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Discuss New Dealer, really need some help. Sf Bay area in the Vehicle Sales and Marketing forum at Car Dealer Forums; Hey All, Really glad I found this site. First off, I'm a new car dealer, ...
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    Default New Dealer, really need some help. Sf Bay area

    Hey All,
    Really glad I found this site. First off, I'm a new car dealer, got my auction access and had my first run at manheim last week in Hayward. I bought some cars for what I thought was pretty cheap, and then went into the sales office to get the release form. There was a very nice lady at the front desk who asked if i had just gotten into the business and had a niche for Frame damaged cars? i said what? She then told me thats what the Yellow sign with FRAME meant.

    Now i just got a couple cars that apparently have frame damage.... not a good start from what I can tell. Is there a dealer education company out there that teaches you the business? Anyone care to share? I took a dealer class at a denny's in San Jose ( I know). This was to get my license. We went over all the regulations of the DMV, but nothing on how auctions work, or any inside info. Actually, now that I think of it, the class had a lot of pretty misleading info.... "Go to an auction, buy a car for $5k, sell it for $10k easily? Cmnon!

    Now, a few people overheard my situation, and 2 of them mentioned I take a class taught through FFW Auto Group. Apparently, the owner of the company was a few people ahead of me in the sales office.... wish i could have met him and asked. From my understanding, he teaches as a hobby and apparently has a lot of stores. Only problem is, I already took the Pre licensing class and don't want to sit through another 8 hours without the gist of the class being on how the business works. Has anyone taken his course? is it worth taking for someone like me who just wants info on how this business works? Is there a company that strictly teaches new people like me how to successfully start in this business?

    Any help is appreciated.
    Thanks guys!


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    This forum Needs more activity!!!!

    Anyhow, if anyone finds themselves in my situation without any other info or advice, i decided to take the Pre licensing dealer education class taught by FFW auto group and am so pissed i didn't go with them the first time around. There was a solid hour of how the business works; I learned so much about auctions, and got specific answers toward my own business goals that was great. I got answers to all my questions, and got some industry insight that i don't know how i would have obtained other than being taught by these guys. Lots of helpful tips and tricks, and I even got some solid reconditioning hook ups. I really wanted to relay this info, so much so that i spent about 5 minutes trying to remember my password to this site to share my experience. Also, it's tough not to take advice from a teacher who pulls up to the class in a ferrari 458.
    Newstartfinance likes this.

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    Default Any and all advice you have for me would be greatly appreciated!!

    Quote Originally Posted by pinkslip View Post
    This forum Needs more activity!!!!

    Anyhow, if anyone finds themselves in my situation without any other info or advice, i decided to take the Pre licensing dealer education class taught by FFW auto group and am so pissed i didn't go with them the first time around. There was a solid hour of how the business works; I learned so much about auctions, and got specific answers toward my own business goals that was great. I got answers to all my questions, and got some industry insight that i don't know how i would have obtained other than being taught by these guys. Lots of helpful tips and tricks, and I even got some solid reconditioning hook ups. I really wanted to relay this info, so much so that i spent about 5 minutes trying to remember my password to this site to share my experience. Also, it's tough not to take advice from a teacher who pulls up to the class in a ferrari 458.
    Hey Pink-slip,

    My situation is similar to yours, I am a new used car dealer here in Hayward Ca. I was wondering if you have learned anything these past couple of months that could be helpful for me. The first car I bought from Mannheim blew up on me as soon as I got it on the free way, wamp wamp. Im basically learning as I go, and that was an expensive lesson I learned about the Green Light Guarantee. Also, I was interested to hear more about that class you took with the FFW Auto Group? Any advice or insight you could give me would be greatly appreciated. Who knows we may see each other some day at Mannheim on Wednesdays.
    Newstartfinance likes this.

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    yup, ive had a car blow up on me, tough learning experience... If you send me a message, i will send you the email i have for the instructor who's a pretty cool guy. Anytime i have a question, he answers either that same day or the next. I highly advise you take the class; i too would not have had an expensive lesson had i known what i knew after taking that course. Disclaimer though; I do subscribe to FFW's news letters, and I'm pretty sure they are pretty busy and involved in a government contract; so not sure if you will be getting to sit down with them anytime soon. I can also send you my email; I am far from an expert, but I managed to make close to $7k last month (not bad for as little time I've been involved). I do have a lot of info on the auctions though; i may be able to scan and copy the pages from my coursebook through FFW...... It should be very helpful.
    AutomobilesWW likes this.

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    Pink-Slip,

    Thanks for the quick response! I have been in business since May, and I have not made anything close to 7k, so that is pretty impressive to be just starting out. Congratulations! I love to hear success stories, and you appear to be on your way my friend. Although, I haven't turned a nice profit yet; I do see the potential and know that this business can be very lucrative if done correctly. It would be nice to be able to pick your brain a little bit, considering we are both in the same boat and starting our journey at practically the same time. I pretty much just jumped into this business with out any prior knowledge, or guidance whatsoever.

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    Pink-Slip, I sent you a private message let me know if you received it.

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    3x5
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    Pinkslip/AutomobilesWW I am a new dealer also and going thru a lot of the same things. The class I took as a requirement to getting my license focused mostly on the state regulations and didn't get into the business and auction strategy side of things much. I would be grateful for any help or insight you guys could share. My biggest challenge so far has been buying cars from auction at a decent price, lately it seems everything I've been looking at bidding on has gone for about what I could sell it for. I find this puzzling, how is a guy to make any money when there isn't any meat left on the bone after auction? This is where I think my strategy may need some adjustment, I have been buying vehicles in the 10k-15k price range but maybe this isn't the best place to be considering how I am trying to operate. I am just doing this out of my residence as a hobby, buy one or two, flip them and repeat. I don't mind spending a little more on inventory if i have to, but I'd rather not keep doing business by the trial and error method, I'd like a more scientific approach. I really could use a little mentoring on auctions and how to determine what vehicles may sell best in my area. I would really appreciate any advice anyone could give.

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    To be honest, heres what I learned. It takes money, experience (lots and lots of experience), and a TON of connections to be profitable. Fortunately, I reached out to the company that taught my class, and I pretty much go to work for them now. They gave me a list of cars, and prices they would pay, and it has become my job to buy it lower than what they will pay, and I take the spread. I got my wholesale license, and found out pretty fast that there is no money to be made in wholesale unless you have the buyers. I also got connected with retailers who would allow me to consign my cars with them (that is the most money I made); but decided I could make more working for these guys; and its really no skin off my back because I go to all the local auctions anyways looking for deals, and if i find what they want and can buy it right, thats guaranteed profit for me.

    Heres the deal, the dealer I consigned my cars with referred through FFW auto group took a hefty %, but, i got a % of the financing they sold, the warranty, and the cars price. All in all, it is a winner, and that was the biggest chunk of change I made so far. If i could afford to sit on $100k of inventory until sold, I would pocket easy $15k with the consignment, but i don't have that kind of cash so its not possible. But, again, Retail is where the money is.

    I already got permission to give his contact info, so here it is. The guy who taught me everything I know and am so grateful for meeting. Sam at ffwautogroup dot com

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    3x5
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    Quote Originally Posted by pinkslip View Post
    To be honest, heres what I learned. It takes money, experience (lots and lots of experience), and a TON of connections to be profitable. Fortunately, I reached out to the company that taught my class, and I pretty much go to work for them now. They gave me a list of cars, and prices they would pay, and it has become my job to buy it lower than what they will pay, and I take the spread. I got my wholesale license, and found out pretty fast that there is no money to be made in wholesale unless you have the buyers. I also got connected with retailers who would allow me to consign my cars with them (that is the most money I made); but decided I could make more working for these guys; and its really no skin off my back because I go to all the local auctions anyways looking for deals, and if i find what they want and can buy it right, thats guaranteed profit for me.

    Heres the deal, the dealer I consigned my cars with referred through FFW auto group took a hefty %, but, i got a % of the financing they sold, the warranty, and the cars price. All in all, it is a winner, and that was the biggest chunk of change I made so far. If i could afford to sit on $100k of inventory until sold, I would pocket easy $15k with the consignment, but i don't have that kind of cash so its not possible. But, again, Retail is where the money is.

    I already got permission to give his contact info, so here it is. The guy who taught me everything I know and am so grateful for meeting. Sam at ffwautogroup dot com
    Thanks pinkslip, I appreciate the insite. I may look into cultivating a similar relationship with an auto group here in St. Louis.

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