On this episode, Chris talks with the anonymous @CarDealershipGuy (https://twitter.com/GuyDealership) about the used car business – how it works and how money is made. They also cover how to negotiate the best deal possible when buying a used car and the current state of the used car market and where we go from here.
Follow Chris on Twitter: https://www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: https://www.linkedin.com/in/chrispowersjr/
Learn more about Chris Powers & Fort Capital: https://www.FortCapitalLP.com
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Listen & Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-fort-with-chris-powers/id1410549811
0:10 - Why did you create this twitter account and what’s your angle?
4:42 - All the Tips and Tricks to Know When Buying a Used Car
8:06 - Is there a way to know if your dealership is reputable?
10:32 - Buying vs. Leasing
12:41 - Why did we see a 40% spike in prices?
14:52 - What’s a depreciation cycle?
17:36 - How do you determine whether a purchase is for lifestyle vs. value?
18:32 - What are folks going to do if they bought at the peak of the market and now depreciation is kicking in?
22:11 - What’s the process of best financing a used car?
24:06 - How do you think about warranties?
32:01 - What are 3 Red Flags you might see in the buyer’s journey?
35:14 - How to negotiate a car in normal times and how car salesmen are actually paid (Clip here)
46:48 - Where do most dealerships get their inventory?
49:50 - How do auctions work?
53:14 - Buying Inventory Online
54:30 - Can anyone become a used car dealer?
57:35 - What separates the great used car dealers?
1:01:10 - How do car dealers make money?
1:09:40 - How do you define added products?
1:12:11 - How do inventory supply negotiations work?
1:13:16 - Buying Out Your Lease and Then Selling vs. Selling While Under Lease
1:14:10 - Is there a growing demand for electric vehicles?
1:20:32 - Is there anything in the innovation space that will appeal to the average consumer?