Our first sale went horribly wrong. I'll never do this again
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- Опубликовано: 21 дек 2021
- Starting a new business can be stressful. But when you go off and do what I did, it's just dumb. I'll never do this again.
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#Chevrolet #Louisville
I am the owner of Mike's Car Store In Georgetown, In. We sell used cars near Louisville Ky and ship nationwide. we look forward to helping you. mikescarstore.com
Buying a Car Doesn't Have to Suck™ 
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Look on the bright side, each view trickles a fraction of a penny. It adds up. Keep making content and we'll keep watching to support you.
Money talks BS walks. One of the first lessons everyone learns in the industry.
I have friend who had a small car lot. He basically said don’t count it sold till the paper works done. I saw him wait for no shows many many times. I enjoy your energy and pray for your success. I’ll keep up with your exciting adventure.
This guy helped me save thousands buying some cars. Happy for you sir 🙏 😊
I'm currently in the market for a good used car, my new mechanic having told me that it's imperative I not drive my current one much longer, and "Please, only here in (our city)!" The undercarriage is rusted out, from rocker panel to rocker panel, and from engine to exhaust pipe (I haven't been underneath it to see the extent, it being too fragile to be put up on a hoist, so am using the parts I understand best to explain how much rust there is).
BUT, I'm also watching your videos to learn the right way to go about buying another car, and am taking it all to heart.
I might be an elderly woman who no longer has a man in my life watching out for my best interests (my son, who was a professional racer, died 14 years ago), but I do know to listen to good advice when I find it, so thank you for putting your videos out here for us potential buyers.
You all seem like the real deal. Wishing you both the best with this new business venture!
Kind of getting off to a rough start there buddy. All in all that's to be expected in a new business. I'm positive you'll pick it up in the future, good luck and always glad to see you on here.
Great content! My favorite part is how you show that the struggle is real. I wish you much success in the future and appreciate all of your hard work to give up this content.
Wish you the best! I know all that hard work, and determination is going to pay off. 🙏🏻💯
Thank you for showing up and down in cars business . I hope you and your family having a Merry Christmas and happy New Year
CONGRATULATIONS on your new business
.......all the best from Canada.
You can do it! You can do it! I wish we had dealers like you in the Rocky Mountain region. Do NOT give up, your business will come.
22211²22²22222²22222
Experiences that don't kill you...will make you stronger and smarter! Stay positive and continue to "Go-For-It".
Stay positive I’m praying for you and your Business to take off up’s and downs will come but you got this
Keep up the great attitude! Your business will be successful in no time 💪🏼💪🏼💪🏼
It’s an amazing Corvette. Bummer setting up financing has been a challenge but on the bright side 95 percent of the customers I have personally dealt with in Corvette Sales pay cash. I’d be shocked with your online presence and positive reputation someone doesn’t pop in soon and take that nice ride off your hands. Love the positive energy with your videos, great work.
which is why the specialty/collector market may be easier to roll into as long as you can pick inventory that will roll pretty quick.
Used car biz is LOUSY. I've seen MANY lots crash and burn. Your typical used car lot buyer has more issues. Bad credit, bankruptcy, outright scammers, high rate of delinquencies. New car dealers tend to favor higher income, better credit customers. Transactions are usually smoother. From a bank's perspective, used car loans are very high risk and the collateral may not be worth much and/or very difficult to locate and repo. More expense and risk for banks they don't want; repo and auction re-sell costs. Not to mention customers who literally destroy their vehicles inside and out. Unless you have a super high volume lot with a lot of cash buyers, it's not a business I like. Auction cars are generally all junk. There are some diamonds in the rough, but trust me, if a new car dealer (they are sharks) can make any money at all on a trade-in, it stays for resale. All the junk/high mileage/neglected cars go to auction. Not to mention cars breaking down right after selling to a customer. Now you're screwed. I mean to have any credibility at all as a reputable used car lot, you need to offer at least a 30 day warranty, but a lot can go wrong in that time, and that repair that you have to cover likely will take all your profit from the sale and then some. Only time I've really seen it work well is when you can get the cars dirt cheap and do all the mechanical and paint/body work yourself. As far as I know, Mike's not that mechanically inclined. This seems out of his wheel house. Really don't know why he made the change to be honest, especially with C8's selling like hotcakes. With social media, customers can really mess with your business and personal reputation.
Yup, sales people have my respect dealing with general population. They can weed out the tire kickers.
You seem like a nice guy and want to succeed. That being said you are still a businessman and asking for a deposit is just good business! You are standing behind what you sell and asking for a deposit is just asking for a customer to keep their word! Good luck!
No worries! You will be fine my friend!
Best of luck in your new adventure !🙂
You can do it mike!
We are all rooting for you
You got it going on man! Keep up the hard work!!!
Sadly,this is the reality of owning your own business.Don't give up,the good will come!
What a good way to start the new year having your dealership is awesome press in hard my Friend
Thanks for the video 🇺🇸
Keep up the awesome work brother merry Christmas to you and your family
22 years and still haven’t realized buyers are liars.
Like most car dealers as well...and since we have seen how he works...if he does get a franchise...he WILL have market adjustment.
Wish you all the luck, you are a great sales Agent!!!
This guy deserves a successful business as hard as he's worked in this profession for so many years. Get any Silverados in stock and I'll personally go buy from you. I'm in Utah but will travel this guy is ao honest
Check out in ny ni area if your willing to travel, i see a ton of 19-21 on roads out here. Dont see many 6.2 or duramax though.
Leaps of faith 🙏 that's how you get great success. Best of luck to you.
Congratulations on this move,
continue to be honest, blessing from GOD, in Jesus name !
That sucks. I actually bought a car a few years back private sale by getting my own financing. It actually wasn't too difficult to do but I can handle computers and the bank I worked with (USAA) made it pretty painless. I would definitely do it again. I always try to get pre-approved for a loan before I walk into a dealership outside of just test driving.
Persistency pays off. Keep swinging. Show confidence, people that smell fear will run away. If you show confidence and that your not desperate. Not saying you are or not. I’m in sells and the times I really needed a sell I think the customer knew and it made them scared. When I stood firm and acted as if I would love to have them but certainly don’t need them my sells increased or deals closed.
Congratulations 👏
Congrats Dude! 🎼And it’s 1 - 2 - 3, you’re on your way 🎶🎵
We need a dealer like you in Oregon
Congrats on the new store! Do you have any tips on buying quality used inventory through social media, KBB, Etc?
You can try credit acceptance or gateway Bank they are both in California and they work with small dealerships
I'm sorry man don't let this stop you brother
As someone who is local to you and wants to see you succeed and also as someone who just purchased another used car.
Ask for a deposit. If the person plans on buying the car it won't be an issue to them to pay a little ahead of time. It will save you time in the long run.
I’m not a GM fan at all, but I wish you the best of luck man. You’re a hard worker and you’ll make it
I use my own financing almost 90% of vehicles I buy. Easiest way to do things
Duder, I am pumped for your first sale. I back in my sales days, I would jinx myself all the time. No matter how many sales I did, I would always get too excited.
We have sold our first retail customer. 😍 video coming soon!
@@ChevyDude looking forward to it homie.
@@ChevyDude Congrats
GOOD LUCK 👍 MERRY CHRISTMAS 🎄🇺🇸👍
Good luck mike. You’ll succeed
You can do it! Stay positive
You’re the best. Keep it going!
That’s pretty damn cool buddy congrats 😎👍
Starts are sometimes confusing, most times stressful , but are always, always, demanding.
Remember : quiters abandon when they fail, yet winners persevere despite fails until they succeed.
Keep going strong!!!
Really hope you get a car sold man, don’t give up the time will come
I bet bachman is hiring🤑😉
Keep trying Mike. I don’t think there has ever been a worse time to try to break into the automotive space, with inventory being so short and used car prices being so high.
You will be fine, it will happen soon. The Z06 is the same color as my 17' Z51 LT3.
Banks will only give you money when you don't need it, And tell you to take a hike when you do need it.
It's the same scenario every small businessman or woman must go through. It takes perseverance To be an entrepreneur, a little luck, many hours and weekends. But most of all a good woman beside you and it appears you have one.
You can do this Michael you'll look back in 10 years and laugh at this video.
Keep it going bro! Get big enough to branch down to DFW area ill come work for you!
It will work out, give it time!
Your son is was in military. He qualifies for Navy Federal, and you do by your relationship with him. They are awesome to their customers, generous with credit.
Navy fed very rarely has the best interest rates on auto loans even for people with great credit. About 10 years ago they were almost unbeatable but somethings happened between then and now and they’re not good anymore. For auto loans anyway. I have them for checking and saving and have no problems but their auto loan rates are crap.
Well ... Damb... I was looking forward to seeing you sale a car... Good luck with the next one...
Hey chevy dude you should try to contact Craig from flying wheels he might know someone to help you with your bank problem or maybe you can partner with him because he is an established dealer. Plus it would be pretty awesome to see
Of course. One bad apple always ruins it for the rest of us. Hopefully I'll be able to upgrade my 2018 Camaro 2SS to something newer once you get yourself established and can move more inventory.
Thanks for the quick delivery of my t-shirt 3 days 👍
Nice office!
You can do it! Stay persistent
Mike. If you need cars picked up and delivered, I'm an auto transporter. I lease with the largest carrier in the nation. We can handle pretty much any vehicle anywhere. If you're interested, let me know how I can reach you. Hope to hear from you man. Keep up the good work.
What’s your contact info?
To Mr and Mrs Chevy dude have a merry christmas
I understand why you want to sell expensive cars, but one would think it's a better idea for smaller costs based cars and shoot for volume?
Depends on your location and situation. I feel like Mike has enough followers to know that he has more exposure to customers that are willing to buy higher end vehicles from him than from any other used car lot around him.
I agree that having a bunch of expensive vehicles could backfire but also having a bunch of boring looking cars simply to fill up space.
Everytime i drive by a car lot that has a bunch of rental looking vehicles I always seem to ignore them but i know there are people out there who would love to have a form of transportation since not everyone has that luxury.
Congrats
You've got this 👍
left foot, right foot - repeat...you will get there. However, this is proof there is a HUGE difference between owning your own business and working for one. (hard to believe this offering financing thing wasn't figured out prior to opening given how few people pay cash for a vehicle.)
I agree. That was (and continues to be) a huge oversight. He absolutely knows that the lack of in-house financing is a deal buster for 90% of potential customers. Especially true for a used car lot. If he doesn’t get this figured out soon, this foray into self-employment will be short lived.
You got this! Could you use any contacts you had at banks before?
OneMain Financial & Customers | Sheffield Financial are all used at the dealers your size in my area
Keep up the positive attitude Mike. These negative/sarcastic comments from folks are hilarious as anyone that’s ever started from scratch understands your predicament. As your success continues to climb, the children using their mothers iPad to make stupid comments will dwindle.
I was always taught to find my own rates at my own banks
I love your content and I love that you are doing all this for the first time with us. That being said… I think that a call to Craig from flying wheels could help you out tremendously. Check out his RUclips channel, he’s been a used car dealer for a couple decades and shows a lot of what he does on his channel.
That sucks! Sorry it happened.
Glad you are not getting discouraged. You will sell your first car.
Um…your wife nailed it. “You are the Corvette salesmen.” When I think of buying a car from you, THAT’S what first comes to mind.
The only time my wife and I have bought a car from a small mom and pop car lot was for our daughters when they started driving. Or us as a second car. It would never enter my mind to buy a car from a small lot that I had to finance it.
Man, sorry that happened Mike.
You will be good man. Just keep positive. Hopfully by tax season you have Atleast three lenders so you can get units over the curb Got my fingers crossed for you. I work at a used dealer. I’m the key guy/ buyers guide guy/prepper for photo guy. And I’m about to learn how to list cars on our website. We put out almost 400 cars a month. I’m told we are one of the highest volume dealers in New England. Either way just keep chugging along. That corvette knows it needed a better home that’s all.
Congrats bud
You’ve got brass balls leaving something you were successful at for something that doesn’t look fruitful.
You will do great however one thing I have learned in sales is to never claim you have a car sold until its signed and done. Might be superstitious of myself but that's what I live by.
Need an update on business and the first car... GOD BLESS
With starting your own dealership comes
Much grief and aggravation. Its not easy
I have sold cars for many years and have made much money. The toll on me was heavy. I am retired now and never look back.good luck you will do well just dont buy any junk.
As Big Stan would say YOOOU CAAAAN DOOOO It.
Good Day and Be Prosperous .
Everybody has advice, even people who have no experience in business. I started small dealer 18 years ago and gave up, tough, but not impossible. If you have lots of capital it gives you flexibility, doesn't sound like you have that. Use your available cash for low cost turns. Open ended question... Are you better off with ten $5k cars that might net $500 to $1k or one $50k car that could net $5k?. How do you add value, are you good at finding hard to aquire cars? Or are you good at putting out well fixed $5k cars and standing behind them. Wish you much success. It's like trading stocks
Sorry about that !!!!
I hope you sell your first car soon! I love your videos and I would for sure buy a car from you!
You're not off to a very good start. People I know that have started a business have all their duck's in a row before opening the business. Sounds like you haphazardly just jumped in hoping things would work out. With things like they are today starting a new business is tough. Not impossible but tough. But in the end if things don't work out you won't have any problems getting a job at another dealership. You do seem like a very nice person and honest so that is in your favor and hopefully customers will recognize that. I do wish you great success and with your attitude hopefully people will appreciate that and be your go to guy.
Agree 100%
I’ve been following this guy for years. He knows his shit. He doesn’t half-ass anything.
I suspect you will become a very large Corvette aftermarket dealer once the word gets out. I just purchased a 2003 50th Anniversary Edition Pace Car convertible from such a dealer in Chicago area.
I was just looking at a coupe to buy.
Hey man, you’re a nice and hard working guy. Once you sale the first, it’s gonna open wide the gate, you’ll see that sooner than expected.💪
Good luck
Yeah, you can sell the Corvette soon for sure because of you, the best car salesman in the world. This is a lot more interesting reality video series than Kardashians'.
Love your enthusiasm and approach to business. I may be in the market soo.
How do I contact you outside of this public comment page?
Are you repairing vehicles on the premises or outside sourcing?
You seem like a very nice guy not the typical car salesperson. Did you sell the vet ? Being a new dealer do you offer warranty. Hope you get a lender so you can finance.
The past two vehicles I have bought, I get the final ultimate price from the dealer and then go to my local bank and get the loan at a much lesser APR %. It’s that simple
Buy it & flip it ASAP!
Have you thought about consignment? I know many of your subscribers, like me of have some very nice low mile Corvettes sitting in our garages. I was thinking what a great time to sell and get the new 2023 Zo6. I bet others might want to do same? Consignment inventory, online sales, internet channel to promote sales of these top of line Vettes?
I am working out derrals with attorneys to do that. So yes I definitely want to help everyone out to get them more money for your trade.