Starting Used Car Lot and Bill Pay/Cell Phone Business in S. Florida

[glenneena]

Background I possess is towing/wrecker, repossession service, commerical real estate, restaurant, adult businesses. I have been in business for about 30 years. Currently in the major gas station and tractor trailer/auto repair and towing/wrecker/road service business in Montana. I am liquidating my real estate and business with an exit date of this coming Spring.

I am looking to start a used car lot with the "Buy Here Pay Here" model in South Florida. Pretty well narrowed down to 441/State Road 7 in Broward or North Miami area, from Commerical Blvd., Ft. Laud., to 163rd Street in Dade County.

Looking to start with the $3,000 to $8,000 range cars. I have a great contact in the Aftermarket Service Contract industry where I can offer 'pre certified warrantied' autos. I believe in the old fashioned promotion weekends, t shirts, hot dogs, popcorn, cotton candy, contests, carnaval games, etc. Fund rasiers at the lot for Childrens Hospital, etc.

Would consider experienced business partner with cash investment readily available. I am bringing cash investment ($200K), experience, contacts, Credit Card Processor, shop equipment (OTC, Snap On, Napa) and tools ($60k), at least one 2 car Sterling Flatbed/Rollback truck ($90k) and a full sized car trailer ($7k), office equipment, etc. Min., investment for 35% @ $250,000.00.

I also plan on doing a Bill Pay Service, Cell Phone Store on site, Money Gram, Pre Paid Cards and Direct TV, etc.

We are in a crappy ecomony and the services we will offer are in need of the majority of the public. This business will make money. If there are any serious people looking to get into something secure, solid and extremely profitable, contact me. Thanks, Glen.

[greenoak]

with 200k , plus all the stuff... why would you need/or want a partner? sounds like a great idea...

[glenneena]

Looking to start with $300K of inventory. Cash in the bank to float the first year. Don't like and despise employees in today's workforce. Tired of the employees running the show, stopping work to text and play with their phones, not showing up, always thinking the grass is greener on the other side. We are not going to get into stealing, wasting time and abusing equipment.

Myself, my other half and a brother in law (possibly to help in the vehicle re-con and prep/running cars, etc.). A good honest hard working partner with cash investment that values a money maker person, such as myself, is an asset to any business.

People make money together. Money does not always make money. People do. I am a good judge of character so if the situation is right, I would go with a partner. It takes 2 to run a serious retail business, I lost faith in employees in the late 90's, early 2,000's.

I distance myself from those that are happy with their 'bologna and cheese' and just skimming by. I am really really tired of those that think the world owes them and forget that the company puts their food on the table and pays their bills.

Again, my most successful times I had was with honest and hard working partners that clicked together.

[billbenson]

Who's your target market? I live in a small town south of Tampa. My wifes latina and knew a lot of illegals through a job she had.a few years ago. They bought a lot of cars through AutoMax which is a company like you are proposing. They have chased most of the illegal immigrants home so they aren't buying cars anymore. I helped one buy a car a number of years ago. The cars were of unknown condition and they made most of their money on interest or inflated prices for those that didn't have the cash to buy a used car.

You are correct, today people are keeping their cars longer and buying more used cars because of the economy. How are you differentiating yourself from companies like AutoMax who appears to be struggling?

[glenneena]

Working people with bad or tarnished credit. 1/3 to a 1/2 down. All vehicles pre-certified and gone through. Most will have after market service contracts available or in place. Buy here Pay here, can be a small lot or a larger lot indeed.

I don't want to be big or multiple locations, maybe 2 at the most someday.

Small operation as compared to large dealers. Low cost of doing business, not on a shoe string.

[billbenson]

Certainly seems like there is a market for it. I drive a $1500 pickup. Keeps running and running. Its a pain to find a vehicle like that. Craigs list and spend two weeks going here and there. Wife has a leased car so we have one good car in the household. I don't drive much. I wouldn't want to waste my time driving around to find another truck in I was in a wreck, so I'd probably come to a lot like yours. I'd want my own mechanic to check it out though.

[glenneena]

Sure there are plenty of As-Is Used Cars all over. Unless you have lots of auto repair in your blood, it's getting harder and harder to buy a sound one. The down side of a car lot is, the products are used, just as in any other product. There will be those lots that are scrupulous and cheats and those that put out a decent fair product that stand behind the product within reason.

It is defining your customer, their price range, their needs and providing a product that will offer them serviceablilty within their parameters.

If you are money hungry, greedy and a lair, the business will bite you back the same as any other type of retail business people are relying on your product to serve a purpose.

[FGold32]

There are two BHPH dealers here in KC that are both under the same automotive group. I agree that you shouldn't try to stretch your car lots outside of 2 or 3 locations at most. Don't want to dilute the amount of cars. Seeing as how it's been over a year almost, how are the BHPH lots working out for you so far? Did you get them started?