We have lost over 2 thousand followers after posting this.
How do we feel?
We feel like we just got rid of TopFlites that have been sitting in our bag.
🇺🇸
Trump just won the election.
I already made this Trump hype video to “Many Men” by 50 Cent.
Now it hits even harder.
Fuck you Dems. Swing at the king, ya best not miss.
How car dealers make money:
(in 8 steps)
1) BUY:
Source cars better than your competitors.
Optimize for trade-ins and buying cars “off-the-street”, but also use auctions.
If you’re a franchised dealer, asses and resell lease returns.
Why are trade-ins important?
$600-$1,000 additional profit on re-sell vs. auctions, on average. Plus, unique cars that you can’t source elsewhere.
2) TRANSPORT:
Find the quickest and most cost-efficient haulers to bring vehicles to your lot.
Pack this cost into your acquisition price.
3) RECONDITION:
Make vehicle retail-ready. Mechanical, bodywork, paintless dent removal, rim repair and more.
Must justify every dollar spent. Stay under $800 if you’re subprime dealer or $1,200 if you appeal to higher-end customers (note: these are averages).
4) DETAIL:
The car should feel, look and smell ‘like new’.
Spend no more than $200 per car if you’re outsourcing or $120-$150 if you’re doing the work in-house.
5) MERCHANDISE:
Take perfect photos. Detail matters. Good photos sell—
Stop. Your reflection is in the picture. Take new photos. Try again.
6) SELL / FINANCE:
Partner with top lenders.
Offer the customer an omni-channel buying experience (online or offline or both).
Be transparent but also ensure profitable economics.
Think in years, not months. But operate in days, not weeks.
7) TITLE AND ACCOUNTING:
Make sure your back-office is tight. Ensure routine audits.
Ask questions.
Get into the weeds.
Get to know your management system (DMS) better than anyone else.
Your daily DOC is your baby (the report showcasing performance of dealership).
If you f*ck this up you’ll be out of business (for the wrong reasons).
8) SERVICE:
Ensure happy customers >180 days after purchase.
Spend the extra money.
View it “unemotionally”.
Invest a couple percentage points from your gross margin in your post-sale experience (it’s worth it).
Do all this, and success is almost guaranteed.
Remember:
In this business, the value is unlocked in the 90% percentile.
You gotta do the extra WORK.
We’re in a 5% margin business.
There is no room for error.
Good luck.
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How can a 4-year-old girl know she’s trans?
If your tires are older than 6 years, they need to go.
You know how rubber bands become brittle? The same thing happens to tires.
Stop being cheap. Change them.