Quote:
Originally Posted by Tommy-G
THIS!
Mosaud1998 I have been in car dealerships all my career (25+)
Thats great for starting out but I caution you of this. I have made well over 6 figures and I have almost been bankrupt and foreclosed on my home outside Milwaukee (obv not far from you)
The car market changes drastically and right now you are in some of the highest margins ever. Especially in a major metro area like Chicago. I assume your dealer probably has huge market adjustments right now. Remember inventory is going to run out, or the gross will go back to normal.
Back in 08-11 my department was rocking at an all Highline dealer outside Milwaukee but no one was buying new cars b/c of the recession. My dealer froze everyones wage increases for 3 years. I had just moved there and was due a high increase from straighting the ship and turning a profit. Well, as mentioned before I got in over my head on a house and almost lost it all.
Plan for a rainy day buddy b/c it will come in this industry. It was something I never did. Made stupid money as a 25yr old living on the east coast. I wish I knew then what I know now......just be careful is all I will advise and dont let the good times go to your head.
Congrats on the success.....12-14/month is a strong number
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I mean, our new cars are only marked up $2k
We have a 21 Limited F-150 and King Ranch Expedition that is $4k marked up. But some dealers are marking their cars $15k above sticker..
I sold a new Mach 1 that we brought from a texas dealer for over sticker. We sold it for $2k above sticker. We paid like $8k above sticker. Took a loss on that.
Some aren't even marked up.
I've been selling a lot of used cars tho.