I were dealing in 5K cars I would be going for rare rather than mainstream bread and butter. Big petrol Estates, Low miles Alfas, Saabs. Old jag XF's with good history, good Spec. Cars for mature people who don't give you hassle and don't need finance. Edited August 23, 2019 by XFS 1 Share this post Link to post Share on other sites
EPV 631 Posted August 23, 2019 27 minutes ago, XFS said: Not really. I would stock an SL, but probably not a 911 A typical car for me might be a low mileage, FSH, 1 owner older S4 Avant or a low miles petrol Merc CLS, or E class Estate or maybe a Porsche Boxster or a MK 1 Audi TT, Alfa Spider but today I bought an Alfa 159 which I know I will make a big margin on and it only cost 5k. It is low miles, 1 owner and great history, so its a car people will travel as far as they need to for. I sold a car to Southern Ireland today. What works for me is; 1. I can afford to pick and choose cars and pick them to suit whom I perceive my customer to be. 2. I won't buy unless the car is absolutely right for me. I would rather have no stock than the wrong stock. 3. I make trading from home a positive not a negative. 4. I make not offering finance a positive not a negative. If I were dealing in 5K cars I would be going for rare rather than mainstream bread and butter. Big petrol Estates, Low miles Alfas, Saabs. Old jag XF's with good history, good Spec. Cars for mature people who don't give you hassle and don't need finance. Love the profile. I’d love to know where you get a steady stream of such cars as well as they’re exactly the type of cars I sell! Share this post Link to post Share on other sites
XFS 70 Posted August 23, 2019 31 minutes ago, EPV said: Love the profile. I’d love to know where you get a steady stream of such cars as well as they’re exactly the type of cars I sell! Ah, now... that...is the slight flaw in my cunning plan... Its not easy, but some days you get lucky. One bank holiday this year I bought a load in one day...then couldn't get near anything for weeks. You miss more than you hit, thats for sure. I was convinced I was going to buy an E46 M3 at Preston yesterday. Cap clean said £9300, I thought well I can go to 14k...surely I'm I'm with a shout. I was nowhere near. £15800 plus premium bought it. Share this post Link to post Share on other sites
EPV 631 Posted August 23, 2019 7 minutes ago, XFS said: Ah, now... that...is the slight flaw in my cunning plan... Its not easy, but some days you get lucky. One bank holiday this year I bought a load in one day...then couldn't get near anything for weeks. You miss more than you hit, thats for sure. I was convinced I was going to buy an E46 M3 at Preston yesterday. Cap clean said £9300, I thought well I can go to 14k...surely I'm I'm with a shout. I was nowhere near. £15800 plus premium bought it. Yep, most of that stuff is a “Chuck the book out” type of stock. Certainly more interesting than some stock profiles but each to their own. Good luck to you. Share this post Link to post Share on other sites
XFS 70 Posted August 23, 2019 19 minutes ago, EPV said: Yep, most of that stuff is a “Chuck the book out” type of stock. Certainly more interesting than some stock profiles but each to their own. Good luck to you. And to you to. We need it! Share this post Link to post Share on other sites
JDM1983 28 Posted August 23, 2019 2 hours ago, XFS said: 3. I make trading from home a positive not a negative Do you mean from a customers perspective, and if so, how do you present the benefits of buying from a home trader? Share this post Link to post Share on other sites
TangoVictor32 90 Posted August 24, 2019 13 hours ago, JDM1983 said: Do you mean from a customers perspective, and if so, how do you present the benefits of buying from a home trader? Guessing he means picking the right stock unlike the OP and wasting valuable storage space (driveway)... Selling bad cars and bangers woulf annoy your neighbours too... Like xfs mentioned sell cars to older people that dont give you hassle. When they turn up they won't be effing and blinding so the whole neighbourhood hears them... Park across someone elses drive and then rev the bollocks out of the banger you're selling... Plus there's the benefit of working by appointment....choosing his hours...and not doing 120hours a week like the rest of us! 14 hours ago, XFS said: I was convinced I was going to buy an E46 M3 at Preston yesterday. Cap clean said £9300, I thought well I can go to 14k...surely I'm I'm with a shout. I was nowhere near. £15800 plus premium bought it. Manchester on Weds had a 2007 VW Caddy with 70k odd on it... Cap clean £2k... Hammer price £3650.... And AND It had no v5 !! Each definitely to their own Share this post Link to post Share on other sites
XFS 70 Posted August 24, 2019 13 hours ago, JDM1983 said: Do you mean from a customers perspective, and if so, how do you present the benefits of buying from a home trader? I have a nice place which presents the correct image for what I am selling and I treat my customers well and they receive a relaxed personal service in a way they would not from a franchised dealer. In short, I can offer a better service than most franchised dealers. However, all this stops in 3 weeks. I am moving. I will be doing my "day job" in Europe for the next few months, then I get a unit from the 1st March next year and will be virtually full time. However I will be operating my car business on exactly the same principal as I did from home. Share this post Link to post Share on other sites
TangoVictor32 90 Posted August 24, 2019 35 minutes ago, XFS said: then I get a unit from the 1st March next year and will be virtually full time. However I will be operating my car business on exactly the same principal as I did from home. Good luck to having no life Share this post Link to post Share on other sites
JDM1983 28 Posted August 24, 2019 4 hours ago, XFS said: I have a nice place which presents the correct image for what I am selling and I treat my customers well and they receive a relaxed personal service in a way they would not from a franchised dealer. In short, I can offer a better service than most franchised dealer If I think about it, I have a similar setup. I’ve never really perceived the advantages though, more thought of it as: I don’t seem as professional trading from my home, buyers would rather see a nice commercial premises. I should take a more balanced view! Share this post Link to post Share on other sites
XFS 70 Posted August 24, 2019 49 minutes ago, JDM1983 said: If I think about it, I have a similar setup. I’ve never really perceived the advantages though, more thought of it as: I don’t seem as professional trading from my home, buyers would rather see a nice commercial premises. I should take a more balanced view! Definitely. Setting aside the first rule of selling ie. turning any potential negative into a positive, trading from a nice home is definitely a major positive in my book. Same with finance. I spin not offering finance into a positive point, not negative, not least because for me it is a positive. It is my choice not to offer finance. 1 Share this post Link to post Share on other sites
Rory RSC 596 Posted August 25, 2019 19 hours ago, XFS said: Definitely. Setting aside the first rule of selling ie. turning any potential negative into a positive, trading from a nice home is definitely a major positive in my book. Same with finance. I spin not offering finance into a positive point, not negative, not least because for me it is a positive. It is my choice not to offer finance. I coudn't really get to positive about not bringing in £10k+ a month commission cheques 1 Share this post Link to post Share on other sites
XFS 70 Posted August 25, 2019 18 minutes ago, Rory RSC said: I coudn't really get to positive about not bringing in £10k+ a month commission cheques Clearly finance is a big part of your business. Right now, I don't want it as part of mine. I may have to reconsider in the future. But I am old, I am not ambitious, I don't need to sell loads of cars. I like everything to be on my terms, I like to pick and choose my customers and I want as little admin as possible. I understand my business model won't work for most people. To each their own. Share this post Link to post Share on other sites
Casper 272 Posted August 25, 2019 25 minutes ago, XFS said: Clearly finance is a big part of your business. Right now, I don't want it as part of mine. I may have to reconsider in the future. But I am old, I am not ambitious, I don't need to sell loads of cars. I like everything to be on my terms, I like to pick and choose my customers and I want as little admin as possible. I understand my business model won't work for most people. To each their own. I totally get you I'm a great believer in treating my customer how I would like to be treated its worked for me so far .. Share this post Link to post Share on other sites
XFS 70 Posted August 25, 2019 16 minutes ago, C B said: @XFS I’ve totally heard you when you say you don’t need the money, don’t need this that and the other and I’m totally with you on the sell from home nice house positives blah blah blah. I do exactly the same myself but as much as you say you want to do business on your terms etc etc I still can’t get my head around why you don’t want to be able to offer finance? I simply don't need the paperwork and additional hassle and my target customers usually don't need finance. I have a finance guy I can refer to if absolutely necessary, but its rare. I don't take swappers either unless its something I can sell with confidence and a clear profit. I want the customer in and out, deal done as simply as possible. When I move to a unit, and have a larger stock, I probably will offer finance on a restricted scale. ie. lender of my choice, prime only. Share this post Link to post Share on other sites
Mark101 536 Posted August 26, 2019 16 hours ago, XFS said: I simply don't need the paperwork and additional hassle and my target customers usually don't need finance. I have a finance guy I can refer to if absolutely necessary, but its rare. I don't take swappers either unless its something I can sell with confidence and a clear profit. I want the customer in and out, deal done as simply as possible. When I move to a unit, and have a larger stock, I probably will offer finance on a restricted scale. ie. lender of my choice, prime only. Why would you move to a unit when you’re after a lifestyle business? If you’re not hungry and don’t need the income, I would stay as you are. Share this post Link to post Share on other sites
XFS 70 Posted August 26, 2019 49 minutes ago, Mark101 said: Why would you move to a unit when you’re after a lifestyle business? If you’re not hungry and don’t need the income, I would stay as you are. Change in domestic circumstances. Wont have the space to stock enough cars at home next year. And it will be my full time job. Luckily, I still won't be under any pressure, so the basic business model will remain the same. Share this post Link to post Share on other sites
Rory RSC 596 Posted August 26, 2019 XFS know if you don’t take part exes why not offer finance. It costs nothing to set up. Over the course of a year you will make some money in comm. even through a broker you can do nothing to pay for 6 months giving people not trading in chance to sell theirs. It takes minutes to prop and get an accept. If anything trying to work efficiently and easily like you are it’s probably easier and brings you in more money. Share this post Link to post Share on other sites
trade vet 701 Posted August 26, 2019 Out of interest,I have known one or two people who have started up in this job later on in life.They usually have good iron clad pensions from a previous occupation and operate quite well by picking and choosing who they deal with. 1 Share this post Link to post Share on other sites
XFS 70 Posted August 26, 2019 (edited) 4 hours ago, Rory RSC said: XFS know if you don’t take part exes why not offer finance. It costs nothing to set up. Over the course of a year you will make some money in comm. even through a broker you can do nothing to pay for 6 months giving people not trading in chance to sell theirs. It takes minutes to prop and get an accept. If anything trying to work efficiently and easily like you are it’s probably easier and brings you in more money. Thanks. I will definitely take this on board, it does make sense for when I expand. I am in a different situation from a lot of people in that I do work hard, (although people perceive I have the "dream job"...which is not work at all) and cars have always been my release. I started buying cars and trading a bit when I was about 13, thats quite a while ago. Now its my wind down plan. Doing something I really enjoy for the next 10 years or until I peg it. Whichever comes first. I have no real interest in retiring. Edited August 26, 2019 by XFS 1 Share this post Link to post Share on other sites
Casper 272 Posted August 26, 2019 2 hours ago, XFS said: Thanks. I will definitely take this on board, it does make sense for when I expand. I am in a different situation from a lot of people in that I do work hard, (although people perceive I have the "dream job"...which is not work at all) and cars have always been my release. I started buying cars and trading a bit when I was about 13, thats quite a while ago. Now its my wind down plan. Doing something I really enjoy for the next 10 years or until I peg it. Whichever comes first. I have no real interest in retiring. Keep doing what you enjoy Xfs good luck .. Share this post Link to post Share on other sites
Ashley 0 Posted August 28, 2019 I don't know how you would make a living from that. I work on a bigger margin with £1000 cars, so at £19,000, that's £17,000 gross profit. Anything under three years old is main dealer territory. I leave alone. Share this post Link to post Share on other sites