The three ways people make money on exotic cars
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- Опубликовано: 11 сен 2017
- Ed is the founder of VINwiki but before that, he worked for an authorized Lamborghini/McLaren/Aston Martin/Lotus dealership as director of sales. In this video, he explains the different ways people make money buying, owning, and selling exotic cars. Follow Ed @edbolian.
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Ed is a very fluent speaker. His vocabulary never ceases to impress me.
"You've all heard the story about me buying the Lamborghini from the prostitute," says Ed, without ever missing a beat. You remind me of Mr. Rogers, but for adult children with a sense of humor and a love for all things automotive.
Ahhh Ed Bolian a master in telling godly stories
Dam this guy is smart when he talks I listen. He looks rich too.
Daniel A definitely someone you'd want to be around. Seems like a good influence
The wholesale vs retail distinction makes a lot of sense. Hadn't thought about it in that context.
I can't imagine getting good enough to place bids on cars like this without the chance to get them inspected.
It is really a game of numbers. The more practice you get, the better decisions you make. Also, you don't win on them all. I am still resolving a situation right now where things did not play out very well. An interesting story for another day.
dash hub is great for this. They can let you buy at wholesale prices, but the pictures and details are minimal. You have to figure out the options it has, the possible work, etc. It doesn't make sense unless you can fix it yourself.
The one thing they do have that I found odd was for a fee, you can get a detailed report. I have no idea what is it in, but that is a gamble also, but I guess just not as much as if you bought the car.
Ed Bolian, how ended this bad Situation and what car was it?
That was a really good way of explaining the distinction. I buy wholesale cars both for myself and to sell periodically. Not quite at the same price point (most of my personal cars are sub $500), but the same principle applies.
After having binged through all the car story videos, I have concluded that you're now my favorite channel.
This channel WILL blow up soon
This is interesting. That Range Rover flip was no joke! $45k in a day?
Yes. It was a very short term opportunity. Most sold for $20-30k over but I found one with just the right options at just the right time.
Could someone tell me what exactly was so special about those Range Rovers that the market was so high on them?
Also, love the Content! It's great to hear all these interesting storys
Most countries tax cars based on displacement so they were cheaper to own than comparable cars in China and Russia in particular. The demand vastly exceeded the supply and the buyers started looking to the US.
There are still a few cars that exporters are targeting. I worked for one for a short while and they were looking specifically for an MB GL450 (turbo/supercharging is not factored in for the displacement tax) in black with a dark interior with a panoramic sunroof. It was so specific that MB was tipped off and made potential customers sign a bunch of conditions in order to purchase a vehicle of that spec. Another was the brand new Range Rover that just came out this year although I forgot what specific spec the exporters needed. Regardless, it was too much risk for too little reward.
Ed Bolian hey ed just a quick question. What is your profession? Sorry I'm new to this channel and you're an enigmatic guy!
This makes me feel like once someone has the ability to start buying the right cars, there is a pretty good chance that it can not end up costing much.
Ed is so money he should be on tv. I would rather watch him than that Richard Rawlings guy
Brandon Bennett please dont, it will turn out into one of those shitty american reality shows
Thank you all. Rawlings is a nice enough guy in person but it is tough to deal with that much attention.
Who the hell watches tv? You should stay right here on RUclips
Thanks. I agree, if it is not binging through a show I rarely turn it on. I tried to buy the 79 Cannonball Winning XJS from Richard a few months ago and he just wanted way too much for it.
Brandon Bennett - Much Agreed!
That is one of the best ways I've ever heard it explained.
I could watch videos with Ed in them all day long, love his accent
I sell Cadillacs and like selling the used trade ins more than the new cars sometimes. Gotta love the car flips
Ed's, I just wanna say that your voice is so smooth, that in a couple years you'll be considered the Sam Elliott of our generation.
Eds voice is the best
Ed needs to do a podcast
I love hearing this stories and lessons from Ed , this guy is the man!
Just had to rewatch this one. So much to learn.
wow this channel is really taking off...50k already well done keep it coming
Very informative, as usual. I like the distinction you made between wholesale and retail. Makes sense.
Love listening to you Ed, you articulate yourself so well.
I subbed for Ed's stories
Robert Solis samee
everyone did
good video ed keep it up u guys grow every day i like seeing the new videos
Gotta love an Ed Story :D. (they are always the interesting ones)
Ed's videos are always the most interesting
Was able to do the ole fliperoo on a Mercedes recently, sent it to China. Felt like I was living a vice documentary. It's pretty tough to do it these days though!
sgfreak96 Why was that?
Integrafreak1 Exporting cars is usually pretty hush hush. The entire process was both totally normal but also just sort of surreal to be a part of.
Was it a GLS?
Yup, GLS450, Black with Tan interior. Looking to do a 2018 model year soon actually!
Such a great video Ed. I learned so much. Love the channel
Ed and Alex are the two best on here for sure
I learned a lot in this video . Thank you
Ed and his great stories as always XD
As a professional selling major I feel like this video should be a part of my curriculum haha.
Please keep it going with this kind of content!
Did a better job explaining stuff than my school !
Excellent explanations, Ed. Easy for a layperson to understand.
Ahh Ed is back. My ears are soooo happy!!!
You sir are a automotive genius.
I love these videos so much cars are a passion
You have quite the car buying/selling resume. The Gallardo deal, 360 deal, and Range Rover deal - wow.
Thanks. Each could have gone badly but fortunately they worked out.
Do you offer any internships? Seems like you have a lot to offer to someone still learning about the business world.
Very informative, as usual.
Thanks for the knowledge. Had no clue prior.
YES ANOTHER VID WITH ED !!!!!!!!!!!!!!!!!
Awesome video Ed! As always very informative and helpful. Hopefully with more info like this I can stop buying cars for top dollar and selling them for pennies! Haha
This has been car tips with Ed!
Great advice. What an awesome way to earn a living.
Ahh my favorite person to see on RUclips.
We need more ED!
I grow up in the car retain business here in Los Angeles and you are dead on. BTW thanks for VINwiki Much needed!!
Thank you! It was built to make a lot of selling behaviors easier. We hope you like it.
I love this guy he's great to watch
ED IS BACK FCK YEAH
This guy is full of gems!!! Vids are always interesting!
I am just glad people are enjoying them. I will try to keep them coming.
Car's imported in India cost as much as 4x the price in the U.S. for instance, I bought a Range Rover in 2015 for $702082 i.e 45000000 rupees. And I also bought a Land Cruiser for about $390046 a few months back. Then I have recently purchased a volvo xc90 for $156018. We pay a fuckload of money on these cars that actually cost a fraction of that price.
finally a Ed story
That shot in the beginning when it was zoomed in a lot was much harder to watch, watching the zoomed out shots was much easier and more "convertible-like"
Love the vids, keeps it up : )
That wholesaling piece at the end sounds a hell of a lot like flipping/wholesaling real estate. Same idea.
Initially, I wasn't very good at selling cars. There are tons of reasons a buyer might balk. A seller's job is to figure out what that objection is and then reassure the buyer that his objection isn't as bad as he thinks it is, or at least reassure him that some other advantage will offset whatever he's objecting to. Service advising is where my sales skills really took off, because in service, there's only ONE objection... cost! Cost is overcome by one of only two methods... either make it cost less, or convince the owner than he can't afford NOT to fix it (most often because ignoring the problem will make it worse causing it to become even more costly to repair down the road). Beyond that, the only choice is to simply choose to live with the problem until you are forced to fix it. Eventually, working in service as long as I did eventually made me a much, much better salesman, only because it taught me so much about sales to begin with.
I love your videos.
I like Ed he seems cool and interesting his stories are the best
The reverb is amazing
The Ferrari 246 Dino GTS has always gone up in value since it was new. Yes I have the my grandfather almost bought a perfect Ferrari 250gt California for $4500. He as also did own a Lemborghini 350gt for $3000 and a 250gt series II convertible for the same price. Now both are over 1 million. His Dino he bought new from FAF for $16k and sold it before the first service for $18k a year later and bought a 930 Turbo. Dino's never dropped in value it always held.
Wow. That is a great ownership history.
Another well done video from VINwiki
Thanks!
I have a master's degree in literature and creative writing yet I learn new words listening to ED.
You should teach me some more!
Ed Bolian under an agreement that I get to drive one of your cars or simply have something signed by you and sent to me for my E46 M3 build 🤷🏻♂️
Email info@vinwiki.com and I will send you some VINwiki stickers.
Ed Bolian I emailed you, my email is jdmcarboy64@gmail.com
Titled " to Ed him self "
I think i'm going to pull up a desk at my local dealership tomorrow, Idk how they're going to feel about it yet but I'll find out when I back my box truck in
this and petrolicious are the best channels out, I love you guys and hope to make it on your channel one day
That is high praise. Thank you.
You can make legit appreciation on all sorts of interesting cars that aren't GTOs. I've sold a F355 GTS, Testarossa, and gated 360 all for a very tidy profit after owning them for only 2-3 years each (and right back into 'my market' - i.e., it wasn't arbitrage). I also sold a '67 Alfa Spider for 55% more than what I paid after a couple years of enjoyment. Gotta be smart and buy right.
Absolutely. And that is definitely legitimate. There are very few cars, though, that have beaten the stock market for more than a decade.
Lol... imagine if this guy sold houses. Great explanation and very clear information
I like cars a lot more than houses.
Could you make a video or videos on how to get started in arbitrage? What are the top ten cars you would arbitrage if you were starting now?
I love these videos. And he is right if you buy them right. You can make money on them. Or at the vary least, break even. I bought my rs America for 30k years ago, and they have appreciated quite well. My lotus exige S for 40k with only 4 thousand miles. I could sell that and make a profit. Just wish my dad would of held onto his 83 512bbi that he bought for 85k and the 89 25th anniversary countach he bought for 90k. Those cars have taken off. You win some. You lose some. Lol
Interesting education and fun....
I love this guy
Interesting how times have changed... My understanding is that the c8 corvette sales agreement contains a buyback clause prohibiting "flipping" the vehicle.
I always thought that the background of these videos was just a green screen but I realize that it's not true in this video, partly because of the minor echo in the video. I enjoy the echo in these videos, like the sustain mode on MIDI keyboards, because it's something not completely noticeable but you notice it once you don't have it.
My father bought his range rover in january of 2014. He was filling gas one day when someone pulled up next to him and offered 30k over sticker price. My dad didnt take it but i was shocked that people are willing to pay over msrp. Even the dealer my dad bought it from wanted more then the msrp. This is crazy to me.
Let me guess did he want to wire you the money from the Ukraine? Come on.....
I see Ed I upvote
The easiest way to make money on exotic cars? Get paid to fix them.
Yep
You hit the nail on the head right there buddy.
This is exactly the thing with new edge mustangs in stl. Everywhere else you can get a nice GT for 1g. But apparently here in Stl a bad one is 5g's
This felt like a Quick University Lecture :D
I almost got into that Range Rover thing too about a year ago
I want Ed bolian to narrate my life.
In CA if you sell more then 3 cars in 1 year you have to get a dealers.. if I had the backing I'd do that here...
I was the 85,000 viewer. Nice
+Preston Taylor thanks for watching!
I made a good chunk of money off of totaling cars. In late 1996 I purchased a 93 v6 xr7 cougar w/46k for $8500 and an accident 6 months later totalled it. Insurance paid bluebook of $13.5k. Used that money to purchased a 94 mazda protege 5spd with 32k for $7.2k. Sadly only 3 months late a truck pulled out of a side street then stopped to make a left turn. This totalling the car with a bluebook of $12k. In less than 4 months my insurance paid out almost $10k more than I paid for the cars. Thankfully with a little creative legal tactics both accidents were classed as minor offenses. Granted I had to change insurance companies but any new insurance companies would only see minor traffic offense instead of $10k payouts.
Ed 2020. Make Americans love exotic cars again!!!
Ed and doug deMuro need to have a talk show
I want to do this I want to work in car trades. cars are my addiction. what should I do to start? any other comments besides what he says at the end about "pulling up a desk"?
Another good one was that new dodge demon 80-90k msrp flipping for 120 or hold wait for a few to get totaled and be even higher
I learned more in this video then I have in my 4 years at college ....
Welcome to VINwiki University. Tuition is free.
VINwiki seemore dicks sounds about right
Ahh 1440P goodness
Does 4k lag your computer to hell? I have tested tons on PC's and non can handle 4k (the internet is fast enough) but it can handle 1440p
AyDayDay well I have a 1440P monitor so I don't use 4K
AyDayDay try changing internet browser mine lagged with chrome but not other ones
AyDayDay I run all of my (supported) RUclips videos at 2160p. BUT I have Google Chrome, incredibly fast internet, a 4k tv, and an insanely over-built PC. So, do you have a 4k monitor for your computer? If not, try getting one. If so, do you have a 4k/high speed supported HDMI cable?
How do u know the value of cars in other areas
Where platform did you sell the Range Rover on
Would you/could you speak on the pros and cons of flipping salvage title vehicles? I have a great body guy and mechanic and have been seriously considering it. Thanks!
The thing to remember when considering salvage vehicles is that insurance companies have decided it doesn't make sense to fix them. Unless you have a huge advantage of cheap qualified labor or cheap parts, it is tough.
VINwiki... awesome. Thank you. (Just to be clear. If i can affordably and efficiently repair the vehichle, i should be able to get it insured... yes? Im a lil slow. Lol. Thx again)
Yes, You can get insurance on Salvage titled cars.
Thank u sir!
Some good information when I’m going to buy me a fancy Nancy car😊
AAAAAAAAAAAAAAAAAAAAA no.
So what happens to the profit margin of a dealer selling damaged cars (hail, flood, or vandalism)? And is there a difference with insurance write offs?
Great question. Generally you want to create a lot more room between what you can pay to put it into inventory and what you think it will eventually sell it for because something unique always comes up.
Can you tell us a story on how you started your Exotic cars business? I would love to start one in the future
Sure. I will do one of those sometime in the next couple months.
Ed Bolian Thanks man!
Wow, very informative. Thanks! By the way, how does a dealer learn that you sold its car in Russia?
Customs clearance forms are monitored by the manufacturers
resell is life
It is certainly what helps you move onto the next one!
Ed do you have other collectable investments?
A classic example (get the pun?) is a 1967 four door Chevy Impala HARDTOP! Since the TV show Supernatural came out they price on them has gone from $4000 to $40K (you saw it right). Some are even over $60K. A straight up model with no mods or 'improvements' is $22K+. All because the fictional brothers Sam and Dean Winchester run around the country hunting demons, ghosts and various other inhuman baddies in one. The car has even become a character in its own right and has a name, Baby. f you have not seen the show it is basically Buffy the Vampire Slayer meets Route 66.
I work manheim its ok, i only do it because i get to semi drive exotics which is something most ppl will never get the option to do
How big is the difference between the margins new dealers shoot for vs. used dealers? For example, do you shoot for a higher return on the Lamborghini from the prostitute than if you were purchasing a new Lamborghini from the manufacturer? If so, are the margins simply healthier in that market or are you pricing in the extra variability in the running state of the vehicle?
Invoice to MSRP is generally between 5-15% for new cars depending on brands and then you can see rebates and incentives that can sometimes double that. Used cars work a bit differently because you anticipate some reconditioning.
If the margins on new vehicles are that much higher than the used margins you mentioned in the video(3-5%), why are so many people drawn to enter the used dealer market? It seems that there would be more risk associated with purchasing used - even when factoring in reconditioning costs.
Getting Franchises can be very difficult. There are fees, building requirements, and liquidity requirements. Much harder to start there.