New Small Dealer Introduction and Questions
- Thread starter bshoeduke
- Start date
a vin barcode scanner that gives market pricing, like autoniq or something similar
Thanks for all the tips! I’ll start looking into dms and cars for sale is a good lead. Thanks!
If you have CarFax, they provide a dealer mobile app that can scan a VIN that will provide the CarFax of course but it also provides market pricing. Of course with the market being the way it has been, the accuracy could be off. Also - not sure how much market pricing you will get with your current inventory price point. You would most likely be better off doing a simple search on the listing sites to get an idea.
- Sep 8, 2020
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- Eric
I recently opened my dealership for BHPH while I was doing wholesale with someone else and here is what I can say for now:
Vin scanning, manheim is best for now as it is free and does what is usually asked for (gives price range, car wrecks, owners and title), I did do carbly for a free trial and enjoyed it while it lasted. I can't afford to much as I am also new.
I highly recommend frazer, a huge tip given to me from a friend with 30 years of experience in the business and others, 'organize EXTREMELY WELL the inside of the dealership before the outside', auditors dont focus to much about the outside compared to the inside. Frazer is cheap for what it does and customer service is amazing and quick.
Get a floorplan and start seeing what is selling and what is not selling, my inventory is a little harder because people want diesel trucks and they're expensive in every way, cars and suv's aren't doing much so I have been having to auction them off. We are still starting to get customers so maybe once we get more flow, we can try cars and suv's more. Floorplan that I have is auction credit, highly recommend them, they're amazing customer service and work well with you.
Advertising: I use craigslist, offerup and facebook marketplace, I have no friends on facebook business page but I still have people seeing my inventory (or so facebook mentions) and I pay craigslist, $5/car since I have low inventory count. Offerup is free for 3 cars/month then $5 afterwards. A tip that I was told was to discount x amount of cash (usually $25) if they follow/like you in facebook, twitter etc etc at the spot! I tried to get on cargurus, cars.com, carsforsale.com, autotrader.com as a dealer and have had little success, dont know if it's even beneficial as I'm not moving to much inventory.
I usually stay quiet in this forum but the knowledge here is amazing!!!
Hello.
I am buying a new 2015 Ford F150 and when working with the finance manager, he gave me a couple of financing options. The OTD price on the truck is $35600. The dealer offered 72 months at 3.9%. My credit score is 810 and I know I can't get a rate of 2.7% at my credit union. When I told the dealer this he offered me 72 months at 1.9% but I had to purchase the extended service plan for $2000. He was trying to sell this to me by saying this would be the same monthly payment as if I didn't have the service plan and had the 3.9% rate so he was saying I was basically getting the warranty free. When I asked if I could have the 1.9% rate without the warranty he said they can't do that, but he did tell me I could get it and cancel it so that it would be credited back to my loan. While the warranty sounds good (5yr/100k) I feel that I could get it much cheaper through a 3rd party.
Should I purchase the warranty and cancel so that I can get the lowest rate? Or, should I not mess with ford financing at all and just go with my credit union? Thanks for all the help!
I am buying a new 2015 Ford F150 and when working with the finance manager, he gave me a couple of financing options. The OTD price on the truck is $35600. The dealer offered 72 months at 3.9%. My credit score is 810 and I know I can't get a rate of 2.7% at my credit union. When I told the dealer this he offered me 72 months at 1.9% but I had to purchase the extended service plan for $2000. He was trying to sell this to me by saying this would be the same monthly payment as if I didn't have the service plan and had the 3.9% rate so he was saying I was basically getting the warranty free. When I asked if I could have the 1.9% rate without the warranty he said they can't do that, but he did tell me I could get it and cancel it so that it would be credited back to my loan. While the warranty sounds good (5yr/100k) I feel that I could get it much cheaper through a 3rd party.
Should I purchase the warranty and cancel so that I can get the lowest rate? Or, should I not mess with ford financing at all and just go with my credit union? Thanks for all the help!
