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How To Buy A Used Car Successfully
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Book Synopsis The Insider's Guide to Buying a New Or Used Car by : Burke Leon
Download or read book The Insider's Guide to Buying a New Or Used Car written by Burke Leon and published by North Light Books. This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Car negotiating is made easy and profitable with the help of this essential handbook. Filled with easy-to-reference checklists, scenarios, and formulas, the book arms readers with the knowledge to negotiate effectively.
Book Synopsis How to Buy a Used Car by : Ezekiel Fierce Zeke
Download or read book How to Buy a Used Car written by Ezekiel Fierce Zeke and published by . This book was released on 2020-09-14 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: DO NOT BUY A USED VEHICLE UNTIL YOU HAVE READ THIS VERY SHORT AND SIMPLE BOOK!!! THESE STRATEGIES AND TACTICS ARE EASY TO REMEMBER AND CAN BE USED FOR A LIFETIME!!! INTRODUCTION, OVERVIEW, AND WHAT YOU WILL LEARN IN THIS BOOK: GET THE BEST PRICE; AND/OR THE BEST PAYMENT TERMS; AND/OR THE BEST INTEREST RATES; AND/OR THE BEST CONTRACT TERMS; AND/OR A GREAT WARRANTY; AND/OR INSURE YOU GET A QUALITY VEHICLE THAT WILL SERVE YOU WELL FOR A LONG TIME. IN THIS BOOK ARE SOME SIMPLE AND QUICK "MUST KNOW CONCEPTS" FOR A CAR BUYER TO UNDERSTAND TO BE ABLE TO PURCHASE A VEHICLE FROM A DEALER AND/OR A PRIVATE PARTY SELLER TO GET THE BEST PRICE; AND/OR TO GET THE BEST PAYMENT TERMS; AND/OR TO GET THE BEST INTEREST RATES; AND/OR TO GET THE BEST CONTRACT TERMS; AND/OR TO GET A GREAT WARRANTY; AND/OR TO INSURE A QUALITY VEHICLE THAT WILL SERVE YOU WELL FOR A LONG TIME. This very short book will give you the ABSOLUTE confidence, from the beginning to the end of the car buying process, of how to go out and purchase a vehicle and save thousands of dollars and receive a quality vehicle that will serve you well for a long time. This book is ABSOLUTELY the way to minimize the price you pay for a vehicle and/or how to get the best payment terms; and an ABSOLUTE way to minimize the interest rate; and an ABSOLUTE way to get closer to the terms you want; and an ABSOLUTE way to get a great warranty; and an ABSOLUTE way to insure a quality vehicle in any car buying deal. If you do not know these concepts and car buying tips, you will CERTAINLY pay more for the price of the vehicle; and/or payments will be higher; and/or the interest rate on the vehicle will be higher; and/or the other terms will CERTAINLY work against you; and/or you will not get a warranty; and/or you could possibly buy a PROBLEM VEHICLE. FURTHER, this book is short and straight to the point. This book is also very simple to follow and all the concepts are disclosed in a way that is manageable so you can master them easily and quickly and commit them to your memory or strategy and go into the car buying process with extreme CONFIDENCE and get a great deal. By now we all are aware that Dealers, Dealerships, Sales People, and Sellers of vehicle's make more when they sale the vehicle at a higher price. There is no secret that the seller's whole motivation is to sell you the vehicle at the highest price possible, and/or at the highest interest rates possible, and/or on the seller's terms. It is a very common practice in dealerships that the higher the sales person sales the vehicle for, the higher the sales person's commission. The higher the interest rate, the higher the sales person's commission. The more the sales person can convince you to sign the contract closer to his terms, the higher the sales person's commission. Therefore, it should not be a surprise to you that you need to gain the most knowledge you can to offset the sales person's strategies and tactics and save yourself some money. Money that you can use for other things. This is just common sense. The concepts, and the explanations of these concepts, will CERTAINLY put you at a better advantage and keep the Sales Person from "eating you alive." These concepts are a "MUST KNOW." This book entails a very concise and short but thorough straight to the point step-by-step guide on how to successfully get a good deal on a vehicle. Directly below are 12 SIMPLE and QUICK "MUST KNOW" concepts to understand to be able to get the best PRICE deal and/or payment terms; and/or the best interest rates; and/or the best contract terms; and/or to insure you receive a quality used vehicle. AGAIN, THESE STRATEGIES AND TACTICS ARE EASY TO REMEMBER AND CAN BE USED FOR A LIFETIME!!! Please read the concepts below. Then, continue reading and the following pages will explain and expound on each concept and what each means in detail; so you understand each. 1. TRUSTING THE SELLER IS A BIG KEY. IF AT ALL POSSIBLE, MAKE SURE...
Book Synopsis The Art of Negotiation by : Michael Wheeler
Download or read book The Art of Negotiation written by Michael Wheeler and published by Simon and Schuster. This book was released on 2013-10-08 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: A member of the world renowned Program on Negotiation at Harvard Law School introduces the powerful next-generation approach to negotiation. For many years, two approaches to negotiation have prevailed: the “win-win” method exemplified in Getting to Yes by Roger Fisher, William Ury, and Bruce Patton; and the hard-bargaining style of Herb Cohen’s You Can Negotiate Anything. Now award-winning Harvard Business School professor Michael Wheeler provides a dynamic alternative to one-size-fits-all strategies that don’t match real world realities. The Art of Negotiation shows how master negotiators thrive in the face of chaos and uncertainty. They don’t trap themselves with rigid plans. Instead they understand negotiation as a process of exploration that demands ongoing learning, adapting, and influencing. Their agility enables them to reach agreement when others would be stalemated. Michael Wheeler illuminates the improvisational nature of negotiation, drawing on his own research and his work with Program on Negotiation colleagues. He explains how the best practices of diplomats such as George J. Mitchell, dealmaker Bruce Wasserstein, and Hollywood producer Jerry Weintraub apply to everyday transactions like selling a house, buying a car, or landing a new contract. Wheeler also draws lessons on agility and creativity from fields like jazz, sports, theater, and even military science.
Book Synopsis How to Sell Anything to Anybody by : Joe Girard
Download or read book How to Sell Anything to Anybody written by Joe Girard and published by Simon and Schuster. This book was released on 2006-02-07 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joe Girard was an example of a young man with perseverance and determination. Joe began his working career as a shoeshine boy. He moved on to be a newsboy for the Detroit Free Press at nine years old, then a dishwasher, a delivery boy, stove assembler, and home building contractor. He was thrown out of high school, fired from more than forty jobs, and lasted only ninety-seven days in the U.S. Army. Some said that Joe was doomed for failure. He proved them wrong. When Joe started his job as a salesman with a Chevrolet agency in Eastpointe, Michigan, he finally found his niche. Before leaving Chevrolet, Joe sold enough cars to put him in the Guinness Book of World Records as 'the world's greatest salesman' for twelve consecutive years. Here, he shares his winning techniques in this step-by-step book, including how to: o Read a customer like a book and keep that customer for life o Convince people reluctant to buy by selling them the right way o Develop priceless information from a two-minute phone call o Make word-of-mouth your most successful tool Informative, entertaining, and inspiring, HOW TO SELL ANYTHING TO ANYBODY is a timeless classic and an indispensable tool for anyone new to the sales market.
Book Synopsis Be Your Own Boss! Used Car Dealership Business Startup by : Jack Porter
Download or read book Be Your Own Boss! Used Car Dealership Business Startup written by Jack Porter and published by Independently Published. This book was released on 2019-06-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Be Your Own Boss! Used Car Dealership Business Startup A Detail Step By Step Guide to Starting a Successful Preowned Car Lot Business for All 50 States Have you ever wanted to be your own boss? Are you looking for a rewarding career? Do you consider yourself a master salesman, or maybe want to become one? Are you looking to start a business that really matters? Car dealership owners provide a much-needed service to our communities, and this service is with a personal touch that cannot be achieved via an online-only buying experience. Sometimes it appears that there are more cars on the road than people already, how could you possibly make any money in this industry? The market has never been better for individuals who are striving to begin their own used car dealership. Used car dealerships are a recession sturdy business model. With my 30 years of hands-on experience in the automobile dealership industry, this book fulfills my need to give something back. I share all of my wisdom and time-honored advice for venturing into your dream career! My family memories involve selling baseball cards at the local flea market and traveling to auto auctions with my father and Uncle Sam. I was an adult at the time of my first auction, but I felt like a kid on his way to the circus. I became captivated by all of the action happening between the auctioneer and the people with the paddles. My Uncle Sam's voice cut through the bidding to yell the winning bid for a beat-up and rusted yet supposedly reliable pick-up truck. Three weeks and two paint jobs later, I was able to watch him sell it for a $3,500 profit. I was immediately hooked. Ever since then, I knew I desperately wanted to sell used cars, but not just for the insane profits. I once sold a gently used Volvo in great condition to an elderly couple who were completely thrilled to have it. They wanted it for safety reasons and of course its record of reliability. That made me proud. Moments like these make it all worth it. Car salesmen have to be therapists, educators, and extended family all rolled into one. The entire experience can be very rewarding! If you have a passion for cars, helping others, and making lots of money, you cannot go wrong with starting your own car dealership. In this "Be Your Own Boss! Used Car Dealership Business Startup" book, I show you everything you need to know, from start to finish of how to run a used car dealership. You can even start from the comfort of your own home! You'll learn the basics like: What impact the car industry has Why you should start a used car dealership NOW How to complete market research What the pros and cons are of starting a used car lot How & Where to buy your inventory How to Navigate through the two big Auction Houses How to price your stock How to market yourself Most importantly, I give you some cold, hard facts. What your initial startup costs will be How to finance The legal requirements What licenses you'll need Answers to some difficult issues you'll face What legal issues you need to consider Licensing requirements & Fees for all 50 states All of this is sprinkled with my time-tested advice and experience. I yearn to give back and mentor some up-and-coming entrepreneurs! I also include a full listing of instructions and regulations to start your own used car dealership, broken down by state in an expansive appendix. With this all-inclusive guide, you will have all the tools you need to begin the greatest journey of your life! As an added bonus, with the purchase of this paperback book, you can also download the eBook version for FREE!
Book Synopsis How to Start, Run and Grow a Used Car Dealership on a Budget by : Aaron Simmons
Download or read book How to Start, Run and Grow a Used Car Dealership on a Budget written by Aaron Simmons and published by Createspace Independent Publishing Platform. This book was released on 2017-04 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to Start, Run and Grow a Used Car Dealership on a Budget Start Part-Time or Full-Time Right from Home-Start Your Own Used Car Business It is not hard to become a used car dealer even if you are on a tight budget. As far as the income potential is concern, it is higher than most other side gigs you will find. Just imagine this, you buy a 6 years old Toyota Camry with 87K miles for $4,500, you bring it home, clean it up, fix few minor scratches, wash it wax it, then put it up for sale on Craigslist for $7100. In the first three days you get a few calls, and after 4 test drives, you sell it for $6,600. Let's see how much you made from this sale. You paid $4,400 + you spend $350 on fixing minor issues, so your total cost was $4,750, but you sold it for $6,600, so your net profit from this sale is $6,600-$4,750 = $1,850 Not bad for few hours of work. You see if you buy the right type of cars and price them right, there is no reason you can't sell 2-3 cars a month and make a handsome extra income each month. I have a friend, who has a small insurance business. He has been selling cars on the side for last 25 years, and he told me just by selling 2-3 cars a month, he was able to pay for college for all his three kids. On the other hand, if you want to grow, then start small but reinvest the profit you make from selling each car back into the business and soon you will see, you are growing at a fast and steady pace, but you have to be focused and dedicated. Let's See What You Will Learn From This Book: 12 Steps to get started All 50 State licensing requirements Bond and insurance you will need Personal financial statement & sample How to incorporate and Name your business Sample Article of Incorporation Which is the best legal business entity for you How to get a EIN number and open a Commercial Bank account Where to get all your dealer supplies and Forms What and how Auction houses work How to get started on a tight budget How to find financing for your new business All Legal requirements How to develop your Inventory How to sell cars How much can you make How to do it part-time from home Dealer management software How to grow your used car dealership Enjoy and good luck!
Book Synopsis Assumptive Selling by : Steve Stauning
Download or read book Assumptive Selling written by Steve Stauning and published by Createspace Independent Publishing Platform. This book was released on 2018-07-16 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assumptive selling is about knowing everyone is a buyer... and knowing that the first time you believe someone is not, you'll be right. Take charge of your sales career by recognizing that everyone is a buyer and they want to buy today. What's more, is that if you do take charge, if you are direct, and if you provide the right guidance, they'll want to buy from you!
Download or read book Customers for Life written by Carl Sewell and published by Crown Currency. This book was released on 2009-07-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this completely revised and updated edition of the customer service classic, Carl Sewell enhances his time-tested advice with fresh ideas and new examples and explains how the groundbreaking “Ten Commandments of Customer Service” apply to today’s world. Drawing on his incredible success in transforming his Dallas Cadillac dealership into the second largest in America, Carl Sewell revealed the secret of getting customers to return again and again in the original Customers for Life. A lively, down-to-earth narrative, it set the standard for customer service excellence and became a perennial bestseller. Building on that solid foundation, this expanded edition features five completely new chapters, as well as significant additions to the original material, based on the lessons Sewell has learned over the last ten years. Sewell focuses on the expectations and demands of contemporary consumers and employees, showing that businesses can remain committed to quality service in the fast-paced new millennium by sticking to his time-proven approach: Figure out what customers want and make sure they get it. His “Ten Commandants” provide the essential guidelines, including: • Underpromise, overdeliver: Never disappoint your customers by charging them more than they planned. Always beat your estimate or throw in an extra service free of charge. • No complaints? Something’s wrong: If you never ask your customers what else they want, how are you going to give it to them? • Measure everything: Telling your employees to do their best won’t work if you don’t know how they can improve.
Download or read book Smart Money Bro written by Eric Bowie and published by . This book was released on 2019-12-29 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a culmination of all of my years and experiences of car buying. While the goal of this book is to teach you how to buy a good used car with cash, the principles in this book will serve you well whether you are looking to buy a new car that is financed with a loan or if you are saving your hard earned money for a cash purchase.
Book Synopsis Car Secrets Revealed by : Corey Rudl
Download or read book Car Secrets Revealed written by Corey Rudl and published by . This book was released on 1996 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Used Car Buying Guide by : Chand Kumawat
Download or read book Used Car Buying Guide written by Chand Kumawat and published by via tolino media. This book was released on 2023-05-10 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking to buy a used car but feeling overwhelmed with the process? Look no further than this comprehensive used car buying guide. Whether you're a first-time buyer or a seasoned car owner, this guide has everything you need to know to confidently navigate the used car market. From understanding the importance of vehicle history reports to negotiating the best price with salespeople, this guide covers all aspects of the used car buying process. You'll learn how to properly inspect a used car's interior, exterior, engine, and transmission, as well as how to research and compare used car prices. Plus, we'll walk you through the pros and cons of buying a used car and provide tips for selling your current vehicle or trading it in. With this guide by your side, you'll be able to make an informed decision and drive off the lot with the perfect used car for you.
Book Synopsis Private Party Car Sales: a Proven Plan for Entrepreneurial Success by : John Hollywood LLC
Download or read book Private Party Car Sales: a Proven Plan for Entrepreneurial Success written by John Hollywood LLC and published by . This book was released on 2019-03-13 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The online private party used car buying and selling movement is stronger than ever! How would you like to learn how to buy and sell cars for profit privately without a dealer's license? How would you like to ensure that you maximize your profit while still buying and selling with honesty and integrity? The fundamental goal of my book is to provide you the tools to accomplish the following: Maximize your profit while mitigating your risk as a private party car salesman. The secondary goals of my book are to provide you the tools to accomplish the following: 1) Learn what it takes to get started as a private party car salesman, 2) Learn how much you can reasonably expect to earn annually as a private party car salesman, 3) Learn how to identify a good car deal as the buyer, 4) Learn how to research the buyer or seller on the other end of the transaction; while acquiring public data about them prior to meeting them, 5) Learn how to negotiate a deal as both a private party buyer and a private party seller, 6) Learn how to complete a proper car inspection prior to your purchase, 7) Learn how to advertise your car more efficiently than your competitors, 8) Learn where to identify the forms associated with your title transfer and how to fill them out properly, 9) Learn the difference between buying and selling cars in the private party market as opposed to becoming a licensed car dealer or wholesaler, 10) Evaluate your own personal strengths and opportunities to maximize your confidence level. The final goal of this manual is for you to understand why my strategies are unique and superior to my competitors. As you will learn, anyone can do this. However, many getting started will follow guidance from my competitors that will cause them to be unethical, cause them to lie to their potential buyers and/or cause them to break both federal and state laws. The guidance I will provide you will accomplish maximizing your profit on each deal; while mitigating the risk of investing in bad cars and doing business with shady and dangerous people. Have you ever heard of "standing on the shoulders of giants?" It means you find someone who knows how to do what you want to do, ask them what to do, and then most importantly, GO DO IT! I want to be your giant. I want to give you the tools to become more successful than I ever was. Most important, after reading my book, I want you to have the confidence to go do your first deal! Once you've read my book, I would love to get your feedback. I would also ask you to rate my book. Finally, I hope you can include telling me about your own personal success story after you complete your first deal.
Download or read book Car$ written by Brooks R. Fiesinger and published by Createspace Independent Publishing Platform. This book was released on 2014-01-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Car$- The Ins and Outs of Buying and Selling. This strategic guide applies proven academic and business principles in the real-world experience of buying and selling vehicles. Focusing on time-tested strategies, Fiesinger has compiled this resource by simplifying the more complex marketing and entrepreneurship basics commonly accepted in academia and businesses, by applying them to the process of buying, maintaining, and selling cars for the typical owner. He challenges the common notions that car purchases must be an expensive "cost" and instead offers methods to maintain quality automotive ownership without the traditional burdens of the expenses. His tips for automotive buying can help everyone make the most informed car purchases, and he offers advanced methods for people hoping to buy and sell cars without losing money, and even make money in automotive ownership. Coupling his experience, research, and business expertise with interviews and input from new and used car salesmen, dealership owners, and service mechanics, Fiesinger unlocked the mysteries of car buying and selling in a comprehensive, fact-based method. Cars (Stylized as Car$)- The Ins and Outs of Buying and Selling focuses on the financial impacts of decisions revolving around car purchasing, ownership, and selling, and covers all areas of vehicle ownership. This includes New and Used Buying, Leasing, Selling, Owning, Flipping, Choosing the Right Car, Financing, Discounts and Rebates, Dealerships, Fuel Economy, Private Parties, Remote and Online Buying, Negotiations, Salvage and Rebuilt, High Mileage, Maintenance, Shop Selection, Buy-Here Pay-Here lots, Car Reports, and Multiple-Vehicle Purchasing. The book also introduces new concepts in vehicle ownership, including Net-Positive car ownership, Separable Value-Added Items (SVAI), The Rule of Maintaining Positive Equity, and Total Cumulative Positive Equity (TCPE). Whether you are simply trying to get the best deal on your next car, or you want to learn the complete details, Car$- The Ins and Outs of Buying and Selling is easy to read, highly informative, and shares the proven principles to maintain the best possible financial position when buying and selling vehicles.
Book Synopsis Used Car Buying Guide by : John Haynes
Download or read book Used Car Buying Guide written by John Haynes and published by Haynes Manuals N. America, Incorporated. This book was released on 1996-02-19 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for the do-it-yourselfer, good enough for the pro! Find hidden rust, spot crash damage, detect body filler, size up a car with a 10-minute walk-around, find mechanical problems, road-test the vehicle, plus checklists to insure you get what you pay for.
Book Synopsis Buying a Car For Dummies by : Deanna Sclar
Download or read book Buying a Car For Dummies written by Deanna Sclar and published by For Dummies. This book was released on 1998-08-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Buying a car is never easy. Besides spending a sizeable amount ofmoney on this investment, your liveliness probably relies on thisvehicle. You need to know that your car will get you from point Ato point B in a timely and safe manner--so buying a lemon isnot something you can afford to do. Buying A Car For Dummies is for you if you need to findout how to buy, sell, insure, drive, protect, or rent a vehicle. Itdoesn't matter how old you are (as long as you can legallydrive and have a license), this book can make your experience withcars a smooth ride. Buying A Car For Dummies can help you save a truckload ofmoney over the life of your vehicle as you find out all you need toknow about new and used car ownership in this entertaining andinformative reference guide. This dependable book covers allavenues of buying and owning a car, from negotiating a fair priceto finding reliable insurance to saving money on routine servicing.You'll stay in the driver& ’s seat as you discoverhow to: * Calculate how much you current car really costs you * Weigh the pros and cons of buying new or used * Get the best trade-in, resale, or donation value for yourvehicle * Pick out a cherry and avoid lemons--expert advice forbuying a reliable used car * Determine what features and options you really need in a newcar * Get the straight scoop on financing or leasing your car * Find an insurance policy and company you can trust * Protect your automotive assets--from steering wheel locksto full-blown security systems With Buying A Car For Dummies as your guide, you can parkyou fears, frustrations, and anxieties as you discover how todecide between buying or leasing new wheels, how to negotiate withcar dealers, how to foil car thieves and carjackers, how to protectyourself in a breakdown or accident, and how to protect yourautomotive assets with insurance, warranties, and servicecontracts. Plus, the book features a list of ten great automotiveWeb sites for pricing information, ratings, industry news,diagnostic troubleshooting, and more.
Book Synopsis The Secrets of Car Flipping by : Cleveland Williams
Download or read book The Secrets of Car Flipping written by Cleveland Williams and published by . This book was released on 2012-09 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: In todays economy, being a smart consumer and investor is very important. Having a system you can use to help generate extra income can make a huge difference in so many peoples lives, so Im excited to put it out there. Everything in this book comes from what I have learned through trial and error and actually being in the business. Cleveland Williams The Secrets of Car Flipping is a very unique step by step guide that instructs on everything anyone would need to know for buying and selling used cars. This book teaches the reader where to find good used cars and alerts the reader of the dangers of buying from certain places, such as a car auction. Step by step, the reader will learn where to find cars, how to evaluate the condition of a car, how to determine how much the car is worth, and how to decide what one should pay for a car. This book is the ultimate guide for buying and selling used cars because it actually teaches the reader how to negotiate prices, gives the user sales strategies on how to get information from the seller about the car, and gives the reader tips on closing the deal. The second part of the book reverses this scenario and gives the reader step by step instructions on reselling the car and dressing the car for a buyer. The second part of the book also discusses how to advertise the car, deal with potential buyers, negotiate a price, and close the sale. This book has it all, and as a bonus, there are several secrets and tricks of the trade included. Along with giving the readers warning signs, I have also included things the reader should look for, dos and donts when buying and selling a car, and sample forms like a bill of sale. This is the only book that I know of that supplies the reader with all this information.
Book Synopsis The Art and Science of Running a Car Dealership by : Max Zanan
Download or read book The Art and Science of Running a Car Dealership written by Max Zanan and published by . This book was released on 2019-10-09 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the pocket guide I wish I had when I first became a general manager of a Mitsubishi dealership in New York. Honestly, I am not the brightest star in the sky and made every mistake anyone could've possibly made. Unfortunately, I see dealer principals/general managers/general sales managers making the same mistakes today. The only difference is the time and consequences of these mistakes. I got my first GM gig in 2004. That was in the beginning days of the Internet, before millennials joined the workforce, and way before any viable disrupters entered the market space. It was a lot easier to get away with mistakes then. I don't think you could get away with making the same mistakes now. The stakes are too high. Automotive retail profit margins are tiny. According to the National Automobile Dealers Association (NADA), automotive net profit margin as of March 31, 2019 was merely 1.38 percent. As a result, every misstep makes it harder to stay in business.The car business desperately needs better leadership skills, understanding of social media, inventory management, fixed operations, and so much more. There is no educational barrier to the entry into car business, and there are only a handful of universities offering a major in car dealership general management, such as Liberty and Keiser. On top of that, only a tiny percentage of dealer principals and general managers attend the National Automobile Dealer Association University. That means that a vast majority of general managers receive training on the job, even if we took business-related classes in college. The auto business is a different animal. General information will only carry you so far. That is exactly why general managers make the same mistakes year after year. My goal is to break this vicious cycle and provide as much information as possible to ensure that automotive retail survives the disruptions we are witnessing today. We need to be ready for the next generation of car buyers, people who are more computer savvy and not afraid to search for better deals. According to surveys, 80 percent of millennials plan to buy a vehicle in the next five years. In fact, millennials worldwide will buy about 40 percent of all vehicles in the next decade. At the same time, they spend an average of 17 hours on line before going to a dealership.Are you ready for them?
