Last Weeks Tip

Some Inside Tips:

A Bit of Wisdom

Here is a couple lessons I recently learned (and in one case re-learned).

STORY: I sold a 97 Camry just very recently. I netted about $500. A "weak" deal to say the least. I wondered what in the world I did wrong. I wasn't getting calls at my first advertised price so I lowered it $300. That was the sweet spot. I know this because my phone was ringing off the hook. I sold it to the first guy who came and looked at it. I looked up in the MMR and Black Book and discovered, I bought the car by looking at 1998 - not '97! Interesting. I paid too much money for the car but still made a profit. There are several lessons here.

Keep dropping the price til you get calls. Start high and then drop it systematically over time.
Make sure you are looking up the right YEAR of the car you are buying.
Buy clean cars so you can get what you are asking. 8 out of 10 times, I get what the ad says. The nice cars I buy, the reconditioning, and detailing I do to all the cars make them sell for what I ask. It works because 9 times out of ten, my car is the nicest one they have looked at. I think thats key to this working right.
If I had not paid 1998 money for a 1997 car, I would have never bought the car in the first place. But I did buy it and I paid too much BUT I still make 10% return pretty easily and quickly!

ANOTHER STORY: Then the next deal I completed, I made $2300 on a 99 Dodge Diesel. On this deal, I bought it from a private individual. I negotiated this deal for about a month. He wanted fair money for the truck but no one was writing a check. After a month or so, he became motivated to sell so I bought it.

You CAN buy high grossing units "off the street". Look for deals everywhere.

Be patient when dealing with private parties. Leave the pressure tactics behind. Be yourself as I always preach.

Once again, buy NICE cars and they sell! Ugly ones sell also but I personally like the nice ones.

Don't fall in love with any car you buy. I tend to love them all and want to keep them all. Buy the car/truck, recon it, and sell it! The name of the game is turnover.

I am here to help you learn the business. You can do this business. I will teach you what you need to know to make it happen!

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Success!!

George Dean