There’s an old adage that you make your money on a used vehicle when you buy it. It’s a true statement to a point. It certainly stands to reason that if you pay too much, you don’t have a chance. When you buy it right you’re half-way home!
There are times when having a mindset of “buying right” costs you a deal. It happens more frequently at the front door than the auction block. You always over-pay at the auction block, but you try to steal them at the front door.
Stealing a unit once in a while is ok, but if you have a mindset of stealing at the front door in order to “buy right,” you may not be as smart as you think.
One of the best strategies you can put into play is to keep an eye on your look-to-book and press the percentage up. If you’re going to over-pay, over-pay at the front door. At least you sold a unit by doing so.
I’m going to challenge the statement that “You make the money when you buy a unit.”
The reality is you make the real money when you sell the unit. Your ability to market and sell a unit faster is what makes you the most money. If you own it right and it takes too long to get it to the front line, and you fail to price it right soon enough, then you blew the whole “owning it right” concept.
Just because you’re half way home doesn’t mean you’re there yet. You won’t make any money until you’re smart enough to find a retail buyer.
Be smart. Understand when you make the money. That’s all I’m gonna say, Tommy Gibbs