Hello!
I wanted to reach out and introduce myself to everyone on the forum! Looking forward to connecting with you all and contributing where I can. My business partner and I opened up an Independent car lot at the beginning of the year in the KC market. My partner and I have extensive automotive and mechanical backgrounds and have been repairing and fixing cars for about 8-10 years. We have been acquiring inventory through Facebook Marketplace and Craigslist right now looking for good sweat equity deals to make some money on. We want to get a floorplan within the next 2-3 months..
What financing companies are best to start out with? We have Dealer Center for our DMS and are in progress of signing up with Westlake and Western Funding currently. I have reached out to a lot of other lenders to make connections with and get affiliated with (CAC & Vantage Finance to name a few). CAC stated they wanted their dealers to have 6 months in business before signing up. I want to make sure we have sub-prime financing options available in order to help all of our customers get financed. Are there any sub-prime lenders that dealers like/prefer to use? Our inventory right now consists of units from 2010-2014.
We've also talked about Wholesaling since we are getting cars that we can have a high profit potential on since we're doing a majority of the recon and repairs in house starting out. What are the best ways to market units for Wholesale to other dealers? Should we be sending them to auction?
I wanted to reach out and introduce myself to everyone on the forum! Looking forward to connecting with you all and contributing where I can. My business partner and I opened up an Independent car lot at the beginning of the year in the KC market. My partner and I have extensive automotive and mechanical backgrounds and have been repairing and fixing cars for about 8-10 years. We have been acquiring inventory through Facebook Marketplace and Craigslist right now looking for good sweat equity deals to make some money on. We want to get a floorplan within the next 2-3 months..
What financing companies are best to start out with? We have Dealer Center for our DMS and are in progress of signing up with Westlake and Western Funding currently. I have reached out to a lot of other lenders to make connections with and get affiliated with (CAC & Vantage Finance to name a few). CAC stated they wanted their dealers to have 6 months in business before signing up. I want to make sure we have sub-prime financing options available in order to help all of our customers get financed. Are there any sub-prime lenders that dealers like/prefer to use? Our inventory right now consists of units from 2010-2014.
We've also talked about Wholesaling since we are getting cars that we can have a high profit potential on since we're doing a majority of the recon and repairs in house starting out. What are the best ways to market units for Wholesale to other dealers? Should we be sending them to auction?