Hey guys and gals,
I have been in the automotive industry for the past 13 years. I started in sales and have been a finance director for the past 11 years. I work in a store that sales 300 plus new and used cars a month and have loved every minute of my career. I am not planning on giving up my job in finance yet but I also dont want to be doing this when I am 60 years old. I am 34 now and have been contemplating starting a small BHPH lot for the last few years.
I have finally decided to take the plunge with the support of my wife who will hekp me with the day to day operations while I am not able to be there. The good thing about me still working my full time job is that all the money that is made out of the BHPH lot can go back into the store since I will not need a paycheck from it for many many years. The bad part is I am very hands on and I will not be able to be there as much as I would like.
I would love to pick some of you guys brains on your day to day operations and how you started, your normall business practices, and collection strategies. I am going to start with selling 1 or 2 cars a month and move it up from there as time and money allows.
I would love to see some discussion on your buying strategies of uses cars, your average cost per car, average mileages, and your best selling for the money. I would also love to see some talk on collection practices on late charges and how long before you charge a late fee, how long before sending out demand letters, and steps to be able to get the car back if the time comes and that has to happen.
Again, I am extremely new to BHPH and am planning on going to the next boot camp when it is available. I value yalls opinions as most of you have been in business for a long time and have been very succesfull in the process. Any advice or guidance would be greatly appreciated.
Thanks in advance,
Heath Edwards,
Hedwards@autoadvantagesc.com